Defending the truth in the face of Crypto Myths

A cryptocurrency is a digital asset that cannot be printed or controlled by a central bank. Many potential investors are wary of putting money into cryptocurrencies because they are still relatively uncharted territory in many countries and appear to be poorly understood concepts. Since Bitcoin has better accessibility and also a favorable liquidity aspect, then it becomes a better opportunity for you to invest. Some common misconceptions about oil trade have been debunked below:

Bitcoin Is Exempt From Taxes

True, there isn’t a coordinating expert or financial institution involved. However, there is always the possibility that taxes will not be imposed on digital money. It is one of the flexible options that is available, and it always has a better return value if you think even of first-time investment. If you want to go for investment in terms of money or any other form of investment, then you can choose Bitcoin as the safest option. 

Profits from cryptocurrency trading that exceed $1,000 are subject to a 30 percent profit tax in some countries. There is no minimum holding period essential for investments designed for short-term gains. You will pay a 20% tax on the profit for a long-term gain, where your asset must persist for at least two years. 

These Digital Currency Practices Are Unlawful

Cryptocurrencies are currently accepted as legal money in the EU, the G7, and the United States, while being banned in Bolivia, Russia, Algeria, Ecuador, and Trinidad. Bitcoin transactions are legitimate and thrive in countries where they are not illegal.

Crime and the underground economy are fueled by cryptocurrency.

The 2013 incident of the Silk Road Raid revealed the usage of millions of dollars’ worth of Bitcoin for drug and human trafficking, although bitcoin is still unregulated. Some criminal incidents have been documented where bitcoin was used to collect funds, despite the fact that some countries have strict KYC (Know Your Customer) regulations in place for dealing in cryptocurrencies to limit the probability of any illicit use of digital currency.

The Cryptocurrency Market Is Easy to Hack

To use a bitcoin trading platform is no different from utilizing any other trading platform. Increasing the security of bitcoin wallets is the only way to safeguard your wallet and conduct secure transactions. However, if you deal with Bitcoin, you also get the facility of anonymous dealing and complete kind of transparency. As a wallet owner, you can check out the crypto market and then start the process of investment. 

Currently, there is just one major blockchain available.

Not at all, in fact. There are open-source and closed-source blockchains, public and private blockchains, etc. It’s possible that Bitcoin-supporting blockchains will exist separately from those that may add support for cryptocurrencies like Ethereum, Ripple, XcelToken Plus, etc.

In other words, you can’t buy anything with a cryptocurrency.

The first cryptocurrency was released in 2008. Investors have come to see the value in them over time. Companies as diverse as Expedia, Dell, Microsoft, Fiverr, and many more have recently started to accept Bitcoin as payment. 

Cryptocurrencies and their transactions cannot be traced back to their origin.

The recording and verification of transactions is carried out with the help of a public distributed ledger that is known as the blockchain. Despite this layer of anonymity, people and their data might still be easily identified in some situations.

Like any other site, user anonymity exists but cannot be guaranteed.

Blockchains Are Not Employed in Commercial Settings

Arun Jaitley, a former finance minister, has vouched for the legitimacy of blockchain by stressing the need to study it so that it may be used to facilitate digital transactions.

Blockchains are superior to other databases because they can store data securely, monitor transactions, save records forever, and are hack-proof.

Conclusion

In conclusion, due to the fact that the cryptocurrency market is still mostly undiscovered in certain regions, investors would do well to educate themselves on the topic before making any commitments.

Those who are on the fence about whether or not to invest in Bitcoin or another cryptocurrency would be wise to do some research about the pros and disadvantages of the market and the ways in which these assets are utilized and taxed in different countries before making a final decision. You may also rely on https://bitcoin-equaliser.net/ to get the truth about crypto.

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