Top five Myths about Cryptocurrencies That Every Student Should Be Aware Of

Most college students fantasize about starting their own company while they are still in school. Crypto-related enterprises are in high demand at this time in technological growth. When it comes to the bitcoin business environment, there are a few things they need to think about. Today, digital currencies are a more costly yet lucrative investment option. Prior to the emergence of crypto currency market, gold and company stock have been the most popular investment options among ordinary businesspeople. People’s interest has grown since its inception and the ease with which it can be purchased or obtained online. You may now legally swap BTC for USD. Young people should know all these myths as they are interested in the crypto business.


Cryptocurrencies are not subject to taxation


Many students mistake crypto currency market for an internet business through which they can avoid paying taxes. Crypto is not government any government. It is self-contained digital money managed by computers. Cryptocurrencies are not recognized as legitimate currencies by governments around the world. Bitcoins are like capital assets for banks. That is why they are taxable. Cryptocurrencies are subject to income-based taxes. In other words, if any investor has earned $40,000 per year, he has to be subject to taxation.


Cryptocurrency does not have the same value as conventional money


It is human nature; we believe what we see. The world has changed in this twenty-first century. Experts have constructed a virtual world where everything is stored in data form. Everything is online today, from shopping to transferring money. That is why the online world is divided into two camps. One who is a lover of crypto currency market and the other one is who does not believe in crypto. The truth is both equal. Crypto is equal to actual money. It has become common to send and sell products through crypto currency market. It has become a choice of the retailers, and they prefer bitcoin and litecoin to be used. Cryptocurrencies are expensive. That is why it is not widely used by the common man. Bitcoin is worth fifty-two thousand, which is a significant amount of money.  


Cryptocurrency instigates money laundering


Cryptocurrency is sometimes referred to as an unlawful form by some of the common people who are interested in financial and political issues. Bitcoin is well-known crypto which is in use since 2009. Crypto is banned in many countries like India, Russia and Bolivia. India has developed, and they are promoting the usage of cryptocurrencies to strengthen the advantage of online transactions. As a result, crypto cannot be considered illegal.


Criminals use cryptocurrency as a means of secret communications


Cryptocurrencies are used to transfer money without requiring the user to provide any type of legal information or identification. This is the reason many criminals utilized them to gain influence. Many people may tell you that bitcoins are being utilised illegally. But students should not use it illegally. Countries such as India have implemented KYC policies for anyone who establishes a bitcoin wallet.