These days everybody has an opinion on cryptocurrency. Information on crypto markets is everywhere, from your daily news to your Instagram. But it is often difficult to figure out what’s true and what isn’t. As a result, there are many rumours and misconceptions about the subject. In fact, these myths tend to become the biggest obstacles in between people and the lucrative field of cryptocurrency. But we’re here to help you stay away from these mental roadblocks. Here are a few assumptions that might be stopping you but shouldn’t be:
Myth #1: Crypto trading is illegal in India
One of the misconceptions floating around is that crypto trading is illegal in India. As of October 2021, the Government of India hasn’t revealed any laws or regulations regarding cryptocurrency. Which means Indians are absolutely free to buy, sell and trade in crypto. In fact, Livemint revealed in the same month that at ₹10.07 crore, India had the highest volume of crypto owners in the world. Check out the latest developments regarding the crypto bill here.
Myth #2: Cryptocurrencies are primarily used for criminal activity
This is one of the most widely spread pieces of misinformation. While it is true that cryptocurrencies have been used for criminal purposes like tax evasion and money laundering, the same can be said for regular currencies like the dollar and the rupee. Moreover, with time, the percentage of criminal activity in crypto markets has gone down while the currencies are being used in increasingly varied ways.
Myth #3: My investments are not secure
Just like investing in the stock market, the right research will lead you to the right decisions. Most prominent cryptocurrencies have published white papers which will show you the security measures taken by the platform. A simple web search will reveal which crypto exchanges are reliable and trustworthy. Like with most financial assets, it comes down to research and fact-checking. Being vigilant and prepared will only enhance the blockchain technology’s already secure system.
Myth #4: Trading is too complex for me
In the beginning, most new concepts appear complicated. But like all those history lessons in school, you just need a little time and patience. With the right tools and a few simple guidelines, trading will soon seem like a piece of cake. Apps like ZebPay make this process a lot easier. You can get educational resources, cryptocurrency trackers and an easy to use trading platform all at your fingertips.
Myth #5: I’m too late to the party
In the case of cryptocurrencies, it’s better late than never. The cyclical nature of markets means that you are never out of opportunities. There is always a right time for you to jump in and start making a nice profit. With all crypto-related information available online, the process to get started is right within your reach. Since cryptocurrency’s inception in 2009, the industry has grown and even exceeded expectations. It’s already been more than a decade, why wait longer?
Myth #6: Crypto will fade out of the market soon
When Thomas Edison was developing the first light bulb, some people thought it wasn’t worth their attention. Sounds crazy, right? Like with many new inventions, it is natural to be a sceptic. But look at the light bulb or even the Internet. Both were looked at as temporary fads but today we cannot live without them. CEO of digital currency company Circle, Jeremy Allaire, said in 2016 that nobody would be using Bitcoin in five to ten years. In 2020, he bought Bitcoins worth a hundred dollars. If you don’t want to be left behind, it’s best to get in on cryptocurrency now.
Now that these sweeping assumptions have been done away with, you know that cryptocurrency is the real deal. And it’s easier than it looks. Ready to get started? We are too. Take your first steps into the world of cryptocurrency with ZebPay. We promise to guide you onto a path that is not just right but right for you!