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Thursday , 14 December 2017
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Bitcoin Exposed – Why Bitcoin is a potential high-level scam?

Ok, so you have heard about Bitcoin and may already be trying to earn some of these. So, how far did you get? Well, quite unlikely that you made any significant progress, since the Bitcoin thing is nothing but a potentially high-level scam. But, there’s a long Wiki page on Bitcoin, you say, so how could it be a scam? Yeah right, we have heard that before! Wiki also has a page on Stock Market, but people still lose their hard earned money on the stock markets, don’t they? Moreover, what did the Wiki page tell you about Bitcoin? Does it tell clearly how you can earn a Bitcoin? NO! The fact is that after reading the Wiki page on Bitcoin, you will feel more confused than ever, which is exactly what the Bitcoin creators want. Plus, it’s not limited to Wiki; browse any of the resources online or offline, and the result will be that you will end up having more questions than answers. Let’s delve deeper to help you understand why Bitcoin is a potentially high-level scam.

More like a virtual stock market
Bitcoin is quite like the stock markets, where people buy shares of companies and hope to make profits from the fluctuations in share prices. Bitcoin was created from virtually thin air by a group of, we must say, quite SMART people, who knew how to cheat the system and its people. Yes, it’s true that Bitcoins exist and can be traded, but the only ones making real money are the ones who created it. It’s like selling you a “Digital Nothing” in exchange for your hard earned real money. For example, if you want to buy a Bitcoin, you have to buy it from affiliate Bitcoin exchanges, which are there in many countries around the globe. The current value of a Bitcoin is around Rs 71,000, as per the rate offered by the affiliate Bitcoin exchange operational in India. You can buy it in the hope of selling it at a higher price later, but there’s no guarantee that the prices will rise, which is quite like playing the stock markets. However, Bitcoin is worse than stock markets since in stock markets you will get real shares, but in case of Bitcoin, you just get a “Digital Nothing”. And guess who gets your Rs 71,000 when you buy a Bitcoin? Yes, the creators of Bitcoin! They sell a “Digital Nothing” and grab your hard-earned money. Sounds quite like a Ponzi scheme, isn’t it?

No clarity on how you can legally earn Bitcoins?
In case of real currency, you know how you can earn it. For example, you can get into a job, start a business, do farming, sell your paintings, etc. However, in case of Bitcoins, there’s no clarity on how you can earn a Bitcoin. The only options available seem to be ‘buy’ and ‘sell’, which makes Bitcoin a suspect of being a high-level scam. There’s quite a lot of stuff about how you can earn a Bitcoin, but all of it is just mumbo-jumbo to make you confused. The standard FAQ reads like “people with specialized computers solve advanced algorithms to earn Bitcoins”. Wow, what kind of a statement is that – What Specialized computers, what algorithms, what the heck are these people talking about? The only purpose of all these is to confuse you, and further, to push you towards the Bitcoin exchanges, where you will have to pay your hard-earned money to buy Bitcoins. Moral of the story – You can never really EARN a Bitcoin; you can only BUY it or SELL it, which transfers all the profits in real currency to the creators of Bitcoin.

Where’s the Bitcoin website?
In the real world, every organization has a dedicated website. But where’s the Bitcoin website? Yes, there’s Bitcoin.org, but there’s also Bitcoin.com, and even their brand logos don’t match. What’s going on? So, which one’s real and which one’s fake? Moreover, there’s no mention of any proprietary information on these websites and no clarity on how you can earn a Bitcoin. If this was a legit business, certainly it would want to provide more information on how people can earn Bitcoins. Alas, there’s no such information – quite similar to a Ponzi scheme where all you get is big promises and nothing else.

No clear ownership, regulation or guarantee
Real currencies are backed by the economic and military might of a country as well as the economic potential of its people. However, in case of Bitcoin, there are no such things. Yes, there are certain names that come up, like Satoshi Nakamoto, the creator of Bitcoin, and other anonymous coders, but who really knows these people? How do we believe in such people? Moreover, it is also claimed that the Bitcoin system is the most secure, based on a public distributed ledger recording system called Blockchain. However, these claims were put to rest when recently hackers gained entry to the Blockchain system and made some entries on their own, just to prove that the system is not 100% secure. This shows that Bitcoin does not come with any proper guarantees, as compared to real currency which is guaranteed by the government.

If you are thinking about Bitcoin, we suggest you drop the idea, as it’s most probably a high-level scam. What’s a currency that you can never EARN, but only BUY and SELL, and that too without any regulation or guarantees. You don’t even know the owners and “decentralized” is just a fancy word that is even used by Ponzi scheme scammers. Don’t fall for the “high-end technology” stuff or the “next-generation currency” tagline – it’s all just a ploy to grab your hard-earned money. It would be wise to stay away from Bitcoin.

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