In this day and age, everyone has at least heard the term “cryptocurrency.” If you haven’t, you must be living under a rock! In recent years, cryptocurrencies- particularly Bitcoin- have been all over the news. In fact, a simple Google search for “cryptocurrency” yields over 101 million results. While cryptocurrency is a frequent topic of discussion, it tends to get a bad rap from media outlets. The negative stereotypes about cryptocurrencies that permeate the internet tend to frighten those interested in investing. But why do these stereotypes exist in the first place?
The price of cryptocurrencies fluctuate
This is simply reality. In fact, we have an entire article about why the price fluctuates. While the price of cryptocurrency does fluctuate, this is not a bad thing. However, many financial institutions spin this fact to make it look like cryptocurrency is dangerous and volatile. This is not the case.
Financial institutions are fearful of Cryptocurrencies
Financial institutions like banks are threatened by the existence of cryptocurrencies because it could put them out of business. For this reason, they spread misinformation and biased research about cryptocurrency to prevent their customers from exploring the exciting world of cryptocurrency. Your cryptocurrency wallet is anonymous and the security measures are impeccable when it comes to most exchanges.
The Black Market uses Cryptocurrencies
Because cryptocurrency is untraceable, there are some people that have used it to fund illicit activities on the black market. News and media outlets latch on to these stories and spread them around, which links the concepts of cryptocurrency and crime. However, cryptocurrency was not designed to fund illegal activities and should not be associated with them.
Most countries have accepted the fact that cryptocurrencies are not going away and have instituted Laws when it comes to Cryptocurreny Investments and Tax. It is very hard to deny something when it gains traction with the population.
At Bitcoin Facts, we are passionate about promoting the real facts about Bitcoin and debunking the myths. The truth about cryptocurrency is that it is fun and profitable- if you understand how to invest properly.