Busting the Myths: Exposing Common Misconceptions About Cryptocurrency

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<h2>Introduction</h2>
There are many myths regarding cryptocurrency.
Some of them are so ubiquitous and some just fly right under your radar.
Cryptocurrencies have been around for quite some time now. They have significantly grown in popularity in the last few years. However, for a layman, crypto markets can be complex and obscure.
It gives way to a lot of confusion and myths.
In this article, we are going to go over the top five crypto myths that exist to this date. We are going to discuss how they surfaced and why they should be taken as nothing more than just myths.<h2>Myth #1: Crypto Will Make You Rich Overnight</h2>
Let’s start with perhaps one of the biggest misconceptions out there.
Do you think that it is easy to become a millionaire overnight from trading or investing in crypto? Unfortunately, that is easier said than done.
This narrative is commonly pushed across social media platforms like YouTube, Instagram, and Twitter. You might have also heard stories about actual crypto millionaires who made easy bucks by riding the memecoin wave earlier this year.
The problem with this narrative is that even if these stories are true, they are extremely rare. You might see lots of people on social media flaunting how much money they make from crypto. However, you need to remember that people don’t tend to advertise their losses. While such stories might give way to a lot of hopium, they can be devastating for those who are new to crypto space.
If you have just started trading crypto, it might create false expectations. You might invest a lot of money based on an outcome that is extremely rare. And if you don’t become a millionaire in a year or two, you might completely lose hope and leave the crypto space for good. 
That being said, it is possible to make a lot of money from crypto in a bull market and there are people who have done it. However, you need to get your expectations in line and understand that this process takes time and skill and there may also be the element of luck involved, so your crypto investing journey will never be on a linear path of success.<h2>Myth #2: Cryptocurrencies Aren’t Secure</h2>
You might have heard a lot of stories where someone’s wallet was hacked or someone lost their money in crypto.
People who want to see cryptocurrencies die use these instances to spread the myth that cryptocurrencies aren’t secure.
However, the truth is far from the opposite.
All cryptocurrencies are built on blockchain which acts as the underlying technology.
A blockchain is a collection of records that are linked to each other. These records have strong resistance to alteration and are protected using cryptography.
Whenever a transaction takes place on the blockchain, a new block is created, which is verified by a community that agrees the transaction information is correct.
It is a foolproof process and the safest way to validate transactions to date.
The problem with cryptocurrencies doesn’t lie around how they work, but how they are stored.
If you want to send cryptocurrency to anyone in the world, you don’t need to be afraid of anything. However, you do need to be careful regarding the wallet you are using to store your crypto and the exchange you are using to facilitate that transaction.
Exchanges and wallets are prone to hacks, which is why you need to go for the safest option out there.<h2>Myth #3: Cryptocurrencies Are Bad for the Environment</h2>
The next myth on our list is related to cryptocurrencies’ effect on the environment.
Cryptocurrencies, especially digital gold Bitcoin, have made the news after some well-known personalities have spoken against them. Billionaires like Elon Musk. Politicians like Elizabeth Warren. All of these personalities took a dig at Bitcoin’s energy consumption and its adverse effect. With so many notable people speaking against Bitcoin, headlines on several media outlets ran with the same myth. 
However, it should be taken as nothing more than a myth because it is quite simply false information. For example, <a href="https://cryptoslate.com/more-than-50-of-bitcoin-mining-uses-renewable-energy/#:~:text=All%20in%20all%2C%20roughly%2052.4,become%20more%20and%20more%20expensive.">over 50%</a> of all Bitcoin mining relies on renewable energy for its power needs and the trend is expected to continue growing in the coming years as traditional energy sources become more and more expensive.
In addition, recent research by New York-based fund Ark Investment Management concludes that “Bitcoin is much more efficient than traditional banking and gold mining on a global scale.”
If you only take these stats into account, you will notice that the news about Bitcoin being bad for the environment is nothing more than FUD.<h2>Myth #4: Cryptocurrency is Mainly Used by Criminals</h2>
Another common myth that a lot of people believe to be true is that cryptocurrency is mainly used for nefarious purposes. The reason why this myth is dangerous is that it tries to paint everyone who uses crypto with a negative brush.
If you believe this myth to be true, you are not to be blamed as countless media outlets use clickbait titles to sway the general public. By doing a little bit of research and seeing the vast use case crypto has to offer, you will understand the true potential that this technology holds.
However, if you stick to online articles and news surrounding cryptocurrency, you will mainly find reports of hacks, ransomware, and other stories like these. But remember headlines are clickbait and stats are facts. If we take a look at some stats gathered by <a href="https://techmonitor.ai/technology/emerging-technology/cryptocurrency-crime-2022">Chainalysis,</a> crypto illicit activity represents only less than 1% of all cryptocurrency activity in 2022. <h2>Myth #5: Investing in Crypto is gambling</h2>
While there is no doubt that the crypto market has experienced significant price volatility over the last decade, that’s to be expected of a young and growing market. Let’s take the largest crypto as an example. Since Bitcoin’s genesis block in 2010, it has steadily gained long-term value.
And as Bitcoin has continued to mature, a robust regulatory structure in countries around the world has helped to attract a wave of institutional investment (BlackRock being the latest major fund management firm to warm up to crypto).The truth is, cryptocurrency could be either an investment or a gamble, depending on your own approach or strategy to them, similar to investments in other asset classes such as stocks and commodities.
If you’re buying crypto for the sole purpose of trying to get rich overnight, then it falls into gambling territory. But if you truly believe cryptocurrency is the way of the future and will be around for decades to come, then buying it now could be considered more of an investment.
No matter where you choose to invest, it’s best to take a long-term strategic approach. Don’t invest in anything you’re not willing to hold for at least a few years, or ideally decades. Cryptocurrency is extremely volatile in the short term, but if you believe in its future, you could stand to make a lot of money over time if it succeeds.

Public Relations @ MaskEX Global

Ayman Shaat

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Busting the Myths: Exposing Common Misconceptions About Cryptocurrency | MaskEX Blog