Debunking the Myths: Why Crypto is Safer Than You Think By Gaurav Dahake, CEO, Bitbns

Platforms like Bitbns and Onramp.money offer tools that help users mitigate the risks associated with volatility.

Introduction: Addressing Fears Around Cryptocurrency

Cryptocurrency has revolutionized the way we think about money and financial transactions. However, like any emerging technology, it has also been met with skepticism and concern. Critics often point to volatility, scams, and security breaches as reasons to stay away from digital assets. But what if these fears were exaggerated? What if cryptocurrency platforms like Bitbns and Onramp.money have put in place robust security protocols that make trading digital assets safer than many traditional financial platforms?

In this article, we will address common misconceptions about cryptocurrency and explore the safety measures that companies like Bitbns and Onramp.money use to protect their users. From cold storage solutions to insurance funds, these platforms are leading the way in offering a secure environment for transactions. Let’s debunk some of the myths and look at the data to show why cryptocurrency is safer than you might think.

Misconceptions Surrounding Cryptocurrency Safety

1. Volatility Equals Danger: One of the most common fears about cryptocurrency is its Unlike traditional currencies like the U.S. dollar, cryptocurrencies can experience significant price fluctuations in short periods. While this volatility is real, it’s important to understand that not all aspects of volatility are dangerous, especially for those who know how to manage their risk effectively.

Platforms like Bitbns and Onramp.money offer tools that help users mitigate the risks associated with volatility. For instance, users can set stop-loss orders that automatically sell their assets when prices reach a certain threshold, reducing the risk of significant losses. Furthermore, as the cryptocurrency market matures, we are seeing a stabilisation in some of the more established assets like Bitcoin and Ethereum.

We at Bitbns have always been vocal about the need for education in this area, as the variable of volatility is a part of the crypto market, but it also presents rare opportunities. With proper risk management tools, users can protect themselves and even benefit from the swings. Volatility has traditionally been seen as inherently dangerous; however, it just a matter of how you manage it that matters.

2. Scams Are Common in Crypto: Another misconception is that cryptocurrency platforms are rife with scams. While it’s true that there have been instances of fraudulent activities in the crypto space, this is no different from any other industry where money is involved. Scams exist in traditional banking, real estate, and even stock markets. The key difference is that in the cryptocurrency space, platforms like Bitbns and money have taken proactive steps to protect their users.

3. Cold Storage and Insurance Funds: To counter scams and fraudulent activities, leading VASPs globally utilise advanced security measures. One of the primary defences against theft is cold storage. Cold storage refers to the practice of keeping the majority of users' funds offline, disconnected from the internet. This makes it virtually impossible for hackers to access the This not only offers peace of mind to users but also shows the platform’s commitment to maintaining a secure environment.

4. Regulatory Compliance: Furthermore, platforms like Bitbns and Onramp.money are fully compliant with the Master Guideline regulations set forth by authorities like the Reserve Bank of India (RBI), AML/CFT Guidelines set forth by the Financial Intelligence Unit (FIU-India) and the international regulatory bodies like the Financial Action Task Force (FATF). This ensures that VASPs are able to operate within a legal framework that prioritises user Compromise on compliance is non-negotiable for us at both Bitbns and Onramp.money. We work closely with regulatory bodies to ensure that our users are protected under the law. Our compliance programs are designed to meet the strictest standards.

By adhering to these regulations, platforms like Bitbns and Onramp.money ensure that their platforms are not only secure but also legally sound.

5. Security Breaches Are a Major Threat: The next major concern is security breaches. High-profile hacks, like the Mt. Gox incident in 2014, and the most recent WazirX hack in 2024 have fueled fears that cryptocurrencies are unsafe. While breaches have occurred in the past, the landscape has drastically Today, platforms like Bitbns and Onramp.money have implemented robust security protocols that make breaches increasingly unlikely.

• Two-Factor Authentication (2FA): One of the simplest yet most effective measures are Two-Factor Authentication (2FA). When users enable 2FA, they add an additional layer of security beyond just a password. Even if a hacker gains access to a user’s password, they would also need the second factor, such as a code sent to the user’s phone, to log in. Bitbns and Onramp.money both require and encourage users to activate 2FA for enhanced account
• Transaction Monitoring and AI Security Systems: Platforms like Bitbns also utilise Advanced Intelligence systems to monitor transactions for unusual If a transaction seems suspicious, it is flagged, and immediate action can be taken to protect the user’s funds. These AI-driven systems learn and adapt to new types of fraud attempts, ensuring that the platform stays ahead of potential security threats.

6.  Success Stories and Case Studies from Bitbns and Onramp.money
It’s easy to talk about security measures, but what about real-world examples? Bitbns has successfully navigated several volatile market periods, ensuring that users' assets remain safe. For instance, during the 2020 market crash, Bitbns experienced a surge in transaction volumes. Despite the market chaos, the platform’s security measures ensured that no funds were lost, and all transactions were processed securely. Further, in 2022, as per a research carried out by CoinGecko, Bitbns had the largest market share of trade volume in cryptocurrencies, standing at a glorious 79.1% market share, with even a shed of friction or delay to any services to the users.

Another success story involves Onramp.money, which has worked closely with regulatory bodies to implement a compliance framework that has allowed it to operate in over 30 countries. This regulatory framework has made it one of the most trusted platforms in the international crypto space.

Encouraging Safe Crypto Trading

Now that we’ve debunked some of the myths surrounding cryptocurrency, it’s clear that there are VASPs in the global ecosystem like that of Bitbns and Onramp.money, tha have put in place the necessary safeguards to make trading safe and secure. By offering features like cold storage, insurance funds, two-factor authentication, and regulatory compliance, these platforms are leading the way in creating a secure environment for cryptocurrency transactions.

Conclusion: Building Confidence in Crypto

Cryptocurrency is often misunderstood, but with the right knowledge and tools, it can be a safe and profitable space for users. Platforms like Bitbns and Onramp.money have demonstrated that they are not only aware of the risks but are actively working to mitigate them. Leading the team managing robust operations at two of the leading VASPs, Bitbns and Onramp.money, we recognise that the goal is to make cryptocurrency trading as safe and accessible as possible. With the right safeguards in place, we believe that crypto can be a reliable and secure part of anyone’s financial strategy.

It’s time to move beyond the myths and explore the real potential of cryptocurrency in a safe and informed way.

Disclaimer:The information provided on the Website does not constitute investment advice, financial advice, trading advice, or any other form of advice, and you should not interpret any of the Website's content as such. Midday does not recommend that you buy, sell, or hold any cryptocurrency. Please conduct your own due diligence and consult with a financial advisor before making any investment decisions. Midday does not endorse or promote any such activities, and you access them at your own risk, fully understanding the monetary and legal consequences involved. Midday shall not be held responsible for any losses you may incur as a result of using any such apps or websites. Cryptocurrency products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for losses resulting from such transactions.

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