Cryptocurrency is creating a lot of buzz in the market. Millions of people (3.3 million) people in the UK use Cryptocurrency. Don’t be left about and start trading on Cryptocurrency.
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It is heard that Cryptocurrency has turned people from rags to riches. It is also observed that there is no other industry that is as profiteering as Cryptocurrency. This kind of vertical take-off of Cryptocurrency raises doubts and creates confusion, stigma, and myths. Let’s discuss these and try to debunk the myths that have been created around Cryptocurrency.
Myth 1: Cryptocurrency Is Moneylenders’ And Drug Dealers’ Currency!
This myth clearly manifests the lack of knowledge that people have with that Cryptocurrency. General people and the generalized myth! You can’t really help. Though it’s a fact, unalterable, that the dark people had their association with Cryptocurrencies in the past, things slowly turned upside down.
You will be amazed to learn that Cryptocurrency, with its immense potential, has the capacity to solve problems of the traditional banking systems. Companies that trade in Cryptocurrency bind themselves to regulatory threads like Anti-money Laundering, Bank Secrecy Act, and Know Your Customers.
According to a report published by the UnitedNations, approximately 2% to 5% of the Global GDP( $800 Billion) is used on illicit trading. This is because physical cash, as well as digital ones, can come under threat. But not with Cryptocurrency, thanks to Blockchain technology. This enables Cryptocurrency to work under some cover. Anonymous, so it turns out to be tough for Criminals to dent here.
Myth 2: Energy Gobbling Currency!
Yes, right, you are. There is a myth surrounding Cryptocurrency that it uses powerful machines to safeguard information, thus liberating harmful gases. Hardware guided by Blockchain technology consumes high energy. These systems are so robust that it takes quite some cooling. This emanates harmful gases. Hence, a massive threat to the environment.
Huge steps are taken to ensure that energy consumption is reduced to a minimum level. For example, it is observed that Ethereum will upgrade its network by the year 2022 to shrink energy consumption to an unbelievable rate of 1/10000th. Believe us; there is zero error in the zero’s decimal placing (One ten thousandth). That’s quite some applaudable work, you know.
According to a report published by the Harvard Business Review, 73% of power consumption on Cryptos turned out to be carbon neutral. Therefore, massive steps have been taken to reduce energy consumption.
Myth 3: Cryptocurrency Is Easily Hackable
The market is filled with news about hacking and turning bankrupt. You might have read that Cybercriminals have the technological capacity to dent around 90% of a company’s networks. Around 44% of the company experts claim that the growing use of partners opens risk elements.
Even 30% of these people opine that their budget on web security becomes insufficient. All these are not false, they are, but it is not necessarily for Cryptocurrency.
Cryptocurrency uses a decentralized system of information recording. Unlike other symptoms, it does not follow a principle system operation that, if it comes under the grip of hackers, ends up with data theft.
Cryptocurrency uses a decentralized ledger system. A wide network of computers goes on to record the information. Suppose you make some transaction, they get permeated across different networks of computers. Malicious elements can not track and manipulate easily.
Myth 4: Please… We Don’t Accept Cryptocurrency
This is one of the myths that need to be busted immediately. Remember, there are many companies, big ones, accepting Cryptocurrency. Let’s provide you with some examples. Microsoft, Dell, Expedia, Fiverr, and others have already started accepting Cryptocurrency.
Countries like El Salvador have officially declared Cryptocurrency as a legal tender. Even the Central African Republic has followed the former.
Myth 5: There Is Only One Huge Blockchain
This, believe us, is a completely bogus claim that has spread fast in different nooks and corners. There are many Blockchains that cover your Cryptocurrency. Blockchain is one technology, and it is not under somebody’s control.
Blockchain is a network that safeguards Cryptocurrency transactions under ledgers. This acts to safeguard your hard-earned money. Here information is compiled under on Block. Integrated Blocks form a chain.
There are some other myths that have spread in the financial market’s nook and corner. All that is required is regulation and the right kind of knowledge.
If you know all these, you will be able to come out strongly in support of Cryptocurrency. We hope we are able to break a bit of the heap of Myths surrounding Cryptocurrency.