Block chain technology and cryptocurrency are the new booming highlights and possibly the future of money in upcoming years. The technology is rapidly getting popular but often misunderstood because of its early development. There are tons of myths surrounding it because it is still young which gives rise to confusions and unclarified facts. It would rectify itself with time but if the myths still exist, the technology is at risk. So, here are a few popular myths that are affecting the technology. You can read more here.
Scalability in Block Chain:
The myth that block chain is scalable is false because of it is not as compared to other methods. It is scalable to some extent that includes minor payloads but even that goes away if you pile up more information.
Bitcoin and block chain are same:
Bitcoin is a popular form of cryptocurrency that is exchanged between two entities while block chain is a root tech which is used to make P2P transactions. Hence, they are definitely not the same thing. Find out more here.
It is false that information that is available on a block chain is not publically disclosed. It is completely transparent and has not hinges attached to it.
Another false belief is that cryptocurrency transactions are anonymous. It is all in the public ledger and can be traced. Though, it cannot be reversed is the right fact.
Safe and Secure:
Although they are with all the latest tech and security patches, they are not exactly safe as they sound. There are various means of fraudulent acts and scams involved in it.
Block Chain only for Finance:
It is a false belief that it is only used for financial sector and cannot find a place elsewhere. This is proved false since in the current time, cryptocurrency transactions and use of block chain in fields like, healthcare, real estate, education and other renowned fields are being carried out.
The technology being new, would require time to be fully understood. However, it is important for people to clear the air every now and then against confusions.