Cryptocurrency The Truth And Myths #Budget2018crypto

Cryptocurrency The Truth And Myths

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.

Disclosure & DISCLAIMER: The content of this post is purely meant for educational purpose only and not to be substituted for professional advice.

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12 Replies to “Cryptocurrency The Truth And Myths #Budget2018crypto”

  1. anitapratapsingh says: Reply

    Sach kahu to mujhy ye sab itna samjh nahi aata, news me dekhti jarur hu, lakin mujhy ye sab public ki bhalai kam, political parties ka apna fayeda jyada lagta hai

  2. It took a long time for me to wrap my brain around ‘cryptocurrencies’, however I agree with you that it might not be something that can be wished away. How to regulate and control it is a whole new ball game.

  3. […] These past five decades leading up to today have been subject to an ever-accelerating onslaught of technological achievements and world-changing […]

  4. Crypto is still a vicious web of lies and confusion for many. This is one such ideas, which took the whole trading market by storm and governments had to come forward to put a rein to it.
    Information shared here is too useful and solve many doubts.

  5. Good article. I honestly needed some of these answers

  6. Many times we know the real reason of cryptocurrency but often confuse between what are the truths and myths. This post makes it clear.

  7. Blockchain and Bitcon… the latest buzz words!! Loved this post.

  8. The info shared about cryptocurrency is very useful. Though unmentioned about all disadv it still is used by few secratively.

  9. Wow real mine house of Information. Thanks for debunking the myths about Cryptocurrency

  10. Agree with everything you said.Its a doubtful currency but interesting

  11. Cryptocurrency is still cryptic for me. But a helpful post for understanding the basics.

  12. One thing is for sure. Cryptocurrency is here to stay and will be seen in some form or the other. I am sure many Governments will be watching the movements of all these currencies to analyze the future plans.

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