Are Cryptocurrencies like BitCoin A Scam?
Are cryptocurrencies like BitCoin a scam? Before I go anywhere in this article there are some things I wish to mention straight up front. First I am not a financial advisor so I am not offering you investment advice! Secondly I am not an expert in cryptocurrencies - I am a digital marketing specialist and website designer among many other things. Now it's because of the knowledge I have on programming and website design that allows me to say I have a genuine fear of what cryptocurrencies might bring!
As a website designer and programmer I understand how to setup, install and configure a pretty good website. I have developed a knowledge in HTML, CSS, PHP & MYSQL. My knowledge in these languages is not complete but I do have a good understanding of the basics and little more in each. It's with this knowledge I could use the source code for BitCoin and create website and launch a new cryptocurrency complete with it's own wallet. So it's with this understanding many others are now doing just that - in fact you hear of a new launch daily now!
What Are Cryptcurrencies? Are Cryptocurrencies A Scam?
Are cryptocurrencies like BitCoin a scam? To really understand this question you must first understand what a cryptocurrency actually is. A cyptocurrency is a payment system designed for the exchange of goods or services using cryptography to secure the transaction. This is a peer to peer network where "coins" are mined and rewarded for providing the processing of each additional unit and asset transaction. Transactions are entered into the public ledger as a means to track the sale of all assets and verify the transactions.
So really if anything cryptocurrencies are a payment processing solution like PayPal with one key difference - PayPal has assets in the form of real estate for it's offices and so forth. Read what Wikipedia says about cryptocurrencies. You can still mine FREE BitCoins with programs like StartMiner.com. So what does that say about the value of BitCoins?
Cryptocurrencies Are Trending Right Now - But Are They A Scam?
Are cryptocurrencies like BitCoin a scam? This is the question that many people either are asking themselves or should be! Right now cryptocurrencies like BitCoin are one of the biggest trending things due to how much money people are making with them. BitCoin itself is one of the hottest topics on Earth and the trend is likely to continue according some big names. Many people are investing their life savings into BitCoin and other cryptocurrencies without really knowing what it actually is - this is crazy!
Are Cryptocurrencies Like BitCoin A Scam? - Maybe According To Warren Buffet
Are cryptocurrencies like BitCoin a scam? It's a really sincere question because the way I see it - there is no real intrinsic value to them. From my understanding any number of cryptocurrencies could be a scam.
As you can read on that article I'm not the only person who has this opinion on cryptocurrencies! I'm not saying they are a scam but unless they are tied to or used in the transaction of something that does have a real world value and it is backed up on that intrinsic value they are just code!
Anyone Can Set Up A Cryptocurrency
As really anyone with a little understanding of programming can set one up!
Imagine this scenario: A less then reputable or decent individual spends a few dollars on hosting and domain registration for a website. Brands the BitCoin source code and makes usable then promotes their new cryptocurrency launch. They market their new "currency" keeping a large stockpile and lots of people buy it. People buying the new cyrptocurrency drive the price up on each "coin" then when it's got enough, the company dumps their stockpile withdrawing their value out.
What happens to the price of a coin? Where does that money go? I'll let you draw your own conclusions here!
Are Cryptocurrencies Like BitCoin A Scam? - Ask The Person Who Started It!
No one really knows the person who started BitCoin. But if you Google who started bitcoin you find out it was this person named Satoshi Nakamoto.
Below is an excerpt from Wikipedia:
In November 2009 a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open source code and released it in January 2009
Furthermore Satoshi Nakamoto retained around half a million bitcoins for himself and has since disappeared never to be heard from again!
In Summary On Whether Cryptocurrencies Like BitCoin Are A Scam
Summing up: Bitcoin is payment processing solution that has no intrinsic value except the bubble that's currently being created by people buying and holding onto their BitCoins. Anyone can start a cryptocurrency so you never know who could be behind the launch of any new cryptocurrency. And finally no one really knows the person (Satoshi Nakamoto) who disappeared not long after BitCoin launched.
The code that Satoshi Nakamoto wrote is still available to download and set up a new cryptocurrency with. I could provide a link to the source code here but in an effort to slow the spread of cryptocurrency scams I won't be doing that.
If you want to risk your money with BitCoin and other cryptocurrencies then do so at your own peril! If your into cryptocurrencies I'd love to hear your feedback and thoughts so leave me a comment!
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