The blockchain market is growing to a roughly $23 billion value over the next few years. One of the most relevant creations from the creation of blockchain technology has been Bitcoin and other forms of cryptocurrency.
Since crypto is still the new kid on the block, you likely have plenty of questions. We’ve gotten myth-busting answers that can clear up some of the confusion that you probably have.
Keep reading so that you can learn more about cryptocurrency trading myths that we can happily debunk.
Cryptocurrency is Just a Fad
Put this one to bed. While much of the dust is still settling regarding cryptocurrency, we’re far past the days of wondering whether or not it’s a fad. Organizations and governments all over the world are getting on board with cryptocurrency, and it’s becoming a viable investment for a lot of people.
It’s a type of technology that is still on the rise, so it’s worth it to stay tuned to see how it develops.
It’s Dangerous to Invest in Crypto
We’re also past the days of being overly concerned about the safety and viability of crypto. There are several forms of security and authentication in place that will keep you safe when you’re trying to make a crypto trade.
Many platforms require you to include a photo ID and other information before you can sign up and conduct business. You’ll also have recourse whenever you feel that something has gone wrong, or that your account has been compromised.
Crypto is a Tool for Illegal Transactions
Everything about cryptocurrency is above board. While people can use any type of currency for illegal activity, this isn’t the purpose of crypto, so this is yet another myth that can be put to rest.
The majority of people that use crypto are law-abiding citizens, and you’ll have a track record for every transaction that you make.
The Value of Crypto Isn’t Based on Anything
Since paper currencies are based on gold and other factors, many people worry about crypto because they assume it is purely speculative. This isn’t true, since cryptocurrencies are formed on the back of blockchain technology and the blockchain market.
When trading crypto tokens, make sure to do some research and get a prospectus for what form of technology it’s formed from.
Different types of cryptocurrency have different fundamentals and bases. This is why you owe it to yourself to look into resources as you continuously research and learn. For example, you may want to look up the Enjin coin Price at the moment to decide whether or not you’d like to add it to your crypto portfolio.
Handle Your Cryptocurrency Trading in a Way That Makes Sense For You
When you consider the industry of cryptocurrency trading, you’ll quickly see that there are so many different variables at play. Crypto is an investment worth getting into as long as you do your research. Let the points above serve as your starting point.
Check out our other posts when you’re ready to learn more about crypto and other investment and finance topics.