As a blockchain expert, I often clear up myths about cryptocurrencies. At one seminar, I debunked the idea that cryptocurrencies are always illegal and only used for crime, referencing the 2013 Silk Road Raid. I explained that while some countries like Bolivia, Russia, and Algeria ban cryptocurrencies, many others, like those in the EU, the USA, and parts of India, allow them. For example, India permits crypto transactions even though they aren't legal tender. India's former Finance Minister, Arun Jaitley, recognized blockchain's potential for enhancing digital security in the 2018-19 budget. Although cryptocurrencies have been used for illegal activities, so have traditional currencies. In India, measures like mandatory KYC (Know Your Customer) help prevent misuse. Plus, companies like Microsoft, Fiverr, Dell, and Expedia accept Bitcoin, showing its legitimate and widespread use. This helped the audience see beyond the myths and understand the real potential and legality of cryptocurrencies.
The biggest myth around crypto is that uninformed people think cryptocurrencies are scams. It is true that there are many scammers and flim-flammers in crypto, due largely to the lack of adequate crypto regulation, but scams are not exclusive to crypto. Crypto has been compared to "the Wild West", a place where lawlessness was rife, but many of the Western pioneers were good people, and there were bad actors in all regions. Lizzy "Theranos" Holmes recently defrauded stock market investors for $9 billion. Enron stock dropped from $90 to $0.30 due to securities fraud. WorldCom stock dropped from $60 to under $1 due to massive fraud, and Bernie Madoff tricked investors out of $50 billion in the stock market. There are rules and regulations in stocks, commodity and property markets, but bad people still do bad things. We do not avoid all of the investment markets because of the bad actors. Instead, we do our own investigations and due diligence or rely on investment management professionals to do the research for us. It would be wise for investors to spend ten minutes doing online research before investing any money. Sites like Dexcheck.ai and Cryllionaire.com offer free tools to help investors find the gold amongst the glop.