Top 10 myths about bitcoin and crypto in India

Online trading has become common among the young professionals, entrepreneurs and other business institutions. But, there are some preconceived notions about bitcoin and crypto that need to be busted. To start with, whether those are factors of investment, pricing criteria, taxation or any other market trends, there are several facts which have been twisted due to lesser information. But, in order to experience the practical ways of digital currency trade system or to buy bitcoin online without any hassle, here are some of the facts which need to be reflected over:

Myth #10: Investments are not secure in crypto trading

Fact: The principle of online trading is similar to stock market investment, i.e., taking the right decision to experience the safe digital currency exchange. It should be noted that crypto and bitcoin exchange over the internet is trustworthy as well as reliable. Understanding the blockchain technology’s mechanism and practical action can altogether lead to improve crypto trade experience.

Myth #9: Cryptocurrencies are mostly used for criminal activities

Fact: This is one of the common myths about crypto and bitcoin which people presume. Even though, some people may use cryptocurrency for tax evasion or money laundering, but, in the modern world, digital currencies have advanced mechanism. These cryptocurrencies can be used as an alternative for physical currencies like dollar, rupees, etc. In fact, there are multiple purposes that can be served when you buy bitcoin online.

Myth #8: Blockchain technology is free

Fact: In technical terms, bitcoin mining denotes the process of generating new blocks and acquiring new bitcoins. Hence, the blockchain technology is not free, it incurs certain fee which may not be too high. The use of sophisticated and latest technology oriented computers leads to consumption of electricity as well as other resources. Therefore, the blockchain technology is accessible at nominal charges.

Myth #7: Bitcoin is illegal in India

Fact: This is one of the biggest misconceptions which people are worried about while investing in the crypto platforms. On the contrary, since till date, Government has not ruled out any legal guidelines against the crypto and bitcoin exchange, it implies that, Indians can buy bitcoin online. On a factual note, there is the highest volume of crypto owners in India.

Myth #6: Cryptocurrencies can be hacked easily

Fact: The security protocols, layers of safety and integrated system of keeping confidential data contribute to the secure storage. Most of all, the network and blockchain technology keep out hackers and other unauthorized access further offering smooth accessibility to the crypto or bitcoin to the users. But, it is necessary to assess the private key, digital signature, wallet security and other features of the crypto exchange platforms before investing in them.

Myth #5: Online trading with digital currencies is too complex

Fact: Most of the crypto and bitcoin exchange platforms offer tutorials as well as guidance tips for the beginners. This makes online trading with digital currency easier and precise. There ae several tips, guidelines and advanced tools which enable online traders to use the crypto platforms without any hassle.

Myth #7: Bitcoin and other cryptocurrencies are subject to taxes

Fact: It should be understood that cryptocurrencies are decentralized, hence, there is no involvement of banks or central regulatory authority to control digital currency exchange. However, tax evasion cannot be expected when you buy bitcoin or crypto online, as there are some tax implications on the basis of considerations of Income Tax Act. The taxable supply is the source identified by the ITA, hence, GST is applicable on the profits gained through buying or selling crypto and bitcoin.

Myth #3: Bitcoin and crypto blockchains resemble cloud-like database

Fact: If you are a beginner, then, crypto or bitcoin exchange may seem to be complicated for you. Thus, it is quite possible to consider bitcoin or any cryptocurrency as storage facility, but, this should be clarified. Blockchain technology used in the crypto exchange is basically a group of blocks chained together. Besides, these blocks contain ledger and it gets added to the blockchain after getting verified & resolved.

Myth #2: Crypto will fade from the market soon

Fact: Like every new invention, bitcoin and crypto exchange system is performing wonderfully in the market. Therefore, it may be innovated to make online trading resourceful, but, it will not be viable to assume that crypto might fade away from the market. Currently, there are several platforms to invest in crypto or to buy bitcoin online, hence, it is on the verge of expansion.

Myth #1: Bitcoin and crypto account for scam

Fact: As an investor, when you take the right decision to choose the right platform for buying or selling bitcoin and cryptocurrency online, then, it is the legal way of trading. On the other hand, the calculative move as an experienced online trading enthusiast, it is always ideal to check the wallets and other features of crypto exchange platform in advance.

Planning to buy or sell bitcoin and other digital assets online, explore the interactive platform of CrossTower to accomplish your online trading goals in a secured manner.

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