Reasons for Why Bitcoin Is Not a Fraud

Reasons for Why Bitcoin Is Not a Fraud

Bitcoin has been pointed out by many institutions and experts as being a fraud. However, in reality, bitcoin is more of a threat rather than fraud. The fact that bitcoin is decentralized and independent of any banking or government authorities. This makes bitcoin and other crypto-currency to stand out from the rest of the standard currencies. Moreover, unlike the traditional payment system, bitcoin has a lower transaction fee. So far, we realize that bitcoin has a lot of benefits against the fiat currency. Therefore, it’s not right to say that bitcoin is a fraud. Instead, it is an opportunity and not scam.

Bitcoin is not cash

One of the reasons why bitcoin has been named as fraud is the fact that it is directly compared to the moral currency. This is a silly point of reasoning. To make this point clear, bitcoin is not a currency but instead a store of value that can be used to purchase goods and services. Even though cash is also a store of value, it is dictated by the government while bitcoin is not. What makes its value to increase is because there are a limited number of bitcoins in the entire globe.

Bitcoins will never reach mass adoption

It is s fact that bitcoin will never reach a point of mass adoption even if it is used in the real world simply because they have a limit. This means that the crypt-currency will at no point in tie used more than any other fiat currency. Instead of replacing a bitcoin with a fiat currency, you can simply convert it when using then later buy bitcoin to save your dollars. Unlike the fiat money, bitcoin is not losing value even after long years of saving.

There is no hidden information

Anything known to man as a scam is anything that has hidden information known to no one. However, bitcoin is an open source meaning that every person can see the details encoded in the source code. From the codes, it is evident that even the creator of bitcoin can’t create more bitcoins. The fact that all this information is available for public disqualifies the point of naming bitcoin a scam.

Conclusion

The best thing about this crypto-currency is the fact that the bitcoin wallet is connected to your credit card. Therefore, you don’t have to go through long processes to be able to use your bitcoin for the purchase of services or goods.

 

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