Cryptocurrency is not a new phenomenon. People have been using this form of currency for some time now. Now that cryptocurrency has become such a vital aspect of the shopping experience, more and more people are looking into the top crypto cards to find out more about their efficiency. There is no shortage of myths to be debunked when it comes to crypto and the top crypto cards, that is for sure.
These myths will often keep people away from cryptocurrency and crypto cards. While the average shopper is typically familiar with these items, they are not always as savvy as they could be. Familiarity is great but detailed knowledge is even better. The time has come for us to start debunking all of the most common myths!
What’s the point of crypto cards? Aren’t they useless in most contexts?
There are some who will say that cryptocurrency is nothing new. This is a novice point of view. Don’t make the mistake of listening to the would-be, know-it-all types who can supposedly tell you all about the many reasons why you cannot use cryptocurrency. Unlike other forms of digital currency, crypto cards are actually useful in just about any financial situation that a person can think of.
Looking to avoid the annoyances associated with currency exchanges when traveling abroad? Crypto cards are great for steering clear of these concerns. The same goes for anyone who is looking to make purchases with a variety of currencies. Each currency can be stored in the crypto wallet and accessed with these cards with relative ease.
Crypto cards allow for a greater level of anonymity
This is another myth that circulates on a constant basis. People have been led to believe that crypto cards are the exclusive domain of criminals. The mythmakers will tell people that money can be moved without the exchange of any information. Nothing could be further from the actual truth. Every transaction that takes place is registered with the wallet’s address.
Government entities and financial organizations are also not keen on allowing crypto cards to turn into a free for all. They do not allow their users to cloak their identity in the manner that the naysayers will have people believe. Illegal activities are also monitored by specialized forensics teams, so there’s nothing to worry about.
Crypto cards provide zero intrinsic value
This myth is a bit more complicated to unpack. “The idea that Bitcoin has some huge intrinsic value is just a joke in my view,” read the infamous quote from Warren Buffett that had people running in the opposite direction. However, he is very wrong and anyone who believes this quote to be the gospel truth is sure to be let down.
Guess what, people? Even the traditional currencies that have been used for ages do not have “intrinsic” value. Unless the paper money that people use has the support of the government, it does not have any value either. Meanwhile, crypto fits all of the attributes of traditional currency and does not rely on government support.
Crypto is unable to be taxed
The countries where crypto is used do not share in this assessment. These nations are not going to allow the top crypto cards to be issued without making sure that they are taxable. Anyone who acts as if this is a way to withhold taxable income from the federal government is not providing very sound advice.
Residents of the United States, the United Kingdom, Australia, Spain, and other countries have already been alerted. Cryptocurrency is taxed as a capital gain. Before looking into the top crypto cards, be sure to take a closer look at the national tax policies. The top crypto cards do not serve as a means of hiding taxable monies from the federal government.
With so many myths that are surrounding the usage of the top crypto cards, it is easy to see why some people are reticent. Whether they are being told that cryptocurrency is used for shady dealings or they are being told that the top crypto cards won’t be accepted in stores, these are all false claims.
The more the user learns about their card ahead of time, the better off they will be. Cryptocurrency has been around for a bit but it is still in its relative infancy from a mainstream standpoint. Don’t make the mistake of following along with public perception. It is not going to align with reality in most of these instances.