Five popular misconceptions about cryptocurrencies

Myth 1: Virtual currencies are all the same.

Globally, there are about 300 million cryptocurrency users and about 18,000 cryptocurrencies. The phrase “cryptocurrency” is used to refer to a wide range of currencies, systems, and networks, many of which have unique characteristics, ownership structures, and volatility ranges.

According to Julian Linger, CEO and co-founder of Bitcoin investing software Relai, “one of the primary fallacies in mainstream media — and, as a result, popular understanding — is that Bitcoin and crypto are one and the same, whereas in reality this is far from the case.”

“Bitcoin has been around for a long time, but the crypto industry as a whole is still relatively young.