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As families gather for the holiday season, relatives will likely discuss different topics, and finance will probably feature. In this case, with cryptocurrencies integrating into the financial sector, digital assets are likely to be part of the discussion.
Indeed, with the infancy stages of digital assets, some of your relatives might be aligning with myths that have clouded the sector. If in this situation, below are some of the myths and possible ways to demystify them.
Myth #1 Cryptocurrencies are not real
Cryptocurrencies are real, but they exist virtually. In short, they operate like software and can be compared to the internet. At the same time, digital assets have found real-world use cases like being leveraged as a means of payment and can be tracked on the blockchain. Furthermore, cryptocurrencies can be bought and traded on exchanges.
Myth #2 Cryptocurrencies and blockchains are too complicated
It is right to acknowledge that blockchain technology is complicated, but it aims to improve shortcomings in existing systems. The public blockchain database complexity guarantees transparency and access to everyone. Interestingly, as traditional finance systems remain closed for the festive season, blockchain technology is available 24/7.
Myth #3 Bitcoin cannot be equated to money
At the moment, Bitcoin (BTC) and other cryptocurrencies can carry out functions performed by fiat currency. For instance, users can load Bitcoin on debit cards and pay for normal goods…
