Most people do not have any substantial understanding of what Cryptocurrencies are all about. Since the origin of the Cryptocurrencies is still a mystery. This unknown origin of the Cryptocurrency has given air to certain myths tarnishing the reputation of the cryptocurrencies.
To know what people think about Cryptocurrency, we conducted a survey. In the study, we asked specific questions to the people out there. And we came to see the following.
- 30% of the total people we asked were not aware of the Cryptocurrency.
- One-third of the people who were mindful of the Cryptocurrency thinks that Cryptocurrencies are used for illicit purposes.
- Finally, Cryptocurrency awareness is much more common in the younger generation, rather than the baby boomers.
If you are aware of the existence of the Cryptocurrency, you must be mindful that the first legal purchase made by the crypto coin was pizza. Before that, it was believed that Cryptocurrency was used in the black market. And the underworld used to buy Illegal products like drugs, guns, etc. However, that all in the past. Today cryptocurrencies are used for more mundane purposes.
With an unknown origin, there have been several myths that have been revolving around the cryptocurrencies. What are the myths all about? Let’s have a look and see whether all the myths are legit or just some facade tale.
Myths hovering over Cryptocurrencies
Our research has come out with two myths that are just rumors without a backbone story to support.
Myth 1: Bitcoin market is limited top Bitcoin
There is a Myth that in the cryptocurrency market, bitcoin is the most trusted and most used Cryptocurrency.
However, there are more than 2000 Cryptocurrencies, and some are even more advanced than Bitcoin. Bitcoin is famous; that’s for sure, but saying that Cryptocurrencies transactions are done mostly in Bitcoins is not valid. Traders and investors use ETHEREUM, RIPPLE, LITECOIN, and much more to do financial transactions.
Myth 2: People use Cryptocurrencies for illicit purposes
As Cryptocurrency has an unknown origin, people believe that it is used for illicit purposes. Even in our survey, we came across many people who believe in the same theory.
Yes, it is more comfortable for people to buy illegal products and services with the help of the cryptocurrencies. Still, people are now more indulged in buying foods, clothing, and financial transactions.
What are the reasons for these kinds of Myth surfacing up?
There are hundreds of cryptocurrencies in the market, but people only use the top Cryptocurrency to made trade and financial transactions. This activity has made people believe that there are only a limited number of cryptocurrencies present in the market.
If you see carefully, you will find that new Cryptocurrency pop up every time. Instead of focusing on the new Cryptocurrency and understanding their advantages, people stick with just old Cryptocurrencies like Bitcoin, Ethereum, Ripple, etc.
This prioritizing of only selective few cryptocurrencies have made only selective few Cryptocurrency valuable. There are more than 2000 Cryptocurrencies in the world, but due to lack of interest and holdings of the other cryptocurrencies, only selective few hold power in the Crypto trade market.
Why people associate Cryptocurrency with the Black market?
The use of the Cryptocurrency started in the black market. People began using cryptocurrency buying and selling illicit products to keep themselves under the radar of government organizations. However, there were specific traders who, after seeing the use of the Cryptocurrency, investors, and traders, thought of using it as a digital asset to invest in. And that’s where the Cryptocurrency was brought into the light of the trade market.
Cryptocurrency is the same as the fiat currency in many ways. If you think that Cryptocurrency is used for illicit purposes, don’t forget that fiat currency is in the same boat. The only difference you will find withy the Cryptocurrency and the fiat currency that one exists in physical form, and the other exists in the digital form. So, have you decided to invest in Cryptocurrency? If so, then it should be-bitcoin-trade as your first trader.
You might also like our TUTEZONE section which contains exclusive tutorials on how you can make your life simpler using technology.