Happy day dear Read.cash Community, I hope you are all well, below I will detail why Bitcoin is a Scam.
Cryptocurrencies are a scam, they are speculation, as they are speculation then they are scam.
First we have to understand what speculation is, according to the Billin glossary it is a group of financial operations whose purpose is to generate a profit, i.e. to buy at low prices and sell at high prices.
Swindle: according to Wikipedia, it is a fraud, a crime against property or patrimony.
To know how speculation works we have to know what is the market where cryptocurrencies are traded.
What is the market?
The market is a place where we exchange goods and services, we put a value to what we offer, someone enters the market and an agreement is reached to perform an operation. In the stock market for example we have selling boards and buying boards, someone puts a value to an asset, let's say I sell at $10, but the buyer says I buy at $9.80, the seller reaches an agreement and lowers the price and the transaction takes place, this happens the other way around too, the seller tells you this is my price until someone comes to buy at that price, the points are equated and the transaction takes place. What it has to do with cryptocurrencies?, we must understand that the value of cryptocurrencies is given by the market, if someone is selling and someone else is buying, it is because they have value.
Cryptocurrencies have value or the market gives them value, let's talk about Bitcoin Cash (BCH) which has today (11/17/21) $11,220,531,982 marketcap, ie all the tokens add up to 11 billion, its volume yesterday was $1,665,351,793. 94, that is, more than 1 billion $ are moved daily, there may be a group of scammers and speculators who are exchanging the token because they want to, or it has a real value for the industry that makes people want to have it, this happens with all cryptocurrencies and not only scammers buy, this happens in any market, in all markets there is speculation.
BREAKING THE MYTH
Bitcoin itself is not a scam, what is produced are businesses, pyramid schemes that surround Bitcoin and use it as a means of payment, how many people have been scammed in this way, companies offering extremely high investment returns with Bitcoin, but the scammers were behind these businesses that used bitcoin as a means of payment.
The Bitcoin system is not a scam, it is used by all this that is generated around the market as a means of payment, people who enter without knowing it, who do not understand anything about bitcoin, invest, they are scammed, these companies stole the money, these people have a negative emotional experience, they left the ecosystem, they are the ones who speak badly so they say it is a scam, much study is needed first.
There is another form of greater scam using fake accounts of content creators in different social networks, for example on Youtube they create a channel with the photo and names of the content creators leaving comments with whatsapp numbers, so that people contact them and supposedly help them to invest and there they fall into the trap. Unfortunately, there are many people in need and get carried away, education first and Bitcoin is used as a means of payment to scam.
Screenshot edited by me
Not to mention the money laundering criminals from banks in tax havens, seeing the attitude of the people behind this, a big question why these people are behind the Bitcoin technology, what is going on in these minds?. They do it because of the good features that Bitcoin has to use it: Decentralization, Low commission, More privacy level, it is obvious that criminals are the most interested in looking for alternative transactions, but this is not an excuse, criminals use it for their purposes, but Bitcoin has helped a great part of humanity.
November 16, 2021
References:
Cover Photo: https://steemit.com/btc/@tomrafol/sera-el-bitcoin-la-gran-estafa-piramidal-del-siglio-xxi
https://coinmarketcap.com/es/currencies/bitcoin-cash/
https://www.billin.net/glosario/definicion-especulacion/
I have been scammed a lot of times but I didn't give up! BTC and BCH are good cryptos, and the rest, we should DYOR first before we jump into anything to avoid being scammed.