Misconceptions about Cryptocurrencies
In today’s post, we will know what are the Misconceptions about cryptocurrencies but before knowing this, let us know what is cryptocurrency?
You know that when there was no currency in the world, goods were traded for goods. After that gradually the circulation of notes and coins started.
But friends, do you know that apart from these two currencies, there is also a currency which we call cryptocurrency, now the question arises what is cryptocurrency?, how does cryptocurrency work? And who got this currency first? created? We are going to give you all this information in today’s post, so friends must read this post completely.
What is Cryptocurrency?
Cryptocurrency is also called digital currency. Like you can take bitcoins.
Cryptocurrency is also a virtual currency. Which was launched in 2009. And for your information, let us tell you that the first cryptocurrency was bitcoin.
Cryptocurrency is not like any real coin or note but a digital currency. Which we cannot touch, nor can we keep in our hands, nor can we take it anywhere.
Simply stored or saved in one of our digital wallets. That’s why we can also call it online currency.
As you all know that India, Russia, America, all other countries have a right to their currency. But the government of any country does not have the right to a cryptocurrency like bitcoin.
This virtual currency is not controlled by the central bank or any kind of agency like any bank.
Simply put, bitcoin does not follow the traditional banking system. Rather, there is a transfer from one computer wallet to another computer wallet.
It is not that only bitcoin is the only cryptocurrency, but there is more than 5000 such cryptocurrency in the world. Such as Ethereum, Ripple, Litecoin, Tether, and Libra, etc.
Friends, for your information, let us tell you that it was not very popular in India earlier. Rather, it has started becoming popular in India only after a few years.
The reason for this is that the RBI government had declared this cryptocurrency as an illegal cryptocurrency like bitcoin. But in the year 2020, the Supreme Court has removed this ban.
That is, now the use of cryptocurrency has become legal in India too.
How does cryptocurrency work?
Our cryptocurrency is based on the Blockchain. Simply put, this peer-to-peer network connects each other. And all these accounts are kept in one ledger. Many people maintain it. It is a person-to-person network.
Now the question must be arising in your mind that what is Blockchain called?
Friends, let us tell you that Blockchain is made up of two words. block and chain.
Let us understand it with an example like there is a train compartment, train compartment is connected to each other, suppose the train box is a block and chain is connected.
As soon as the box behind the rail is full, put the box behind it, if this box is also full, then put another box behind it. That’s how blockchain works.
Blockchain, when a transaction is filled in one block, they put another block in it, when the transaction is full, another block is placed. This cycle continues like this.
The sequence goes like this. One block is connected to another block. That is, one transaction is connected to another transaction, it acts as a chain. It is connected from one computer to another computer.
Which shows who has how many bitcoins. And in such a situation, if someone tries to cheat, then he is tracked. That’s just the technology we call blockchain.
Friends, we have learned what is a cryptocurrency and how does it work? But the concept is increasing among many people regarding this.
Many people don’t know anything about it, but always keep saying something about it.
Many people do not know anything about crypto but they definitely give their opinion on it. This is creating confusion in us about crypto.
Today we are going to discuss about all these. There is some wrong concept about crypto which you will come to know through this post.
Myths about cryptocurrency
1. Is Crypto Banned in India?
Many people have this Misconceptions about cryptocurrencies and Myths about cryptocurrency that cryptocurrencies are banned in India. So friends, let us tell you that cryptocurrency is not banned in India. Anyone can invest in it anytime.
But the circulation of cryptocurrencies was indeed banned in 2018. Because cryptocurrency was used constitutionally in India. But this restriction was also removed by the IAMAI organization in 2020.
This organization said don’t ban Christo. But yes, you can rule it by making rules over it. And since then till today trading is going on in it.
As soon as crypto started in India, it became so popular in India that according to the survey of 2021 it was found that India comes second in terms of crypto users in the world.
Regarding this, the RBI and the Government of India have expressed their intention to make rules and regulations to move forward in this regard and our Finance Minister has also expressed his intention on this. This is the reason why there is no crypto ban in India and this is proved that*Is Crypto Banned in India* is Misconceptions about cryptocurrencies
2. cryptocurrency is a scam?
This is our 2nd Misconceptions about cryptocurrencies So far we have given you all kinds of information related to cryptocurrency, Many people believe that crypto is a type of scam and that it is a fraud kernel. People say anything without knowing it. But this is not true at all.
This is because it is as big as cryptocurrencies like bitcoin. Not only we and you but all the people of the world have been using bitcoin whether they are poor or rich.
Anyone can invest in cryptocurrency. This big cryptocurrency is the link to change our lives. How many people have made their living using bitcoin?
If seen in any digital wallet, people are buying and selling their lakhs and lakhs of rupees in it. So it cannot be a scam.
When it comes to security and privacy, there is no break in crypto in security. Because it works on a blockchain like we have told you above what is blockchain.
Many also believe that the privacy it contains is a kind of miracle, but it can also be used for the wrong purposes. Why something costs so much that it is very difficult to see who is transacting between it.
3. Crypto is not used anywhere?
If you also think that crypto is not used then you are wrong. We can use crypto in many places. With its help, we can buy and sell anything.
Because all the big companies like Amazon, pay pal, high kart all these companies accept payment in cryptocurrency.
But yes, payments are believed to be hindered due to volatility in the price of cryptocurrencies.
But for that also different cryptocurrencies have come like USD coin and Tether coin, all these cryptocurrencies have fixed prices.
4. Cryptocurrency is like a yoke
Many people are forced to believe that cryptocurrency is like a gamble, guys, you can use it to become rich in a jiffy and also a fakir in a jiffy.
Let us tell you that when the stock market also came for the first time, it was also seen with the same eyes. Then later we came to understand that there are ups and downs in the stock market.
They depend on the activities of buying, selling, etc. of the company’s shares. Similarly, cryptocurrency is also a kind of online trending.
In which you can become rich in a moment by doing English and become a fakir every moment.
5. Is Cryptocurrency Trading Too Complicated?
Many people have this illusion or that cryptocurrency trading is very difficult, but let us tell you that cryptocurrency trading is not as difficult as people currently think. In fact, it is very easy to buy and sell any stock on the share trading platform.
In this share trading platform, just a person has to open his account in it and from this starts the process of his transaction.
However, before investing in cryptocurrencies, you need to be fully aware of what you are investing in and this is our last Misconceptions about cryptocurrencies .
And these are the five famous Misconceptions about cryptocurrencies.
Which cryptocurrency should we buy in 2022?
You can invest in thousands of types of cryptocurrencies. Although some cryptocurrencies do not give good returns, so out of thousands of cryptocurrencies, there are only a few cryptocurrencies that can give good returns.
But today we will know which cryptocurrency we should buy in 2022 so that it can be useful for us in the future, then we are going to talk about 5 such cryptocurrencies.
Lucky Block
This is the best cryptocurrency to buy in 2022.
Lucky Block is created by a creative team, it ensures that this crypto will succeed in the competitive market to come.
In short, this digital asset project is trying to revolutionize the global lottery industry.
Those looking to buy cryptocurrency in India can invest in this project by buying LuckyBlock digital token – which is currently launched on Pancake Swap.
Binance Smart Chain is the foundation of the Lucky Block project. It is one of the scalable networks in the market, and aims to promote projects without worrying about transaction fees and time delays on the network.
Due to the innovation and dedication of the project, the Lucky Block token has the potential to generate significant returns in the future.
The Lucky Block token is already available on Pancake Swap and will soon be available on other platforms as well.
Solana
It is one of the most popular cryptocurrencies of the past year. Solana is the second-best cryptocurrency to buy and invest in 2022 which was established in 2020 yet within a few years has become one of the most popular and powerful blockchains in the market.
Solana relies on Proof of History (POH). As a result of this alternative route, blockchain has emerged as one of the most scalable in the industry.
Solana is currently the fastest blockchain in the market with an estimated transaction rate of 60,000 per second (TPS).
The use of the Solana blockchain by decentralized finance (Defi) applications and non-fungible tokens (NFTs) is another area where it shines.
Solana was involved in the development of one of the most popular NFT collections on the market in August 2020, resulting in a nearly eightfold increase in the price of Solana, making it one of the top cryptos to invest in 2021.
Basic Attention Token (BAT)
It is one of the most probable 2022 projects. The Basic Attention Token is the next token on our list of top five cryptos. Brave browser is secured by BAT token.
Brave is a decentralized browser that allows users to choose what they want to watch. As the concept of decentralization is gaining popularity in online spaces such as social media, BAT tokens are one of the most promising ones.
Many early Brave browser users quickly adopted the BAT token, making it one of the biggest cryptos to invest in.
Brave Browser keeps track of how much time and attention people spend on the websites it recommends. Thereafter, the browser systematically distributes the proceeds among advertisers, publishers, and other online content and advertising consumers.
The browser provides users with the information they ask for online immediately, resulting in a decentralized online system.
Yearn. Finance
This is a Strong Upward Momentum in 2022. Earn. finance, which is slowly growing at a very fast pace, is a great cryptocurrency to consider for your digital asset portfolio.
Bitcoin has remained virtually unchanged over the past week, while Yearn. Finance has gained over 86 percent.
Those who bought Earn. Finance tokens in early 2021 paid around Rs 16 lakh per token. The same digital coin crossed the price of Rs 69 lakh only after five months.
This corresponds to a 320 percent increase in price. Significantly, even though Earn. Finance is so expensive, this crypto can be bought by splitting just like buying bitcoin.
Earn. Finance is a decentralized platform specializing in crypto-based financing.
Simply put, the platform brings together borrowers and investors to create a fully decentralized financial system.
Shiba Inu
It is one of the most popular cryptocurrencies of the past year. Shiba Inu is a core token that has become one of the best performing tokens in the market.
After a remarkable rally and surprisingly hitting new all-time highs, the Shiba Inu has emerged as the best cryptocurrency to invest in in 2022.
The Shiba Inu was established as a result of the inspiration of Dogecoin. Despite being a meme token, the Shiba Inu has grown rapidly in popularity with over a million holders.
Why we should and shouldn’t buy cryptocurrencies
Why we should buy cryptocurrencies
Crypto currency is not a physical currency, it is a type of digital currency, due to which there is no risk of losing it.
There is no fixed value of crypto currency, its value can increase and decrease at any time.
If the value of crypto currency rises then you can profit substantially.
Through crypto currency, we can buy anything digitally from anywhere.
Why we shouldn’t buy cryptocurrencies
Because the value of crypto currency is not certain, so if its value decreases, then you can lose a lot.
No one has control over crypto currency, nor is it controlled by the Government of India nor the Reserve Bank of India.
Cryptocurrency is a digital currency, so the risk of this currency falling into the hands of hackers also remains in the minds of people, that is why people do not buy it.
Myths Vs Facts of Cryptocurrency
So far we have given you all kinds of information related to cryptocurrency and Misconceptions about cryptocurrencies . So far we have given you all kinds of information related to cryptocurrency, but now we are going to tell you some big myths and facts related to cryptocurrency, knowing which you will definitely be surprised and we claim that you will not know them.
So without wasting time let us now tell you about the title of Myth Vs Facts.
Myth:
cryptocurrency is also used for illegal and suspicious activities
In fact, cryptocurrency is used less in our social world, but cryptocurrency is used more for transactions on the dark web.
Fact:
No one can control cryptocurrency Cryptocurrency is further controlled.
Myth:
Today the trading of Cryptocurrency has increased a lot and it is expected to not increase in the future.
Fact:
As of now, there is no fixed value of cryptocurrency, the value of crypto currency keeps on increasing and increasing.
Myth:
Cryptocurrency doesn’t need to rely on anything or anything for it to be fact.
Fact :
Cryptocurrency is like a bubble, sometimes its value can be very high, and sometimes its value can be very low.
What is Cryptocurrency? All information about Cryptocurrency
Conclusion
In today’s post, we have given you much important information related to Cryptocurrency like cryptocurrencies, Myths vs Facts of Cryptocurrency, what is this Cryptocurrency, and so on.
We hope that you have liked this post of ours and by reading this post, you must have got different types of information related to cryptocurrency and Misconceptions about cryptocurrencies.
Now it’s time to bid farewell to you. Thanks for until then in another new post!
