What is the Biggest Myth About Cryptocurrency?

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The total cryptocurrency market cap is currently at $321,233,020,833 according to CoinFi, a crypto market research platform. This data does not come as a surprise for those who know about it. But, that’s only as far as they go, according to a survey data from December 2017.

The survey reveals that out of 1,035 American adults, 78% did not know where to purchase cryptocurrencies and 60% didn’t know what an ICO was.

“Crypto is outperforming almost every other traditional investment at the moment,” according to CoinFi founder Han Chang. But, he added, “It’s still widely misunderstood and can be unpredictable without the right background and knowledge”.

One of the biggest myths about cryptocurrency is that it has no real value or real world application.

As it turns out, all major coins have real-life goals, and are either credited for improving and/or disrupting major existing industries.

A good example to prove our point with would be Ethereum.

Ethereum was created partly to carry out “smart contracts”. These contracts have an unlimited amount of applications.  For instance, they enable safer transactions, like doing them only until certain conditions are met.

Back in October 2017, TechCrunch founder Michael Arrington was able to buy a $60,000 apartment in Kiev, Ukraine using Ethereum and smart contracts—all without even stepping foot in the country! Smart contracts can manage agreements between individuals, only executing the terms of a contract once the mutually agreed upon terms and conditions are fulfilled.

This is the reason why Ethereum (ETH) has been one of the most preferred platforms for ICO’s: roughly $5.6 billion was raised in 2017 via ICOs that took place mostly on the ETH platform.

Ripple is another cryptocurrency to consider. It is focused on providing corporate solutions. Ripple was designed to help make money transfers and international transactions faster. Ripple aims to reduce transfer time to seconds whilst cutting transfer costs down to 60%.

MoneyGram agreed to test Ripple back in January due to its claims of greater speed and efficiency. Ripple CEO Brad Garlington commented on the test run saying:

“The inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram…By using a digital asset like XRP that settles in three seconds or less, they can now move money quickly as information.”

The most obvious benefit Bitcoin offers is its function as a decentralized currency. If an entire government or country falls, the value of cryptocurrencies like Bitcoin and Ethereum would be unaffected. This might seem unnecessary to average Americans, but for countries with governments on the verge destabilization, this has a real and practical impact.

Venezuelans are the perfect example for this. Due to the country’s hyperinflation problem, they are now seeking out Bitcoin in droves.

 

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