Cryptocurrencies myths

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Myths about cryptocurrency 

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There are a lot of myths about cryptocurrencies, just like there are a lot of myths about other niche products or services. Cryptography isn't just for computer nerds and criminal gangs looking to escape the police. You'll be able to make a more accurate opinion if you can debunk these myths. When your information is solid, it's easier to make well-informed decisions. 

Cryptocurrency has nine myths. 

1. Cryptocurrency is prohibited. It is determined by the country. It is lawful in the United States, but it is illegal in some other nations, such as Russia. In the United States, the legal position is unlikely to change very soon. However, it's possible that it will be restricted. 

2. Bitcoin is the only cryptocurrency that matters. There are over 8000 of them.Everyone has their own set of strengths and shortcomings. The oldest and most well-known is Bitcoin, which was launched in 2009. The majority of the other cryptocurrencies have been around for less than three years: 

* Dogecoin * Monero * Ethereum * Litecoin * Bitcoin Cash * Ripple * Helium * Dash * Dogecoin * Monero * Ethereum * Litecoin * Bitcoin Cash 

3. Cryptocurrencies are only used by criminals. While cryptocurrencies are still being utilised for unlawful operations, cash is still the king. Microsoft and Dell are two respectable retailers that accept bitcoins. 

4. I can make a lot of money with cryptocurrency. Profitable opportunities do exist. Increases in the value of cryptocurrencies have made some wealthy. However, many people have also lost a significant sum of money. It's possible, but you're not going to be able to retire on your cryptocurrency investments. 

5. Cryptocurrencies are backed by the government. They're mostly correct. Yes, exactly. The Euro and the US Dollar, on the other hand, are both in a similar situation. The gold standard has been dropped by all major world currencies. In 1933, the United States separated the value of gold from the value of the dollar. The willingness of the people to acknowledge that a fiat currency has worth determines its value. 

6. Cryptocurrencies are subject to government shutdown. Cryptocurrencies may be declared unlawful by the government, but shutting down the system would be extremely difficult. A cryptocurrency system doesn't have a central server or storage location. Every user's PC has a copy of the information. 

* It will be difficult to put an end to the internet unless the government can find a means to disable it.

7. Mining cryptocurrencies and earning money is simple. The mere goal of mining bitcoins has spawned entire businesses. To be successful, it necessitates a massive quantity of computer gear and electricity. You can't even begin to compete unless you have hundreds of thousands of dollars. 

8. Cryptocurrencies are vulnerable to cyber-attacks. Hacking attacks have been carried out against Bitcoin retailers and wallets. Bitcoin, on the other hand, has never been hacked. Other cryptocurrencies have security qualities that are similar to Bitcoin's. With cryptocurrency and cash, insufficient security is always a concern. You should be fine if you keep your wallet safe. 

9. Tracing cryptocurrency transactions is impossible. It isn't simple, but it is possible. In the case of Bitcoin, the blockchain record keeps track of all transactions that have ever taken place.Linking the wallet address to the owner is the difficult part. 

* If you give the government enough time and effort, they will eventually find you. The government has seized and auctioned off Bitcoins worth millions of dollars. 

Have you ever fallen victim to one of these urban legends? It's quite easy to be misled. Cryptocurrencies are still uncommon, and misconceptions about them are easily developed and shared. Learn everything there is to know about cryptocurrency. They might simply be the next big thing. They're surely gaining in popularity with each passing year. To multiply your money, simply follow the methods taught in the training system. 

4 Tips To help you Protect Your Crypto Recovery Phrase

Investing & Finance

You can use a variety of strategies to secure your cryptocurrency wallet. You only need to remember your recovery phrase. In other words, you must guarantee that your recovery seed is safe. We're going to give you four suggestions in this article to help you protect this recovery phrase. Continue reading to learn more.

What is the definition of a recovery seed?

First and foremost, the recovery phrase refers to the source of both your private keys and public addresses. In other words, if your recuperation phase is discovered, someone will be able to steal your funds. In general, the recovery phase refers to a period of rest.

Without further ado, let's have a look at the tips that will help you keep your recovery term safe.

1. Make a basic backup

You'll get 12 or 24 words when you obtain a new wallet, which you can use to construct a simple backup. As a result, you must save those words. In most cases, you will be required to create a password or pin code. The aim of this password is to encrypt the recovery phase's data.

If you forget your encryption password, you can restore your wallet in a matter of seconds by using the recovery phrase. As a result, we recommend that you write it down and keep it in a safe location. This document should not be accessible without your permission.

2. Experiment with Distributed Backups

If you don't have access to a secure location, we recommend storing the backup in pieces. If your recovery phrase consists of 24 words, for example, you can break them into two groups and store each group separately.

However, you must remember the locations where the backups were kept. You'll be safe if you can accomplish that.

3. Use a Passing Trick

You can use a pass if you wish to have more security. In most cases, this refers to a term that you can add to your seed. You will be able to experience a higher level if you add an additional word.

4. Make Use of a Reliable Backup

A robust and long-lasting remedy is also an option. In general, recovery phrases can be written down on a piece of paper. The disadvantage is that the paper will deteriorate as time passes. It can also be subjected to a great deal of wear and tear. It may become difficult for you to read the words after a few years.

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