Top 3 Myths About Using Cryptocurrency
With all of the hype about cryptocurrency still ringing in your ears, you need to understand the myths that are also following this exciting phenomenon. Indeed, working out the information available to you is worthwhile, but finding out that the information you are informed with is wrong can be quite another.
For instance, the following three myths are well-versed, but for those who either are in possession of digital currency or are interested in obtaining some can be quite confusing.
Myth #1 Cryptocurrency has no real uses or real-world value
As the world is waking up to the concept of crypto, the ability to use and spend it grows. There are many businesses that are now happy to accept various types of digital currency as payment for their goods and services.
For those individuals that cannot find these businesses, there are different avenues that can be explored, such as the purchasing of gift cards that can then be spent with a multitude of different businesses for as many different reasons.
Being able to pay for vacations, cars, meals out, and even real estate property, amongst other purchases, means that cryptocurrency does have a real-world value attached to it.
Myth #2 Cryptocurrency can be used to play in online casinos in the US
Unfortunately, it is illegal to play in online crypto casinos across the USA – even in states where gambling is currently legal. Although some individuals do try to get around this by using a VPN, this is far from advisable. This is because online crypto casinos are not regulated in the USA, unlike land-based casinos or real money online casinos that are licensed.
This means when you play in a licensed land-based or real money online casino in the US (and you are located in a state where online gambling is legal), you know that you are not breaking the law and that your money is safe. Whereas with a Crypto casino, not only are you breaking the law, but you also may not have any legal protections if something were to go wrong, such as non-payment of winnings, for instance.
Myth #3 Cryptocurrency all have the same value
It is essential to understand that not all cryptocurrency is worth the same amount, and invariably the amount of money it is worth is not static and can rise and fall in the same way that stocks and shares can fluctuate.
However, the main difference between stocks and shares and cryptocurrency is that stocks and shares are a stake in a business backed by the assets and cash flow the company has. This means that the investor actually owns a physical slice of the business that they have stocks and shares in and can influence decisions within that business. With cryptocurrency, there is no physical backup to the financial investment that has been made.
So, to wrap it all up
You can spend your cryptocurrency on real-world, physical products or, for that matter, services should you wish to as long as the company is happy to accept it as payment, or you can invest in gift cards which will act as a go-between in the transaction. This means that crypto does have real-world value.
However, you should be aware that not all cryptocurrency has the same value, and the value of the currency that you hold can fluctuate. Regardless of whereabouts you live in the USA, it is unwise to play in crypto casinos and only stick to legal and licensed online casinos.