NC Wallet News

View all

Fact Check

Crypto Myths Debunked: Is Bitcoin Just a Fad?

Crypto Myths Debunked: Is Bitcoin Just a Fad?

In the 1980s many people were suffering from the so-called "computerphobia" — the fear of never-seen-before smart computers. Some early-day users even felt like they "could be replaced by a machine [or] become a slave to it". And what is the situation like today? On average, a person spends around 7 hours a day in front of the computer, and this number is growing exponentially…

Nowadays, the cryptocurrency industry is going through a similar phase. In less than a couple of decades, crypto assets went from a discussion topic among a few ambitious engineers to a mainstream innovation tendency — big progress in a relatively short period of time. Naturally, crypto is surrounded by myths and misconceptions that we will debunk for you today! It’s time to clear the air.

Crypto is not secure

The biased media is partly responsible for the public's belief that crypto is unsafe to use. But did you know that the Bitcoin blockchain has never been hacked? In its less than 15 years of existence, Bitcoin – the first-ever cryptocurrency – has established itself as a highly secure network. Moreover, its success has prompted the creation of other digital assets and a plethora of innovative security methods.

Crypto is a passing fad

The number of global crypto users is constantly growing and has currently surpassed 420 million. The wide variety of novel cases for blockchain technology is set to guarantee crypto longevity for a very long time. What’s more, traditional financial institutions, including banks and hedge funds, are also voicing their firm and continuous support for blockchain technology — another proof that crypto is here to stay.

Crypto is bad for the environment

How does cryptocurrency actually impact the environment? Is Bitcoin mining really that bad? The scientists from the Cambridge Bitcoin Electricity Consumption Index (CBECI) claim that the first-ever cryptocurrency’s footprint is insignificant, especially compared to traditional banking and gold mining. In addition to that, lately, we have been seeing more initiatives on how to make Bitcoin greener. For example, an Irish farmer found a way to use excess biodegradable material to generate energy for mining BTC.

Crypto is difficult to use

At first sight, the technical side of blockchain technology could seem rather complicated. Indeed, crypto brings various opportunities, and some of them are better suited for professional investors or developers. However, there are also user-friendly services designed to make your day-to-day crypto experience safe and easy. For example, NC Wallet is a great place for storing crypto and making no-commission payments.

No more crypto anxiety for NC Wallet users. Try for yourself.

NC WALLET

Recently Added

Bitcoin NFTs — What You Need to Know About "Ordinals"
It’s been only six months since Bitcoin NFTs were first launched, but they have already made quite a few headlines. When Ordinals were released in early 2023, they became an immediate trend. A couple of months later, however, they caused one of the biggest overloads in the history of the Bitcoin blockchain, which raised a debate on whether we need Bitcoin NFTs in the first place. So, what makes Ordinals so “un-ordinary”?
Published:
Access MATIC and SHIB on Binance Smart Chain
Exciting news for all Binance Smart Chain fans! By popular demand, we have added two more cryptos — MATIC and SHIB — to the BSC’s supported list. From now on, make commission-free transactions with both assets using our trusted and reliable NC Wallet.
Published:
Check Your Vocab! 11 Popular Crypto Slangs
Let’s check if you are a no-coiner or have an obsessive crypto disorder. If you get confused encountering strange English words and abbreviations during your crypto journey, be sure you are not alone. NC Wallet is here to cast some light on these mysterious (and sometimes amusing) terms.
Published:
Get Notifications from NC Wallet
Be up-to-date with all news and updates in the NC Wallet ecosystem
Notifications Blocked
Your browser blocks notifications from websites. Change your browser settings to subscribe.

Please click Subscribe to receive notifications from NC Wallet