The Biggest And Oldest Cypto Myth Of All Time.

In the early days of cryptocurrencies, there were quite alot of controversies and myths surrounding cryptos. Most of them have been debunked over the years, but one still seems to be widely accepted by alot of people and is still believed to be the major use of cryptos as a whole.

"The belief that cryptocurrencies are majorly used by criminals and anonymous figures to carry out illicit trades"

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This Myth deserves the medal for the longest standing crypto myth in history. I personally heard about this too at first years before I had my first Bitcoin. I had seen a scene in a movie where they mentioned how they were gonna use Bitcoin to pay for some cocaine and so I held on to the belief for a little while that Bitcoin and cryptocurrencies in general were used by criminals and terrorists to carry out illicit trades because they can't be detected by law enforcement agencies. I also had alot of senior folks who intentionally stayed away from Bitcoin in its early days because they felt having anything to do with Bitcoin could land them in jail or something...lol.

Well, time had changed alot since when cryptos were solely linked to this myth...but this was true at some point and some part of it is still true till this day. Myths aren't really lies, they're just rumours which could be true or false and in this case, it was infact true that cryptocurrencies were used alot to carry out illicit trades. The FBI, some financial crimes and law enforcement agencies have infact seized quite alot of cryptocurrencies in millions of dollars worth from criminals who used them to trade for weapons, drugs and other illicit activities.

There has been a drastic drop in illicit trades with cryptos in recent times but it is still a thing and is used to like any other government backed currency in the world to carry out trades. This is why it's important for governments and international bodies to recognise and come to terms with the fact that cryptocurrencies aren't a threat but they can be used and exploited like other currencies by nefarious figures in carrying out their illicit activities.

This myth is regarded to be the oldest myth in the book as it is still held by quite alot of people around the world and that doesn't seem to be ending soon.