To Believe or Not to Believe: Popular Myths about Cryptocurrency

Do you consider yourself an expert in the field of cryptocurrency? Still think it will replace existing financial institutions and poor service in banks will disappear, just like queues at the cash register? Do you believe that crypto is a quick way to make dizzying profits? Do you buy into stories of people investing in coins and then losing it all? Then this article is for you, as you haven't fully grasped the intricacies of virtual coins. organizes a session of cryptomagic and dispels myths about digital currency that have firmly taken root in society.


Myth #1: Buying bitcoins can make you rich quickly

In the real world. Buying bitcoins can make you rich quickly volatility. The main problem with Bitcoin is its rapid volatility. Therefore, there are no guarantees that investments will be returned or profitable. And this applies to all popular cryptocurrencies. If you enter the market without studying it beforehand, buying and selling cryptocurrency will not be successful. The visitor may say goodbye to their money.  
By the way, a good example is Peter Griffin from the animated series «Family Guy», who decided that family problems could be easily solved by buying bitcoins. But digging deeper, the characters of the cartoon don't know how to handle money, and naturally, digital coins won't change that.

Myth #2: Losing files means losing money

In the real world. The advantage of all digital coins is that they exist in the blockchain system. What does that mean? It means that data on each financial transaction is recorded in a specific registry. It is located in a network of computers that have the right to track the movement of each crypto. In practice, this works like this: a user buys cryptocurrency through a tablet and then loses it, but their money remains! They can easily access it through another device.  
By the way, a similar example was in the sitcom «The Big Bang Theory». Sheldon and his friends were looking for a laptop where they stored purchased bitcoins. In the end, the guys concluded that the cryptocurrency was forever lost. However, don't believe it - the blockchain system recorded the transaction and preserved the data.

Myth #3: Bitcoins are regular money, easy to acquire, transfer, and spend

In the real world. It's worth acknowledging that Bitcoin is not entirely regular money. It is something between a payment system and a massive partnership company.  
Initially created as a currency without analogs and centralization, today Bitcoin serves as a store of value, a kind of digital gold. However, this characterization applies more to Bitcoin than to the entire cryptocurrency. 
It can be confidently stated that even in 10 years, Bitcoin will not be used for everyday transactions. This is due to the complexity of the system and the slow transaction processing.  
In the TV series «Parks and Recreation», a programmer asks a colleague to transfer a few coins via PayPal. This is inconsistent, as PayPal does not handle Bitcoin transfers, and cryptocurrency transactions themselves take more time.

Myth #4: Scammers easily hack electronic wallets and drain virtual money from accounts

In the real world. Cryptocurrency is the most secure "system." It is protected by complex encryption protocols. Let's consider the entire scheme: coins are stored in an electronic account protected by a private key, which has multiple passwords. For a scammer to hack an online wallet, they would need to overcome all these stages.

To navigate the world of cryptocurrency, it's enough to understand its essence. However, one thing is clear for sure – digital coins have firmly and for a long time become a part of our lives.