Cryptocurrency Myths

For several years now, disputes around cryptocurrency keep up. Some people build successful businesses with the help of crypto, while others are sceptical. We decided to help you get a better introduction to digital currency and dispel the most sensational myths about the matter:

Myth #1: Only scammers use cryptocurrency

Most technological innovations, for example, wire transfers and the Internet per se, were the first to be explored by people who wanted to increase their income quickly and not necessary legally. We will not be shy to acknowledge that in the beginning it was like this with cryptocurrency as well. But thanks to AML and KYC measures, only an estimated 1% of transactions are now connected with criminal activity. In addition, at the moment, large companies, such as Microsoft, and even some governments are actively using cryptocurrency, which positively affects the reputation of digital money.

Myth #2: Cryptocurrency cannot completely replace traditional money

From year to year, the digital currency evolves, eliminating past errors, flaws and imperfection. Transactions become faster and fairly large flows can already be processed in seconds. In addition, unlike fiat money, peer-to-peer negotiations are available when using cryptocurrency, which means an operation without intermediaries. You make the transfer directly, most often without commissions or with a minimum fee. Do not forget about the deflation mechanism underlying the digital money. Due to this, the price of cryptocurrency will grow in the long run, which cannot be said about traditional money. They can go down in value, especially in an unstable global economic situation.

Myth #3: Cryptocurrency is not safe

Like any new technology, cryptocurrencies have their own risks. But one of the main advantages of digital money is that it is impossible to fake it. Since the issue of new coins occurs according to a schedule predefined by the protocol, absolutely no one can ‘break the printing machine’.

In addition, cryptocurrencies are created using blockchain technology. This is a rather complicated technical process, but the result is a digital register of cryptocurrency transactions, which is difficult for hackers to crack. Funds are stored in special wallets, which have their own distinctive security measures. For example, the keys to Cryptocean wallets may be stored locally and don’t necessarily by transmitted to the service, and in the case of a centralized storage, two-factor authentication is used, i.e. confirmation of the transfer using an SMS message or mobile application.

Myth #4: Cryptocurrency is expensive and hard to buy

This is a pretty common misconception. Take the popular Bitcoin as an example: it is not necessary to buy the whole unit, you can purchase only tenths, hundredths or thousandths. Where to do it? It is not so difficult to enter the cryptocurrency market and you can buy digital currency through many payment systems — Yandex.Money, Qiwi, Bitchange.Online, etc. In addition, the number of cryptocurrency exchanges has recently increased. All these improvements give you options to purchase digital currency at a favorable rate and almost with no margins.

The financial world is changing rapidly, and modern technology presents us with new opportunities to store and increase our income. We suggest you not to believe the rumors and, together with the Cryptocean team, take advantage of the cryptocurrency and blockchain for a comfortable future.