Discussion in 'Crypto Assets' started by ajacobson, Oct 11, 2021.
What they are calling the top 6 myths
Actually very good, but then markit are a reputable firm not a crypto ponzi supporter.
What are the six myths?
1. Digital transactions are anonymous.
2. Digital assets are not accepted in the “real economy.”
3. Transaction costs are lower on blockchain.
4. Cryptocurrencies can be used to evade taxes.
5. Bitcoin is the only digital currency that matters.
6. Cryptocurrencies are only held by individuals.
"2. Digital assets are not accepted in the “real economy.” ... PayPal and Square have added BTC and other digital currencies to their payment networks"
From the paypal website
"Can I use crypto to pay or send money?
For now, you can't currently use crypto to pay or send money on PayPal. "
"Can I transfer crypto into and out of PayPal?
Currently, you can only hold the crypto that you buy on PayPal in your account. Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal."
There are 412 retailers that accept BTC in the UK listed here. About 0.15% of the total.
People often compare the growth of crypto to other nascent technologies like the web.
BTC was 'founded' in 2009, about 12 years ago. 12 years after the web was 'founded' in 1990 was 2002. I'd bet there were more than 412 retailers with websites in the UK in 2002. Statistics don't go back that far, but in 2006 around 3% of shopping was done online. I'd bet any amount of money that crypto isn't going to be responsible for 3% of UK retail sales in 2025, which would be the equivalent time period.
Coins generate no returns, i.e. can't pay dividends. Coins are very vague promise that in the future they may become big project. Now trading volumes are leading indicator of crypto popularity if it falls then its a red flag.
One day the bitcoin balloon will be punctured. It will be the new big bang (version 2).
@virtusa Bitcoin bubble may not burst this soon. Mainly because digital money is coming and the technology is also presenting solutions to the problems which were stopping it from becoming mainstream.
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