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Top 3 Crypto Myths that might Lead to Missed Opportunities

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The crypto space exploded in 2017, spreading awareness about digital coins around the world. But, even so, there are still a lot of false assumptions and myths about digital currencies that managed to stick around thanks to mainstream media.

People often tend to believe what they read, especially if the source is a big, trusted media website. They end up believing in false facts, without bothering to check their legitimacy, which leads to creating an entirely false image. As for the media sources, they may have run the false myth out of their own lack of knowledge, or maybe for an even simpler reason — to get page views.

Either way, the myths can be damaging to the emerging crypto industry, and those believing them might miss out on some major opportunities. Here are three of them which could end up costing you an entire fortune.

1. Bitcoin is not real money

This is a rather big misconception in regards to BTC, as many skeptics tend to claim that it is not real money. But, if we take a look at what makes money — money, it quickly becomes clear that Bitcoin does meet the necessary criteria.

The fundamental characteristics that an asset must possess in order to be considered real money include uniformity, divisibility, portability, durability, limited supply, and acceptability.

Uniformity means that every unit of an asset needs to be the same as every other unit. Every dollar is the same as every other dollar, and the same goes for every BTC.

Then, there is divisibility, or the asset’s ability to break down its unit to smaller increments. The dollar can do this in the form of cents, while Bitcoin has its satoshis. Portability, on the other hand, includes the asset’s ability to be stored and transferred with ease, and it is pretty clear that Bitcoin is far better at this than fiat money.

Durability is another characteristic, although this one is questionable, as paper bills do have a shelf life, and can be easily destroyed. Assets like gold, for example, last forever, and Bitcoin features a similar form of durability itself.

There is also a matter of limited supply, where BTC only has 21 million units that will ever exist, and it has yet to reach its market cap. This will prevent inflation, and its price can only go up as a result. Finally, there is acceptability, as money needs to be widely accepted in order to be used. The entire world will accept USD without question. This is currently the only area where BTC is lacking, but it continues to spread, and it will likely reach this itself in a few years.

2. Only criminals use cryptocurrencies

This is just plain wrong. While criminals were among the first to discover digital currencies and use them — typically on the dark web — they are currently the least represented group of crypto users. There are entire crypto-based companies out there that work with cryptocurrencies, including regulated, legitimate exchanges such as Coinbase or Binance.

Even large corporations like Facebook are developing their own coins in secret, while JP Morgan, a banking institution known around the world, already publicly announced its own cryptocurrency. Meanwhile, countries with economic problems such as Turkey and Venezuela are known for accepting cryptos at a rapid pace, as it allows families to finally get money that holds value.

3. Bitcoin gets hacked all the time

This is another false assumption that is often misused by anti-crypto groups. The truth is that Bitcoin is not getting hacked at all — centralized exchanges are the ones that succumb to hacking attacks. Bitcoin is a decentralized currency, which means that thousands of individuals are operating its blockchain. In order for a hacker to actually hack Bitcoin, they would have to hack thousands of computers around the world simultaneously, which is impossible.

Meanwhile, exchanges have their own servers, which can be hacked if a vulnerability is found. This is why centralization is a problem, and why decentralized systems were invented in the first place. It is also why you should never keep your coins in the exchange’s wallet.

In other words, BTC cannot be hacked, but the centralized entity that handles it can. It is up to every individual user to secure their coins as best they can, but the coins themselves do not suffer from such a flaw.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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