Cryptocurrency has been making headlines for some time now, and many have profited from the industry. However, due to its complexity, there are many myths and stigmas around cryptocurrency. People have been scrutinizing the ecological impact of crypto mining, as well as the potential for facilitation of illegal activity. On top of that, many don’t even believe cryptocurrency has any intrinsic value to begin with. Today, I am debunking these top three myths.
MYTH NO. 1
The most common myth is that cryptocurrency is only used by money launderers and drug dealers. Fact: While it’s true that the first use case was for a dark web market, cryptocurrency has shown its usefulness and potential to solve traditional banking problems across almost every segment. In fact, companies that do blockchain analytics, such as Chainalysis and CipherTrace, have proven that illicit activity in cryptocurrency today is equal to or even less than in traditional banking systems. Companies involved in cryptocurrency are held to the same regulatory standards as other financial institutions, and subject to all Bank Secrecy Act, Anti-Money Laundering (AML), and Know Your Customer (KYC) regulatory procedures. To ensure standards are in place, digital currency companies are independently audited by external companies and regulators, and so are we at CoinMover.
Approximately 2% to 5% of global GDP, or about $800 billion to $2 trillion, is used for illicit and criminal purposes globally according to the United Nations. According to Chainalysis, the top blockchain analytic firm used by the IRS, FBI, and DHS, the criminal usage of crypto is only 0.3% of volume or about $10 billion in 2020. While cash is anonymous, cryptocurrency can be tracked through blockchain analytics. It is becoming tougher for criminals to use cryptocurrency as an avenue for their illicit activities and this will only continue as new laws are implemented to keep everyone safe.
Continue reading: https://www.fastcompany.com/90715195/debunking-cryptocurrency-myths
MYTH NO. 1
The most common myth is that cryptocurrency is only used by money launderers and drug dealers. Fact: While it’s true that the first use case was for a dark web market, cryptocurrency has shown its usefulness and potential to solve traditional banking problems across almost every segment. In fact, companies that do blockchain analytics, such as Chainalysis and CipherTrace, have proven that illicit activity in cryptocurrency today is equal to or even less than in traditional banking systems. Companies involved in cryptocurrency are held to the same regulatory standards as other financial institutions, and subject to all Bank Secrecy Act, Anti-Money Laundering (AML), and Know Your Customer (KYC) regulatory procedures. To ensure standards are in place, digital currency companies are independently audited by external companies and regulators, and so are we at CoinMover.
Approximately 2% to 5% of global GDP, or about $800 billion to $2 trillion, is used for illicit and criminal purposes globally according to the United Nations. According to Chainalysis, the top blockchain analytic firm used by the IRS, FBI, and DHS, the criminal usage of crypto is only 0.3% of volume or about $10 billion in 2020. While cash is anonymous, cryptocurrency can be tracked through blockchain analytics. It is becoming tougher for criminals to use cryptocurrency as an avenue for their illicit activities and this will only continue as new laws are implemented to keep everyone safe.
Continue reading: https://www.fastcompany.com/90715195/debunking-cryptocurrency-myths
