If you haven’t heard of cryptocurrencies, you’ve probably been living under a rock. However, if you misunderstand what they are, you aren’t alone. Ever since the idea hit the market, NFTs have remained an enigma among most people. This has led many to doubt its intentions and purpose. PropChain offers a way out of this unnecessary dilemma. In this article, PropChain debunks 3 common misconceptions about cryptocurrencies.
Not very secure
We are so used to government interventions that we have come to believe that without the stick of external authority, we are bound to be corrupt. PropChain says, “Absence of a central authority is at the heart of crypto and is the most significant reason behind its success. People worry that its intrinsic pseudonymous nature and ease of transfer leave it wide open for miscreants to take advantage. Well, first of all, what they think of as ease of transfer is, in fact, the transparency in transfer. The security around these transactions is also some of the best on the internet. And as results from 2020 show, crypto-related crime fell significantly in 2020, and that’s encouraging indeed!”
Not for the long run
Many people think of crypto as a flash in the pan idea that will meet its end sooner or later when the prescribed authorities take over, as they do with everything else. PropChain says, “People tend to think of crypto as a mere game, the fancy of a few pioneers. According to their speculations, crypto will run out of steam once the government agencies begin to assess the process. However, there’s no reason for us to believe this may happen. As long as crypto does what it’s supposed to do and does so without a problem, all is well.”
Not simple to understand
Now, this idea that crypto is difficult to comprehend is completely understandable. But that doesn’t change the fact that it’s a misconception. PropChain says, “Like everything else new, crypto also needs to be understood and grasped. But if you are in a rush, here are two things you can keep in mind when dealing with crypto, one, using the right public address, and two, keeping your password or private key to yourself. Let these be your guiding lights in the world of crypto.” PropChain’s explanation certainly puts things in perspective and might just help people see crypto in a new light.