Five Crypto Myths Debunked
Technology is only as good as the people who use it. It’s been 15 years since Bitcoin was first launched, and there’s no question that the world’s first viable digital currency is an absolutely brilliant piece of technology. It also can’t be denied that some very unscrupulous people have used it to take advantage of others. You want to be as clued up with your crypto facts as you are with your crypto myths.
This can happen with any kind of money, though. You need to be careful with all your transactions, no matter which method you use – digital or otherwise. But despite some of the bad press it gets, cryptocurrency still offers the best combination of speed, security, simplicity and low user fees.
To help illustrate this, here are the five most common crypto myths debunked, so you can make a more informed choice about which transaction methods to use when you play at Bodog.
Myth No. 1: Only Bad Guys Use Crypto
Cryptocurrency works because there’s no government or bank acting as a gateway between you and your funds. That makes crypto very attractive to people who want to move large amounts of money without getting caught, but that doesn’t mean the rest of us shouldn’t be allowed to use it.
Just like you never see any good news in the headlines, you never hear about the millions of people who use crypto every day without incident. You might be one of them. This technology has been around for only 20 years or so; once it becomes normalized, this myth will naturally fade away from public consciousness.
Myth No. 2: Crypto Has No Value
There are indeed some forms of cryptocurrency that have no inherent value attached, like the infamous Dogecoin that Elon Musk keeps pumping. But even these “alt-coins” have whatever value the market attaches to them – including some $12.8 billion in market cap for Dogecoin at press time.
You won’t be using Dogecoin to play at Bodog Casino. We only accept those digital coins that have stood the test of time, Bitcoin ($570 billion market cap) being the first and still by far the industry leader. Bitcoin derives its value in part from scarcity, much like gold or other precious metals, but mostly because it’s a better method of storing and exchanging value than other currencies.
Myth No. 3: Crypto Isn’t Safe
This ties in closely with Myth No. 1. Digital coins like Bitcoin use open-source platforms that register every transaction on the public blockchain, so the accounting is both verified and secure. As long as you’re smart with the way you handle business, your funds should be secure as well.
Being smart means not letting other people access your crypto. Keep your private keys private by using a registered crypto exchange rather than a peer-to-peer exchange. If you’re moving large amounts of crypto, store your funds in a hardware wallet, and keep that wallet locked away in a fire-proof safe.
Also, don’t keep your funds lying around at your crypto exchange while you’re not using them. They should still be safe if you’ve chosen a reputable exchange, but there’s no need to leave any money with a third party that’s not paying you interest – transfer those funds to your bank or your wallet instead.
Myth No. 4: Crypto is a Scam
This myth is particularly frustrating. People have used crypto to scam other people, but again, the technology itself isn’t the issue – it’s the people using it. Some will “pump and dump” their coins by promoting their value, inflating their price and selling them to unsuspecting buyers, many of whom are blinded by the promise of making a quick buck with a speculative investment. Don’t be one of the people at either end of this scheme.
There’s also some confusion when it comes to NFTs and the damage people have done with them. Non-Fungible Tokens are recorded on the blockchain to certify their ownership, so they’re like crypto in a way, but you can’t use them as a medium of exchange like Bitcoin. NFTs are a store of value, and like Dogecoin, their value is whatever people say it is. There’s no need whatsoever to deal with NFTs or dodgy alt-coins when you play with crypto at Bodog Casino.
Myth No. 5: Crypto is a Fad
As you’ve no doubt noticed, the price of Bitcoin has gone up and down considerably over the last 15 years. Every time the price hits a low point, things seem to get quiet around the water cooler. There’s less talk about crypto in general, and it’s easy to wonder if people have decided to stop using it.
They haven’t. Despite all those low points (which have come at semi-regular intervals thus far, just like the high points), the price of Bitcoin and other established digital coins has gone up in the long term, and continues to go up as more and more people use crypto to do business.
Of all the digital coins out there, Bitcoin is the one that you can most easily point to as evidence that crypto isn’t just a flash in the pan. Once they started including the price of Bitcoin on the financial tickers at CNN and other news outlets, it was self-evident that crypto was here to stay.
There will no doubt be several more boom-and-bust cycles for Bitcoin and all of these coins as they jostle for market supremacy. When the price is going up and reaching new heights, you’ll hear many of these myths recycled over and over, just like you will when the price is low. Avoid the noise, take the time (just like you are now) to learn more about the realities of crypto, and you’ll be in the best position possible to take advantage of this amazing technology while you play at Bodog Casino.