I'm not happy to find out that I was handed a myth as fact and believed it. But I guess it was bound to happen one of these days. And I liked the myth because I liked beets.
So here is the link that will answer just about every question that you may have about Red Velvet Cake and whatever other name it might have and still goes by depending on a few factors.
It's a long read, at least for me, and at the end you have a recipe. :)