Promoting Bitcoin Cash through these 2 platforms- read.cash and noise.cash, to my friends, relatives, and to my Facebook friends was never easy because of the misconception that Bitcoin and everything related to it is a 'scam'.
Most of them would say, "Don't waste your time with it. It's a scam." Some would even label me as a "scammer" for sharing an opportunity with them.
But why would they think this way?
"Filipino couple amasses at least P900M in alleged Bitcoin scam."
"Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin. The couple has scammed more than 50 unknowing investors, amassing wealth worth P900 million in "raw capital." This means the amount of money promised to be returned is not yet included in the computation. Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises."
Source: CNN Philippines
Reports like this in the Philippines have implanted in most of the Filipino's minds that "Bitcoin and everything related to it is a scam". This has led them to doubt even the legitimate ones.
Comments like this have also been dominating the Facebook pages of News channels and even local celebrities, where people who are easy to believe in 'get-rich-quick' schemes are their targets and victims.
Correcting the Misconception that 'Bitcoin and everything related to it is a 'Scam'.
False: 'Bitcoin is a Scam.'
True: 'Bitcoin is being used to Scam people.'
What is Bitcoin?
"Bitcoin is the world's largest cryptocurrency by market cap that is created, distributed, traded, and stored with the use of a decentralized ledger system known as a blockchain."
Source: Investopedia
How is it being used to Scam people?
Bitcoin Scam 1: Fake Bitcoin Exchanges
To avoid this type of Bitcoin fraud, stick with popular, well-known Bitcoin exchanges and forums so you get news of fakes quickly.
Bitcoin Scam 2: Ponzi Schemes
This is the case of the report above where the investors never got any returns on their investments in the end.
Bitcoin Scam 3: Fake Cryptocurrencies
A common scam is to present a new cryptocurrency as an alternative to Bitcoin. The idea is that it’s too late to cash in on Bitcoin and that you need to invest in one of these up-and-coming cryptocurrencies.
Bitcoin Scam 4: Old School Scams
Con artists are contacting victims and demanding that victims transfer bitcoins. The best way to avoid this scam is to be skeptical of phone calls or emails that say they're from a government agency.
Bitcoin Scam 5: Malware
Malware has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers. Now they’re using it to conduct another one of the most common Bitcoin scams. If your Bitcoin wallet is connected to the internet, they can use malware to get access and drain your funds if you're not protecting yourself from malware.
Bitcoin Scam 6: Pump-and-Dump Scams
New technology has made Bitcoin a target for pump-and-dump scams, something that investors can fall for even if they would never fall for a traditional scheme like this.
Source: The Balance
Don’t be a Victim of Bitcoin Scams
Bitcoin is already a highly volatile investment as it is so don’t increase your odds of losing money by falling victim to these Bitcoin scams. Be vigilant for potential Bitcoin frauds and trust your instincts. If something appears too good to be true, it probably is.
False: 'Everything Related to Bitcoin is a Scam.'
True: 'Not everything related to Bitcoin is a Scam.'
To correct this misconception, let's take Bitcoin Cash as an example.
Speaking from experience, when I shared read.cash to some of my friends hoping that they will grab the opportunity I will share with them, some of the responses I got were, "It's probably not legit. It won't pay you anything."
Though I have proof that this site is legitimate and it pays through Bitcoin Cash, they already have concluded that they won't get anything from it in the end even if they haven't looked at it first. Perhaps it is because when they heard the word 'Bitcoin Cash' as something related to Bitcoin, the next thing they thought about is it being a 'scam'.
But how is Bitcoin Cash related to Bitcoin?
"Bitcoin Cash is a cryptocurrency created in August 2017, from a fork of Bitcoin."
Source: Investopedia
With Bitcoin Cash associated with Bitcoin, people are quick to judge that this cryptocurrency is just another scam. What they don't know is that Bitcoin Cash is legit, and it is way better than Bitcoin itself.
How is Bitcoin Cash Better than Bitcoin?
Bitcoin is limited by transaction processing time, an issue that has caused rifts between factions within the bitcoin mining and developing communities.
Bitcoin Cash was started by bitcoin miners and developers concerned about the future of the bitcoin cryptocurrency, and its ability to scale effectively.
While bitcoin blocks are limited to 1 MB, BCH blocks are 8 MB.
Bitcoin Cash is thus able to process transactions more quickly than the Bitcoin network, meaning that wait times are shorter and transaction processing fees tend to be lower. The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network can.
Source: Investopedia
Here is also a meme that shows why Bitcoin Cash is way better than Bitcoin, which was also tweeted by sir Marc de Mesel himself, created by More Gain Strategies.
Conclusion:
Bitcoin is not a scam, but it is being used by people to scam other's hard-earned money, and not everything related to Bitcoin is a scam. Sometimes, it is even way better than Bitcoin, and that is Bitcoin Cash.
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