Although the cryptocurrency sector has massively expanded since the publication of the Bitcoin (BTC) whitepaper in 2009, occasional setbacks and deep-rooted myths have turned away many potential investors and prevented the industry’s faster proliferation.
With this in mind, Finbold has assembled several of today’s most common misconceptions about digital assets, along with the facts and details that shed some light on them and reveal why these myths may not be entirely correct.
Myth #1: Crypto is only used for illegal activities
Although the belief that cryptocurrencies are used in illicit activities or even funding criminal organizations isn’t that far from the truth, arguing that this is their sole purpose cannot be further away from it.
In fact, according to Chainalysis’ mid-year crypto crime report published in August 2022, cryptocurrency scam revenue had declined 65% in a year. On top of that, all forms of money, since its origins, have been used in crime in one way or ano
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