Is Bitcoin a Scam or the Real Thing?

It’s understandable that some people, those who don’t know a lot about it mainly, would worry that Bitcoin is a scam. After all, there are plenty of those on the internet, and sometimes it can be difficult to distinguish a scam from the real deal – especially when it is to do with money. There is also the fact that Bitcoin may seem a little too good to be true, which is likely to be a bit worrying for some people too, but if you educate yourself on the strongest Cryptocurrency, and are open to the concept of change, then you will learn that it is, in fact, the real deal.

 

Of course, that isn’t to say that there aren’t ways of people scamming other people using Bitcoin. Wherever there are people and money, there will probably be scams, as sad as that is, and just like with your normal banking and cash, you do have to be wary of what you do with it, and what information you give out. Thankfully, Bitcoin is far more secure as you are given a public and private key which is protected by a password that only you know.

 

However, Bitcoin itself is not a scam. It is a cryptocurrency that is decentralized, giving no one more advantage over anyone else, transparent in the level of trust and open source which allows anyone to be involved and read into it. The way that Bitcoin enables peer-to-peer transactions eliminates the need for a bank or middle man which may make some people a little wary, however, this is actually a good thing as it keeps transactions simple and organic, with fewer fees.

 

Other people, may be thinking of buying, or mining a large amount of Bitcoins in order to sell them in the future for a large profit. Of course, this relies on the assumption that the value of Bitcoin will definitely increase over the next few years and there is always a small chance that this will not be the case and they may not end up profiting (and perhaps may even have a loss), but this is not a scam, simply a risk in investment and it may work out well, but of course, it could all go a bit wrong too.

 

So, as a technology and currency, Bitcoin is not a scam, but as with all things in the world, and particularly on the Internet, it is vulnerable to people using it as a way to scam others.