The world of cryptocurrencies has generated much expectation among users since the emergence of the first cryptocurrency, with respect to its usefulness, its way of marketing them, in short, everything that can be done in the world of finance with the digital coins. Connoisseurs of the subject think of the need to educate the population on this issue, because its evolution and subsequent acceptance in the market is growing.
This as it is logical to think, also creates many concerns regarding its technology, the blockchain technology of which we have spoken previously, marketing, regulation and operation of these cryptocurrencies, and this to a certain extent, also distances potential investors and users in general. However, even though cryptocurrencies may not be at their best, there are many people who show interest in entering the ecosystem and obtain the benefits that their commercialization is already beginning to generate.
It is believed that in the next 10 or 15 years, there will be more than 200 million people in Latin America alone, marketing with these virtual currencies in the digital economy. Hence the importance of people being educated on the subject of new technologies and becoming agents of change and later avoid being victims of fraud or scams, which are not manipulated or put into bad practices. Faced with this reality, experts point out some truths and myths that this market has generated in recent years and then mention some of them.
They can not be faked
This is totally true, since each digital coin issued operates with its own codes and due to the Blockchain nature that registers all the transactions and in the order in which they occur, that makes it impossible for actors with bad intentions to try to duplicate movements or create other cryptocurrencies independently and that the system does not detect and block immediately.
Its design is only for technology experts
False. Anyone is able to operate these digital assets, since its design is practical and simple to perform all transactions between all users, without the need for them to have specific knowledge in technology or finance. That is, any user is able to exchange their assets comprising only some general notions about its operation.
Any government state is able to veto it
False. Today there are several states that are studying the possibility of issuing their own cryptocurrency, fortunately, there are more who are financially supporting and betting on the development of technology. In the beginning there was a failed attempt to veto Bitcoin, in fact, there are a large number of governments that are changing their strategy and struggle to adapt and benefit from this new paradigm.
Bitcoin is totally Anonymous
False. It is said that it is anonymous and that it is difficult to control what happens with it, but this has been another myth, because every movement that takes place is registered in the chain of blocks where it is. It does not mean that the fact that it is a decentralized process of classical financial systems and commercial banks is not traceable. The cryptocurrency wallet shows relevant data that admit that transactions made with others are readable, the difference is that these data are not public.
They do not have support from the State
True. Like Fiat money, support and trust are associated with its use. The cryptocurrencies are not regulated by the State, since the transactions with them are decentralized processes and distributed by their Blockchain technology, they are backed by the trust of each one of the users, through the adoption as a means of commercialization and mechanism of payment.
Bitcoin is instant
False. It is a mistaken belief that people have been trained to be a digital currency, the truth is that to have cryptocurrencies is a process that implies being verified, especially in mining equipment. However, it is still much faster than traditional banking, when it comes to sending and receiving money.
There is a lot of volatility in the market
True. The quotation of these digital assets is directly related to the behavior of the markets, so they fluctuate very easily whenever there are important events in the ecosystem or there are changes in the technological structure and development, that is, they affect well be positive or negative prices. And this occurs in the initial stage of the market, as more people enter the ecosystem and there is greater injection of money at their prices, these tend to stabilize.
What do you think about this topic? Did you know the reality behind those myths?
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