Myths about blockchain and digital assets run the gamut, but there are several that tend to be the most widely perpetuated and believed. My colleagues Steve McNew, Vereel Gosalia, and Antonio Rega debunk the top five misconceptions:
- Myth 1: Cryptocurrency is the currency of criminals.
- Myth 2: Blockchain, cryptocurrency and digital assets are the same thing.
- Myth 3: Cryptocurrency transactions cannot be traced, investigated or recovered.
- Myth 4: Transactions using digital assets and digital wallets are less secure than traditional financial services.
- Myth 5: Digital assets cannot integrate with traditional financial ecosystems.
In a recent survey of decision makers at fintechs and financial services organizations, 95% said blockchain and/or cryptocurrencies will be a high or significant priority for their business in the coming year. This finding is just one of many signals that indicate massive and ongoing growth in adoption and investment among blockchain, cryptocurrencies and other digital assets. As interest in the space continues to expand from early adopters to the mainstream, there will be an increased need for education across these markets. For organizations to make strategic decisions about how their business will invest in or engage with blockchain and digital assets, they'll need to clarify common misconceptions.
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