Since the emergence of Bitcoin, cryptocurrency has been nothing short of a hot topic. While some people see it as a digital goldmine, others view it as another passing trend. In reality, cryptocurrency is still in its early stages, and much misinformation is floating around about it. Cryptocurrency investment firm Earnity, co-founded by Domenic Carosa and Dan Schatt, intends to help users be informed on the financial system by allowing them to learn about crypto while buying, selling, and holding digital assets.
Earnity’s Domenic Carosa and Dan Schatt on the Misconceptions About Crypto
Below are three debunked myths about cryptocurrency.
Crypto is Only Used for Illicit Activities
One of the oldest myths about cryptocurrency is used primarily for money laundering and other financial misdeeds. While it is true that individuals and criminal organizations have used digital currency for crime, the same can be said for any other form of money.
Furthermore, the truth is that most cryptocurrency transactions are performed legitimately and legally and that there are agencies that combat the use of cryptocurrencies for unlawful activities.
Crypto is Not Secure
Contrary to some people’s belief, cryptocurrency is one of the most secure ways to transfer money. This is because it runs on blockchain technology and is protected by robust encryption techniques and technology. However, what can be compromised is how cryptocurrency is accessed and stored. While crypto transactions are secure, the platforms or software used to access and store cryptocurrencies can be hacked or tampered with.
Domenic Carosa, Dan Schatt, and the rest of the Earnity team aim to improve people’s confidence in the new financial system by investing considerable resources to create a crypto platform that prioritizes security.
Crypto is Bad for the Environment
There have been concerns that large mining operations for cryptocurrencies are terrible for the environment, as such processes require large amounts of energy and computational power. In actuality, the environmental impact is largely dependent on the source of energy the mining farms are drawing upon. If the operations are powered by sustainable energy, they have a low negative impact on the ecosystem.
