So many things man can do for the sake of money, join me as I analyze what bitcoin is to see if it is a scam or not. But before I begin I will go back in history to see how new inventions were treated by notable and renowned elites in the society.
AC Generators and the High Tension Transmission cables :
The Invention of Nicholas Tesla and it’s high tension cables transmitting AC Current spark heavy criticism from Thomas A. Edison who is a renowned Inventor of that time, he wrote a terrifying article about it, which became headlines in Newspapers, “Thomas Edison and the war of the currents”, also Television talks all over the United States , you can find a copy of this journal in https://www.jstor.org, “The Dangers of Electric Lighting by Thomas A. Edison.” https://www.jstor.org/stable/25101896 . But today one of the first facility as a sign of development now is the presence of High Tension AC Power cables hanging over our head into the community that without it everything is in stand-still as it has come to solve a particular problem not that it has come to take over the entire space of electricity generation or consumption.
Airplanes :
When the Wright Brother flew the first plane, a French General and Allied Commander during World War I, Gen. Ferdinand Foch said "Airplanes are interesting scientific toys, but they are of no military value” today, Airplanes have not only been the most sophisticated Air Dominance system for some decades before the emergence of drones for warfare but have made a pivotal turn in the speed of human’s inter-relation.
The Computer:
In 1996 a book written by Anna Frances Grundy and John Grundy, “Women and Computers” , portrayed that women are affected by Computerphobia due to the first time they came in contact with her but today, it’s in every woman’s purse (smartphones).
Now lets come to what new invention that have hit the Financial market, Bitcoin who have spread her tentacles to affect other sectors with her backing Technology (Blockchain). Like every new invention there are bound to be accidents, deliberate manipulations to take advantage of the platform for personal gain or just having fun, have caused so many to loose lives and properties , bitcoin as a currency will meet more criticism than ever experienced already. What is going on in the world scene today makes this wonderful invention that have come to save the world of the problem of transparency and accountability in the transfer of value without boundaries and in a universal way appear to be scam. what have come to solve the problem of economic instability, to some people have become the source of their woes and tragedy in life. What have come to put new business opportunities in place have become doom for many, it has also become excuse for many to get away with other peoples livelihood.
But is Bitcoin really a scam ?
Let’s take a closer look at what is going on today.
Crypto-Currencies in general have become a whole bunch death traps, if you are not careful you can just fall into the wrong hands as events that have rolled by have shown where institutions (Centralized Crypto Exchanges) that publicly declare that they will work with the Government collapsed causing many to loose billions cumulatively due to unhealthy financial moves.
How about the volatility of the market, is it programmed to make people loose their money into the hands of others ?
Is Bitcoin and all other altcoins not meant to scam the world ?
Like every new invention have flaws in it’s beginning, AC high Tension killed many in the US and this is a clear reason stated by Thomas Edison that we all are doomed to face death through it’s general application, so too is bitcoin and altcoins today, as there are good actors so too there are bad actors in the scene of every community of humans, even as small as a nuclear Family members of parents and children living as a home.
We all just have to be careful where we put our hard earned money because some of the altcoins will die out no matter how hard they try to stay afloat, some are made to collect peoples funds and disappear with it, we just have to look closely and be up to date and recent with the affairs of the Crypto-Currency we choose to invest in itself, as for those with Centralized Exchanges you have double work to do, first you keep an eye on the state of the crypto-currency you have and also you keep an eye on your Centralized Exchange because technically speaking, they own your altcoin and they can just dissipate into none existence, the owners file for bankruptcy and are free to walk freely around cutting corners, throwing money around not Crypto Assets. For an assurance, the internet, dotcom and blockchain technology will span into a long time in human affairs and will continue to evolve into other forms shedding off skins and metamorphosing.
Like every financial commodity that her value is not decided by cost of production but by speculation ( agreed upon value by parties involved in the transaction) there are bound to be variation in prices as everyone will value that very commodity differently and at various circumstances, this is one main reason that causes the high volatility of Crypto-Currencies, this is also the reason why many of these Crypto-Currencies will disappear coz they could not provide services that can keep them afloat in the ever demanding, diversifying and evolving world of Crypto-Economics, so please look at the long term goal of a crypto asset before you put your money into it, every Crypto-Currency have her usage, take your time to look at what they say they offer to know how long that institution plans to last in the scene, this will also tell you what kind of investment you have to get involved in with any Crypto Asset.
How about Bitcoin on her own, is she really a scam ?
Bitcoin came into the world with no custodial owner to render trust and genuineness and more so delivers a service that goes against supervision and regulations, does that not mean that it will disappear without reason also ? Only time reveals that nothing lasts forever, but just like AC Current which is still hanging over our heads today, I believe Bitcoin will stay longer than anticipated though no one can tell what the next moment holds, this is why the crypto world have a slogan, “ don’t Trust, Verify”. Bitcoin is built on Blockchain Technology and Blockchain technology have come to stay, it will aid every part of our lives that we need not trust but verify if truly, so we have to get involved in this tech very seriously. Though bitcoin came with crypto-economics, it also came with solutions for our banking system to invent a true digital money, the double spending problem is one issue that halted true digital money in our present Financial System, variance in National Regulations of a particular nation guarding the value of their Currency, world politics and the limitations of varieties in currency(s) have slowed down the advancement of the Financial system infrastructures that someone have to come forth to step the world ahead, this is why we have inventions in the first place as inventions come to solve a problem and spans into the future of humanity, today we no longer use bow and arrow to fight battles but the most sophisticated domesticated and militarized weapon man now uses for warfare are launched from bows as she don’t need to have a propulsion system that will take uplift against gravity, she is going to destroyed during impact anyway, she have to be mounted on a bow and shot into the air for her navigation system to guide her to destination just as archers launch their arrows into the air targeting enemies distance away.
Looking at the doom of a thing alone takes us away from the bright side, hampering growth, limiting the boundaries that man can operate in. Taking the bright side makes the infant technology grow into a mature fruitful asset that can’t easily be done away with just like Thomas Edison said that AC cables should not be laid under ground, the world have seen improvements that caused high tension cables to be laid even under water.
Is bitcoin not basically for criminals to launder money without been traced ?
Long before bitcoin appeared in the scene man have been able to launder large sum of money, so placing bitcoin as a scapegoat over this is unrealistic and vague, due to man’s activity of illegally transporting large sum of money physically caused restrictions on the amount of money one can carry while traveling oversees even within the borders of a nation, man’s activities have caused restrictions to be placed on how much one can transfer from one bank to another and still as we see in human history, people who have not and will never trust bitcoin still launder large sum of money around without been interrupted, in fact the definition of money laundry and it’s act was recorded long long before bitcoin was born so bitcoin can’t be the main avenue for such an action when the old traditional ways to launder money still works more effectively for them.
Bitcoin is a good asset that I believe will span into the future as a currency, some altcoins will span into the future too as a commodity that is worth having alongside shares, bonds and equities. Bitcoin have come to stay and there is enough space for the world currencies and bitcoin to trade alongside without causing doom but improvement if well managed.
I will touch into the Economic Importance of Crypto Exchange Institutions and what types exist and how to be safe having crypto as your asset, stay connected I will keep in touch.
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