You must be hearing and reading cryptocurrency news every day. This has left people quite disturbed, as there are still many people who still fail to know the reality of cryptocurrencies.
Before you use cryptocurrency, you need to know its various myths.
To you, everything related to cryptocurrency may seem like a myth until you know its reality. Some myths in this are constantly being ignored by the investors and traders.
Here we will discuss some of the myths which are associated with it, and try to know about the truth related to them. If you want to start or are thinking of trading bitcoin then you need to know its truth before that.
No tax on cryptocurrency
As we all know very well that cryptocurrency is a decentralized currency, which does not involve any central authority. So now you will not have to care about your cryptocurrency at all, because now you can avoid the tax on cryptocurrencies.
The government of the United States does not want to see the amount of this property with any individual at all, as all of its owners are assigned to calculate their taxes and make payments with the government.
If you trade cryptocurrencies in India at the moment and can make a profit of Rs 29 lakhs, and for this, you will have to pay around 30% profit. Most of the countries are going to tax cryptocurrencies as soon as possible. If required, you can refer to the information on this website https://profit-secret.com/ to get a better insight into it.
Also Read: Learn More About Cryptocurrency
No Real Money
This is one of the strongest myths levied on cryptocurrency which is believed to be one of the allegations. If you return cryptocurrency, it is like a physical asset, which is why most people think that it has a real value that is not the same as the value of traditional money.
However, anyone who has been trading with it for a long time will be well aware that the value of this cryptocurrency is believed to be completely vested, which is quite precious to all of us. Let’s say that the value of the cryptocurrency is not exactly equal to the traditional value, but its value, which is very valuable.
Crypto is illegal
People have started to believe that cryptocurrency is illegal as well as being a digital asset, due to which many countries have rejected the idea of legalizing this currency.
As we all know the use of cryptocurrencies has already been legalized in the USA. It was announced last year by the Ministry of Finance that the ban on the use of cryptocurrencies in India has been lifted. Many countries are not at all interested in making cryptocurrency legal.
Also Read: How Cryptocurrency Gets Its Value?
Cannot use cryptocurrency for payment
In the year 2009 when cryptocurrency was new in the market, at that time very few people knew about it who never thought that it would ever become such a popular currency and give you profit in the form of money.
Wearing it was used only for investment but now it is not the case with it at all, you can easily use it with it in your everyday activities as well.
Many people are investing in cryptocurrency today who have realized that it is a digital currency whose potential is being realized which is much greater. There are some big companies that are accepting payment by cryptocurrency so that you can improve your business further.