Crypto Myths You May Believe Because of Movies & TV Shows

Golem

Golem

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Jun 18, 2018
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From "Family Guy" to "The Big Bang Theory"

Do you think you understand crypto currency well? It is possible that you are very wrong! Many people still believe that digital money can easily replace the existing financial institutions, and we will no longer have to complain about poor bank service. Others, which are hoping to strike it rich by crypto trading, try to earn from coins, lose money and then explain their failure by being a victim of scammers — in fact, they simply don't understand the subject well enough.

Where do these naive judgments come from? — Just turn on the TV. In general, the crypto currency gradually penetrates into popular culture and that is a good indication of socioeconomic progress. However, whenever a TV show tells a nonsense, this progress is tarnished. On the other hand, where does average person should inquire about crypto, if, as it suddenly turned out, even Facebook can not be considered a reliable source of information. People trust their favorite broadcasters, so when they talk some nonsense viewership believes them. Here are some examples of the common crypto misconceptions that pop culture is propagating.

Myth #1: Bitcoin is a get-rich-quick financial solution

In fact: Bitcoin, like other crypto currencies, is a very volatile asset. No one will give you a guarantee of investment return. And if you enter the market without studying the theory, you can immediately say goodbye to the money. Don’t be like Peter Griffin from American animated sitcom "Family Guy," which offered to solve all financial problems of the family with the help of bitcoin. The characters of this cartoon have little understanding of how to save money, and investing in crypto will not improve the situation.

Myth #2: The loss of digital files means the loss of digital money

In fact: The advantage of a cryptocurrency is that it exists on a blockchain. This means that when you buy, your transaction is recorded in a distributed registry, placed in a computer network that keeps track of each coin’s ownership. So if you buy bitcoin via a laptop and lose your laptop, you'll lose your money — you can easily access your money from another device. Perhaps you saw the Big Bang Theory episode, which is entirely devoted to finding a laptop that Sheldon and his friends purchased seven years earlier and where they allegedly stored bitcoins. As a result, they find out that the coins were loaded onto a long-lost USB, so the bitcoins are lost as well. Of course, Sheldon is smart guy, but he is under a misapprehension in this case — the blockchain saved Sheldon's money, and will save yours.

Myth #3: Bitcoin is as easy to send, spend and receive as fiat money is

In fact: Many believe that bitcoin is primarily a means of preserving value. Yes, it was originally created as a currency, but today users recognize that it is more like gold, albeit digital. (This, incidentally, refers only to bitcoin and does not say anything about the potential of cryptocurrencies in general.) Bitcoin is unlikely to ever be used for household calculations -- this is due to the slow transaction processing and the overall complexity of the system. So, when in the series "Parks and Recreation" a web developer asks Leslie Knope to transfer him "several bitcoins through PayPal," her surprise is clear — quite apart from the fact that PayPal doesn't work with bitcoin, crypto transactions are not instant … for now . They are very safe, but rather slow.

Myth #4: Your crypto wallet can be easily hacked

In fact: The fundamental basis of crypto currency is the security provided by high-tech security protocols. Money is stored in an eWallet, protected by a private key, which in turn is protected by several passwords. To gain access to your coins, a hacker will need to overcome all these obstacles. But you will be sure of the opposite if you see a 'Billions' episode, where Axe hands over to his trading partner a device with a million dollars in crypto. Not only the device can not contain crypto currency, but only the keys to it, the trader does not have everything that is needed to gain access to the funds.
So the truth is that the blockchain and cryptos are incredibly complex, and even specialists can not easily find their bearings in this landscape, as it changes every day. One thing is certain: cryptocurrencies has come to your life for a long time, and they really allow us to move funds across borders and give the opportunity to use financial services to those who have not yet been able to afford it. This is quite enough to become interested in cryptocurrencies and understand how they work — at least superficially, but not on the TV Shows’ material.
 
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Carly Swinson

Carly Swinson

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Thanks for he heads up Golem. The facts you have discussed here are genuine and anyone should know them before jumping into crypto business.
 

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