Bitcoin: Scam or Fabulous Opportunity?

Bitcoin, the implicit currency, originated in 2009. It was created by Satoshi Nakamoto (which is an imaginary name whose true identity has not been confirmed yet). Bitcoin does not increase its value. When Bitcoin became a controversial subject, everyone started thinking about investing in digital money. It can also be risky for those who have unveiled themselves too much.  It’s a bubble which can burst at any time.



What Can Be Done?

I’ve been writing for months about crypto currencies at Business Insider. I’ve decided to group all the published articles so that I can deliver more information.

Blockchain: Technological revolution underlying Bitcoin

Extracting Bitcoins are costly. The power consumption required to extract Bitcoins is 1.5 GW per hour for 600,000 households. This is based on historical energy costs. The well-explained blockchain is a register,  a new computer technology, as turbulent as the internet. The blocks are in every unit in the register connected to each other in the same way in which they are originated. Blocks are associated with the use of encryption (which holds them in an immutable way).

Bitcoin traders get completely unhappy and start confusing currencies with blockchains (which is the most common mistake made when talking about crypto currencies). A Dutch millionaire businessman Marc van der says that there is no delay in investing and expects it to reach $ 150,000 by 2021. It might  hit $1 million dollars when it becomes a means of payment? Who knows? There’s already an ATM that converts Euros into virtual currencies without any risk.

Bitcoin

The emergence of innovative companies offers all the financial services in an economical and smooth way using new technologies to make the banking world compatible. People are showing their interest for it by buying Bitcoins so they put their home and savings at risk.

Even common citizens keep their eyes on the rise and fall in the prices of it. To purchase cryptocurrencies, some people have taken out mortgages while others buy it with their credit cards (which puts them into dangerous debt). Calculate your risks, but make sure that you use Crypto Trader Software when you want to invest in it.

Muriel Roubini called the crypto currency a “huge speculative bubble”. This recently ended “doctor misfortune” (an economist who predicted the crisis of 2008). In exchange for Bitcoin, this 39-year-old man sold everything that belonged to him and is currently he is living in a tent, waiting for the miracle to happen in crypto.

Noble Laureate Krugman proved that President Trump has no qualms on the economy and Bitcoin is illusional and that it can burst anytime. “Bitcoin is worth zero” says the editor of a column in New York Times who had stalked it. According to an investigation of a famous bank on cryptocurrency, its value can also be zero Bitcoin and this bubble escapes from all the control and does not appeal to expert’s cryptocurrency to politicians and economists.

For some financiers and bankers, Bitcoin is a fraudulent investment operation that pays quick returns to initial investors using money from subsequent investors rather than profit. Due to the increase in real currency all the time, there is debate going on between bankers, finance providers and authorities. Ater a misperception on public spending, Rogoff has propagated the end of Bitcoin. He’s a Harvard professor (who is the former chief economist of International Monetary Fund).

What do you think? Is it a scam or not? Leave a comment below.

Watch this space for updates in the Opinion category on Running Wolf’s Rant.

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Staff Writer

Running Wolf's Rant's correspondent who chooses to remain anonymous...

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