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Three Long Prevailing Myths About Cryptocurrency

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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.

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Bacta to host Social Responsibility Exchange in November

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Bacta to host Social Responsibility Exchange in November
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Bacta will host its annual Social Responsibility Exchange at the County Hall in London on Thursday 22nd November, the trade body announced today. The event will provide members with an opportunity to share best practice tactics and strategies around Social Responsibility.

The event will be introduced by Elizabeth Speech, chair of bacta’s Social Responsibility Committee. YGAM and GamCare will also be speaking at the event alongside Social Responsibility updates from the Gambling Commission.

Bacta Membership, SR and Compliance Manager Russell Edge said: “Our Social Responsibility Exchange will allow members to hear crucial updates on Social Responsibility from the likes of the Gambling Commission, YGAM and GamCare.

“The day-long event will also provide a structured forum for discussion around the tactics and strategies bacta members are employing across the country.

“Ultimately, we hope members leave the event knowing more about Social Responsibility and having exchanged their knowledge where they can.”

 

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Australia

Massive News for the Esports Industry with Potential Inclusion in the Commonwealth Games

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Esports is one of the fastest growing industries in the world and there’s no limit to how big it could become. It’s already breached a valuation of $1 billion, and it’s expected to grow to $13.05 billion by 2025.

One of the greatest indicators that competitive gaming is going mainstream is the fact that it has been recognised by the Commonwealth Games. Indeed, it is expected to be included when the event takes place in Victoria in 2026.

Test Run Has Already Taken Place

A few years ago, the thought of seeing Esports at the Commonwealth Games would have been laughable. Now, it is a realistic prospect. It was recently reported that a dry run of the Commonwealth Esports Championships was held in Birmingham, England, at the 2022 Commonwealth Games to see if this type of competitive action could be included as an official event in 2026. It went well and garnered positive feedback from the people involved.

The Victoria edition of the Commonwealth Games is set to take place in 2026, with 16 sports already confirmed. However, the organisers are hoping to add more to the schedule with Esports being strongly considered. Competitive gaming has proven to be a popular spectator sport, with more people tuning in to watch it every year. By 2026, there could be close to a billion people watching Esports, meaning that it would be a popular inclusion at a major event.

Esports has been referred to as the “new sporting frontier,” and it wouldn’t be surprising to see it gaining even more credibility in the next decade. Even the world’s biggest traditional sports had to start somewhere. Football and cricket are now well-established and loved the world over, and there’s nothing stopping Esports from following a similar trajectory.

How Will This Affect Related Industries?

With the Commonwealth Games set to take place in Australia next time, the country could be in a prime position to capitalise on the inclusion of Esports. Part of the success of competitive gaming up to this point has been thanks to related industries pushing it, along with big name companies striking sponsorship deals. Australian companies, therefore, will most certainly seek to capitalise in 2026.

The betting industry was built around traditional sports, and it is now a behemoth industry around the world. In Australia, online betting is so popular that there are countless sites vying for bettors’ attention. Indeed, there are so many to sift through that people turn to comparison sites that list the best ones based on their offers and ratings. Bettors simply scroll through and then click a link to be taken directly to a site.

Many of these online sportsbooks are already offering eSports betting, and the number of markets available is only set to rise in the future. When the Commonwealth Games rolls around, betting sites could benefit from special offers. They may also start to have a greater focus on Esports, thus drawing more attention to the competitive gaming industry.

Esports at the Commonwealth Games isn’t just huge news for the industry itself, but it’s a great move for related industries. Australian companies are set to benefit in 2026, with the betting industry being in a particularly strong position to take advantage.

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eSports

Nigma Galaxy female CS:GO Champions: New docu-series follows rise to becoming champions

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Nigma Galaxy female CS:GO Champions: New docu-series follows rise to becoming champions
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This Sunday 14th, Nigma Galaxy is set to release the first episode of their new docu-series, Jiggy Biggy Best: A CS:GO Story, which follows their hugely successful female CS:GO team and their journey to becoming champions at two major tournaments this year.

The first instalment of the series will be launching on Nigma Galaxy’s YouTube channel at 1pm CEST on Sunday. You can find more information below, in case the team’s story would be of interest to your editorial plan:

  • Fans will get a behind the scene glimpse into the female Nigma Galaxy CS:GO team preparing for two of the biggest tournaments of their careers – ESL Impact League Season 1 in Dallas to the stand-alone ESL Impact tournament in Valencia
  • The docu-series also offers an exclusive peek into the teams journey to the top – their training regime, team cohesion and a deeper dive into the world of female esports
  • Uncover the dedication and support Nigma Galaxy have placed on the competitive female esports scene, one of the fastest-growing sub-genres in the industry
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