Are Bitcoins A Con

Ellen Grant
• Friday, 13 November, 2020
• 10 min read

It’s hard to predict whether this cryptocurrency will eventually prove to be a great investment or just a passing storm. That thrill of riches or ruin leaves some investors wary, but others want to chase the chance for profits from a bitcoin investment.

(Source: supercurioso.com)


Similar to any speculative investment, buying bitcoin carries some well-known risks: The price could drop precipitously and a single online hacking or crashed hard drive incident can wipe out your stash of bitcoin with no recourse. Bitcoin has seen dramatic run-ups in price followed by some painful crashes but has consistently retained a significant portion of its previous gains every time it plummets.

Since its inception, Bitcoin was the 1st digital asset to beget the current ecosystem of cryptos. For quite a while, it grew an underground following of investors who saw its future as a possible replacement to the physical monetary system.

Bitcoin (BTC) Ethereum (ETH) Bitcoin Cash (BCH) Ripple (ARP) Dash (DASH) Litecoin (LTC) Ethereum Classic (ETC) Mariano (ADA) IOTA (IOTA) Stellar Lumens (XML) EOS (EOS) NEO (NEO) TRON coin (TAX) Cash (DEC) Bezos (ATZ) Coinbase makes it safe and simple for you to buy, sell and hold bitcoin.

Pay for purchases conveniently using your debit card or by connecting your bank account. Owning bitcoin on this brokerage is as simple as creating an account, verifying your identity and buying your cryptos.

The brokerage allows you to hold onto your bitcoin, convert it into another crypto, spend it on expenses and transfer it to anyone, anywhere in the world. Account Minimum Bitcoin IRA’s proprietary platform enables you to self-trade crypto anytime, so you can take action right when the market moves.

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(Source: www.youtube.com)

Fund your account, access live pricing and learn more with a knowledge base. Trade digital assets inside your self-directed retirement account using our proprietary platform.

Bitcoin is arguably 1 of the most liquid investment assets due to the worldwide establishment of trading platforms, exchanges and online brokerages. You can easily trade bitcoin for cash or assets like gold instantly with incredibly low fees.

The high liquidity associated with bitcoin makes it a great investment vessel if you’re looking for short-term profit. Digital currencies may also be a long-term investment due to their high market demand.

Bitcoin may be the future of monetary exchange, but it is equally important that you are aware of the concerns surrounding cryptocurrency investing. Bitcoin exchanges let you buy and sell your cryptos using a mobile app or website.

Many companies don’t also recognize bitcoin as a legitimate exchange, making it an unfeasible investment vessel. If your hard drive crashes or virus corrupts your wallet file, you lose your bitcoins.

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(Source: www.pinterest.es)

However, it isn’t hard to sell or buy, and you can make a limited amount of purchases. Understand that bitcoin is a relatively new technology, and even futurists aren’t sure about its fate.

It includes 19 video with practical tutorials and tips that total nearly 3 hours. You’ll learn how to buy bitcoin anywhere in the world and how to set up a crypto wallet, as well as how to avoid common mistakes.

The course is offered by Lark Davis, cryptocurrency expert and host of New Zealand’s No. Gemini builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency.

Gemini Crypto Platform offers excellent account management options. Such a system can operate without any middlemen, government officials, monetary economists, and other intermediaries or regulators.

Essentially, Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are. Besides, the network is still being developed and does not match the efficiency and ease of use offered by banks and related financial services.

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International money transfers with Bitcoins can be faster and cheaper than with traditional banking and services. It is especially beneficial in under banked regions and third-world countries where most people struggle to get access to money.

Unlike fiat currencies, Bitcoins are deflationary, meaning that their value is set to appreciate by design. Compared with other cryptocurrencies, Bitcoin has the most brand recognition, liquidity, most developed ecosystem, and most acceptance among various retailers and organizations.

Bitcoin disrupts the monopoly of money by offering an alternative to people who distrust their government, certain institutions, politicians, or simply believe in the power of decentralization. Despite attempts to enable offline Bitcoin payments, use of the currency still largely depends on internet availability.

As Bitcoin is still in development, the transaction speed and fees tend to vary depending on mining efficiency and network congestion. Bitcoin transactions are immutable, meaning that once the money leaves your wallet, there is no way to get them back.

Conversely, it can benefit merchants since accepting BTC eliminates the opportunity of fraudulent chargebacks. Most people are not ready to take full responsibility for their assets and could not manage their private keys securely.

(Source: proeconomia.net)

The core ideology of Bitcoin goes against the most powerful institutions, governments, politics, banks, regulators, and censorship, and is likely to meet much resistance before these players can tolerate or approve it. Hopefully, this article has made things clearer for you and sparked further interest in cryptocurrencies and traditional finance.

It would be easy to bore you with a discussion of the technology, about peer-to-peer servers and sophisticated algorithms, but that is not what you need to know. It is simply a series of digits, with each number being assigned to each Bitcoin.

To illustrate, I'll randomly pull a $1 bill from my wallet, which bears No. Assuming some minimal level of competency by the U.S. Treasury, no other bill bears that number.

It is simply a unit of exchange, printed on what many folks would consider to be ugly paper. Fred then tells his wife that he bought the clubs for the $1 bill.

The depositor and Wells Fargo essentially agree that the account designated by No. The same situation occurs with credit card transactions, whereby the credit card processing company assigns are unique value to each transaction, but the number itself has no value.

(Source: www.merca2.es)

Here, the technological difference with cybercurrencies, or cryptocurrencies if you prefer, is that they don't require a middleman such a clearing bank. Because there are only 100 of that 24¢ stamp with the upside down airplane printed in 1918, they are estimated to be worth about $1 million each.

Ditto for rare coins, original Picasso paintings, etc. It's very much like competing with technical cheeseburgers -- anybody with the necessary mathematical skills can cook one up.

Indeed, the recent boom in Bitcoin has triggered numerous companies offering their own cybercurrencies, and the amount of such numbers that they can generate is limited only by the ability of their mathematicians to create the necessary algorithms, which of course is similarly infinite. According to that tome of all knowledge known as Wikipedia, as of November 27, 2017, there were 1,324 cybercurrencies in use.

And that is just the presently existing cybercurrencies, recalling that all it really takes is a sharp mathematician to come up for an algorithm for a new one. This further means that the supply of cybercurrency units is likewise infinite.

The true value of any widget is determined by the aggregate street price of the item, i.e., the sum total of what all units could be purchased for today, divided by the number of additional units which are available for sale. Or think of it simply in common-sense terms: The more there are of something, the less valuable each one is; if the market is flooded with something, they each have little value.

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(Source: taringa.net)

Consumers see this every day at the gas pump, as the price of fuel varies primarily based upon available oil supplies. This is true even if we assign a current aggregate value of all the existing cybercurrency units at $500 billion.

Because it is not quite zero, we can assign it a value of 1¢, not because it is necessarily worth 1¢, but simply because that is the smallest unit by which we can designate value in our currency. Actually, it is some number larger than zero, and thus 1¢, mainly because the Bitcoin folks have put in a lot of effort to keep each number unique and assignable to a given owner, and there are some merchants who will accept Bitcoin as if it were a government-issued currency.

Yet, beginning in 1636, the price of tulip bulbs in Holland began to skyrocket, as buyers started believing that -- with demand driven by exports to the apparently then tulip bulb hungry French -- the price of tulip bulbs would keep appreciating. Eventually, the price of a single tulip bulb hit many multiples of the average Dutchman's average wages, and reportedly 12 valuable acres of land were traded for one particular tulip bulb.

Then, one day in February of the following year, 1637, the price of tulip bulbs quit going up, and by May 1, the price for tulip bulbs had fallen back to their original value. What that unique number is worth, as discussed above, is something pretty close to zero, which makes Welling's statement much closer to the truth.

You'd think that folks would be able to spot bubbles by now, since we have three in the last 20 years, being the Dot.com (or, maybe more accurately, Dot. These bubbles illustrate that they occur not because of sophisticated Wall Street traders looking a business fundamental, but because the less sophisticated investors who start taking money out of their nice, safe FDIC-insured deposit accounts and money-market IRAs, and start trying to shoot-the-moon with investments that they barely understand.

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Ask about anybody what the key to successful investing is, and they'll repeat the old mantra “Buy low and sell high”. The problem with people chasing investments which are already hot is that they will end up buying high and selling low.

The technology behind Bitcoin and the other cybercurrencies are not a scam, and may well prove to be transformation in the much broader sense. The scam in Bitcoin is in talking average man-on-the-street investors into investing in Bitcoin by intentionally obfuscating what it really is, just a number, into some super-sophisticated investment by throwing out the technical verbiage that surrounds cybercurrencies, such as Blockchain technology and peer-to-peer servers.

These technologies actually accomplish only one critical thing, which is that they keep particular numbers peculiar to Bitcoin, but they sure sound like Star Trek level stuff. Yet, to those not familiar with these technologies, it makes Bitcoin sounds like it has a lot more worth than it really does.

The answer is that those who trade in anything make their money on their commissions for selling. Bitcoin units are being artificially pushed into ridiculous valuations based mostly on fluff.

Let's be blunt: Scammers are intentionally pumping the value of Bitcoin much higher than it deserves to be so that they can then unload their Bitcoins on suckers who are willing to jump at what is being pitched as “the next big thing” that they don't even understand. Sure enough, getting away from the wealthy folks who have the spare cash to speculate in stuff, we're now seeing pooled funds set up just so that the average mom-and-pop investors who are simply trying to set some money back for retirement, can throw their bucks in too.

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(Source: taringa.net)

What these folks don't realize is that they might as well just take their money to the nearest casino and drop it all on red for a single spin of the roulette wheel. It's actually a Ponzi schemer's dream: Something that most folks don't understand, but are being lead by media buzz to believe it is the next big thing.

His take was that smaller investors should be in carefully asset-allocated portfolios to spread and minimize their risk, and if -- and this is a big if -- somebody determined to invest in any speculative investment, such as Bitcoin, they should limit their portfolio exposure to no more than 2%. This takes up back to the fundamental rule of investing, which is simply to buy low and sell high.

Maybe not today, tomorrow, or next week, but eventually it will fall as the novelty wears off and folks figure out that they are really just buying a number, and the number of buyers diminish. This is how Wall Street and the venture capital community keep making good money, while the mom-and-pop investors who come to the table late eat the losses.

Probably not, because Bitcoin still can serve some usefulness as a unit of exchange, to the extent that it can convince merchants to accept it as currency. By then the scammers who prey on the little investors will have moved on to the next “big thing”.

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1 guides4gamers.com - https://guides4gamers.com/assassins-creed-odyssey/quest/dark-horse/
2 www.gamersheroes.com - http://www.gamersheroes.com/game-guides/ac-odyssey-atlantis-take-the-horse-to-adonis-or-persephone/
3 www.buyahorse101.com - http://www.buyahorse101.com/wherekeep.html
4 www.horseforum.com - https://www.horseforum.com/threads/keeping-a-horse-in-the-woods.380650/
5 crs-records.fandom.com - https://crs-records.fandom.com/wiki/You_Can%27t_Keep_a_Horse_in_a_Lighthouse
6 horsenetwork.com - https://horsenetwork.com/2020/03/is-it-ethical-to-keep-riding-in-the-covid-19-pandemic/