Bitcoin (BTC) has been around for over a decade now. Yet, everyday there are new cryptocurrencies available for trading on major exchange platforms like Coinflip and Coinbase, with crypto assets amounting to a total value north of $2 trillion.
We saw a huge surge in the price of cryptocurrencies in April, with the biggest currencies Bitcoin and Ethereum reaching their all-time-highs (ATH) in the market. However, talk of a ban in the East and implementation of worldwide regulations caused market prices to crash, with bitcoin dropping to 50% of it’s ATH.
While many crypto millionaires only appear to be so on paper, there is certainly a growing trust in the value of crypto assets from the public fortifying the value of crypto assets. More pertinently, the value of crypto lies in the blockchain technology that underpins it.
This is something that’s become very interesting in recent months, with the rise in value of the Ethereum blockchain. Many companies, based in the industries of gambling, gaming and fintech, have been taking advantage of the diverse benefits of the blockchain, which has led to a huge increase in market value and adds to the staying power of cryptocurrency.
There is so much talk about crypto, it’s hard to decipher what’s real and what’s not. So, we decided we’d clear up a few cryptocurrency myths to ensure customers know what’s what. Below are three of the biggest cryptocurrency myths.
Bitcoin Is disappearing, altcoins are the future.
Bitcoin is widely recognised as the true leader in the cryptocurrency sphere. Many people are making fortunes off altcoins like Shiba Inu and Dogecoin, but it’s Bitcoin that remains strong—even when the markets crash.
Altcoins have their day and get a lot of attention in the media, as they are a source of profit for many. However, none of those coins have the endurance of BTC. There is never even the possibility that these coins will become stable financial transactions, they are simply a meme that is propped up by the broad-standing crypto community.
While Bitcoin technology does seem outdated, when compared to that of its younger brother Ethereum, the value it holds in the market is unwavering. If you total the value of all other coins combined, Bitcoin is still worth nearly half of the total value. While many people don’t want to admit it, Bitcoin is here to stay.
Cryptocurrencies are just a craze and will have no real value.
Big names in finance like Warren Buffett and Andrew Bailey have cast doubt over cryptocurrencies and claimed they are only for people who want to gamble their investments. The 11 years that Bitcoin has been operating are a clear sign that these kinds of beliefs aren’t very credible.
We are already seeing the development of technology to allow crypto users to manage their digital assets with ease and allow them to make everyday payments using VISA and Mastercards. The use of coins and paper money will likely become a thing of the past quite soon.
Cryptocurrency platforms are now supporting a variety of different computer programs used for essential operations used in everyday life. The power of computer software cannot be underplayed, we could oneday see it replacing intermediaries, such as bankers, accountants, and investment advisors.
Cryptocurrency cannot be used for everyday payments.
The integration of crypto since its inception has always had it’s stumbling blocks. However, it remains strong and the volume of public investment is increasing. Moreover, major financial institutions are beginning to believe in its value as well.
We have seen investment companies like JP Morgan & Chase Co. and BNY Mellon offering investment portfolios listing crypto in the portfolio, as well as major card companies like VISA backing digital assets.
Customers can make payments using their digital asset accounts in 2021. Binance, one of the biggest trading platforms in the world, offers customers a VISA Binance card, which permits them to pay for products, as they would with a fiat-based VISA card, using crypto assets. Crypto payments have never been more accessible.