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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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