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Is Bitcoin.com misleading people to buy BCH instead of Bitcoin?

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Roger Ver is misleading people to buy BCH rather than BTC for his own profit. We also get to know how bitcoin.om is selling false bitcoin.

Let us start this article with the innovation of a cryptocurrency which shaken the world with its value. It was named as bitcoin. The value of this cryptocurrency reached an unexpected, nothing less than a miraculous height in the year 2017. In the same year, no of expected transactions for this digital currency started to be very high. However, bitcoin has very low scalability. While Visa is capable of doing around 24000 transactions in a second, bitcoin is capable of doing only 7!

Soon, the bitcoin community started two argue for its scalability. It divided the community into two groups. While one group was admired that scalability should be increased, the other was focussed that bitcoin was not born for high scalability. This conflict in ideas gave the rise of BCH i.e. Bitcoin Cash in August 2017.

So, basically, bitcoin.com diverged into two cryptocurrencies: BTC (Bitcoin) and BCH(BItcoin Cash). It should be noted that both bitcoin and bitcoin cash are completely two different cryptocurrencies. If you buy BCH and transact it in the misconception of BTC, you might lose all of your money. It is common doubt that both BTC and BCH are common but always keep in mind, this two although resembles same but is two completely different digital assets. In simple words, these two assets are as different as US Dollar and Euro!

 

How bitcoin.com is misleading people?

As stated above bitcoin and bitcoin cash are two different assets. They resemble and pronounce similarly, hence most of the people are in the misconception that both are same. Bitcoin.com is taking advantage of this confusion among the people. It is selling fake bitcoin. It is also misleading people to buy BCH instead of the original bitcoin. It is using various false and irrelevant information in media through various medium to appreciate bitcoin cash and attract people to buy it in assumption as they are the real bitcoin. But this is completely wrong. If a person is buying a BCH, he/she is definitely not buying the original bitcoin. Bitcoin is taking advantage of the similar names of the two crypto assets and misleading the consumers to buy BCH instead of the original bitcoin.

The reason for this misleading information is quite simple. The value of BTC on February 2, 2019, is around  $3434.40 whereas the value of BCH on the same date is around $ 117.99. Clearly, Bitcoin is having a higher value than the BCH. So, bitcoin.com is trying to sell as much as BCH it can. It will lead to more economic benefit for the company. This is the reason, it is misleading to buy BCH instead of BTC.

Let us look at the misleading facts spread by bitoin.com using Roger Ver.

 

Roger Ver making people fool to buy BCH:

Before, how this person is making fool to inspire to buy BCH rather than BTC, we must know who he is.

Roger Ver is a famous personality in the crypto space. He is one the early supporter of bitcoin. He aimed that it could be an economic lifeline currency. He is the owner of bitcoin.com and he was the leading face for gaining the support of people for buying bitcoin. He is also known as ‘Bitcoin Jesus’ due to his contribution to bitcoin during the initial innovation of bitcoin. But nowadays, he is promoting BCH (Bitcoin Cash) rather than BTC. He is misleading people to buy the BCH and making them fool by convincing them to trust on BCH more than BTC. No one has ever expected such a misleading contribution by the person, they treat as the Jesus of Bitcoin. Let us have a small fact supporting us.

We will be concentrating with two of statements of Roger Ver

  1. “I bought thousands of BCC with my BTC so far, how about you?”. Date of statement: 10 August 2018
  2. “I haven’t sold a single Bitcoin for Bitcoin Cash up until yesterday and I sold about a dozen Bitcoins for Bitcoin Cash”. Date of statement: 25 August 2018.

Wait, did you get confused? You would have surely in disbelief after reading the above statements. I first statement given by Roger Ver on 10 August 2018, he said that he had bought 1000 of bitcoin cash with his bitcoin and asked to have others did so? In the next statement made by him on 15 days later, he refused that he hadn’t sold any of his BTC for BCH till 24 August and he had bought BCH only worthy on 12 BTC. Well, this is completely misleading. This is completely a false move done by the owner of bitcoin.com in perspective for the business’s own profit by misleading people. This is surely not expected from a person like Roger Ver

 

In this article, we got to know how Roger Ver is misleading people to buy BCH rather than BTC for his own profit. We also get to know how bitcoin.om is selling false bitcoin. So, before buying bitcoin from the bitcoin.com, make sure that you are buying original bitcoin, not BCH i.e. Bitcoin Cash otherwise, you could lose all of your money. Be aware of Roger Ver and bitcin.com as for them, it is only the profit of business matters and for this, they could misguide their customers.

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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