Main Takeaways:

-Availability bias and the illusory truth effect. lead to the persistence of misconceptions by making frequently repeated information seem more believable.

- These biases explain why myths like “the Great Wall of China is visible from space” or “cracking knuckles causes arthritis” persist despite evidence proving otherwise.

- Crypto myths are similarly driven by these biases, which makes it harder to recognize its real-world benefits.

### Ever heard a myth so often that it feels true?

Availability bias and the illusory truth effect are two psychological mechanisms that reinforce misconceptions — even when false. This applies to myths surrounding cryptocurrency, where misinformation often overshadows the truth. In this quick guide, we’ll debunk crypto myths by understanding how these biases work.

### 1. **What is Availability Bias?**

Availability bias occurs when you rely on the most immediate or vivid information when making decisions. For example, if news about a cryptocurrency crash is constantly repeated, it might cause panic and lead to poor financial decisions. But acting on the latest headline without considering all the facts can lead to missed opportunities.

### 2. **Illusory Truth Effect**

This effect happens when you believe something just because you’ve heard it repeatedly, even if it’s false. Think of those sensationalized headlines that spread crypto scams. Over time, these stories seem more credible simply because they’ve been repeated.

### 3. **Myth: "Crypto is Just for Scammers"**

This myth exists because scams grab headlines, but in reality, less than 0.24% of crypto transactions are linked to illicit activities. Scams exist, but they are a tiny fraction compared to traditional financial crimes.

### 4. **Myth: "Crypto Has No Real-World Use"**

The illusory truth effect makes people overlook crypto's practical uses. For instance, in emerging markets, crypto makes international remittances cheaper and faster than traditional methods, showing its tangible benefits.

Final Thoughts

By recognizing biases like availability bias and the illusory truth effect, we can avoid common misconceptions. The crypto world isn’t as intimidating as myths suggest—just be sure to rely on trusted resources, like Binance Academy, for accurate information.

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