Bitcoin Forum

If you have ever told someone you are a crypto investor, they have probably responded with such questions as “Isn’t that what criminals use to buy drugs?” or perhaps “Aren’t cryptocurrencies kind of pointless?” You may have responded by rolling your eyes or simply denied their claims, as these are the usual reactions from people who have yet to understand the actual uses of cryptocurrency.

These are just a few myths associated with cryptocurrencies that crypto investors constantly face. If ever given the chance, feel free to use the following list of proper responses.


Out of every myth on this list, this one is by far the most ridiculous. Unfortunately, one of the earliest forms in which cryptocurrencies were displayed to the public was through news reports of its illicit uses on the dark web. Due to a few people using cryptocurrencies to purchase illegal items, it was deemed by many as a currency for criminals.

Consider this — is Gwyneth Paltrow a criminal? What about the Winklevoss twins? No? Well, they are just a few of the law-abiding crypto investors utilizing cryptocurrencies every day.

Cryptocurrency, like any new offering or technology, is a double-edged sword. While cryptocurrencies have provided many positive uses to society, they can also be used negatively — however, that doesn’t necessarily mean this is what they were designed for. Same as if someone uses dollars to purchase illegal goods, that doesn’t mean a dollar itself is illegal.


Another common myth that someone even brought up to me today. In response, I described the current situation in Venezuela. The country is suffering from hyperinflation causing its national currency, the bolivar, to drop in value by almost 95%. To purchase a simple meal, Venezuelans literally need to pay with stacks of cash, this is why the cryptocurrencies are being widely adopted throughout the country. Their low fees and instant transactions make them much more useful than Venezuela’s national currency. In this case, their ‘real-world’ use is so real that cryptocurrencies are literally feeding the country plagued by hyperinflation due to the negligence of the government and central banks.

Besides providing an alternative and stable currency to an entire nation, cryptocurrencies can be used to purchase various products and used as an investment tool as well.

The first myth is what I heard the most. Many people think that crypto currencies are used for criminal acts such as buying drugs. Seriously, fiat can be used for the same purpose.

And the myth that cryptocurrencies were created by the FBI?!  ;D A lot of myths around cryptocurrencies that are not justified by anything. But the fact that the cryptocurrency is still not widespread is a reality.

You wrote a good post, I liked reading. I fully agree with each item and myths of cryptocurrencies, except the point that cryptocurrency is a fraud. Unfortunately, 95 percent of coins and tokens are frauds and they were created to raise a lot of money and buy a Lamborghini or an island.

Most of the people nowadays are completely ignorant. Those guys that are bashing cryptocurrency don't even know what its main purpose are. If they educate more maybe they can learn something new.

There are a lot of myths, conversations, and people continue to invest and get sucked into cryptocurrencies. There is really little real use, and fraudsters will be everywhere where there is money. So for young technology this is still a reality.

Cash is used more by criminals vs cryptocurrency. Cash is more fungible and less traceable compared to crypto currencies.

you can not generalize these things and you surely can not make any of the statements you posted here. and i won't click on that click bait link :D

for example when you say "Myth 1. Cryptocurrency is only used by scammers and criminals" it is not a myth and since you are saying "cryptocurrency" and not something specific that makes you wrong in claiming it is a myth. i can show you hundreds of pure scam cryptocurrencies that were created by criminals and were only used by criminals. and that is not even mentioning hundreds of ICO tokens that were hiding their money laundering in form of an ICO token!!!

as for "Myth 2. There are no ‘real-world’ uses" again the same thing applies. for about 95% of the altcoins there is absolutely no real world uses. they are utterly useless! the remaining 5% consists of a handful of them out of 2200+ altcoins with bitcoin nearly holding all the real world use cases while the rest having some use cases.

Is this article were written by yourselves or just taken from someone's blog?

Whoever own that post,its better for you to include
To avoid getting banned for plagiarism,if you once banned then it will be very hard to recover.

Yes, I constantly hear these myths. Usually, those who do not understand anything about it say badly about cryptocurrency. Therefore, they treat it negatively.

Sorry to burst your bubble dawg, but myth #1 is not a myth.

Of course cryptos are not solely use for money laundering, but I believe there has been massive money laundering going through Bitcoin. Hundreds of millions USD, perhaps even a billion or two. Bitcoin was just so convenient for this, it's becoming less easy now, maybe that's also why Bitcoin price is dropping for months.

Well we will always hear those cryptocurrency myths because there will always be a newcomers that will lead them to a non trusted sources that spreads wrong information and will think that it is true, then will start to think that Bitcoin and other cryptocurrencies are useless and only used for bad activities, without knowing the good things and how can cryptocurrency improve a lot of systems that can help them in the future. Honestly, If I hear people saying that they believe on those false information, instead of being angry on them, I would loved to explain the good things about it and help them understand everything. And another thing, why not complete the list here instead of giving a link of an article?

The first myths and the second are very paramount on The internet and my country
But despite’s those myths we have seen bitcoin develop over 4000 atms across the globe
And likewise we have seen platforms accept bitcoin etherum and other crypto currency as payment time this on the website
Why can we worry more ?

The first one and the second is the one of the most hearing problems. But I can't understand what you didn't share all of your article?

At least, you may share the title the other 3 of it. Or you may change the title on this thread.

once upon a time me also trusted these myths but the day when i came to know about the real fact about crypto .Now i don't bother about rumors  anymore.

each person has a different perception of "real-world uses". If only crypto is currently used to buy goods from either the online marketplace or offline, then many companies will be able to make such products. There are also those who hope that the application of crypto is a mass adoption, but the problem is if the crypto is not stable then the participating merchants will suffer a loss

I'll give you a myth that is true (and therefore is not a myth):
Bitcoin is not yet a currency.
It is difficult to use nowadays to buy good and services.

For now it is a store of value, nothing less nothing more.

yes, just like in my area, they thought that crypto money was my own criminal act and it was affected because it was accused of ATM burglary because they did not know what my job was actually there was a bitcoin seeker.

I think not only crypto investors got tired of hearing that, even crypto enthusiast that are trying to explain to some people to be involve or join crypto. Because first thing comes out to the mind of person that has no idea on crypto is he can say crypto or bitcoin is just fraud or scam.

That's myth. That opinion has created by most of ordinary person which lack of knowledge about what's the purpose of the cryptocurrency. Only crypto that used anonymity tech has already used to buy that kind of goods. But the latest news has been showing the decrease on its transaction.

What is the point of this discussion ?

I am always seeing many people are always talking against crptos but cryptocurrencies are finding its own path to find success. I mean I have seen people and big medias also were complete against bitcoins by the time of 2013 but after that bitcoin hit $1000 and then fell down and again got big recovery and then peaked to $20k levels also. Investors were really tired of those myths ? I do not think so. I believe most investors had ignored them.

So, we can expect new generation of investors also will ignore what ever negative things they do hear. Because, most people will not depend on others for their investment things. When they go for their own research and analysis, will find out all the truth about cryptos.

Yes, we are funny to read and listen to these myths, invented by someone who does not understand, as we study this direction and work with cryptocurrency. But no matter how terrible it sounds, today a very large number of people remain in the shadows and do not know what cryptocurrency is and what it is for, well, these are the people who create these myths, which for us seem to be the real stupidity.

I think these myths and perceptions will remain there untill crypto achieves the required adoption and it really becomes a useful technology on daily basis for payments, remittances etc initially and it should be a household thing.

Some people are just confused and they don’t know what to do. Some of them are just afraid of going into it cause they think they are going to lose, nobody wants to lose money, and they just forget that if you want to achieve success you must be ready to take risks.

My friends will call Bitcoin a scam and later they will still come back to ask me if I’m still doing the same stuff (Bitcoin) lol. Sometimes they even get jealous when I’m making money from Bitcoin because it defies what they believe about crypto. I just tell them it’s meant for everyone and they can still try their luck too, instead of sitting at the corner and getting jealous.

The large part of the people that do not want to have anything to do with crypto believe that crypto sphere is full of criminals and that these coins are used for criminal purpose.

I think the OP has already given the reference link in the form of hyperlink.
The myth 3 about cryptocurrency trading is too complicated for new trader is actually opposite, I first started trading in cryptocurrency later few months i started trading in stocks. I think cryptocurrency trading is much easier as compare to stock trading with less documentation works.

the reason behind this myths was started because of the media publishing news about cryptocurrency without a deep research also some movies where crypto was used by the criminals or illegal transactions and because of this people are afraid to enter in the world cryptocurrency but i hope it will change soon and see the full adaptation of this modern technology.

The most common of them is the No.1, people always say that and That leaves me with the question; Can you not use fiat for criminal and fraud cases?  You have to be strong in belief to withstand all of these myths because they come often. We need more of positivity to gain mass adoption. Stop the myths educating them well enough

The problem is that these myths are spread because that's how ordinary people are presented with information about crypto. We understand that cryptocurrency does not bear any evil and the fact that this is our future. But it is sometimes difficult to convey this to ordinary people, because they are used to hearing something else.

I also don't understand people who say that bitcoin wasn't a bubble. Even the dotcom bubble was smaller. Bitcoin inflated and burst several times, but it's still alive. That's what makes it unique!

Are you sure these are myths or fact, because for me looking at the coinmarketcap attimes and seeing more than 2000 tokens listed on it and 99.99$ of them have no real world use, it does baffles me for a market that is more than $100 billion and 99.99% have no real contributions to real world

I think this is one of the coolest posts I've read this month. For a fact cryptocurrency still has a long way to go, even after ten years of being invented. Adoption mainstream right now sounds like a bull horn going through an eye of a needle, because the existing architectures lack required scalability,  security, including other drawbacks to be adopted by institutions and firms. Also, we all know the authorities are still against crypto, because they think crypto is irrelevant since it will only increase crime rate, cause FIAT to go down, they won't have control over it since its decentralized including other factors. Let's hope for more adoption and more use cases in future.

Knowledge is power. Those who know about cryptocurrency today and are using it, are those that have come to understand what it really entails.
Some people have spread different negative news about cryptocurrency, that some of those who are into it are even afraid of saying it to people.

Yeah, I always hear about that bad news, I also think that they are myths. Many people believe that crypto is very dangerous because they are used for crimes, money laundry, and also terrorists. Crypto is also unused in the real world. They are very volatile and can make the finance unstable. And more. But for me, i will take easy of this. Never