Are you an aspiring crypto enthusiast? Jumping into the crypto game can be exciting because it’s a billion-dollar industry. But you may come across many misconceptions that could make your journey daunting.
Experts recommend steering clear of these myths and starting with good awareness before going all-in. This way, you’ll not feel hesitant to take the plunge. And, of course, you’re less likely to make mistakes and fall for scams, even as a beginner.
What are the misconceptions you need to avoid? Let’s list them to help you start your journey on the right note.
Myth #1- It is a get-rich-quick scheme
If you think that you can become a billionaire within a year with crypto investment, you’ve got to get your facts right. Of course, there have been some success stories, but these are exceptions. In reality, crypto is just like any other investment.
It requires time, research, and in-depth knowledge. And, you’ve got to be a little lucky to see significant returns. Set realistic goals and be prepared to stick around for the long haul.
Myth #2- It is only for techies
Unlike popular belief, crypto investing is not only for tech-savvy people. It surely has a lot of technical jargon, but anyone with a basic know-how of blockchain and decentralized finance can win the game. So you don’t have to be a genius to get started.
Going through a few online resources and talking to an expert can help you launch smoothly and grow over time.
Myth #3- It is too risky
Many people stay out of the crypto world because they believe it’s a risky investment. Well, risks are there because the market is volatile and unpredictable. But isn’t it the same with stocks, bonds, and real estate? Cyber theft and hacking attacks are more pressing concerns. But following the basic security best practices can keep you safe.
Also, know your rights and connect with crypto fraud and recovery lawyers to help you deal with a loss. They can actually ensure compensation for loss due to non-compliance by an exchange. While risks are there, they are manageable!
Myth #4- It is all about Bitcoin
When you think of crypto, you’ll probably think of Bitcoin. While it is surely the most popular cryptocurrency, there’s a lot more in the market. You can explore thousands of options, which means it’s possible to diversify your portfolio and spread your risk.
Isn’t it great? Just dig deep and check options beyond Bitcoin.
Myth #5- It is a bubble waiting to burst
This is something you may have heard everywhere. Well, skeptics have talked about the crypto bubble over the years, but the thriving market has proved that it’s more than a passing fad.
It has been around for over a decade, with a growing trend regardless of ups and downs. As long as you manage the risks, you can stay here for the long haul.
If you’re ready to join the crypto bandwagon but are stressed about the myths, don’t worry, guys! You can ditch them and get a good start by using common sense. Also, follow the updates and stick with your goals. Happy investing!