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Three Long Prevailing Myths About Cryptocurrency
In the last couple of years, cryptocurrency has seen a sort of a renaissance, as interest in crypto has seen a resurgence. Thanks to the 2020 drop in stock value, many investors, seasoned, and new, began looking at alternative routes of investment, and eventually found themselves to the crypto market.
The number of crypto investors has grown rapidly in recent years, with the current number of investors worldwide numbering in the millions. Not to mention, the number of investors is expected to increase in the future, as it seems that younger people, such as millennials and Gen Z-ers, were far more likely to invest in cryptocurrency, than any other, more traditional investment option, even before the 2020 economic collapse.
But, with a rise in popularity, comes the downside of prevailing myths resurfacing. Bitcoin, and cryptocurrency in general, has had to deal with slander, and negative myth since its inception. Of course, criticism is entirely fair, but unfortunately, most of the criticism directed at cryptocurrency comes from either misunderstanding, or malice. In this article we will take a look at a few myths regarding cryptocurrency, and debunk them.
Cryptocurrency is not Profitable
The first myth, which has prevailed since the initial release of Bitcoin in 2009. The claim is that Bitcoin is not a profitable investment, and that crypto investors are throwing their money away. This idea stems from the fact that, when originally released, Bitcoin’s price was below $1. Perhaps the criticism was fair back in 2009, when cryptocurrency was new, and uncertain. However, the criticism holds no water in 2021, when Bitcoin’s price has risen to a single unit being worth $35.000.
Many everyday people, working nine-to-five jobs have, in the past 12 years, become overnight millionaires thanks to their bitcoin investments. Celebrities like 50 Cent have made millions of dollars off of bitcoin, and even companies like Tesla are beginning to embrace bitcoin, allowing for cryptocurrency purchases, and even making investments. Not to mention the hundreds of users on apps like BitIQ, who have left glowing reviews, vouching for the quality of crypto trading sites.
Of course, the crypto market is volatile, and fluctuating, but the same can be said for any investment market, and even the stock market has had a storied history of fluctuations, and volatility.
Cryptocurrency is Illegal, or used for Illicit Activity
Unlike the above mentioned myth, this one stems from a misunderstanding of what cryptocurrency is. Perhaps the misunderstanding stems from the name itself. “Crypto” does have a rather dangerous sound to it. The name, however, stems from the cryptographic encryption technology that cryptocurrency uses to keep transactions safe, secure, and anonymous.
Related to this, many people also believe that cryptocurrency is primarily used for illicit activity. This is simply not true. Most cryptocurrency transactions are used to purchase random, everyday things, like old video game consoles, computer parts, and now that Starbucks is allowing bitcoin payment, Pumpkin Spice Lattes.
It is true, that at one point, online black markets like Silk Road adopted cryptocurrency as a viable payment method, thanks to the anonymity it provides, however it is important to note a few things. Number one, not everyone on Silk Road used cryptocurrency to make purchases, most users of cryptocurrency do not use their assets for illegal activity, and lastly, most importantly, black markets have existed since far before cryptocurrency, and will most likely continue to exist in the future, whether cryptocurrency is around or not.
Cryptocurrency is a Scam
Another myth which stems from ignorance. While there have been scams involving cryptocurrencies, mainly in the form of fraudulent ICOs, scams like this have existed since far before cryptocurrency. Cryptocurrency is just another way that scammers have to try and grift good people. Crypto investors, however, should be savvy enough to do research and be cautious of anyone promising them deals too good to be true.
Latest News
Scientific Games Campaigns for Seventh Holiday Season to Promote Responsible Gifting of Lottery Games
Company Raises Awareness for NCPG’s Annual Gift Responsibly Message
Scientific Games continues to promote responsible gaming worldwide, joining the National Council on Problem Gambling’s annual Gift Responsibly holiday campaign for the seventh consecutive year. Through this initiative, the world’s largest provider of lottery games underscores the NCPG’s important message that lottery games are not intended for children. Scientific Games joins lotteries in Argentina, Austria, Bulgaria, Canada, Ireland, the United Kingdom and U.S. in the 2024 Gift Responsibly campaign, helping raise awareness about the risks of gifting lottery games to minors during the holidays.
Jim Schultz, Executive Vice President, Global Legal & Public Policy, said, “Scientific Games is committed to educating all stakeholders about what it means to practice Healthy Play. This includes empowering consumers with the knowledge to make informed choices by keeping lottery games out of children’s hands through our ongoing support of NCPG’s Gift Responsibly campaign. Lottery games make great gifts for adults, but not for kids. Through the continued efforts of our VP of Responsible Gaming Carla Schaefer, it’s all part of our goal to help educate.”
Scientific Games champions responsible gaming education year-round through its award-winning Healthy Play program. The program equips lotteries with science-based tools, insights and best practices to inform all stakeholders about the healthy enjoyment of lottery games, including understanding appropriate age guidelines for lottery play.
As the first lottery supplier to support the NCPG’s Gift Responsibly campaign, and one of the first suppliers to attain global certification as a Responsible Gaming Supplier from the World Lottery Association, Scientific Games is at the forefront of the industry’s responsible gaming efforts. Since then, the Healthy Play program has been recognized with multiple Communitas Awards, including the 2023 Award for Excellence in Corporate Social Responsibility, further solidifying the company’s continuing role as a steward of responsible gaming.
Scientific Games is the world’s largest creator, producer and manager of lottery instant games and a leader in lottery technology, sports betting systems, digital lottery games, mobile apps, and player loyalty programs.
Healthy Play™ is a trademark of Scientific Games. ©2023 Scientific Games, LLC. All Rights Reserved.
eSports
Red Bull Media House Announces Global Premiere of Counter-Strike Documentary ‘Memories of CS:GO – The Final Years’
- Emmy Award-winning Red Bull Media House-produced Counter-Strike: Global Offensive (CS:GO) documentary is set to premiere on 4 December
- ‘Memories of CS:GO – The Final Years’ features personal insights from legendary talent, including Casper “cadiaN” Møller, Nicolai “dev1ce” Reedtz, Alexandre “gAuLeS” Borba and more
- Fans can tune in via Red Bull Gaming’s YouTube channel
Red Bull’s deep dive into the glory years of Counter-Strike: Global Offensive (CS:GO) continues with the announcement of ‘Memories of CS:GO – The Final Years’, a brand new documentary set to premiere globally on 4 December 2024.
Produced by Emmy Award-winning Red Bull Media House, the new feature-length film closely follows 2024’s ‘Memories of CS:GO – The Early Years’, which charted the origins of one of the world’s most influential games from its grassroots beginnings to its evolution as a global esports phenomenon. Continuing the saga, ‘Memories of CS:GO – The Final Years’ chronicles an emotional journey from the perspective of its key protagonists, recalling the thrilling rise of Team Liquid as Team Astralis’ reign falls, the impact of the COVID-19 pandemic, all the way to Team Vitality’s victory at the last-ever CS:GO Major.
Hosted by Freya “Freya” Spiers, the brand new 90-minute film features personal accounts from iconic figures including Astralis’ trio of Nicolai “dev1ce” Reedtz, Casper “cadiaN” Møller, Peter “dupreeh” Rasmussen, as well as Team Liquid’s Jonathan “Elige” Jablonowski and Jordan “n0thing” Gilbert. As it explores fierce rivalries, pivotal roster changes that changed the course of CS:GO history, and the perseverance, teamwork and passion that forged the game’s legends, ‘Memories of CS:GO – The Final Years’ also delves into the fierce dedication of the Brazilian community with Alexandre “gAuLeS” Borba and Wilton “zews” Prado, looking back at Brazil’s first-ever Major.
‘Memories of CS:GO – The Final Years’ is a sweeping tale of toil, triumph, and teamwork that offers an insightful look into the remarkable trajectory of CS:GO and the unwavering support and dedication of its community. It’s scheduled to premiere December 4, 2024 via Red Bull Gaming’s YouTube channel.
Event Details:
- What: Premiere of “Memories of CS:GO – The Final Years”
- When: December 4th, 2024
- Where to watch: Red Bull Gaming’s YouTube Channel
The Portuguese head coach signs a two-year deal to guide GIANTX in Europe’s top esports league and aim for the Worlds. Guilhoto embarks on his third tenure with the organization and returns to the LEC after reaching two finals.
Nico Perez and Emi complete the coaching staff
André Guilhoto will be the head coach of GIANTX in the League of Legends EMEA Championship (LEC), Europe’s premier esports league. Guilhoto returns to the organization to replace Christophe ‘Kaas’ van Oudheusden and lead its League of Legends international project. His goal is to qualify the team for the Worlds. He has signed a two-year contract for the 2025 and 2026 seasons.
Guilhoto (Portugal, 1994) returns to both GIANTX and the LEC. Between 2018 and 2020, he coached several teams in the European league, including reaching two finals with Schalke 04 and Origen. He entered the European scene after winning the Spanish league with GIANTX, then known as Giants Gaming.
After his time in the LEC, he coached in North America with Immortals and Team Liquid. In 2023, he returned to Málaga to work with Giants, which later merged with British club Excel to form GIANTX. In 2024, he coached in the Superliga with CASE Esports and Team Heretics, where he won the Spanish championship.
Guilhoto is one of the most experienced head coaches in the scene and a well-known figure within the Spanish-speaking League of Legends community. GIANTX announced his return with a video confirming his new role as head coach.
GIANTX looks to Guilhoto to improve its results in the LEC. The team finished eighth in the winter and spring splits and reached the summer season finals, but missed out on qualifying for the Worlds. The organization aims to achieve this goal with Guilhoto leading the coaching staff.
Joining Guilhoto in Berlin, the home of the LEC, are assistant coach Nico Perez (France, 1998) and strategic coach Emanuel Ursachi ‘Emi’ (Romania, 1995). Nico spent the last year with GIANTX, first as head coach in the Superliga and then as assistant coach in the LEC. Emi, now in his second tenure with the company, will serve as the strategic coach.
The LEC season begins on January 18, 2025. GIANTX will announce the roster under Guilhoto’s leadership in the coming days.
Scientific Games Campaigns for Seventh Holiday Season to Promote Responsible Gifting of Lottery Games
Red Bull Media House Announces Global Premiere of Counter-Strike Documentary ‘Memories of CS:GO – The Final Years’
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