From saving failing economies to forcing governments into changing their laws, crypto has been a single force bending the economics globally in its favor. With the countless advantages it brings along with it, crypto mining is too attractive to miss out on, and hence sees a huge wave of interest by enthusiasts all over the world. However, for anyone that has not explored the niche themselves, crypto can be associated with many myths that have no factual standings. Luckily for you, this is where we explore the myths, and bust common misconceptions to provide you with the truth about how crypto operates, and its impact on the world.
Myth 1: Crypto is a bubble waiting to explode
If you have ever talked to someone with absolutely zero knowledge in regards to crypto, you would have heard the crypto world being referred to as a bubble, waiting to explode. However, it is nothing more than a myth as it is impossible for a multi trillion dollar industry to disappear into thin air overnight. What people fail to understand is that crypto is so much more than crypto transactions. The entire industry revolves around multiple technologies, such as decentralized blockchain, energy efficiency, cooling methods, wallets, apps, and additional technology that has applications in other industries too. Together this ecosystem has managed to survive the all time lows of bitcoin, and has enjoyed the rewards that come along with bitcoin reaching the all time high prices.
Myth 2: Crypto cannot be used on day to day activities
sounds like something that you have heard in recent times? The myth could not be further from the truth. Many people have a false belief that crypto is only used for illegal activities and has no real world applications. But times have changed drastically and now crypto can be used, cashed and spent just like any other currencies. Let's take Dubai for example. Crypto can be used as an online currency in malls, cinemas, and there are even atms that allow you to withdraw cash from your crypto wallet in local currency. In addition to local businesses, multinational corporations that are registered around the world also accept crypto as a mode of payments, making the currency perfect to use.
Myth 3: Crypto is harmful to the environment
Crypto mining is seen as a process that consumes a lot of electricity, and hence has been labeled as ‘bad’ for the environment. However, after countless reports there is no data to back the claim. In fact, crypto being as valuable as it is with its countless use cases has encouraged organizations to direct their efforts towards clean energy. Traditional energy sources such as fossil fuels are expensive to use and eat up the profits created by mining crypto day and night. In order to ensure a profitable mining operation, especially with the upcoming bitcoin halving, crypto miners are looking towards renewable energy that has low maintenance and monthly cost, and can be installed with upfront investment. This has paved the way for affordable renewable energy, and increased its demand. Crypto is not harmful for the environment, in fact it is quite the opposite. The technology is in reality a major motivator for industries to reduce their reliance on renewable energy, as they realize that there is a huge demand.
Myth 4: Bitcoin and Crypto Mining is to hard
Hearing about anything for the first time can be a little scary. Diving into uncharted waters is not for everyone, but the truth is the crypto world is just like any other technology out there. You need to take the time to understand how it operates, and what makes it function. A little time invested can ensure that you can benefit off of the technology in the best way possible. Additionally, crypto mining has been made much easier by the team at Crypto Miners. With the dedicated experts, mining is as simple as purchasing a machine, connecting an ethernet cable, and connecting power. The experts will help in hooking up a wallet and you can watch as your machine makes you crypto rich. The anonymous creators of blockchain and bitcoin made sure that the white papers linked to bitcoin and crypto are available publicly so that this knowledge is not limited to any one person, organization, government or company.
Conclusion
Accepting crypto has a major challenge for authorities around the world. The online currency attained a bad reputation simply for empowering anyone and everyone while removing the barriers created by governments and societies. With the help of crypto wallets and exchanges women in third world countries were able to take charge of their finances. While businessmen no longer had to stay restricted to the transaction rules created by financial institutions, nor did they have to worry about exchange rates while transferring money offshore. Despite the many myths, the crypto world is a united one, with individuals and organizations working tirelessly to improve and expand the cryptoverse. If you hear any other myths anytime soon be sure to do the research yourself and decide for yourself of what you think is right!