Cryptocurrency is the digital assets that use cryptography which makes its transactions secure. It’s decentralized that works through a blockchain. These are just chunks about Cryptocurrency. Apart from this a lot of discussions prevails about Cryptocurrency, that drags our interests to them. In addition to this, we are discussing “Cryptocurrency The Truth And Myths”
Cryptocurrency The Truth And Myths
1) Cryptocurrencies are decentralized, can be shut down by the government
There’s no office, or person to arrest as the cryptocurrencies are decentralized. Hence, not possible for the Government to shut it down, until the internet server shut it down.
“I completely concur with the Finance Minister’s statement about regulating cryptocurrency and not making it a legal tender. While FATF did not label cryptocurrency as illegal, the concerns that they had highlighted have also been recently underlined by many other economists. Therefore, given that the “well-known risks” and “little-known benefits” of cryptocurrency, it seems a perfectly reasonable decision to not encourage the use of cryptocurrencies at least for the time being” Dr. Punarjit Roychowdhury, Assistant Professor of Economics, Shiv Nadar University, Uttar Pradesh.
2) Cryptocurrencies are illegal
Yes, it’s illegal in some countries like Russia etc. In India, it’s also Illegal.
In Budget 2018, Arun Jaitley says “Cryptocurrency is not legal tender, the Government will discourage its use. However, Government will explore the use of blockchain technology proactively for ushering in the digital economy,”
3) Cryptocurrencies don’t have any real value
As long as people will believe in its intrinsic value, they will continue to have value.
4) Most Cryptocurrencies Are Scams
That’s true 95% of cryptocurrencies are scams. The competitors come with the greatest cryptocurrency every day will probably end up with a value of zero.
5) Cryptocurrencies Will Disappear soon
This is currencies of Today’s world. Cryptocurrencies stores in the database. As the present generation are more prone to the internet nowadays. So, there are least chances that Cryptocurrencies Will Disappear soon.
6) Cryptocurrencies are used by criminals
Yes, that’s the easiest way for them to secure their money as it’s stored in datism.
7) Cryptocurrencies can be hacked easily
Cryptocurrency wallets have been hacked in the past, security has improved.
8) Cryptocurrencies are untraceable
If a Bitcoin wallet address is identified, which is difficult to crack, transactions can be traced.
9) No merchant would ever accept cryptocurrencies
Companies that accept Bitcoin are Fiverr, Microsoft, Dell etc.
I hope with these pointers for Cryptocurrency The Truth And Myths clear your doubts to some extent. I’m not expert at this. It’s that what I’ve researched so far on Cryptocurrency.