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Does Bitcoin can be trusted and reliable? Is Bitcoin a Scam or Money Games like a Pyramid scheme anytime can collapse?
Since this is a new thing i don't have much confident in it much, can anyone explain a bit?
8 Answers
- curtisports2Lv 73 years agoFavorite Answer
Anything can collapse suddenly, not just pyramid schemes. The US housing market collapsed suddenly in 2008. Of course Bitcoin can collapse. That doesn't make it a scam, just a very, very risky investment. Things that go straight up in a short period of time tend to come down quickly also.
Blockchain-based crypto currencies like Bitcoin are too new to know if they will last. Governments haven't yet figured out a way to get their slice of the pie, and when they do, which will be by taxing and regulating these currencies, I expect a sharp fall in values. I don't expect Bitcoin to go away but I would not be putting my money into it.
- Anonymous3 years ago
once mining ends in the next decade, there is only some vague idea regarding who funds the recalculations needed each time a BitCoin is spent - it's huge amounts of electricity, and at the moment the people doing the calcs get bit coins - I think it's about to burst, but not disappear
- 3 years ago
Reading some old newspaper headlines from the past century
Candlestick Makers Warn:Danger in New Edison Lightbulb - A Fad
Theater Actors Up in Arms - Moving Pictures Will Cause Blindness, Sterility, a Pyrmid Scheme
Buggy Whip Industry: Danger to Newfangled Automobile Conveyances - About to Crash
Global Banks & Finance, Govts, Gold Industry: New Currency Bitcoin a Scam
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- 3 years ago
It's not a scam, but it's definitely highly volatile compared to some other investments. I would look up actual articles about the subject, if I were you.