Three Common Myths About
Cryptocurrencies

With cryptocurrency making its space in the investment world, newbies are trying to familiarise themselves with this dynamic digital asset. As expected, amid the flow of information and opinions about crypto, several myths have cropped up. We attempt to debunk some of these myths so that people can explore and trade in crypto confidently.

Crypto trading is illegal

Some believe that cryptocurrencies are only used to facilitate criminal activities. This is incorrect. Currently, the Government of India does not recognise cryptocurrencies as tender, and they are not regulated by the Reserve Bank of India. But there are no laws that make them illegal. Besides India, many countries allow trading in cryptocurrencies even though these are yet to be recognised. In June 2021, El Salvador became the first country to recognise Bitcoin as legal tender.

Investing in crypto is complicated

Since cryptocurrency exists outside the traditional stock exchange, people are not too familiar with it. Due to its digital and technological nature, people assume that it is complicated. They are sceptical about investing in it. In reality, crypto trading is quite simple. One only needs to make an account and begin transacting. It only takes a short while to get familiarised. It is as easy as investing in a stock exchange and potential investors should not be intimidated by it.

Prices have peaked and it is too late to invest

Currently, a single Bitcoin is worth approximately USD 60,488 USD. This has led people to believe that the ship has sailed and that they cannot afford to invest in crypto anymore. There are several platforms that let users invest in a fraction of a coin. Thus, investing can begin from very small denominations as well. An investor does not need to go all in at once. Cryptocurrencies are very dynamic and positive returns are always a possibility. Now that these doubts are out of the picture, consider investing in cryptocurrencies with an open mind. Don’t let scepticism hold you back from encashing an opportunity. It is indeed a dynamic yet safe space for the modern investor.

For any queries related to crypto trading, simply drop us a mail at support@crosstower.in. Our team of experts will get back to you shortly.

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