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The world of cryptocurrencies and blockchain has exploded in recent years. However, a lack of understanding surrounding this technology has led to a number of false beliefs and misconceptions, causing many people to approach digital assets with unwarranted suspicion and uncertainty. To combat this, Binance has made it part of its mission to provide accessible Web3 education to everyone and work to enhance crypto comprehension.
Through these efforts, Binance aims to debunk common misconceptions and promote greater crypto literacy. Their goal is to clear up confusion and help improve the general public’s understanding of crypto. It’s crucial to have a thorough understanding of the basics and think critically, as this will help people better comprehend and, ultimately, use cryptocurrency. Time to bust some crypto myths!
Myth: Crypto Is Only Used By Criminals
The use of crypto for illegal activities has been a topic of concern since the early days of this new form of digital currency. The public’s perception of cryptocurrencies as being inherently linked to criminal activities (such as money laundering, drug trafficking, and cybercrime) can largely be traced back to the early media coverage around cryptocurrency — specifically the infamous Silk Road marketplace.
Silk Road was an online black market that operated on the dark web from 2011 to 2013, offering a platform for the anonymous buying and selling of illegal goods and services using Bitcoin. The marketplace was notorious for its involvement in drug trafficking, and the association between crypto and Silk Road’s illicit activities contributed to the negative reputation of cryptocurrencies in the mainstream media.
The perceived anonymity and decentralization of crypto have given rise to concerns that they facilitate criminal activity. Many media outlets often choose to focus on high-profile cases of crypto-related crimes, furthering the idea that digital assets are mostly used by those seeking to engage in illegal activities while avoiding detection.
Reality: Data Shows That Crypto Is Mainly Used by Ordinary People
The reality is that crypto is primarily used by ordinary people and exists as a legitimate tool for a variety of everyday transactions. Binance alone has more than 120 million registered users. As with any emerging (or existing) technology, criminals will always use it for nefarious purposes. That said, illicit activity comprised just ~0.15% of crypto transactions…
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