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People have been asking Is Bitcoin a Scam or a legitimate form of currency ever since the inception of Bitcoin in around 2009, just after the financial crisis began in 2008.
In this post today, we'll talk about-
Last year, in December 2017, Bitcoin skyrocketed up to almost $20,000 per coin.
But it wasn't always such a high price. Today, as I write this, Bitcoin is sitting around the $8,900 mark.
It took a nose dive starting from its all time high price last year. This is the nature of cryptocurrencies. Bitcoin typically will boost up the price of all other altcoins, as they're known, when it is on the rise.
On the other hand, Bitcoin will take the price of all the other 1,800 or so altcoins down with it when it drops in value.
Bitcoin and other cryptocurrencies are by their very nature, volatile, even on a minute to minute basis. But does this mean it's a scam?
First Things First:
Watch the following quick video which nicely explains what Bitcoin, or cryptocurrency is.
Governments seem to be very afraid of Bitcoin. Banks are petrified. Those who pull the strings in the financial world will do anything to crush this new digital currency into oblivion. Why is that, do you think?
I believe Bitcoin is a viable means to undermine that which has controlled our lives since the beginning of civilization.
Perhaps it won't be Bitcoin itself that helps to do this, rather, it would be a less cumbersome digital asset such as Litecoin, Ethereum, or another of the popular altcoins out there. With thousands of them around, and many being actual scams, it's hard to tell.
When motorized vehicles were invented over a century ago, there were many people who were dead set against them. Pointless, they'd say. Nothing wrong with horses, they'd add.
What happened there? Do we see horses and carts on the roads much these days?
Those people were on the wrong side of history in their opinions and they'd likely feel rather silly if they visited 2018 in a time machine and saw for themselves how many motorized contraptions are on the roads today. They'd likely have a heart attack.
When the Wright Brothers wanted to prove to the world that powered flight was possible, they were ridiculed by those same old dinosaurs that cannot seem to accept advances in the technological abilities and achievements of mankind.
It's quite likely these types of people will always be around to throw their negativity into the mix despite all evidence to the contrary.
Jump forward a few years to the space program. People were adamant getting a man into orbit around the earth was impossible, and again, pointless. Russian cosmonaut, Yuri Gagarinleft, blasted off into space soon after. Much to the amazement of all on earth. Those negative people who said it wasn't possible likely collapsed in shock, lol.
Skip forward another few years to the advent of the internet for public use. It's pointless, what's it for? Why do we need it? And you can guess what I'm going to say next. Yes, the internet in its infancy was cumbersome, slow, and there seemed to be littleyou could do with it at the beginning.
Computers were a lot slower back then. We had to connect to the internet via a telephone and the speeds were tiringly slow. I can still remember the first ever modem I owned. It was a 28.8k speed modem which at the time was about as fast as you could possibly get. Boy, oh boy was it slow.
Now the internet is ubiquitous and we couldn't imagine life if it suddenly disappeard on us. It's become a necessity, so to speak. Could you live without your internet connection now you've gotten used to it? No more Facebook, Google, Pinterest, Twitter and a myriad of other websites for you!
Dinosaurs will always call something a scam, or useless, or tell us that it will never take off. They'll say these things because either they're afraid of changing the status quo, or they're just misinformed about the potential uses of a new technology. Ignorance may be a better word to use in some cases.
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There are those today that claim Bitcoin and other cryptocurrencies are a scam because of various reasons such as..
1) They say that criminals use it.
2) They say that the only real money is fiat currency.
3) They say “why change what already works?”
I disagree with all of these points and any other points those types of people will try to come up with. Here's why….
Criminals since the beginning of money have used “real” money in their illegal activities. Do we ban real money?
Fiat currency in itself, to me, is a scam. I could say this because it is printed at the will of institutions like the federal reserve.
If you've ever done even a tiny bit of research on the federal reserve you'll see how shockingly corrupt it is. They're in cahoots with banksters, politicians and others to “create” money out of thin air, then to loan out that money to banks for interest.
The banks then loan it out to the public and businesses and make more interest back on it. It's a never ending merry-go-round that causes boom and bust situations. And as you know, we've had a few of those even in the last century.
I'm just scratching the surface here. Watch this video which explains how fiat currency works way better than I can. It's called “The Biggest Scam in The History of Mankind”
If Bitcoin is a scam, then I say Fiat currency is an even BIGGER scam by far. It has kept us in perpetual slavery for what seems to be forever. I believe if there was a new, decentralized currency which cannot be meddled with by the “elite”, then we can free ourselves from endless debt.
Bitcoin, Altcoins, Cryptocurrencies, and the blockchains on which they rely for existence, are not a scam. Using the excuse that criminals use it is as ridiculous as banning telephones because criminals use them. Ban the internet because criminals use it. Let's even ban everything else that criminals use, like buses and trains.
A Crytocurrency exchange is a website online where you can go to do what is known as day trading. You exchange your altcoins or your Bitcoins for either USDT (US dollar tether) or for another form of cryptocurrency. You can earn more currency when you do this right.
One such exchange I recommend in Binance. It's one of the best I've so far experienced.
Because Bitcoin and other digital currencies are volatile, that is, they rise and fall in value quite quickly, it makes for a great way to earn fast profits online. But beware, you can also lose a lot of money if you don't trade the right way.
I'm still a beginner at this trading Bitcoin malarkey but I am improving daily. My target profit per day is 2.5% on top of what I had yesterday. If I can achieve and maintain 2.5% day to day I will make a lot of money from trading.
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Quite often in mainstream media I see can see Bitcoin and other digital currencies are slandered. This is by design, I assure you. It is the elite who control the world who are doing this. Who owns the media? The media doesn't think anything, really. The media is told what to tell the general public.
Who runs the governments really?
Do you think the presidents or the prime ministers are at the top of the pyramid in power?
Not even close. They are puppets of the hidden hand that really controls everything, from oil, to money to pharmaceutics and just about all other industries in existence.
So, what do you think? Is Bitcoin a scam or do you think it is cryptocurrency that will emancipate the human race once and for all from the clutches of the top 0.01% that really control the world?
Let me know in the comments below, whatever opinion you have for or against Bitcoin.
I'm James, to read more about me check out my about page here.
Once upon a time, in a galaxy far, far away... Jimbo got a chronic case of sciatica and lost his job. However, Jimbo used this opportunity to learn how to build websites with Wordpress and then to make money online. Jimbo wants to help you do the same, while helping you to avoid the plethora of scams.
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