6 August 2026
The Truth Behind 3 Cryptocurrency Myths
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Since they were first introduced in 2009, cryptocurrencies have grown in popularity. There are over 300 million crypto users worldwide so it's clear that this form of investment isn't simply a fad.
However, myths still circulate about cryptocurrency, and if you're considering crypto trading, it might be that you have heard about some of them.
Let's take a look at some of the most common myths to see if there is any truth in them.
Myth #1: Cryptocurrencies aren't secure
Thanks to the rise in cybercrime, there are concerns that cryptocurrencies aren't secure. These concerns are valid but as a key technology used within crypto trading is blockchain, there is a level of security that is hard to hack. This is because blockchain is secured with encryption techniques so users can have better peace of mind when making transactions.
Of course, hackers are becoming increasingly clever, so it is still wise to take protective measures, especially when storing and accessing cryptocurrency via crypto wallets and centralized exchanges. We have some tips here on how to protect cryptocurrency from a cyber attack so have a read and take the appropriate steps if you pursue this form of investment.
Myth #2: Cryptocurrencies are largely used for illicit purposes
It is true to say that cryptocurrencies have been used by criminals for the purposes of illicit activity but then again, so has every other form of currency. Those with nefarious goals in mind will always pursue ways to make more money through illegal activities, be that with digital or paper currencies.
However, most people use cryptocurrencies for legitimate purposes, such as converting bitcoin into cash after trading or for purchasing real-world items. So, while crypto crime is relatively prolific, the sole purpose of digital currency isn't to commit illicit acts. There are measures in place to crack down on illegal activities so unless you're planning on committing a crime, you don't need to worry about a knock on the door from a crime official if you decide to invest in this way.
Myth #3: Crypto mining is bad for the environment
As crypto mining uses a lot of energy, environmentalists have become concerned at the electronic waste that has been produced. And in fairness, this is one myth that can't be debunked as mining operations have contributed to greenhouse gases, partly because of the power plants that facilitate crypto mining.
If you're worried about the environment, it might be that you're hesitant to invest in cryptocurrency. However, steps are being taken to reduce the environmental impact, so it doesn't have to be a long-term problem. Initiatives, such as the Crypto Climate Accord, are finding ways to make crypto mining more energy efficient so there is still hope for a greener future.
Finally
We have touched upon just a few of the myths that circulate amongst people wary of cryptocurrencies but there are others. If you have any concerns, take the time to research popular myths as it might be that some of what you have heard isn't true.
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