Cryptocurrencies, which have become popular all over the world, have now become an investment tool for many people. However, as with everything, there are some well-known mistakes in these cryptocurrencies. The world’s largest crypto exchange Binance, which wants to clarify this issue, has clarified some false information circulating in the industry.
The information shared by Binance touches on many important issues, such as cryptocurrencies are not considered real, not considered to have any value. With this information, it is aimed to prevent people from falling into fear, uncertainty and doubt (FUD) and being prejudiced against digital assets.
Value of digital assets
Those new to crypto can often argue that most digital assets, with the exception of stablecoins, are not backed by real “fiat” currency. Binance also states that it is the biggest mistake to consider being unsupported as having no value. In this context, currencies such as the US dollar and the British pound are cited as examples by powerful states. According to Binance, belief in these currencies stems from belief in the existence of states.
The crypto giant emphasizes that the number of people trusting the technology underlying digital currencies is growing rapidly, saying that the value comes from open source code that anyone can view and verify on their own. In this way, it is stated that the element of trust in financial systems can be provided more with blockchain and crypto.
Apart from these, according to Binance, crypto is preferred more and more as a store of value, similar to commodities like gold, as in the example of Bitcoin. It is also underlined that Bitcoin, which is limited to 21 million units, is an asset whose value cannot be reduced by monetary policies. It is also added that crypto has an unlimited number of uses, from digital art to new financial products.
The claim that crypto is not real money
Binance also made statements about the claims that cryptocurrencies are not real money. Saying that “real money” brings to mind the exchange tool and unit of account used in commercial activities, the company emphasizes that there are people who believe that cryptocurrencies are not used in daily transactions. However, contrary to popular belief, these practices have already begun around the world.
Cryptocurrencies have begun to be used as “real money” in many countries. We have seen businesses from different industries identify cryptocurrencies as a means of payment. There were even countries like El Salvador that declared Bitcoin the official currency.
Here is Binance, showing the falsehood of the claims of “not real money” by saying that users can spend their crypto on products, services and applications thanks to the integration of crypto into traditional payment systems in recent years. Finally, the company, which serves its users with the crypto payment technology Binance Pay, adds that crypto is one of the most important financial arguments of the near future.
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