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Ripple Debunks Five Crypto Myths, Here's Astonishing Part

Fri, 06/30/2023 - 12:36
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Tomiwabold Olajide
Ripple dispels five crypto fallacies
Ripple Debunks Five Crypto Myths, Here's Astonishing Part
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In an insights report, Ripple clarifies five myths on the path to crypto adoption. The report, titled "5 Crypto Myths No Business Leader Should Believe," bares five erroneous fallacies about crypto and the present reality.

Ripple begins by sharing a throwback to a historical event that happened in May 2010, when two pizzas were purchased for 10,000 Bitcoin. Ripple used this illustration to infer that crypto has come a long way, yet common myths persist.

Now, about a decade later, the emergence and maturation of crypto and blockchain-enabled assets such as non-fungible tokens (NFTs), central bank digital currencies (CBDCs), stablecoins and others are all primed to affect the future of business, finance and society. Hence, the myths should be dispelled.

Five myths and reality

The first myth Ripple stated was the erroneous belief that "Crypto Is a Fad." It went on to correct this illusion by stating that, with all the industry noise and recent market turbulence, it is easy to dismiss crypto as temporary.

The reality is that crypto and blockchain solutions have real utility as everyday technologies across a wide range of industries, B2B solutions and applications.

This March, active blockchain addresses reached an all-time high of 15 million — doubling in two years — as developers, gamers and others leveraged blockchain's extensive capabilities.

The second myth is: crypto is risky and volatile. Ripple explained that while cryptocurrencies are subject to market volatility, not all crypto-enabled solutions or digital assets are created equal. Stablecoins, for example, are pegged to a major currency such as the U.S. dollar, meaning they typically have little-to-no volatility beyond the volatility of the currency to which they are pegged.

Ripple dispelled the third myth that crypto is not sustainable by saying it has become clear that crypto can contribute to greater sustainability gains, citing XRPL, which is green by design and is recognized as the first major carbon-neutral blockchain.

The fourth myth Ripple took out was the idea that crypto solutions are complex and difficult to implement. It highlights progress made in this regard and its education efforts, such as the University Blockchain Research Initiative (UBRI).

Interesting part

The fifth myth Ripple tackled was that crypto lacks global regulatory clarity. This caught the attention of XRP and Ripple enthusiast Wrath of Kahneman, who commented: "Wild to see lack of regulatory clarity called a myth."

According to Ripple, the rapidly expanding use of crypto solutions by governments, individuals and businesses worldwide has helped drive a parallel increase in regulation. It foresees that the overall regulatory environment will likely come into even greater focus as clear, progressive legislation proves effective.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.