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.