Blockchain has the potential to significantly disrupt traditional business and even government, but many people don’t yet understand how it works or how it can benefit them and the companies they work for. There are numerous myths about blockchain in circulation, so if you’re not familiar with the technology, it’s important to clear up some of these misconceptions before you move forward. The 10 myths below will help you do that. Each myth includes real-world examples of businesses or industries that could stand to benefit from blockchain.

1) Cryptocurrencies are unregulated

Cryptocurrencies are often thought of as unregulated, but that’s not entirely accurate. In reality, the opposite is true. Cryptocurrencies are actually highly regulated by the networks they run on. Bitcoin, for example, is regulated by the network of computers that run its protocol. Ethereum is regulated by its code and the network of computers that run its code. So while cryptocurrencies may not be regulated by governments, they are subject to strict rules and regulations set forth by their networks.

2) Cryptocurrencies are for criminals

It’s true that blockchain was originally created to support Bitcoin, and that the first use cases were for illegal activities like buying drugs on the Silk Road. But that doesn’t mean that all cryptocurrencies are used for criminal purposes. In fact, most of them aren’t.

3) Bitcoin and other cryptocurrencies have no real value

There are a lot of people who still believe that Bitcoin and other cryptocurrencies have no real value. After all, isn’t it just digital money? What gives it value? Well, if you look at the fact that there is only 21 million bitcoin available in total with about 17 million currently in circulation, the truth is you can’t make more. And because bitcoin and other cryptocurrencies are based on blockchain technology which means they aren’t controlled by any one central authority, these currencies cannot be created out of thin air like regular fiat currency.

4) Cryptocurrencies are too hard to use

While it’s true that some cryptocurrencies are difficult to use, this is not true for all of them. In fact, many cryptocurrencies are designed with ease-of-use in mind. For example, Bitcoin Cash has a simple and straightforward interface that makes it easy for even first-time users to send and receive payments.

5) Blockchain technology is expensive to implement

One of the most common misconceptions about blockchain is that it’s expensive to implement. However, this simply isn’t true. In fact, blockchain can actually help save your business money by streamlining processes and eliminating the need for intermediaries.

6) Blockchains don’t scale well

The first myth on our list is that blockchains don’t scale well. This couldn’t be further from the truth! Blockchains are actually very scalable. For example, the Bitcoin blockchain can handle around seven transactions per second. Compare that to Visa, which can handle around 24,000 transactions per second.

7) Blockchains don’t have any use cases outside of cryptocurrencies

There are a number of interesting use cases for blockchain technology that have nothing to do with cryptocurrencies. For example, blockchain can be used to create tamper-proof records of sensitive data, like medical records or voting results. It can also be used to create supply chain management systems that are more efficient and transparent.

8) The real applications of blockchains will be in centralized systems like banks and governments

• One of the most common misconceptions about blockchain is that it can only be used in decentralized systems. However, the reality is that blockchains can be used in both centralized and decentralized systems.
• Another myth is that blockchain is only suitable for financial applications. While it’s true that blockchain was originally created for Bitcoin, the reality is that blockchain can be used for any type of data or application.
• Another common misconception is that blockchain is anonymous.

9) Smart contracts do not work as intended

There have been several high-profile cases where smart contracts have not worked as intended. In some cases, this is due to errors in the code. In other cases, it is due to the fact that the contract has not been updated to reflect changes in the real world. Either way, it is important to remember that smart contracts are not foolproof and can fail.

10) There are no use cases other than cryptocurrencies

This is one of the most common myths about blockchain. While it’s true that blockchain was originally created to support Bitcoin, the technology has since been adapted for a wide range of other use cases. From supply chain management to healthcare, there are nearly endless possibilities for blockchain applications.