In today’s modern world, the way we used to see and do different things has drastically changed. The world has become a digital place, and we all have started to rely on technology and innovation more than ever. We use it for contacting each other, doing business, entertainment, education, shopping, and whatnot. Now, we all have become so dependent on modern technology that we can’t do with it anymore.
With technology ruling over every aspect of our lives, we have experienced that it has changed the ways we used to conduct certain transactions. In the past few years, technology has enabled to do transactions online via mobile banking and using credit or debit cards. However, more recently, there is a buzz created by cryptocurrency. You might have heard about bitcoins and the popularity it gained in recent years. Cryptocurrency is probably the most famous one in the world of bitcoins.
Recently, the digital currency has experienced a sudden boost. Nonetheless, there are tenacious falsehoods, rumors, and myths about certain coins and tokens in particular. In this article, we’ve mentioned a few common myths regarding digital currency plus we’ll figure if there is any truth in them. To learn about them, make sure to read till the end!
It Is Anonymous
From a decade, anonymity has been the digital currency’s key selling point. You will hear or read about it everywhere in the bitcoin revolution world that BTC allows anonymous transactions of value between parties. It wasn’t false for quite some time. The initial adopters of digital currency were actually dark web users, and everyone was using it for its anonymity.
The fact is bitcoin is pseudo-anonymous as it is not impossible to stay anonymous on the web nowadays. With time, the digital currency has received more credibility, and its price became more pertinent to the real world.
It is Primarily Used for Illicit Activity
Unfortunately, one of the most prevalent myths about bitcoin is they are most commonly and effectively used for illicit activity. Well, there is no denying that criminal enterprises and individuals have used it for illegal purposes, but with the bitcoin revolution and popularity, people have started using it legally. While it is true that it has been used illicitly, but it is also important to remember that it was an illegal transaction, not the currency.
Bitcoins Don’t Have Value
Though it was difficult to categorize digital currency and the IRS spent many years figuring out how to classify bitcoins for tax purposes. Financiers were not even sure how to manage their digital assets when it comes to even everyday transactions and taxes in particular. It contributed to the idea that digital currency may disappear in the future.
However, bitcoin revolution has changed everyone’s mind with time as it gained popularity and success within no time. Now, like other currencies, cryptocurrencies can be exchanged for items, services, and now it holds extreme value.
Digital Currency is Not Secure
As cryptocurrencies have gained popularity there have been several scams and thefts. In many cases, bitcoin exchange themselves as the target of these attacks. On the other hand, criminals exploited on susceptibilities in wallets and other facets of the digital currency space. This has made investors worry about the security of their digital assets. However, they still can adopt different ways to protect their holidays. Moreover, many financial and government institutions have shown an interest in block chain technology, which will be an effective and secure tool with unexploited potential.