Is Bitcoin a Scam?

The cryptocurrency market seems to be excessively unordinary for a few people, and they attempt to decode a scope of catchphrases identified with the cryptcurrency market, which have had seething prevalence on various news entrances. While some of them have the idea that cryptocurrencies are the future of globalized currency, some of them view it as a scam and rather a goldmine for money laundering and criminal exercises. By the by, the cryptocurrency market is developing at an extremely fast pace and is relied upon to reach right around 1 – 1.5 trillion dollars by end of 2018.

Logic of Cryptocurrency Antagonists:

Some people think that Bitcoin is a Scam and a massive pump-and-dump conspire, any semblance of which the world has never observed. In a pump-and-dump amusement, promoters “pump” up the price of a security making a theoretical craze, at that point “dump” a portion of their possessions at falsely high prices. What’s more, some cryptocurrencies are unadulterated frauds. Ernst and Youthful appraisals that 10 percent of the money raised for initial coin offerings has been stolen.The failures are badly educated purchasers got up to speed in the winding of eagerness. The outcome is a monstrous exchange of riches from common families to web promoters. Also, “enormous” is a huge modest representation of the truth — 1,500 diverse cryptocurrencies currently enlist over $300 billion of “significant worth.”

Logic of Cryptocurrency Promoters:

According to the cryptocurrency enthusiasts Bitcoin and Other Cryptocurrencies can surely not be termed as Scam but instead are the future of money or currency. According to  some prominent investors, Bitcoin is still at its earliest stage of adoption and the time is not far when it may touch the $1 million per bitcoin mark. Blockchain technology has transformed how people pay for things. Cryptocurrencies such as Bitcoin show the real proof of transactions using the blockchain technology and such transactions can never be reversed or altered with. Also Blockchain Technology is believed to be totally hack proof as there is no single entity governing the blocks but rather the whole world together.

Yesterday’s sudden market drop, believed to be because of the movement of bitcoin from the Silk Road Wallet has led to a large number of people speculating about Bitcoin. Some may think it is a Scam and some may think it is the future.

What do you think? Tell us in the comments section below.