The world of cryptocurrency is an exciting yet complex space, with many myths and misconceptions surrounding it. Here are five of the most common myths about cryptocurrency that often mislead people:
1. Cryptocurrency is only for criminals
Myth: Cryptocurrency has gotten a bad rap due to its use in illegal activities such as money laundering or drug trafficking, creating the misconception that it is only for the criminal underworld.
Fact: While the anonymity of cryptocurrency can indeed be used for illegal purposes, the vast majority of transactions are conducted legally. Cryptocurrency is used for a variety of purposes, including international transfers, investments, and charity. What’s more, many crypto projects are actively working to improve transparency and compliance.