Blockchain and crypto are concepts that are difficult for many people to understand. Because of this, there are many misunderstandings when it comes to their use and what they are. Let us debunk some of the most common cryptocurrency myths.
Common Crypto Myths
They Don’t Have Any Value
The first cryptocurrency myth is that cryptocurrencies are not physical objects, existing only on computers as lines of code. But that does not mean they have no value. There are plenty of services that accept Bitcoin and other coins.
The price of crypto is a different matter, as it is hard to establish a fixed value. Their prices are more volatile than that of traditional fiat currencies.
But as cryptocurrency users believe in their inherent value, this system will continue to exist.
Bitcoin and Blockchain Are the Same
Blockchain is the base on which all cryptocurrencies rely to function and it is distributed ledger that uses cryptography to record the ownership of an asset such as Bitcoin. Blockchain is basically the platform on which the cryptos are created.
While most cryptos work on a blockchain, the technology can be used for various other purposes, such as hosting dapps or smart contracts. There are also many different types of blockchains and coins, but the two terms are not interchangeable.
They Are Illegal Digital Money
In certain countries, such as Bolivia, Russia, Algeria, Ecuador, and Trinidad, the use of cryptos is illegal, but EU nations, G7 nations, and the USA have all recognized crypto as legal tender.
Cryptocurrencies Are All the Same
There are thousands of cryptos in the crypto space, and while some have the same role, there are plenty of differences between them. For example, Bitcoin was designed to serve the purpose of currency and be used as payment. Ripple was created to facilitate remittance transfers at a higher speed. BAT was launched to enable online advertising. Monero uses a number of privacy implementations to provide anonymity. There are many other coins that have different features and were designed to serve distinct roles either within or outside their blockchain.
They Are Not Secure
The structure of a blockchain prevents any entity from modifying the information in the blocks that have already been added to the chain. Any attempt of alteration would be detected by the network, which makes it harder to compromise.
They Are Only Used in Illegal Purposes
While there have been and still are many criminal cases in which cryptocurrency has been used to bypass authorities, more and more exchanges are using mandatory KYC (Know Your Customer) procedures when trading to decrease the possibility of illicit crypto use.
They Are Not Accepted as Payment
Since the first Bitcoins were made in 2009, cryptocurrencies have come a long way. More and more big companies, such as Microsoft, Dell, Newegg, and Expedia, have already integrated Bitcoin payments for their services. And not only that but other platforms are broadening their list of available cryptos.
A platform that accepts a wide variety of cryptos is the online crypto sportsbook and casino 1xBit. Here crypto owners can start gambling or betting by using any one of the over 20 different digital assets supported by this online casino.
The registration process is fully anonymous, as the crypto casino does not ask for any personal data, not even an email address. An account number and password are generated for you by the online sportsbook with just the click of a button, and that is it. You will then be able to fund your multi-currency account with any crypto you want. Payouts are fast, and there are no transaction fees to worry about.
What’s more, new users are eligible to claim a welcome bonus of up to 7 Bitcoin, which can be collected through 4 initial deposits where the bonus reward is between 1 and 3 BTC.
VIP members can benefit from a cashback reward that can be as high as 11% of any bets made, regardless if they win or not. The percentage of the cashback depends on how high your status is on the crypto casino.
Crypto owners can easily use their digital funds to bet and gamble anonymously on 1xBit, where plenty of bonuses and promotions are waiting for them.