A scam or not a scam? That is the question.
Bitcoin is still a contentious topic not only among legal regulators, but also people who are enthralled with this digital currency. While it is true that it is being increasingly embraced as a viable mode of payment and valued investment, Bitcoin is occasionally called a Ponzi scheme, a type of scam which is a fraudulent investment operation that pays return to some of its investors with the rest skimmed until the scheme goes bust. In result, Bitcoin trend is offset by suspicion and occasionally, contempt.
Is Bitcoin a Scam?
With doubts that Bitcoins is indeed a Ponzi-scheme, there are people taking a step backward and look at this digital currency with disdain. But let it be clear, BTC is far from being part of this scheme. First of all, nobody promises that anyone can earn more by buying Bitcoins. People purchase Bitcoins purely on speculation and expectation of greater returns. It has a real value that fluctuates from time to time based on the law of supply and demand. In addition, Bitcoin is 100% open-source and no one controls it so there will be no returns from any succeeding investors or operation. The absence of these Ponzi-scheme characteristics only proves that Bitcoin is not a scam.
Furthermore, scams are clouded by mysteries and require hidden information festooned with a promise to earn even more and get rich. Bitcoin is none of these. Aforesaid, it is open sourced so all details are shown publicly and it doesn’t give any too good to be true promises. Bitcoin is math and 100% information system. It is designed as a currency and a mode of payment, not an investment.
Some people may attribute Bitcoin casino scam issues to Bitcoin being a scam as a whole, which of course, is not prudent. There are certain Bitcoin casino regulation statuses and in UK, there is a high chance of immediate support. Definitely, the answer to the ultimate question ‘Is Bitcoin a Scam?’ is no. It is a protocol and one of the greatest ones created. Is it risky to invest your money to it? Yes. But this doesn’t mean it is a scam. Bitcoin allows people to have control on their own money because there are no middle men involved who always takes a slice of profit for themselves.