Top Crypto Myths You Should Forget Today
The number of crypto traders almost doubled in the year 2018, and the fast-approaching year 2019 is going to increase those numbers. It has been a long and bumpy road for the blockchain technology to develop and to show its potential. We are entering a new era which is promising already, and blockchain is an essential part of our future.
It is crucial to understand the insights of this new technology which is going to be implemented in almost each part of our daily life. We want to share with you the central myths behind the blockchain technology.
Top 5 Crypto Myths by IronX.
· Bitcoin is Blockchain Technology and Vice Versa.
The first thing you need to know is that the blockchain built for Bitcoin was initially exclusive, and only later adapted to other areas. So, Bitcoin was only its debut, and a tremendous step in spreading this technology into the mass. The blockchain is a distributed ledger that enables peer-to-peer consensus on the recording of transactions. It is open-source, public and anonymous.
· Blockchain’s Role is Limited to Cryptocurrencies.
Here we can return to the first myth because both technologies can work brilliantly on their own. Blockchain could now be used as a token-free shared ledger, which benefitted many industrial applications. Today we see its implementation in numerous spheres: real-estate, insurance, medical and even banking.
· Cryptocurrency Markets are Non-Regulated.
In the very beginning, this myth was the main factor considered by contributors due to the high volatility of Crypto Market. Circumstances are different now. Major countries have taken steps to regulate this asset class. Even banning crypto trading, as China has, is a regulatory decision. The US SEC investigative report of 2017 clearly outlines that the offer and sale of digital assets by companies are subject to Federal Securities laws. Even the IRS views them as properties, on which capital gains taxes are applicable.
· Cryptocurrency and Blockchain Uphold User Anonymity.
In fact, if users appear under pseudonyms, their identities are still revealed during purchases. Meanwhile, government bodies are trying to form the required relationships with credible exchanges to trace the owners of wallets.
· Tokens and Coins Have Same Uses.
Coins like Bitcoin act as simple storage of value. Tokens have complex functionalities. Utility tokens, which are put up in ICOs, serve purposes like providing access rights to a network, or a way to claim dividends from a company in the future. Tokens can also capture commodities or loyalty points.
IronX Exchange will stand out among others by providing a fully regulated platform which already passed the Security Audit by Hacken. The upcoming IronX Exchange is an excellent option for trading cryptocurrencies. It is a joint venture between IronFX Group, an award-winning global online trading platform, and EmurgoHK Group, the creators of Cardano.
The primary currency of the future exchange is the IRX token. IRX is an ERC-20 utility token backing the usage of the exchange. IRX Smart Contracts are security audited by the leaders in blockchain security Hosho and Hacken. The public sale of the token started on November 1, 2018, and will be available for a limited time.
The IronX Exchange is regulated by the Estonian Financial Intelligence Unit and will provide a full range of traditional fiat and crypto wallet funding options. The exchange is currently working on achieving both Gibraltar and Malta licenses as well.
