Home>Business>Manx Martin Aram Manncoin: Debunking The Most Common Cryptocurrency Myths

Martin Aram Manncoin: Debunking The Most Common Cryptocurrency Myths

Friday 14 May in Business

Manncoin is the first cryptocurrency designed specifically for the Isle of Man, on a mission to bring back what cryptocurrency was originally intended for and, in time, establish itself as the ‘go-to’ method of payment for everyone in our fair Isle.

Despite being around for more than a decade, there is still some confusion and uncertainty around cryptocurrencies. Martin Aram, Founder of Manncoin, wants to change this and help people in the Isle of Man realise the many benefits of using it in day-to-day life.

Cryptocurrency is widely misunderstood and the ambiguity surrounding it has given rise to many misconceptions. To help debunk some of these, Martin, who has been working in the industry for four years, has broken down five of the most common misconceptions to try and shed light on the truth behind them.

MYTH #1: CRYPTOCURRENCIES ARE USED BY CRIMINALS

Frustratingly, people tend to associate cryptocurrencies with criminals and illegal activity and to me, this is one of the most glaring misconceptions.

On occasions where cryptocurrencies have been used for illicit purposes, attention has been drawn to it in the media which has driven this negative perception.

At Manncoin we have a zero-tolerance policy towards using our currency for illicit activity, and this is backed up by the fact that every single Wallet user is identifiable from the outset in order to discourage illegal use. If someone was to use Manncoin for an illegal activity the chain could easily be tracked. We believe that the longevity and success of the industry depends on this good practice.

MYTH #2: CRYPTOCURRENCY COMPANIES ARE ILLEGITIMATE AND UNTRUSTWORTHY

With a number of cryptocurrency ‘Initial Coin Offerings’ (ICO) turning out to be scams in the past, I can understand why this has developed into a common misconception. Fraudulent organisations and individuals raised money through the sale of ‘coins’ on the promise that their cryptocurrency would be a great investment, but nothing ever came to fruition. The largest and most infamous scam of this kind being ‘OneCoin’.

It is instances like this that have given digital currencies a bad name. However, the industry has seen significant improvements in recent years and the vast majority of crypto providers, including Manncoin, are 100% legitimate and trustworthy. Manncoin is not doing an ICO and is instead providing the coin to the Manx Community for free.

MYTH #3: CRYPTOCURRENCY HAS NO REAL VALUE

As there are no material assets associated with cryptocurrencies, it is a common misconception that they don’t hold any real value. Of course, the millions of crypto users across the world who participate in the more than two trillion dollar global market would disagree!

Many people are unaware that almost all currencies issued by governments across the globe also have no material assets behind them. Back in the summer of 2019, Donald Trump famously tweeted that Bitcoin and other cryptocurrencies were ‘based on thin air’. However, he failed to mention that the US Dollar could also be considered the same, since leaving the gold standard back in 1971. Cryptocurrency is based on mathematics and transacted on a no-trust required platform (Blockchain). The value of any cryptocurrency is based on what the market decides.

MYTH #4: CRYPTOCURRENCIES ARE UNREGULATED

While there were no regulations governing cryptocurrencies in the early days, this is no longer the case. Countries around the world have taken proactive steps to attempt to regulate the issue and exchange of cryptocurrencies.

We are pleased to see this and we support a fair level of regulation within the industry. Manncoin, for example, is registered with the Isle of Man Financial Services Authority (IOMFSA), which requires us to follow Anti Money Laundering (AML) and Countering the Finance of Terrorism (CFT) legislation.

MYTH #5 CRYPTOCURRENCIES ARE JUST A FAD

People not in the know might be under the impression that the industry is just a fad and it will eventually die out, but crypto is still very much in its infancy and I can assure you it is not going anywhere! Emerging tech takes years to take hold but its roots are very firmly in place and I am excited for the future of the digital currency industry, which is just going to keep growing.

I appreciate that it may appear confusing to some, but I’d encourage everyone to give cryptocurrency a go and see how easy it is to use. The best way to learn and understand something is to use it for yourself to get a feel for what it is all about.

To help give people who have no experience of cryptocurrency the opportunity to get involved, we have decided to give away five free Manncoin to everyone who downloads the Manncoin App. Find out more at www.manncoin.im/

Developed by Isle of Man Blockchain company ManxTech Limited, Manncoin has a wealth of expertise within business start-ups, finance, e-gaming and IT, and from this experience has come to realise the importance of cryptocurrency in the real world.

The forward-thinking firm has tailored its cryptocurrency specifically for our Island community, and wants to create real financial freedom for the people within it, including a degree of independence from the UK and Bank of England’s monetary policies.

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