Every day, Fury receives many letters in the mail, in which Betfurians ask various questions. Among them, some are the usual myths about crypto that need to be debunked. Therefore, our team put together a list of the most frequent questions and asked Fury to become a MythBuster. Let's dig deeper into each of the top myths so that you know only proven facts about crypto!
Myth #1. Digital Currencies Are Illegal
One of the most common myths about crypto is that it is illegal and used for bad deeds. But let's be honest, what percentage of real money has been exposed to crime?
Comparing these things, we can easily see that cryptocurrencies have never served in money laundering and terrorist financing in the way real currencies did. In numbers, until 2021, only 0.15% of all transactions were related to illegal activities, with 82% of them being regular fraud.
In addition, the governments of many countries monitor the circulation of cryptocurrencies and often impose severe restrictions on their use. Thus, today it's easy to say that cryptocurrency is safe from a point of view of the law and will remain so for a long time. Congratulations, the first myth has been busted.
Myth #2. Digital Currencies Don't Have Value
To sort out this question, you need to ask yourself how to determine the value of something. You may value Earth's resources such as gas and oil, but over time they can be replaced and depreciated. That is, value is a subjective concept that directly depends on technology, modern trends, and popularity. As for money and various currencies, they can also be valued in different ways.
Remember how one young man bought a pizza for 10 000 BTC, and now it would cost a fortune or an NFT picture for 69,3 million? This shows that progressive technology or people's attention can make the owner of an ordinary cardboard box a millionaire. And if we go back to the myth that crypto is not valuable, just imagine its potential. It may become the main value of the new world!
Myth #3. There is only one huge Blockchain
The first cryptocurrency was bitcoin, after which programmers began to create new coins and tokens to improve the existing model or develop their products. They use brand-new private or public technologies. These are Open Source or Closed Source Blockchains depending on the overall purpose. They are united only by the fact that they are supported by crypto. Summing up, many Blockchains are supported by different top cryptocurrencies. The myth is dispelled, let's move on.
Myth #4. Cryptocurrencies are easy to hack
Ignorance and danger repel new technologies. The same goes for crypto because everyone wondered how safe it is. As is known from the previous paragraph, there are many Blockchains, i.e. distributed databases. Programmers say that the data is protected, and very seriously. The main method of protection is encryption, which is highly difficult to break.
.jpg)
Besides, each new block of the Blockchain is connected to the previous one. When the new block is added, transactions are verified by a whole community of verifiers. Therefore, the safety of the technology is obvious.
However, there is one important point, this security does not apply to crypto storage software, such as exchanges or wallets. That is, if you do not store passwords securely or make other mistakes, hacking is possible. Therefore, blockchain technologies are completely safe, but everything is still in your hands!
Myth #5. Digital Currencies are Impacting the Environment
Some people believe that cryptocurrency is bad for the environment and is an unsustainable option. It is true that not all types of blockchains are green, and that their requirements are quite high. Cryptocurrencies that use the proof-of-work mechanism to compute powerful tasks to validate transactions consume large amounts of energy.
Some of them could easily direct their energy to support even small countries! But in any case, programmers are constantly working on this in the hope of minimizing the excess risks. For all time, many secure types of blockchains have been created, which, in addition to carbon negativity, can even run on a laptop! Therefore, the expression that cryptocurrency has a very strong impact on the environment is incorrect.
Myth #6. Cryptocurrencies Will Replace Fiat Currency
Cryptocurrencies are relatively recent, and some fiat currencies are over 1 000 years old. Does this mean that we are used to ordinary money, which has become part of our lives? For crypto to replace fiat, people need to massively adopt it and establish value and purchasing power. Until sellers of various goods and services begin to fully place prices in coins or tokens, this will not happen.
In addition, fiat money is regulated by the government, which does not like any changes very much. The system works, plus it will take a lot of time and effort to introduce new rules. That is, to abandon paper currency means to complicate the collection of taxes, financing, and so on. Crypto is the future, but the world still has a long way to go.
Myth #7. The technology only has financial applications
The last myth that we will consider will be related to the use of crypto. Many people think that there is nothing but money value and trading. Of course, it is not. You can see the NFT, Metaverse, or online casino industry. All this is art, entertainment, and a social life that all crypto owners can be part of. For example, on BetFury you can use cryptocurrencies for gambling. There are 5 000+ Slots and amazing In-house Games that will entertain you and also can make you rich!