Unravel Some of The Myths In The Crypto World!

As people who are public about the crypto and blockchain industries make many assumptions, they dismiss crypto as something that is not very useful.

Here are some of the things that have become myths in the crypto world.

Crypto is illegal

One of the myths that is often associated with crypto is that it is considered illegal. However, the reality is that crypto-related regulations have undergone significant developments in the last four to five years.

In April 2023, the European Union passed the Market in Crypto Assets Act MiCA. This regulation sets out the requirements that must be met by digital asset service providers in the European Union.

Although some countries do not have comprehensive rules on cryptocurrencies, But most countries have realized the importance of talking about digital assets like cryptocurrencies. Some countries are currently drafting cryptocurrency regulations.

Crypto has no use in the real world

As digital assets, cryptocurrencies are often considered to have no functionality in the real world. One of the uses of crypto in the real world is to transfer money internationally.

According to a PYMNTS survey, 46% of online traders accept crypto as a payment method. The advantage that makes cryptocurrencies popular is their high transaction speed and lower costs.

In addition, crypto is also used for charitable activities, such as helping disaster victims. During the Russian-Ukrainian war, cryptocurrency users donated cryptocurrencies worth more than US$56 million to help Ukraine in the conflict.

Crypto is also often used as a hedge because of its ability to maintain value during inflation.

For example, the Venezuelan population often experiences hyperinflation, which results in a decline in the value of the national currency, the bolivar. To protect the value of their wealth, many Venezuelans switch to cryptocurrencies.

Blockchain is just storage

Blockchain is often considered just for data storage. In fact, this technology has much wider potential.

The use of blockchain in transactions has several advantages, including transparency, security, and reliability.

In traditional transaction systems, third parties such as banks or financial institutions play an important role in verifying and completing transactions.

In transactions using blockchain, verification is carried out decentralized by the network of connected computers. This eliminates reliance on third parties and reduces the risk of fraud or manipulation of transactions.

And those are some of the myths that are still growing in the crypto world that people still believe.

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