Bitcoin is not a con and there are a lot of people who made a lot of money with bitcoin. Some of them became very rich and some of them made smaller amounts. On the other side, there are also many people who lost their money because of bitcoin. What separates these two groups of people? The timing of their trading and investments.

There is a lot of evidence that Bitcoin is not a scam, the most important bit of evidence being its transparency. In other words, there is no hidden information about Bitcoin. If something is a scam, it would have hidden information that no one knows. Bitcoin is open sourced, which means that everyone can see all the details in the source code. If one looks at the code, one will see that even the founder cannot generate more Bitcoins if he decides to do that. The reason behind it is that it’s based on trust, and 51% of miners should be on his side to do that.

Can some individuals make small scams using Bitcoin? The answer is yes. There are a number of scams that can trick people who are not well informed. For example, through fake Bitcoin wallets.

One thing that is present in the world of cryptocurrencies, just like in all other markets, is manipulation. Bitcoin’s price works on the principle of supply and demand. If demand for Bitcoin is high, the price goes up, and vice versa. That’s why some people are trying to manipulate the price of Bitcoin. Negative comments make the price go down. In that time, they buy Bitcoins and when the positive comments come in and the price goes up, they sell them and make money. An important factor in manipulating the price of Bitcoin is its public image so it’s clear that the media is a great way to manipulate the price.

It is important to note that manipulation is not equivalent to a con. In that sense, Bitcoin is not a con in its nature, but it can be used to trick people if people are not well informed. Smart moves with trading and investing can lead one to make a profit on Bitcoin.

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Posted by Min Park

Blockchain Marketing Consultant

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