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Technology

Is Bitcoin A scam?

I don’t know if it’s safe to say that Bitcoin has truly changed people’s lives around the world. The first world digital currency took the world by storm in 2015 when people started realizing the major profits that are earned by “supposedly” wise people. For those who have been living under the cave, Bitcoin is a decentralized cryptocurrency, purely peer-to-peer version of electronic cash used for online transactions through a digital unit of exchange, where a user can make a transaction without any middlemen.

How does Bitcoin work? Bitcoin is much more complex than what most people make it be. Since bitcoin is a digital currency it is not controlled by a government or a central bank. It works in the form of mining where miners all around the world need to have access to the bitcoin protocol which stipulates that about 21 million bitcoins will exist at some point. What “miners” do is bring them out into the light, a few at a time. Not so long ago I was lured into doing bitcoin mining by three different men on Facebook, they all explained that I have to install a Bitcoin wallet on my computer or mobile phone, it will generate my first Bitcoin address. My address will help me be able to trade with other Bitcoin miner’s services and products.

How Is Safe Bitcoin? According to Nicholas Deleon, one crashed hard drive or online hacking incident can wipe out an owner’s stash of Bitcoin, leaving them with essentially no recourse. Hard-drive crashes aren’t the only threat facing a Bitcoin investor, hacking can be a problem, too. It has always open gate for frauds or con artists to scam potential Bitcoin miners on the internet by selling them fake Bitcoin wallets and values.

People who are desperate to earn big and end their personal financial struggles fall prey to every scam from the internet. Could Bitcoin be one of those too good to be truly easy ways to escape poverty or is it just a scam? Even though testimonies of people who heard been successful in bitcoin trading financial expert has advised that Bitcoin can be very unstable, which means it is not always that you can succeed.

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