Why Bitcoin is a Scam (Why Bitcoin is Not a Scam)
Why Bitcoin is a scam. Why is Bitcoin a scam? Why is Bitcoin a \”scam\”? It is ju
Why Bitcoin is a scam. Why is Bitcoin a scam? Why is Bitcoin a “scam”? It is just like any other Ponzi scheme. People always treat Bitcoin as an investment or a store of value, rather than a currency. However, most people do not like assets like gold or real estate as a medium of exchange. In some cases, they can even use it to fund their lives and make it more profitable. However, if not careful, you may find that even these assets with high volatility can lead to a significant decline in prices. Therefore, if you use your Bitcoin for speculation instead of paying for goods and services, it will be very bad.
Why Bitcoin is Not a Scam
Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com), authorized by Odaily Planet Daily for reprint.
Bitcoin is the largest currency in the world and has always been in the spotlight. But as a novel asset, how is it different from other cryptocurrencies? First, it was created on the internet and has the function of storing value. Secondly, it has unique price volatility and fast transaction speed. Finally, it is “apolitical,” and people can use it to buy goods and services and exchange anything. So why is this new digital asset considered a scam?
1. It’s just a concept. Isn’t Bitcoin itself a fraud? In fact, we have seen many discussions about this issue for a long time, and some even consider it a scam or fraud. However, these discussions do not represent completely wrong statements but refer to certain things people behind Bitcoin have done. If they consider Bitcoin a scam, they would consider themselves a Ponzi scheme.
2. What is Bitcoin? Bitcoin is a computer program created by a group of mysterious developers. It has been running since 2013 and is now in the testing phase, so many people have started to study this field and try various methods to gain some experience—this is a very successful technology. However, for those who believe it could be the next big thing in the next ten years, it is more than just an idea. The emergence of Bitcoin is not an effort to please those who have not experienced the same situation or suffered losses but to enable them to benefit from it.
3. What is the currency supply on the Bitcoin network? Currently, there are over a million accounts of Bitcoin holders, with only 5% owning Bitcoin. Although they were scarce when first introduced in 2017, they have increased by more than half since reaching an all-time high at the end of 2020. According to data from CoinMarketCap, there are currently 95,000 miners producing over 100 million BTC daily. When users sell Bitcoin through exchanges, a total of about $1.3 billion in fees is generated, with each block saving only 2%-4% of the service fee. Nevertheless, some mining companies are still willing to bear operating costs to maintain network security, and several companies are considering providing Bitcoin services, such as Chainalysis, which recently announced plans to launch Bitcoin mining equipment later this year. 4. Does Bitcoin have a bubble? Bitcoin is indeed an emerging and innovative product, so it has attracted the attention of some investment institutions. However, it does not solve one of the major problems, as it is based on a network structure of open-source software rather than a technology system controlled by a single entity. On the contrary, due to its decentralized nature, the price of Bitcoin often tends to be much lower than the actual market. In fact, the idea of “assuming that a certain type of company issues its own stocks” is common, but it is not the case. In other words,
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