Bitcoin. The biggest scam of all time or a solution to worlds biggest problems.
Tags: Technology, Entrepreneurship, Cryptocurrency, Bitcoin, Blockchain

Bitcoin. The biggest scam of all time or a solution to worlds biggest problems. CryptoPonds Follow Jan 18, 2018 · 3 min read

Bitcoin and Ethereum — Source: https://www.cryptoponds.com

Bitcoin. The cryptocurrency as most call it, has undoubtedly shaken how we see the world today. Now you might be thinking, Bitcoin is not a scam, or is it?

Conversely, many of us believe that it is the one creation that will solve the problem of global financial control.

To understand this phenomenon, we need to deconstruct how the genesis of Bitcoin began. As with any creation, observing how it was formed provides us with great hints into the purpose and legitimacy of this scam or grand creation.

Bitcoin came into the scene in 2008 after the release of a white paper written by no one other than the legendary and mysterious creator Satoshi Nakamoto.

At first, Bitcoin appeared as a cryptocurrency within a small community of developers and technology enthusiast. After its recent price ascension, Bitcoin coverage in the media increased its value exponentially and seen its implimentation in numerous.

( How Bitcoin/Blockchain is used in business: https://goo.gl/Pjfpoe )

Now going back to the point of this article, is Bitcoin a scam or a grand invention?

Most pyramid schemes or scams tend to have a short longevity, as the aim is to create large sums of profits in a short time, and cashing out. With Bitcoin, this is clearly not the case. It has been able to survive technology attacks, investing manipulations and still after 10 years its going STRONG.

Though, many will say that Bitcoin requires alot of electricity to “produce” and still…..we are left with a digital currency that we cannot see or feel?

This is true to an extent when compared to fiat money. Cash can be felt and seen, Bitcoin cannot. Though, aren’t we moving into a cashless society? Were we use cards and apps to transfer currency? In that sense, Bitcoin is the same except that its decentralised and no middle man is involved.

(To those interested in Cryptocurrency investing: https://goo.gl/YCwg9L)

To the previous concern that Bitcoin is a resource wasting technology. If we look deeper at traditional, precious commodities such as gold it still requires to be mined and found right? Doesn’t that require fuel, electricity and human resources?

( Alternative currencies to Bitcoin: https://goo.gl/NxB3xZ )

There are strong cases to be made on both sides of the argument, though Bitcoin is likely here to stay. Many believe that due to other cryptocurrencies which offer lower fees and more features Bitcoin will become obsolete. Absolutely TRUE! Though, its VALUE will still remain steady. As contradicting as it may sounds, Bitcoin should be seen as a way of storing value and not a daily exchange commodity. Think of Bitcoin as an old silver coin. Its now irrelevant if we look at it as a means of exchange, though if we look at it as a collectable item or an antique that has value due to its scarcity and being one of the first currencies, it will always remain valuable.

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