Top 3 Fake News Around Cryptocurrency

The more experienced you’re in a specific topic, the more you get annoyed when the mass-media highlights the incorrect facts to draw attention. You probably know what I’m talking about — fake news.

In this article, I’m about to distinguish & reconsider the following 3 fake news, that are distributed by influential people or well-known media companies quite often. Let’s get started!

Spelling Mistakes

Have you ever misspelled Bitcoin, Ethereum, or another cryptocurrency? I’ve 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 often know nothing of this difference.

Bitkoin & Etherum

You can find this quite regularly — Bitkoin, Bytecoin, Bittcoin, Bitkeun — of course, here is about the wrong spelling of ‘Bitcoin’. Also, it’s common to see Etereum, Etherum, Etherium, or Athereum — here is the same mistake, because correctly it should be called ‘Ethereum’.

Can you think of any other funny spelling mistakes in the crypto area? Let us know in the comments at the end of the article!

Cryptocurrencies Have No Equivalents

Let’s start this section with a rather 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 key aspects. On the one hand, it serves as a store of value, which should retain its value over a long period of time. On the other hand, a traditional currency serves as a unit of exchange, because it simplifies the transportation of larger assets over long distances.

Cryptocurrencies take a very similar approach. Moreover, Bitcoin is way more advanced than a fiat currency as there is an added value in addition to its credibility. The only aspect that should be criticized is that Bitcoin’s credibility doesn’t correspond to the same level of the US dollar’s one yet. Of course, this takes time.

Cryptocurrencies Are Used Only by Criminals

Several years ago, almost every second article was devoted to the criminal use of bitcoins or other cryptocurrencies. Articles about the use of the darknet, blackmail, or ransom demands in connection with cryptocurrencies could be found quite often.

But what about the improper use of cryptos for criminal activity? There are two types of criminal activity that are primarily carried out with bitcoins.

On the one hand, there are shady businesses such as internet pornography, drug trafficking, terrorism, traffic in arms, or fake documents. The Bitcoin network’s anonymity is able to be used to pay the bills for those illegal goods or services.

The second one is the concealment of financial activities, which mainly relate to tax evasion, money laundering, and profits from financial markets. The anonymity of the Bitcoin network may be used here as well.

The main thing is that all of the criminal activities mentioned have been carried out with bitcoins in the past. However, it’s necessary to note that a great number of cases have been resolved, otherwise we wouldn’t be so well informed about this.

Today, the proportion of criminal use of Bitcoin and other cryptocurrencies has almost disappeared in comparison to its legal use. This is one of the main reasons why we hardly see any negative headlines about cryptocurrencies used for illegal activities in the media.

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