3 myths about cryptocurrencies
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So many people see cryptocurrency has a new thing because it’s trend or in mainstream now but it has been around for years that so many people didn’t really believe in it, and with them not believing they came up with different opinions and misconceptions on what cryptocurrency is about. So in this write up, I will be talking about the misconceptions of myths that some people has had or placed on cryptocurrency over the years. Some of which are;
Bitcoin is a mass Ponzi scheme:
People often tend to label Bitcoin as Ponzi scheme without understanding what cryptocurrency or Bitcoin is at first. And Ponzi scheme itself is when people invests in a company that promises to pay in percentage while your capital money is with them and they promise you will get the capital at a certain time. Bitcoin is totally different from this with a massive gap, because you don’t pay to investors and it’s DECENTRALIZED and also uses a peer-to-peer (P2P) system, which means there’s no third party that may make it look like a Ponzi scheme.
Bitcoin doesn’t have any real value:
We all know that there’s a finite supply of cryptocurrency or Bitcoin because it’s not backed by any physical assets, and it functions more on market sentiments, that is, when there’s more demand for it the price of Bitcoin spikes up and when there’s less demand for it, the prices goes down into a dipping state. Sentiments alone doesn’t just affect it, there are other economic factors like inflation that also drives the value of Bitcoin.
Also cryptocurrencies are being used for illegal activities only
For anything that involves money both fiat or digitally, there are some people that will still use it for illegal activities and there are majority that will also use it for genuine purpose. In 2019, according to chainanalysis, illegal activities by crypto transactions were about 2,1% but in 2020 it reduced to 0,34% which shows that are work currently going on to stop these activities.
Everyone has their opinion to anything that looks too good to be true and try to convince others to believe in what they feel or see but that won’t stop the growth of Bitcoin. The more they stay and have false opinions, the higher the growth of cryptocurrency.
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Well said. I too believed in these myths before checking out crypto for myself.
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Before I dived fully into crypto I too had one of the myth that it was a Ponzi scheme
Those are pretty common thoughts about crypto still. Now we just need to figure out how to break those for more adoption.
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Well, in my view I think it's a matter of time. Adoption cannot be forced or come at a pace we expect. For the vast majority of people out there crypto is still uncharted territory, most people are approaching it will a long stick and the dump money and scams around aren't helping matters. But I think people will come around as the industry grows and we develop a new tool that offers people utility and most important freedom--from a very corrupt and centralized world.
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yap.
This is exactly what an AI-written post looks like.
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Not sure if that’s directed at my comment, but just thought I’d point it out. Cheers mate
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No, the post of course. Dave Nick has a lot of videos on youtube utilizing AI writing tools for content creation. Seeing that made me really sensitive to generic text.
.. and of course, there's salt in the water, if that kind of content gets curated by official community curators. But maybe that's just me, what do I know.
Definitely! But cryptic will always have something to say
I think most of these narratives you pointed out have died down over the years. Don't get me wrong, a lot of people still have a negative perception of cryptocurrency and probably will never do. These are not the people I am worried about. On the other hand are those who understand this technology and are trying to regulate it and make it what it isn't for selfish gains. This is the hustle the crypto space has to scale to bring about the adoption we seek.
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If bitcoin has no real value, where does the nearly $900 billion come from? LOL, cryptocurrencies are the future and many are not understanding that.
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Lol... But with time they will and very soon it's going to be fully recognise and adopted