Top 3 Cryptocurrency Fake News

Top 3 Cryptocurrency Fake News

 

The more experienced you are on a specific topic, the more irritated you are when the mass media highlights incorrect facts to get attention. You probably know what I'm talking about — fake news.

In this article, I am about to distinguish and reconsider the following top 3 fake news, which are distributed by influential people or well-known media companies quite often.

Cryptocurrency Fake News: Spelling Mistakes

Have you ever mistyped Bitcoin, Ethereum or another cryptocurrency? I have seen the wrong spelling of different cryptocurrencies several times. Above all, the word 'Bitcoin'.

Bitcoin with a capital letter 'B' describes the Bitcoin network. Bitcoin with a small 'b' describes the unit. The specialized literature follows this simple rule. The mass media are often unaware of this difference.

Fake news: Bitcoin and Etherum

You can find this regularly — Bitkoin, Bytecoin, Bittcoin, Bitkeun — of course, here is the wrong spelling of 'Bitcoin'.

Also, it is common to see Etereum, Etherum, Etherium or Athereum — here is the same error, because correctly it should be called 'Ethereum'.

Cryptocurrencies have no equivalents

Let's start this section with a very simple question. Does the US dollar have an equivalent for you? Let's talk about the functions of a traditional currency!

Among the functions of a traditional currency there are two fundamental aspects.

On the one hand, it serves as a store of value, which must maintain its value over a long period of time.

On the other hand, a traditional currency serves as a unit of exchange as it simplifies the transport of larger assets over long distances.

As criptomoedas take a very similar approach.

Also, Bitcoin is much more advanced than a fiat currency as there is an added value beyond its credibility.

The only aspect that should be criticized is that Bitcoin's credibility still does not correspond to the same level as the US dollar. Of course, this takes time.

Fake news: Cryptocurrencies are only used by criminals

Several years ago, almost every second article was devoted to the criminal use of bitcoins or other cryptocurrencies.

Articles about darknet use, blackmail or ransom demands in connection with cryptocurrencies can be found quite frequently.

But the misuse of cryptos for criminal activities? There are two types of criminal activities that are mainly carried out with bitcoins.

On the one hand, there are shady businesses such as internet pornography, drug trafficking, terrorism, arms trafficking or false documents.

The anonymity of the Bitcoin network can be used to pay the bills for these illegal goods or services.

The second is the concealment of financial activities, which mainly refers to tax evasion, money laundering and profits from financial markets. Bitcoin network anonymity can also be used here.

The main thing is that all the aforementioned criminal activities were carried out with bitcoins in the past. However, it is necessary to note that a large number of cases have been resolved, otherwise we would not be so well informed about it.

Today, the proportion of criminal use of Bitcoin and other cryptocurrencies have almost disappeared compared to their legal use. This is one of the main reasons why we rarely see negative headlines about cryptocurrencies used for illegal activities in the media.

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