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5 Crypto Myths almost everyone believes in

Cryptocurrencies are a hot topic, and yet many people still find them puzzling. That, in turn, makes them susceptible to falling for the half-truths and plain misrepresentations of cryptocurrencies. Find a reliable source of information can be tricky: there are plenty of inaccuracies circulating all around, starting with those regarding the nature of crypto itself, and ending with those about its use and reliability.

Myths about cryptocurrency and its true nature

To help you make informed decisions, in this article we’re going to unpack and challenge the most popular crypto myths. Let’s ​shatter them together!

Cryptocurrencies are lacking in security

The complexity of the technology underlying the major cryptocurrencies has brought about plenty of misconceptions surrounding the basics of their functioning and safety.  

The truth is, blockchain makes cryptocurrencies almost invulnerable to cyber-attacks. Thanks to decentralization, blockchain’s key feature, transaction information is distributed within a network of computers in a form of blocks. Changes become valid and come into effect when received and accepted by the majority of blockchain users. Thus, a fabricated copy could only become valid if more than 50% of existing users were compelled to recognise it simultaneously. This would be extremely arduous, as well as time and energy-consuming.  

The crypto sphere is anything but sluggish, and that extends to security measures made available. Additional protections are constantly introduced, and your options are certainly broader than they were in the early days of crypto. For instance, you may enable two-factor authentication to ensure you’re the only person having access to your funds. In such a case, completing any transaction will require providing your username, password, and a unique authentication code sent to your smartphone.

Bitcoin will soon be dethroned by the constantly emerging Meme coins 

Bitcoin, considered the original digital coin, is sometimes envisioned to be eclipsed by its numerous meme offsprings. Starting with Dogecoin (derived from ‘doge’, a Shiba Inu meme sta), dozens of satirical coins have appeared seemingly out of nowhere. But there’s no need to rush into selling Bitcoins only to buy this ‘sought-after’ meme currency instead.  

Coins built around memes are not taken seriously by the crypto investors due to their volatility and excessive dependency on external events the likes of Elon Musk’s now (in)famous tweets. It’s great to have several meme coins in one’s digital wallet just for a laugh, but it would be unwise to have real confidence in them. Bitcoin has repeatedly proven its worth as a digital currency. So have other popular cryptocurrencies, including ETH and BTCV. That’s precisely why you can shop with these three digital coins at Exeno: we believe they are the most dependable although we are open to accepting payments with other reliable and promising cryptocurrencies in the future!

High likelihood of forgery 

Contrary to some opinions, cryptocurrency is probably the only currently existing form of money that’s practically immune to counterfeiting. Remember the blockchain technology that everyone’s talking about? It makes cryptocurrency almost impossible to forge. That’s because every block has a unique hash code that can’t be reverse-engineered. Each co-constituent block in the blockchain contains a record of its own hash, as well as hashes of blocks adjacent to it. This system guarantees the correct order of blocks is maintained at all times, and thus prevents crypto users from fraud and double-spending.  

Widespread bans on cryptocurrencies 

This one isn’t completely unfounded: governments can indeed prohibit the usage of cryptocurrencies and thus force companies operating in their country to stop accepting them. However, such bans are often an empty formality: governments lack the level of control over crypto needed to physically ban it. Thus, even with formal restrictions in place, people are still able to make cryptocurrency transactions. That’s because cryptocurrencies circulate on a peer-to-peer type basis, with no intermediaries. Therefore, the withdrawal of even the biggest companies or governments has no significance for the system. 

What’s more, the current trend is the antithesis of suppression: with crypto gaining momentum, many countries are now looking for ways to legally adopt it. That extends even to countries previously opposed to digital currency: governments that were initially rather conservative about its use have now recognised that cryptocurrency is the future of payments and, as such, will be used regardless of their policies. Embracing crypto is often the only logical step even if that means accepting that it can’t be controlled, unlike FIAT money. 

Speculation is the only way to make use of Bitcoin 

The numbers speak for themselves: with last month’s average of 500-600k daily transactions, Bitcoin surely isn’t used solely for trading and making a quick profit. More and more companies are starting to accept payment in Bitcoin, among other crypto. It comes as no surprise: there is an explicit need for such an advanced payment option.  

Despite the rising popularity of cryptocurrency, e-commerce businesses are yet to implement solutions allowing for the elimination of payment processors. Exeno was the first to take that step and remains the only online store accepting payment directly in crypto, that is without FIAT conversions. 

The world is still growing accustomed to cryptocurrencies, so it’s unsurprising that some myths about crypto remain present in people’s minds. Yet, as the industry gains prominence, it’s essential to dispel them. Remember: to get accurate information about the cryptocurrency world, consult credible sources like articles from crypto experts and authoritative news websites. Beware of fake news and biased publications. As always, it’s good to double-check the information found on the web.

Sources: 

https://daviescoin.io/blog/6-myths-about-cryptocurrencies.html

https://fortune.com/2021/03/17/bitcoin-myths-bubble-miners-energy-waste-stablecoin/

https://timesofindia.indiatimes.com/spotlight/bitcoin-is-illegal-and-other-cryptocurrency-myths-that-you-need-to-stop-believing/articleshow/82197048.cms

https://www.investopedia.com/tech/top-bitcoin-myths/

https://coinmarketcap.com/view/memes/

https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency

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