Since their evolution in 2009, Cryptos have been highly fetched in the financial market. Although it has been quite a long time since Cryptos were first found, we still believe that a lot of people continue to trust myths relating to them. That is why it is significant to bust those myths and help you inch closer to the truth about Cryptos. Before we move ahead, do not forget to pay sufficient attention to Bitcoin Up for more relevant news relating to Bitcoin. So, instead of waiting, let us begin!

Myth 1- Cryptos Are Only Used For Fraudulent Practices

There is no doubt that we have speculated numerous cases of Crypto being used illicitly. But that is not what Cryptos were meant for. Moreover, many other forms of money can be used in the same illicit manner. You will also want to know that the cases for criminal cases relating to Bitcoins went down drastically in 2020. As such, you can expect lower Crypto scams in the years to come.

Myth 2- These Currencies Lack Value

Many people think that the value of Bitcoins in the financial market is not good enough. But it is quite the contrary. For example- Bitcoin gained its value right after its launch in 2009. In 2021, we saw it spike to $69,000 per Bitcoin. That is why you can expect the value to keep increasing with the passage of every year. Today, many business persons have also started to make the most of these Cryptos in various departments, mainly venture capital, finance, and investment.

Myth 3- Crypto Is Not Safe

Another difficult myth to fight becomes this one. Despite knowing how potential the encrypted features and security settings of Bitcoin are, people choose to believe that it is not secure. Since it is built on a blockchain network, you can expect the security to be top-notch. However, if there is any vulnerability, it lies in how the Crypto is being used, stored, or even accessed. So, necessary attention needs to be drawn to that.

Myth 4- They Are Not Eco-friendly

Yes, we do believe that some Cryptos are not eco-friendly. For example- Bitcoin is not necessarily good for the environment as it generates tons of electronic waste per year. But this doesn't imply for other Cryptos as well. Many Cryptos are highly eco-friendly and can be used safely without thinking twice.

Myth 5- Crypto Is Not A Good Investment

This is one of the most farce myths we have ever come across. With the growing value of Cryptos everywhere around the globe, it is safe to say that they are quickly becoming one of the greatest investment tools ever. So, we recommend you spend enough time researching them if you are still unclear about the investment part.

Winding Up!

These were some of the most crucial myths about Crypto that needed to be busted on time. We are glad we could do that for you.