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Institutions and investors were bound to the Centralised mode until the Cryptocurrency and crypto market came into existence. Ethereum, one of the successful and growing markets, has been in headlines amid this sustaining global challenge. Ether is the second-largest coin in terms of market capitalisation, following Bitcoins roaring at the top. Ethereum price in India is around 2,01,600.38 Indian Rupee, and the market cap is $320.20B. Several cryptocurrency exchanges in India are there where they educate newbies on how to buy Ethereum in India by breaking concepts into smaller modules for better understanding. Cryptocurrency exchanges like Binance, WazirX, Coinswitch, etc., have successfully established the Ethereum market in India. Blockchain has developed over time. As and when new updates are being rolled out, things are becoming simpler than ever. But the challenge arose that how Ethereum believers considered Ethereum as the perfect market among the rest without looking onto the facts closely. Well, there are several myths about Ethereum. So to clarify every single doubt, it's necessary to understand what Ethereum is and how people are getting spooky after believing rumours. Ethereum: From Head to Toe If we have to understand Ethereum, we should know about cryptocurrency and blockchain technology beforehand. Ethereum is a Blockchain Technology that is an open-source mechanism that enables Decentralised finance management (DeFi) to offer services and opportunities to the traders and people involved in the cryptocurrency market. Ether or ETH is the token that runs on Ethereum Blockchain whose price, as of today, is roughly around $2,800. Developed and proposed by Vitalik Buterin in 2013, the initial supply of Ether was approximately 72 Million. This platform facilitates the developers to run codes for computing purposes and developing decentralised apps or Dapps for the users to interact. This app provides facilities like smart contracts, issuance against collaterals, coins to cash and vice versa without any pressure of authority or any financial management agency. Also, Ethereum-based Blockchain incorporates NFTs or Non-fungible tokens that are quite trending these days. If we see cryptocurrency news, it would indeed highlight Ethereum growth and investors' belief in it. However, there are several talks that people believe are actually not true. So what are those myths? Let's discuss them one by one. Myths About Ethereum Ethereum and Other Tokens are Real Money for Payments Because there were limitations in fiat, cryptocurrency is designed to overcome every challenge faced by the people. The cryptocurrency market is developed online with decentralised management, allowing users to make cross-border transactions, payments, and even investments in a snap. Yes, it's possible since it's independent of financial institutions and regulations. There's no third party thing. It's all a peer-to-peer mode of exchange. Ethereum is Immune to Errors There's nothing like perfection. Indeed there is a scope that you can look upon to tend towards perfection. People believe that Ethereum has actually full-fledged developed. However, there are chances of failures and errors or series of errors that Blockchain faces. Yes, these are investigated thoroughly, and the possibilities are reduced. But that doesn't mean it's flawlessly functioning. Ethereum is Prone to Attacks and Malware According to a book written by Mather Leising, Ethereum suffered a $55 million loss that almost gave investors a heart attack. There exists no system that has not been attacked either by humans or viruses. However, defenders are getting stronger with time. But that doesn't promise Ethereum is attack free in any way. The Configuration can't Be Manipulated Let's go back a few years and realise a game based on Ethereum Blockchain Cryptokitties. We will learn that it got much-unexpected attention accounting for over 13% of Ethereum traffic. This game allowed users to breed, groom, polish kitties for auctioning by converting 1 ETH in INR or any other fiat considering the location. That game disrupted the network and had caused serious trouble to Ethereum back then. So obviously, Ethereum isn't that strong network wise. Things changed, and security measures were implemented for good. Ethereum Wallet Owners Can Access Funds Privately It refrains anyone who tries to participate in transactions or make one if he's not a verified member. Every transaction has to go through two validated people with the correct private key to about double transactions and crimes in the cryptocurrency market. Last Note It's more important to be wise than to follow tips. Keeping yourself posted with lots of information and ideas will help you and educate your surroundings. So before you believe in myths and act accordingly, make sure you have shreds of evidence and proof to establish the reality.