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Dispelling Fake Rumours About Cryptocurrency

Dispelling Fake Rumours About Cryptocurrency

13 Dec 2020

Reading Time: 2-3 minutes


Fake rumours are commonplace these days, and while most people can tell the difference between fact and fiction. Some rumours are just far too believable to be considered false.

Here we will tell you the most common rumours about cryptocurrency and why they simply are not true.

1. Cryptocurrency is only used by criminals. 

This rumour started after the arrest of Silk Road inventor Ross Ulbricht in 2013, and people found out that he accepted Bitcoin payments for drugs. This led people to associate the dark web and crimes with cryptocurrency since it was hard to trace.

The fact is criminals will use anything they can regardless of what it is, and the fact is they have been using traditional money for centuries. Hence, cryptocurrency is no different in that regard.

2. Cryptocurrency is a scam.

This is a rumors that started being spread around late 2017 when Bitcoin was hitting high records, and people were warned against investing in it. This was mostly told and spread by the older generation who did not understand what really cryptocurrency is.

3. Cryptocurrency is illegal.

It is another common lie about Cryptocurrency. As far as Australia, America, New Zealand, UK, China, and Japan are concerned it is legal to mine, sell and buy cryptocurrency.

It is illegal to use cryptocurrency for illicit purposes but other than that, you will not be punished or fined for using it.

4. The value of cryptocurrency is plummeting. 

Some older economists who are stuck in the past may be telling people that cryptocurrency is only spiking and will drop again soon, but this just is not the case. All major cryptocurrencies are seeing record highs, and they are not spiking as it has been a slow build over the past 4 months.

Bitcoin is set to blow past its original highest record within the next month and continue to rise going in 2021.

5. No one important believes in cryptocurrency. 

This is something that some people use as a way of undermining those who invest in cryptocurrency by saying that no one who matters actually backs it. This is not true as several high up investors including Paul Tudor Jones and Mike McGlone have come out in support of cryptocurrency and specifically Bitcoin.

6. You will never be able to spend your crypto in real life.

This lie stems from people who believe it will never be used as an alternative to traditional currency and thus telling people it is worthless in real life. Contrary to this, many places are now starting to accept cryptocurrency. Visa is also putting out a cryptocurrency debit card in the US next year, so you will be able to use crypto to buy everyday items.

Whenever you hear a rumour about anything, it is essential to use critical thinking skills before continuing the spread. To keep up to date with all cryptocurrency news and price changes, click here and use our crypt tracker.

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