Cryptocurrency is a digital currency or an exchange medium that uses cryptographic protocols to guarantee transactions’ safety and authenticity.

However, the introduction of cryptocurrencies has rocked different parts of the world. Amidst their popularity, most individuals have no idea how cryptocurrency exchanges work and find them perplexing.

As a result, much misinformation has spread. It is critical to distinguish between facts and fiction. If you’ve been planning to invest in cryptos, you should first conduct research.

Here are some of the most common cryptocurrency misconceptions that you should not believe.

Misconceptions About Cryptocurrency

1. Cryptocurrency exchanges are fraudulent.

A major common misconception is that crypto represents nothing more than a total sham.

When one investor seeks a legal way to earn money, someone else is seeking a means to defraud others.

But when it comes to crypto investing, investors tend to be conservative and overthink every choice.

Even so, scammers have developed schemes to defraud you of your cryptocurrency or money.

For instance, there have been numerous initial coin offerings (ICOs) that have turned into fraudulent scams.

In other crypto exchange scams, someone may try to convince you to accept unauthenticated transactions or contact you trying to pretend to be a member of the government and opt to pay your debt payments in cryptos.

Cryptocurrency exchanges are nearly impossible to scam because the authorities have not outlawed them.

You can make investments in digital currencies as long as you manage your risk effectively and take precautions.

2. Cryptocurrency is prohibited.

One of the oldest and most widespread misconceptions about cryptocurrencies is that they are primarily used for illegal purposes.

According to Chainalysis, only 0.34 per cent of cryptocurrency transactions in 2020 were illegal. That is lower than the traditional banking industry.

Many investors now view cryptocurrencies like Bitcoin and others as a hedge against inflation, and they use virtual currencies to increase revenues.

Although cryptocurrency has been banned in countries such as Ecuador, Trinidad, Russia, Algeria, and Bolivia, the United States, EU, and G7 have made cryptocurrencies legal currency.

So, believing that cryptocurrency is illegal is one of the crypto misconceptions that is completely untrue.

3. It is easy to hack cryptocurrency.

Among the most popular misconceptions of them all. Like with most things in this world, there are safe and unsafe ways to handle cryptos.

It all boils down to the decisions you make. Investing in cryptocurrency is similar to other types of trading.

Increasing the security of wallets in which cryptocurrency trading is possible is the only method that will protect your wallet and improve safe transactions. Other hacks can be avoided by using a secure browser for transactions.

Choose A Highly Secure Crypto Exchange

Hacks are quite alarming in the crypto space, given how some well-established crypto exchanges and platforms became a target of cybercriminals.

To ensure you are safe from these fraudulent activities, you must choose a highly secure crypto platform like Bitcoin Up. A lot of good reviews were given by the users who are truly impressed by the platform’s security and other features.

4. Cryptocurrency is a temporary thing.

The online world, computers, and email were once thought to be only of interest to a small group of tech enthusiasts; they are now commonplace in modern personal and professional lives.

It’s difficult to determine which cryptocurrency there will be in the next few years; besides that, the technology they pioneered and the services they stimulated will almost certainly continue to evolve and improve.

Several businesses are heavily investing in altcoins, and authorities are exploring methods for introducing officially recognised crypto assets tied to a more stable investment.

Also, consumers and investment companies are becoming incredibly interested in decentralised finance applications.

Thus, the real and digital worlds are increasingly blending, and crypto coins are likely to play a role in this.

5. Crypto is affecting the environment.

Since cryptocurrency is one of the most energy-intensive cryptos due to its reliance on a verification procedure, numerous new and current projects are now shifting to a proof-of-stake framework, which is more environmentally friendly and provides the very same degree of security.

Mining operations, on the other hand, have fewer environmental impacts if they are powered primarily by renewable energy.

Bottom Line

You should now have a good understanding of the misconceptions and reasons why they are falsifiable. It’s advisable to seek expert advice before making any investment decision.

Consult with a professional and seek advice from reliable sources. Aside from the points that we’ve discussed, keep in mind that there are various other misconceptions out there.

Before accepting any information, remarks, or misconceptions as true, you should properly examine them.

When I first thought about Ndubuisi Ekekwe’s post…‘How To Outperform And Win Your FUTURE’….

I realized that it was being delivered with the usual capacity to be compelling, and with dexterity of language that we have become so accustomed to from an individual we simply call ‘Prof’.

When we look at the piece, we see that it is not an original idea. It is basically a post on time management, and many people have produced work on time management from short quirky ditties all the way back to the Time Study work of Frederick Winslow Taylor and the Motion Study work of Frank and Lillian Gilbreth, which together yielded the concepts of ‘Time and Motion Study’

But when I see ‘The Prof’ wading into a topic that is ‘Red Ocean’, I know this must be something that is close to home, and he thinks – regardless of who has already spoken, it needs revisiting, because not enough people are listening.

I will give you the opening salvo of his post:

‘I work hard daily to be in charge of seconds, minutes and hours of the day’ -BOOM

‘The biggest professional victory is victory over your time.’ – BOOM

‘If you master your time, you will win your future.’ – BOOM

‘A man who cannot manage his seconds will wander through the boundless of time.’ – BOOM.

Now let me leave that there for a moment, we will come back.

Have you ever visited a site and found it didn’t tell the whole story on one page? You are only barely introduced to the topic and there is a NEXT button that needs clicking…

You click next, and does the story finish there? No! You find that the information given is actually very little and words have been deliberately without substance to create suspense. As you click NEXT, and then NEXT again, you begin to get increasingly more frustrated as the pages continue. Still, you feel you have already invested in the situation, so you continue, each time, hoping the next page will be the final one, to reveal all.

Why do they do this? Well, they get the visitor to scroll through as many pages as possible to get click-through for advertisement revenue. These days of course, I know the engagement model when I see it. I haven’t visited a site using this ploy for several years.

Why? Because they steal your time.

Now there is a new phenomenon on LinkedIn, which is called Carousel. I don’t read a post if it uses the carousel feature. Why?

Because it is inefficient in how it presents information. It gives a very limited amount of information on one screen, and then the reader needs to click to get to a new screen within the carousel. Eyes work faster than fingers do. This is like the difference between having a solid state hard drive (SSD) in a phone, laptop, tablet or PC instead of the older mechanical drives.

Just that one change makes the performance of the device much, much faster.

As content creators, we can help readers to be more efficient by understanding that eyes work faster than hands. This means eliminating as far as possible, the need for the reader to click or scroll.

Lately, I’ve noticed a disturbing trend in posts in LinkedIn. Content creators are treating every line they write as if it deserves its own paragraph. Sometimes they even separate a line with two empty lines. This has the same effect of the web pages with serial need to click ‘NEXT’ and the unnecessary clicking or side swiping for the carrousel feature.

This is STEALING people’s time.

Every line in a post cannot be a BOOM line.  When the construct is that every line is a BOOM line, there is no BOOM line! This is just inefficiency introducing more scrolling… increasing the ratio of finger work to eye-work and slowing the reader down. It isn’t about the overall length of your article necessarily. Long and short articles have value in context. It is about making efficient use of space and punching the maximum amount of information into the least amount of space, to reduce clicking, scrolling, and eye travel.

As we look back at Prof. Ekekwe’s piece, we see the huge humility within which four genuine BOOM lines have not even been put on a pedestal to stand alone. Meanwhile other creators are giving BOOM status to lines which are, at best, pedestrian.

I can look at a 20 line paragraph of a ‘Prof’ piece and absorb it in 2 seconds without scrolling or even moving my eye focus.

In the piece, through good use of space and condensing his presentation, he is putting readers back in charge of their time, so they can onboard more knowledge for less of life’s premium currency.

Avoid content delivery strategies which deliberately seek to slow down the pace at which the reader/visitor can absorb information. If you see yourself as someone that can create ‘great content’ then don’t forget to put your readership back in charge of their ‘seconds’

Because if you don’t, they don’t want to be that victim of time Prof Ekekwe warns of. The one who for failure to manage seconds,  ‘will wander through the boundless of time.’

Perhaps their last click will be for the unfollow button for your profile!

en.wikipedia.org/wiki/Time_and_motion_study

How To Outperform And Win Your FUTURE

https://en.wikipedia.org/wiki/Time_and_motion_study