The year 2022 has done injustice to the crypto market and to the stocks too. While Bitcoin slipped more than 37%, Ethereum got down more than 41%. According to Forbes, America’s largest Crypto Exchange Coinbase has its investors in a state of panic.
In a recent survey by GOBankingRates, it has been seen that 40% of the surveyed people can’t rely on crypto as they think it is unregulated and they don’t trust the security process. 60% of the people do not understand crypto things so they don’t trade with it. If you want to invest in the crypto world try not to fall for the following crypto myths.
- Crypto is not regulated. This is completely a myth. According to NextAdvisor, the federal government is serious about introducing its own digital currency as well as it has improved the Stablecoin regulation.
- The transactions are Anonymous. The statement is not true. Crypto has been converted into fiat currency briefly at the time of the exchange in almost every transaction. Also, the transactions are recorded on the public blockchain permanently.
- Crypto is green environment friendly. According to the New Yorker, the crypto mines in the whole world consume adequate energy annually and crypto mining is as destructive as actual mining for the environment.