The 5 Biggest Crypto Myths
When cryptocurrency first hit the world, most people didn’t pay any attention. It was a fad, they thought – something that would disappear in a few months and be confined to the large pile of failures built up by online entrepreneurs.
Despite those expectations, crypto hasn’t gone away. In fact, it is more popular than ever, with major brands accepting crypto payments and huge investors putting serious sums into their crypto wallets and portfolios. What’s more, new cryptos are constantly emerging and attempting to challenge the big names, such as Bitcoin, Ethereum, and Litecoin.
However, there are still several misconceptions surrounding cryptocurrency, which prevent people from using crypto. On this page, we’ll be debunking some of the more common crypto myths, to relieve you of some of the concerns or worries you may have.
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Myth #1 – Cryptocurrency Is Illegal
One of the biggest crypto myths is that cryptocurrency is used only for illegal purposes by criminals, or at least by those doing something that they want to hide. However, this is not the case. Cryptocurrency has become an everyday use for millions across the globe and is used for a wide variety of reasons. The fact that many major brands, including Bovada, accept crypto is another sign that it’s used widely by those in the mainstream.
Myth #2 – Cryptocurrencies Aren’t Secure
The second crypto myth to debunk is that owning cryptocurrency simply isn’t safe. Many believe that it’s easy for crypto wallets to be hacked into and have their contents stolen, however, owning crypto is exceptionally safe and secure.
You should only ever buy and sell your crypto via a reputable company, of which there are many online. This will ensure you get what you’re expecting. Additionally, you should store your crypto in a strong, encrypted hardware wallet and be sure to remember your password – forget it and you’ll find it almost impossible to retrieve your crypto.
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Myth #3 – All Cryptos Damage The Environment
Crypto has come under significant pressure recently due to its environmental impact. While there are cryptos that do contribute towards environmental problems, there are others that have cleaned up their act and done something to mitigate against the damage being caused.
The highest profile crypto that’s gone environmentally friendly is Ethereum, along with all other cryptos using the Ethereum blockchain. They have taken measures to reduce their CO2 output by 99%, simply by changing the way transactions are validated. Hopefully all other cryptos will follow the same example.
Myth #4 – Crypto Is Too Volatile To Use
Cryptocurrency has a huge reputation for being incredibly volatile, which has led some to label using crypto as high-risk. There’s no denying that some cryptos have certainly seen major fluctuations throughout the years, Bitcoin being the perfect example.
However, there are certain cryptos that offer a stable value; these are known as stablecoins. The most popular stablecoin is Tether, which you can learn more about here. If you are looking to just use crypto for general usage and payments, not as an investment, then stablecoins are a strong option for you.
Myth #5 – Cryptocurrency Is For Technology Geeks
Finally, one of the biggest crypto myths is that it’s for geeks only – for those who spend all day in front of a computer and can tell you the ins and outs of the blockchain and other technical terms. However, this isn’t true. Everyone can invest in cryptocurrency, even those with minimal amounts of tech knowledge; crypto is welcome and usable to all.
To buy crypto, you just need to head over to an exchange. The best exchanges have walkthroughs for complete beginners, and it will only take a few minutes to complete your first transaction. Of course, all investors should spend time researching crypto before making an investment.
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It’s now the case that crypto is really a viable option for everyone, regardless of whether they’re tech-savvy or not. Crypto gambling is the best way to play at Bovada, so why not make a crypto deposit today? Once you have made a deposit, enjoy playing at our online casino, indulge in online sports betting or play some online poker.