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Top 3 Crypto Myths that might Lead to Missed Opportunities - Global Coin Report
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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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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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