Perceptions of cryptocurrencies range from the fulsomely enthusiastic to the outright sceptical. Crypto is variously viewed as a speculative fad or a technical breakthrough that will irrevocably change the banking system, but it’s important for investors to separate fact from fiction to avoid expensive mistakes. Here are five common misconceptions about crypto.
Myth #1: All cryptocurrencies are the same
There are around 18,000 cryptocurrencies, and 300 million crypto users across the globe. The term cryptocurrency is used to describe a wide variety of coins, systems and networks, many of which have different properties, ownership structures and levels of volatility.