This is a very educational discourse on Bitcoin and some of the common misconceptions still circling around especially with people who are new to the cryptocurrency trend. I am particular interested with the reputation of Bitcoin as an instrument for the criminals in committing fraud as recently we had been deluged with news of online hijackers demanding ransom in the form of Bitcoin. That is really true, all over the world, there are so many frauds being committed everyday and they are not news anymore because the medium of transactions is the traditional fiat money and not Bitcoin now contrast that with another incident and Bitcoin is the preferred medium of exchange and you can have a hell of news about it.
Bitcoin is relatively new and it is in fact evolving while it is going mainstream. There would always be misconceptions and problems along the way but as time goes on and when more and more people can grasp the full meaning and potential of Bitcoin then we can see a more matured Bitcoin community all over the world. The road may not be smooth and easy and definitely not a walk-in-the-park but one thing for sure...we will get there! Just enjoy the ride!
Topic: [2017-09-09] 4 Key Misconceptions About Cryptocurrency (Read 4473 times)
All of those point occurs because lack of knowledge from people who have not studied cryptocurrency, just judge it by the cover.
But, one thing for sure, most countries across the world does not have detailed policies of regulating bitcoins usage and bitcoin still in the beginning of development and soon or later Government will regulate bitcoin or let citizens use it.
But, one thing for sure, most countries across the world does not have detailed policies of regulating bitcoins usage and bitcoin still in the beginning of development and soon or later Government will regulate bitcoin or let citizens use it.
Yes this is true we already see this happening now, with the US and China, etc..
China, on the contrary, does not contribute much to the development of bitcoin. Recently, there has been a lot of negative news from China, which badly affect the price of the coin.
But Japan is positive about the bitcoin and even legalized it
Just crypto currency have not gained popularity and therefore the distrust of it is still great. Need time for this.
All of those point occurs because lack of knowledge from people who have not studied cryptocurrency, just judge it by the cover.
But, one thing for sure, most countries across the world does not have detailed policies of regulating bitcoins usage and bitcoin still in the beginning of development and soon or later Government will regulate bitcoin or let citizens use it.
But, one thing for sure, most countries across the world does not have detailed policies of regulating bitcoins usage and bitcoin still in the beginning of development and soon or later Government will regulate bitcoin or let citizens use it.
Yes this is true we already see this happening now, with the US and China, etc..
All of those point occurs because lack of knowledge from people who have not studied cryptocurrency, just judge it by the cover.
But, one thing for sure, most countries across the world does not have detailed policies of regulating bitcoins usage and bitcoin still in the beginning of development and soon or later Government will regulate bitcoin or let citizens use it.
But, one thing for sure, most countries across the world does not have detailed policies of regulating bitcoins usage and bitcoin still in the beginning of development and soon or later Government will regulate bitcoin or let citizens use it.
Despite its seeming inevitability, crypto remains mysterious to the average person. To many, the word “blockchain” is still gibberish. Lack of knowledge leads to misconceptions about the technology and lingering doubts about its value.
During a recent discussion with Eric Lamison-White, Co-Founder of Pareto Network, we covered common misconceptions surrounding cryptocurrency. Pareto Network is a company that uses digital currency payments to incentivize objective financial information within its network.
4. I CAN’T SELL MY ASSETS BECAUSE THERE AREN’T ENOUGH PEOPLE BUYING CRYPTOCURRENCY
“Bitcoin and cryptocurrency markets have a lot of liquidity, with surges in activity every day,” Lamison-White explains. “And while the market has its share of ups and downs, instantly buying or selling Bitcoin at the quoted price is actually a very straightforward procedure.”
Typically, a digital asset exchange is involved with the exchange of cryptocurrency. One exchange that’s been handling a large volume of transactions for several years now is Gemini. It promotes transparency by scheduling public auctions at certain times during the day where users can buy and sell millions of dollars worth of crypto.
Gemini and other exchanges function like juiced-up stock markets. Not only can they function 24 hours a day, 7 days a week, but they cater to users all over the world. These aren’t cloak and dagger operations – all you need is a desire to buy and sell cryptocurrency.
3. BITCOIN IS TOO PRONE TO THEFT TO BE A VIABLE MEDIUM OF EXCHANGE
As a former investigator of payment fraud for the Federal Deposit Insurance Corporation (FDIC), Lamison-White knows a thing or two about security.
“It’s inaccurate to assume Bitcoin is any less secure than other payment methods,” he says. “There are $500,000 thefts happening every single day in fiat currencies. Fraud in traditional payment networks amounts to hundreds of millions per year. And companies like Square Inc list massive, crippling fraudulent transactions in their annual reports.”
Because crypto is a still an exotic newcomer to the scene, it suffers from overexposure. Bitcoin thefts are international news every time they occur, while the opposite is true of traditional payment methods. There are best practices for crypto just as there are for checks, banks, debit cards and wire transfers.
2. BITCOIN LACKS STRONG REGULATION
“Name another asset class so heavily regulated!” Lamison-White laughs.
The IRS and FinCEN within the Treasury Department, the Commodities Futures Trading Commission, in some cases the SEC, and numerous state institutions all regulate Bitcoin, and lest you worry that this is too much governmental oversight, Lamison-White assures, “The regulations have little effect on either the consumer or trading experience.”
1. CRYPTOCURRENCY AND BITCOIN REQUIRE ELECTRICITY AND THE INTERNET. GOLD AND CASH DON’T
Even if the forecast calls for light snowfall and a 30 percent chance of apocalypse, Bitcoin will remain a viable means of exchange. Many people use Bitcoin without the internet already. Storing crypto, completing transactions, checking their balances – all of these activities are possible offline.
Says Lamison-White, “Understand that Bitcoin, the blockchain network, even the internet – these are all just concepts, and concepts are very hard to eliminate. Two or more computers are all that’s needed to create the internet and by extension a blockchain network like Bitcoin.”
“Besides,” he goes on to say, “it’s very hard to imagine there being a permanent loss of the internet and power. Even if people lose individual access to the internet, it could still exist in centralized areas, in the same way that libraries provide internet access to the local community here in the US.” Instead of trading bottle caps or seashells, humanity would be far better served by a transparent managed money supply, such as Bitcoin.
The day is fast approaching when paying with Bitcoin will be as familiar as popping a quarter into the parking meter. ICOs have created millionaires in less than three years. It’s time for even the most resistant among us to educate themselves.
https://themerkle.com/4-key-misconceptions-about-cryptocurrency/
During a recent discussion with Eric Lamison-White, Co-Founder of Pareto Network, we covered common misconceptions surrounding cryptocurrency. Pareto Network is a company that uses digital currency payments to incentivize objective financial information within its network.
4. I CAN’T SELL MY ASSETS BECAUSE THERE AREN’T ENOUGH PEOPLE BUYING CRYPTOCURRENCY
“Bitcoin and cryptocurrency markets have a lot of liquidity, with surges in activity every day,” Lamison-White explains. “And while the market has its share of ups and downs, instantly buying or selling Bitcoin at the quoted price is actually a very straightforward procedure.”
Typically, a digital asset exchange is involved with the exchange of cryptocurrency. One exchange that’s been handling a large volume of transactions for several years now is Gemini. It promotes transparency by scheduling public auctions at certain times during the day where users can buy and sell millions of dollars worth of crypto.
Gemini and other exchanges function like juiced-up stock markets. Not only can they function 24 hours a day, 7 days a week, but they cater to users all over the world. These aren’t cloak and dagger operations – all you need is a desire to buy and sell cryptocurrency.
3. BITCOIN IS TOO PRONE TO THEFT TO BE A VIABLE MEDIUM OF EXCHANGE
As a former investigator of payment fraud for the Federal Deposit Insurance Corporation (FDIC), Lamison-White knows a thing or two about security.
“It’s inaccurate to assume Bitcoin is any less secure than other payment methods,” he says. “There are $500,000 thefts happening every single day in fiat currencies. Fraud in traditional payment networks amounts to hundreds of millions per year. And companies like Square Inc list massive, crippling fraudulent transactions in their annual reports.”
Because crypto is a still an exotic newcomer to the scene, it suffers from overexposure. Bitcoin thefts are international news every time they occur, while the opposite is true of traditional payment methods. There are best practices for crypto just as there are for checks, banks, debit cards and wire transfers.
2. BITCOIN LACKS STRONG REGULATION
“Name another asset class so heavily regulated!” Lamison-White laughs.
The IRS and FinCEN within the Treasury Department, the Commodities Futures Trading Commission, in some cases the SEC, and numerous state institutions all regulate Bitcoin, and lest you worry that this is too much governmental oversight, Lamison-White assures, “The regulations have little effect on either the consumer or trading experience.”
1. CRYPTOCURRENCY AND BITCOIN REQUIRE ELECTRICITY AND THE INTERNET. GOLD AND CASH DON’T
Even if the forecast calls for light snowfall and a 30 percent chance of apocalypse, Bitcoin will remain a viable means of exchange. Many people use Bitcoin without the internet already. Storing crypto, completing transactions, checking their balances – all of these activities are possible offline.
Says Lamison-White, “Understand that Bitcoin, the blockchain network, even the internet – these are all just concepts, and concepts are very hard to eliminate. Two or more computers are all that’s needed to create the internet and by extension a blockchain network like Bitcoin.”
“Besides,” he goes on to say, “it’s very hard to imagine there being a permanent loss of the internet and power. Even if people lose individual access to the internet, it could still exist in centralized areas, in the same way that libraries provide internet access to the local community here in the US.” Instead of trading bottle caps or seashells, humanity would be far better served by a transparent managed money supply, such as Bitcoin.
The day is fast approaching when paying with Bitcoin will be as familiar as popping a quarter into the parking meter. ICOs have created millionaires in less than three years. It’s time for even the most resistant among us to educate themselves.
https://themerkle.com/4-key-misconceptions-about-cryptocurrency/
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