Top 10 Cryptocurrency Myths Every Student Should Know

Myth 1: Cryptocurrencies are non-taxable

  • Since neither the Government nor the banking institution creates or controls cryptocurrencies like Bitcoin. Thus, they are not worthy of receiving “a part of profit” in the form of taxes.

Myth 2: Cryptocurrency is not as equally valued as real currency

Myth 3: Cryptocurrency is illegal and triggers money laundering

Myth 4: Cryptocurrencies are a way for criminals to getaway

Myth 5: Cryptocurrency Blockchains are monetary cloud-like database

Myth 6: Students might think Bitcoin is the only hardcore valuable Cryptocurrency

Myth 7: The risk of “hacking” is infinite

  • Always prefer genuine cryptocurrency websites to buy BTC or ETH.
  • Don’t put all your savings into Bitcoin at the first-stage of investment.
  • Keep an eye on the regular fluctuation of cryptocurrency prices in the market due to improvement or decrease in market capitalization.
  • Do not give away your device to an unknown person for any given reason.
  • Avoid connecting with public wireless connections or WLAN.

Myth 8: The risk of “counterfeit” in cryptocurrency is unavoidable

Myth 9: Cryptocurrency = SCAM

Myth 10: Cryptocurrency transactions leave no tracks

Conclusion

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