Cryptocurrencies like Bitcoin, Ethereum, etc. have become another source of currency for people these days. Cryptocurrency or digital currency is a currency that is used only for virtual transactions, and thus it is called virtual money. They differ hugely from fiat currencies, in terms of appearance, functions, and features. One major difference between cryptocurrency to fiat currency is that unlike fiat currency, digital currency is decentralized. This means the crypto money is not managed and controlled by the government or any banks, so users are free to use it; however, they want to use or invest it.
Cryptocurrency has come a long way due to its efficient and prominent form of utilising the digital money. The Bitcoin, made by Satoshi Nakamoto, an anonymous person or a group working under the alias invented the bitcoin. The invention gave birth to a modern-day revolution which garnered praises and appreciation from time to time. Although cryptocurrencies are embraced by investors, big companies, and various sorts of traders, the concept is still new to many people. Thus, it becomes the perfect target for myths that misleads people. Therefore, we are here to debunk all those myths that give cryptocurrencies a bad rep.
Are you from Australia? Are you looking to invest your cryptocurrency but don’t know where you should invest? Many cryptocurrency brokers can help you out. One such is Keep A Bit. If you want to know more about this broker, then keep reading the article. We have left a short Keep A Bit review for you.
Cryptocurrencies are used for illegal activities
This is not true! While cryptocurrencies have been subjected to illegal activities, it doesn’t make them bad! Let’s do a little fact-checking! A report has shown that as of 2019, a sum of $829 million worth of Bitcoin transaction happened on the dark web. While that’s a whopping amount of money invested, it’s only 0.5 per cent of the total Bitcoin transactions. If we judge by this fact only then it is safe to say, other fiat currencies worldwide are equally responsible for illegal activities taking place, if not more. But that didn’t stop us from using the fiat currency, did it? The problem with cryptocurrency is it’s monitored by any government or any sort of authorities, which easily makes the digital currency a tad bit shady compared to fiat currencies. That’s why we believe in every lie we are fed.
Cryptocurrencies do not follow regulations
I am quoting my own phrase that I have mentioned earlier, The problem with cryptocurrency is it’s monitored by any government or any sort of authorities, which easily makes the digital currency a tad bit shady compared to fiat currencies.
This was the case until now when a lot of changes have taken place. Indeed cryptocurrencies have no governing bodies, and for that reason, the rules and regulations weren’t that strict. However, how many countries have taken necessary steps to make the cryptocurrency work under certain rules. Nevertheless, any third party still can’t access the network, which means you are still free to use digital money how you want. With that said, experts believe that regulations aren’t necessarily a bad thing. The increase in regulatory frames make the currency more trustworthy to people in terms of transaction and trading.
Cryptocurrencies will be banned
Indeed some countries, for example, Russia, Algeria, Bolivia, Ecuador, etc. have banned dealing with cryptocurrency. Still, countries like the United States, Canada, The EU, Australia and Finland have taken a stand for the digital currencies. The reason for banning the digital currency was that these are only used for illegal activities and also the fact the government has business in it. And because of this banning, the speculation followed. While it is impossible to predict the future, but for now, there isn’t any statement of banning proposed yet.
Cryptocurrencies don’t have much value
This is a pure myth! In fact, the right cryptocurrency has value. This myth started with the fact that material assets don’t back cryptocurrencies like Bitcoin or Ether. This is a fact; however, the debate upon it is pretty weak. Most fiat currencies aren’t supported by material assets either, but we all know fiat money has the ultimate value. Things have changed in the cryptocurrency market the past few days as well. Some digital currencies now are backed by material assets, so the myth is ultimately debunked. More and more cryptocurrencies will be backed by material assets in future.
Bitcoin is the best cryptocurrency out there
Now, this is one of those myths that people can easily consider as a fact. Bitcoin has already established its reputation as the first cryptocurrency and became a revolution itself. Because of that, it is the most widely accepted and can be used worldwide. Most trust Bitcoin without saying as it has brought the concept of trouble-less transaction and trading all over the world. Bitcoin introduced the no third-party concept to investors and thus became the favourite amongst people. However, there are many drawbacks of bitcoins. Firstly, in contrast with other new cryptocurrencies, Bitcoin has aged and mining it is considered to be quite difficult nowadays. When you compare the transaction speed to Ether, Bitcoin has faltered there as well along with a price increase. Bitcoin also lacks a few new and vital features that other cryptocurrencies offer. Not saying that Bitcoin doesn’t have a chance but loaded new features the latest cryptocurrencies are anything but less.
Blockchains aren’t used in business
Those who spread and believe this particular myth doesn’t really follow the cryptocurrency market. If they had followed, they would have known that companies, especially the tech giants, are more benefiting from having cryptocurrencies than regular investors. Companies like Amazon, Microsoft, Barclays and many others are adapting to Blockchain technology, and they are more accepting about cryptocurrencies. In fact, this will be the next big thing in the investment sector. Blockchains solve the problem of creating a secure database which can’t be easily hacked or extracted.
Keep A Bit Reviews
Now, it’s time for a quick review of the Australia-based broker. KeepABit is one of the first trading companies that introduced cryptocurrencies to Australia. If you follow the cryptocurrency market in Australia, you will know that the country isn’t that keen about the digital currencies. For cybersafety reasons, Australia has increased safety measures for all the cryptocurrency brokers. Keep A Bit broke the shackle and claimed the position to be one of the companies that comply with all the rules and regulations of the country’s government. Keep A Bit is loaded with useful features. Here’s the list:
Accounts and funds
The process of making an account might sound a little tedious and time-consuming, but it’s worthwhile. During the registration process, you need to provide your essential and valid documents. After that, KeepABit reviews your documents to make sure all the documents are valid. Once they are satisfied with the checking, you are free to open an account. Funding is really easy with the broker; you can use debit/credit or wire transfer for the transaction.
Keep A Bit has a website that is resourceful and well-designed. Lots of information is given on the site. We liked the fact that the site is fully mobile-optimised, which means you can trade or invest your cryptocoins anywhere and everywhere. The website loads very quickly and is clutter-free!
Finding an exceptionally flexible cryptocurrency broker as well as beginner-friendly is like finding a needle in a haystack. However, KeepABit has made it possible. If you are new in this area, don’t worry cause Keep A Bit has got your back! It features video tutorials that will help you understand the cryptocurrency better, thus allowing you to invest smarter. You can use charts as well. The charts are precise and functional.
Customer support is where this broker excels. They have 3 major ways of communication open so that you face absolutely no trouble contacting them. If you want an instant answer, shoot a message on their quick chat section. If your problem is a little more complex and needs thorough instruction, you can call them on the phone. You can also send them an email if you need to make a request.
So, we did it! Debunked are the myths that have been circulating in the cryptocurrency market. What do you think? Also, about Keep A Bit, we believe it’s safe, beginner-friendly and helpful and that’s what we are digging!