The crypto space exploded in 2017, spreading awareness about digital coinsaround the world. But, even so, there are still a lot of false assumptions and myths about digital currencies 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.
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 Bitcoindoes 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.
Read more at http://globalcoinreport.com/top-3-crypto-myths/
Comments