Crypto has been around for over a decade and much has been achieved thanks to blockchain believers like me. At first many people thought Bitcoin (BTC) was a scam. They were justified since digital coins where unheard of before Shitoshi Nakamoto came into the picture.
From day one crypto has been riddled in lies and truths. Separating the two takes time and this partly explains why crypto adoption has been slow. I sat on the fence for a while before I made up my mind to dive into the digital money market and tried to separate the crypto lies and the truths.
Here are some of my findings through experience. You might have experienced some and others are yet to come knocking at your door.
1. Crypto is a Mirage
Crypto is digital in nature, and we are used to the physical fiat. Getting convinced to own a digital currency is not easy for any investor. This has led to the wait and see habit and by the time you realized crypto is something you can invest in, you are already behind.
There are so many investors will discourage you. They lie to you that crypto projects are bubbles about to burst and yet they are investing in it. The truth is the market potential is high; all you need is to identify the right project and run with it. Just balance the risks and the benefits.
2. Crypto is for the Tech Savvy
It is a lie that crypto and blockchain are the preserve for the tech savvy. The truth is you do not need to be tech savvy to earn or invest in crypto. Earning, transferring and converting crypto to my local currency looked so complex but took my time to learn the process.
Anyone who knows to use a smartphone can be able to own, trade and convert crypto. Transactions are not complex once you get a good P2P wallet where you deposit your digital assets. Do not let the wallet addresses scare you; just ensure the wallet and passwords are secured.
3. Crypto is for Illicit Trades
When you do not take time to understand how the digital money market system works is hard to understand the reasons behind blockchain. The technology simply decentralizes the monopoly of currency so that you and I can have access to it at low cost. What you do with the funds at your disposal is entirely your responsibility.
Just like the traditional currency, crypto can be used for illicit trades but that will soon be a thing of the past once regulations are put in place. There will be no safe havens for money laundering as well as corrupt deals. The technology makes everything transparent will transactions being stored on a ledger that has public access.
4. Crypto is a Shortcut to Riches
One big lie about the digital money market is that crypto is a shortcut to riches. This is one of the biggest lies and has seen many would be investors frustrated. There are several ways of owning crypto; through mining, buying and selling, earning interest and working for it among others.
There are many online scams that promises high returns once you invest low. This is a lie. The truth is you cannot become an overnight crypto holder without investing your time and effort in it. Scammers lurk everywhere and any sugar coated crypto project might be their hideout; do background checks first before you put your funds in the project.
5. Get the Best Crypto Expert
There are many crypto “experts” out there but there is no single one you can trust. The best crypto advisor is you! By taking time to research and use due diligence, it is easy to find the right project to invest in. Each investor has unique needs and do not let others influence you. Make your informed decision and follow your dreams.
Always remember there are many people out there who have made it in crypto. There are others that have been scammed. It is up to you to decide the route to take. You can achieve your goals by knowing crypto lies and truths by learning through experience.