RJ Pierce, Tech Times
16 December 2021, 08:12 pm
(Photo : Stock Market Notice: Google’s Loss is Investor’s Gain )
(Photo : Getty Images )
(Photo : Aiden Pleterski)
(Photo : Photo Illustration by Dan Kitwood/Getty Images) In this photo illustration a visual representation of the digital currency Bitcoin sinks into water on August 15, 2018 in London, England. Most digital currencies including Bitcoin, (BTC) Ethereum, (ETH) Ripple (XRP) and Stella (XLM) have seen a dramatic fall in their prices throughout 2018 amid a ‘mass sell-off’. In December 2017 the price of BTC hit $20,000 USD but has since fallen to around $6000 USD.
Cryptocurrency misconceptions are floating all around the internet, and even more so at this age when digital currencies are the talk of the town. But which ones are real and which ones are just that-misconceptions?
In this article, you will read about some of the most common ones, and why you shouldn’t believe them.
(Photo : Photo Illustration by Dan Kitwood/Getty Images)
In this photo illustration a visual representation of the digital currency Bitcoin sinks into water on August 15, 2018 in London, England. Most digital currencies including Bitcoin, (BTC) Ethereum, (ETH) Ripple (XRP) and Stella (XLM) have seen a dramatic fall in their prices throughout 2018 amid a ‘mass sell-off’. In December 2017 the price of BTC hit $20,000 USD but has since fallen to around $6000 USD.
Crypto Can Be Used To Pay For Things Like Real Money
Let’s start with something that could be a bit controversial. Despite the massive value of digital currencies in general, you still have to understand that they are, technically, still not considered real money.
According to the Brookings Institution, a nonprofit organization based in Washington DC, conducting transactions with crypto is still far more expensive and slower than if you do it with real world money.
For example, you’ll need to wait 10 minutes to have a Bitcoin transaction validated. You’ll also have to pay for the validation process itself. The same thing goes with Ethereum, which while slightly faster than Bitcoin in terms of validating transactions, will also set you back a lot with fees.
If you want to live off of cryptocurrencies for good, you technically can’t. The only way you can actually make use of them like real money is if you liquidate them-i.e. sell them for real money, just like what you’d do with stocks.
(Photo : Stock Market Notice: Google’s Loss is Investor’s Gain )
That said, there are still some online establishments that do accept digital currencies as legal payment options. Some countries, even, are doing it (El Salvador is a perfect example). But these are few and far between.
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Source: https://www.techtimes.com/articles/269478/20211216/cryptocurrency-misconceptions-debunked.htm
