5 Crypto Misconceptions in India

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5 Crypto Misconceptions in India

Eating the seeds of watermelons will plant and grow a watermelon tree in your stomach. Chances are if you have not heard the above ridiculous story when you were a kid, you have probably heard some other stories adults tell kids. When it comes to your crypto investments, do not put your money in myths and stories, read on to find out how we myth-bust these misconceptions.

#1: Crypto can be easily hacked and stolen

Opposite to this misconception, Bitcoin is actually very very hard to hack since it is decentralised and uses a technology called blockchain which we have discussed in our previous blog post. Once the transaction enters and gets confirmed, it is virtually impossible to cheat the blockchain. Take the Bitcoin blockchain for an example, if a hacker were to hack the blockchain, he or she will have to control over 51% of Bitcoin’s hash rate which again is virtually impossible. Therefore, it is very unlikely that Bitcoin and other cryptos can be easily hacked and stolen.

#2: Crypto is only used by criminals

This is probably one of the most toxic ones out there. I mean all criminals use money too right? Due to crypto’s decentralised and anonymous nature, it indeed was targeted by some criminals before. However, with better regulations and also crypto’s growing adoptions, crypto is definitely not only used by criminals.

In fact, nowadays you can use crypto to make donations, pay for utilities, etc.. You might want to start by reading our posts on crypto usage here.

#3: Crypto is illegal in India

FALSE. At the time of writing, there is no law or regulation in India prohibiting the buying, selling and mining of digital currencies. Although, we highly recommend you to check your local regulations before making any crypto investments since crypto is in fact illegal in some countries but not India.

#4: You need a bank account to invest

NOT TRUE. One of the aspirations of cryptocurrencies is to bring financial freedom to the whole world and bank the unbanked. All you need to start buying and holding crypto is to sign up for a crypto wallet here at Bitprive, you do not need your bank account here as we have hundreds of payment options available for you.

#5: Crypto is an expensive investment

While it is true the Bitcoin and Ethereum price have gone up recently but you don’t need to buy 1 Bitcoin or Ethereum. Crypto investments are divisible, you can buy as little as 10 USD if you want. This is the beauty of crypto, the barrier of entry is very low.

GET THE FACTS STRAIGHT

If what’s holding you back is some beliefs you hold in your mind, we urge you to verify some of those beliefs from time to time as it is an ever changing fast-paced world now, do not miss out on opportunities that can turn yours and your family’s lives around.

Disclaimer: The content herein is not, and is not intended to be, legal, financial, investment, or other advice.

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About Bitprive (BPVE)

Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.

Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.

At Bitprive, we value security and efficacy.

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