Crypto Myth One:
Cryptocurrencies are only used by villains for criminal purposes.
Oftentimes it is stated that cryptocurrencies are only used by criminals to support illicit activities. Browsing through any random selection of mainstream media outlets, with their headline-grabbing stories, it is easy to see how people might get this impression.
But a simple look at the facts will reveal that it is nothing more than a false narrative.
A recent article in Forbes magazine noted that in 2020, the criminal share of all cryptocurrency activity fell to just 0.34% or about $10.0 billion in transaction volume, a figure that continues to decline.
By contrast a UN report in the same year estimates that between 2% and 5% of global GDP annually relates to money laundering and illicit activity.
5% of global GDP represents about $4 trillion USD in value, a number roughly four hundred times larger than the total value of all illicit activity across the entire cryptocurrency spectrum.
The conclusion is clear: Fiat currencies have been and remain the preferred means of exchange in global criminal ventures. But despite this readily verifiable fact, we never hear calls national currencies, such as US Dollar, to be banned.
Most importantly, we can readily see that well over of 98% of all crypto related transactions are driven by legitimate use cases which include: defi, trading and payments. All transparent and all legal.
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