Bitcoin is a type of digital or virtual currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Bitcoin is totally based on the blockchain technology. So, bitcoin in itself as a technology is not a scam. Â Bitcoin is decentralized, transparent, and open source. The consequence is that nobody is in a position that gives them an advantage over anyone else. The exception to this is that early bit miners are excessively rewarded, but this can be seen as compensation for the higher risk they took.
Bitcoin may be termed as highly risky or volatile but is not a scam, with apt understanding of trading this virtual currency, one can make enormous profits as the value of this currency is ever-growing in past few months.
The rise ofÂ Bitcoin and other cryptocurrenciesÂ has forced us to rethink what money is and what it can be. However, whenever something gets hot, the only guarantee is that scamsters will lock onto it like a heat-seeking missile. The virtual currencyÂ bitcoinÂ is no exception. Since few know how bitcoin really works, there have been endless opportunities for chicanery. Many believe that the bitcoin has come out of thin air from nowhere and is nothing but a ponzi scheme. In India mostÂ the politicians deem the whole bitcoin scene to be either a big ponzi scheme or a traditional pyramid scheme.
But evidently such remarks can only be made by people who lack knowledge about this mysterious techstock.
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