Frauds and other myths surrounding bitcoins and cryptocurrency shall be debunked today, by none other then Ankur Agarwal. He is a cryptocurrency investor and an ICO Consultant. Ankur Agarwal shares his thoughts on scams of coins and other such trends. Bitcoins and cryptocurrency are two terms which have gained a lot of popularity in the last few years. There are more than 1500 different cryptocurrencies registered in the world with a value of more than $300 Billion. Bitcoin first came into the picture about half a decade ago when it started with a value of $0.01 and went on to increase ever after.
It’s been a rollercoaster ride and we are going to define the ride and its journey in simplest of terms by keeping numbers and facts in front of you. Bitcoin and other virtual currencies came into the limelight after it rose by about 1000% in its initial week of launch. It was the talk of the town amongst the investors in the majority of the developed countries. The value of each currency is derived and defined by a technology called Blockchain through which one can automate the process of a large number of the transaction happening in the world.
It is a currency that is free of national bank control, is decentralized, and it has demonstrated that it can fill in as a store of significant worth for individuals who lose trust in their national currency (Greece, for instance). Be that as it may, the supply of each currency is controlled by some capacity, and on account of the Bitcoin it is through the process known as “mining.” In layman’s terms, Bitcoin mining is the best way to acquaint new currency with the marketplace, and it is performed by “excavators” who utilize expensive software to take care of math issues in exchange for the currency.
The daily swings in prices are common to any cryptocurrency, one day it would lift the mood of investors after a huge positive swing, and the other day it would make the investors feel in disregard of their investment. It makes the process look like legitimate at one side and illegal as well, there are financial experts who have gone bonkers on the potential of CryptoCurrency and some of them are ruthlessly against investing in the same.
Majorly, it’s been said that Bitcoin has a huge intrinsic value which can be calculated via processing online transactions that would allow us to buy some real ( physical ) good/services. The term ‘mining’ has made the market and investors more interested in their investments and period they want to stay in the market.
Bitcoin is also very popular as a payment gateway for criminal activities and dark web. Bitcoins are one of the only few payment methods which you can use to pay on dark web. You can pay through Bitcoin only on some websites like Silkroad where you can buy drugs and some more websites which promote illegal activities on the deep web.
There can be hundreds of questions answered in whether Bitcoin is a scam or not but the practical uses of the same has had a positive impact interns of Goodwill and investor’s mindset. People have been making about 20x of their investment in about a month just by setting up a rigged machine and couple of employees, but it is said and advised to not to do the process in places where the electricity charges are high as the machine consumes a huge amount of electricity.
It is also being said that taking up the mining process is not convenient if you don’t have a huge capital to shell out and that’s what takes out to our final views. Bitcoin and other virtual currencies are taken as an illegal process in some economies, and some have listed in their respective stock exchanges. It is yet to be seen what action the World Bank and other major world governing bodies take on the matter shortly.
The best way to alleviate this issue is to command that miners that they need to exchange all recently dug Bitcoins for another currency of their decision. However, volatility will wind up slaughtering this current currency’s potential, and a gathering of Bitcoin miners will control the supply. Is that extremely any superior to a national bank?”