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 * TOP CRYPTOCURRENCY MYTHS DEBUNKED
   
   January 10, 2023
   Cryptocurrency
   
   Cryptocurrency is still in the beginning stage and is extensively
   misinterpreted, this, in turn, gave rise to lots of misconceptions. This blog
   intends to provide insight into the truths behind all of the famous myths
   associated with cryptocurrencies.
   
   The following are some of the myths prevailing about cryptocurrencies
   
   Myth 1: Cryptocurrency is Not Legal – One of the greatest misconceptions is
   that digital currencies are not legal. In fact, cryptocurrencies are
   completely legitimate kinds of investments and payments. One of the best
   crypt exchanges recently declared that its users can leverage their crypto
   coins for purchasing vouchers which can be later reclaimed to purchase a wide
   variety of things. 
   
   
   
   Myth 2: Cryptocurrency is Utilized for Criminal Act- As cryptocurrency is not
   regulated and is not issued or supported by any government or central bank,
   people have a tendency to wrongfully connect these digital currencies to
   criminal offenses. However, this is untrue. Many experts confirmed that these
   digital currencies are a very legitimate investment with profits that exceed
   commodities like stocks.
   
   Myth 3: Cryptocurrency can replace Traditional Currency – However, this is
   just a misconception. Traditional currencies are issued by central banks. On
   the other hand, digital currencies do not have any central monetary
   authority. Even though cryptocurrencies are gaining high popularity among
   investors, they are not going to ill replace the traditional currencies. 
   
   Myth 4: Cryptocurrency trading is complicated – In fact, cryptocurrency
   trading is not that much complicated as people think. It is just as same as
   purchasing stocks through online stock exchanges. A person has to create an
   account with a reliable online trading platform and trade. However, you need
   to be fully conscious about what you are involved in before getting started
   with investing in cryptocurrencies. You can also use trading bots to make
   trading easier. Platforms like the Bitcoin 360 AI 2023 version offer several
   features to help both beginners and advanced traders to make their trades
   more efficient.
   
   Myth 5: Cryptocurrency is very costly to buy – This is untrue. Many trading
   platforms are available that let customers purchase a part of the coin.
   Cryptocurrency platforms are making a great effort to entice investors. A
   popular trading platform even provides as many as 12% annualized profit rates
   on digital currencies. Moreover, various cryptocurrencies are prized
   distinctly. When cryptocurrencies such as Bitcoin and Ethereum are priced in
   lakhs, other cryptocurrencies like an EOS or Litecoin can be bought at USD
   2.38 and $ 115.700 respectively. However, one thing you need to take into
   account is that never treat cryptocurrency as a get-rich-quick scheme,
   instead consider it as an investment opportunity like gold, commodities, etc.
   Before purchasing cryptocurrency, you should consider evaluating its merits
   and demerits completely.
   
   
   
   Myth 6: Cryptocurrencies Are Easy to Get Hacked – Leveraging a platform for
   trading cryptocurrency is just like using any other platform for trading.
   Increasing the security of wallets where trading is conducted is the only
   option to safeguard your wallet and enable secure dealings.
   
   Myth 7: Cryptocurrencies and Their Dealings are Undetectable and Unidentified
   – In fact, blockchain keeps a register of everything. Even though there
   exists secrecy, in special circumstances, recognizing users and their details
   is not a tedious task.
   
   Myth 8: No tax to be paid for Holding Cryptocurrencies – Even though no
   central authority and banks are involved in cryptocurrencies, this does not
   mean that you are set free from paying tax for cryptocurrencies. Even if
   you’re earning cryptocurrency from the best bitcoin gambling sites or any
   other betting sites is subject to taxation and regulations, and specific laws
   vary depending on the jurisdiction. It is like any other business, and you
   are liable to pay tax when you sell digital currencies or when someone makes
   the payment using cryptocurrencies.
   
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