3 myth of crypto
(1) Myth Bitcoin doesn’t have any value
This you should know that Bitcoin isn’t backed by a physical asset such as gold (neither is the United States dollar, for instance) there is a finite supply of Bitcoin, 21 million to be specific. Therefore, when there is more demand for Bitcoin, the price goes up, and when there is less demand, it goes down. Just like any other market, sentiment, and features of the macroeconomic environment, including inflation, also drive Bitcoin’s value. It operates just like a banking system however, there is no middleman.
Just as there are different banks performing the same transactional function crypto is crypto without any external middleman.
(2) Cryptocurrency is used for illicit activity only
With reference to Chainanalysis, in 2019 an estimated 2.1% of crypto transactions were used to facilitate illegal activity, in 2020, this fell to just 0.34%. While there’s still work to be done, statistics show that a sweeping majority of crypto transactions are used for genuine purposes. Crypto has been very handy. One to reference is the war between Ukraine and Russia, a lot of Ukrainian got help all over the world through crypto most banks could not operate in the usual manner.
(3) Bitcoin is a Ponzi scheme
By definition, a Ponzi scheme is a fraudulent investment operation that pays returns to early contributors using the money from later contributors rather than overall profits. Just picture this as a pyramid. While early adopters of Bitcoin have seen great returns and are still seeing, there are no paid dividends to these investors. And, as Bitcoin is decentralized, and operates peer-to-peer, there’s no central body to operate a Ponzi scheme.
These and many more are myths about crypto which are absolutely wrong.
Now that you are aware that Bitcoin in the long run is a blessing to humanity. Bitcoin is decentralized and cannot be manipulated. The government want to control everything, from salary to how we spend it to what we wear to what we eat. They want to know how we spend and what we spend on but with crypto they cannot know anything this they hate