6 Surprising Facts About Cryptocurrency
Cryptocurrency is one of the poorest understood parts of the fintech revolution. Many people still think that cryptocurrency is illegal, that it’s a scam, or that it’s worthless.
All of these are incorrect. Cryptocurrencies like Bitcoin, Dogecoin, and Ethereum, all represent investments, as well as usable currency.
In this guide, we’re going to cut through jargon, misunderstandings, and lies about crypto, to help you better understand what these currencies actually are, and how they work.
Are you ready to learn more? Then let’s get started!
- Crypto Is Valuable
One of the biggest cryptocurrency misunderstandings is that it’s worthless. However, this couldn’t be further from the truth and represents a misunderstanding of currency.
No fiat currencies are on the gold standard: they only have value because a government says they do. Crypto has value because its users say that it does, and will trade fiat currency for it.
Crypto has as much value as the dollars in your pocket, and it’s valuable for the same reason.
- Cryptocurrency Is Legal
Another misunderstanding that some people have is that crypto is illegal for one reason or another. While China has cracked down on crypto, it’s not illegal in the USA or the vast majority of countries.
You can freely own, invest in, and pay taxes on your crypto.
- You Can Buy Products and Services With Crypto
Some of the world’s biggest retailers accept cryptocurrency, and it’s likely that more will over time. This answer should also put paid to the myth that you can only buy illegal goods with crypto.
- Crypto Isn’t a Scam
Crypto is no more of a scam than any other investment. Any investment can go up or down in value, and crypto is no exception.
There’s no reason to think that you’ll lose more money on crypto than any other investment. Crypto also has one ace up its sleeve with regard to fraud: the blockchain. Each blockchain is a distributed list of every transaction of a certain crypto, which means that it’s near-impossible to lie about a transaction, as there’s a widely distributed record that’s near-impossible to hack.
- You Can Buy Crypto Offline
You might think that, as cryptocurrency is regarded as an “online currency,” that you can only buy it online. This isn’t true. You can buy cryptocurrency offline at kiosks called Crypto ATMs.
To find Crypto ATMs near you, we’d recommend using a site like www.bytefederal.com.
- There’s More Than One Cryptocurrency
Bitcoin somewhat hogs the limelight when it comes to cryptocurrencies, to the extent that some people think it’s the only one. However, there are many different cryptocurrencies, all offering their own unique spin on the crypto principle.
These include Dogecoin, Ethereum, Chainlink, and more. We’d recommend doing your own research to find the crypto with the features you’re looking for.
The World of Crypto Is Waiting for You to Explore It
There’s a whole world of cryptocurrency just waiting for you to explore. Whether you want to invest in crypto, want to use it for anonymous purchases, or simply want to have your own supply of reserve currency, it’s well worth checking out.
For more interesting articles about crypto and more, check out the rest of our blog!