There is an abundance of online information about crypto. Some of it is reliable, but much of it is bad or just plain misinformation. How to tell the difference?

Here are some of the most common “crypto myths” you may encounter.

Crypto is only used for illicit activities:
This is a common misconception. Crypto has been used for illegal transactions, but the vast majority of crypto activity is legitimate and cash remains the most common method for illegal transactions.

It has no real value:
Some think that crypto has no intrinsic value, but currencies like Bitcoin have existed for years, and are accepted as payment by many companies. Bitcoin has been legal tender in El Salvador since 2021.

Crypto is unregulated:
Crypto is subject to various regulations in many jurisdictions, and Know Your Customer (KYC) practices are commonplace in many countries and regions when it comes to crypto investing.

Cryptocurrency is anonymous and untraceable:
Privacy is a plus of crypto and while personal info is never revealed, transactions are permanently recorded on a public blockchain ledger and thus traceable.

All crypto is the same:
There are more than 30,000 cryptocurrencies currently listed on cryptorank.io. Each has varying properties, uses and volatility levels and should be treated as individual entities.

Crypto is a fad:
The market does experience volatility and setbacks, but crypto is here to stay. Many major financial institutions now offer crypto products, and some of the highest-profile VC firms invest in crypto.

The descriptions provided above are all based on publicly available information, and as such cannot be considered as financial advice or encouragement to invest. Sources of information used in this post include QZ and cryptorank.io. All transactions involving digital assets involve certain risks, which you should familiarize yourself with prior to any investment.