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Three myths about cryptocurrency you shouldn’t believe

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cryptocurrencyThere seem to be two sides to the cryptocurrency story, much as there are to most issues put before the public. On one side, there are those who use the digital coins as currency, along with those who see it as an investment, with a pretty good amount of overlap between those two groups. Facing off against them are those who wish to paint cryptocurrency in a negative light, claiming that it will cause more harm than good in the end, which, they posit, will be coming soon enough for this technology. Maybe the answer lies somewhere in the middle, although early evidence certainly seems to favor those who are taking the chance on the great potential of cryptocurrency.

As for those on the negative side, perhaps there are ulterior motives for why they are taking such a stand against cryptocurrency. Maybe they have vested interests in its failure, or perhaps it’s just a matter of them putting down something that they don’t yet understand. In any case, they usually line up a common list of flaws that they think cryptocurrencies like Bitcoin and Ethereum inherently possess. If you are wondering about whether or not to get involved in some fashion with cryptocurrency, you might look at these supposed negatives and back off. But you need to understand that many of these things can be easily countered and exposed as nothing more than myths.

Once you have decided in favor of cryptocurrency, you might want some help investing in it, which is where a program like the Crypto VIP Club can really come in handy. In the meantime, here are some second opinions about the so-called “faults” of cryptocurrency.

It’s Easily Stolen

Many people have read about instances of hacking, which have led to large amounts of cryptocurrency being pilfered. But those instances have been few and far between, and you can certainly be protected by investing a little in a digital wallet which offers better security than the free ones that can be downloaded. The extra that you pay certainly wouldn’t be as much as typical bank or credit card fees.

It’s for Criminals

Again, naysayers like to point at the few times when criminals utilized cryptocurrency in their illegal dealings. Certainly, there have been many more cases where criminals paid for things with cash or other traditional methods of payment to carry out their operations.

It Will Be Worthless One Day

It is conceivable that the fate of cryptocurrency might turn for the worse at some point. But the blockchain technology behind the currency is so ingenious, and the problems solved by the currency are so vexing, that it seems unlikely that the tide will completely turn against it. As a result, you can feel relatively safe in the knowledge that cryptocurrency will be a part of the future, both in the short and long term.

It’s understandable that some people are skeptical about cryptocurrency and its place in the financial world. But it’s a good idea to understand all the facts before you make your decision one way or another.

Contributors

Contributors

Have a guest column, letter to the editor, story idea or a news tip? Email editor Chris Graham at [email protected]. Subscribe to AFP podcasts on Apple PodcastsSpotifyPandora and YouTube.

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