Cryptocurrencies, mainly Bitcoin, are often quoted with some lies. It frightens some new users, keeps them from making some chunk of extra money, and feeds the rich and whales because they know the truths.
All in all, there are a thousand lies that people often tie with bitcoin. And that’s why we will be revealing some truths about Crypto and tell you the biggest Lie In Crypto, people often gossip around.
The 5 Biggest Lie In CRYPTO:
Lie #1: Get Rich Quick:
One of the most common lies in Crypto is that it is a get-rich-quick scheme. It’s not. If a new crypto investor wants to get rich quick, he could easily do it by investing a few dollars in a pyramid scheme. You will not get rich quick in Crypto.
Honestly, it is a long-term investment vehicle that requires a lot of patience and discipline. It is not a get-rich-quick scheme. Crypto is a vehicle to build a decent and secure future with assets.
Lie #2: Crypto Will End Soon:
You’ve probably heard it before: “Bitcoin is just a short-term speculative bubble. It will crash at some point, and you should sell your coins before it does.”
The truth is that no one knows when Bitcoin or any other cryptocurrency will crash. You could hold onto your hard-earned coins for another six months or even another year!
No one can tell you how much of your money to spend on Bitcoin and how much to save, but we do know that if you hold onto your Bitcoin for too long, it will get harder and harder to sell at higher prices.
Lie #3: The Bitcoin network has been proven to be secure:
No, it hasn’t. There is no way to prove 100% that a system is secure, especially one that relies on cryptography to keep its secrets. All we can do is make assumptions about how a system behaves and try to build proofs that show it behaves as we expect.
Even if a system were proven secure, there are still questions you might want to ask:
- Is this the most secure protocol?
- Is it the most efficient protocol?
- Does it scale healthy?
- Is there any reason it would break in some unusual way?
Well, these things are hard to prove, but they are essential when deciding whether to trust your money with a particular protocol.
Lie #4: Crypto/Bitcoin Funds Terrorism:
I’m not sure whether it is “true”, but one might argue that it is not fair to single out Bitcoin. The US dollar is also used for financing terrorism, and so are the Euro, British pound, Chinese yuan, and every other commonly used currency in the world.
In fact, if you stop trading Bitcoin, your life might still be at risk because it has other properties that make it great for financing terrorism, like pseudo-anonymity, decentralized nature, etc.
Lie #5: All Cryptocurrencies are a Ponzi Scheme:
Bitcoin is not a Ponzi scheme, but it is often associated with other Ponzi schemes because of its rise in popularity.
- An actual Ponzi scheme is when the operator takes your money and doesn’t provide any goods or services in return.
- A Ponzi scheme always ends with the scheme’s operator disappearing with the money.
- It differs from bitcoin because the operator does not take your money and run.
- Also, bitcoin is not a Ponzi scheme because it provides a good or service. In bitcoin’s case, it provides a digital currency you can use to make payments. The value of bitcoin goes up and down, but it is not a scam.
