Deepfakes are an effective method of media manipulation because of their realism and also because truth is not a priority when people are consuming and sharing content online. Consumers are more focused on creating their own reality that aligns with their desires, opinions, and values. We explain how deepfakes differ from other sources of information. Their realism and vividness makes them unusually effective at depicting alternative facts, including fake news. Deepfakes are difficult to detect and will be even harder to detect in the future. However, people share deepfakes not necessarily because they believe them but because they want to reinforce their own identity and social position. The threat posed by deepfakes is that they can radicalize people by sowing chaos and confusion. They rarely change minds. We review the consequences of deepfakes in both the social sphere and private lives. We suggest potential solutions to reduce their negative consequences.