Bitcoin is another fast rising coin in the cryptocurrency market today. Nowadays, the cryptocurrency world is being driven by memes, shitcoins and non-functional tokens, created on several different networks and blockchains, which serve no purpose at all other than tricking users into trading those assets to create market fluctuations that are backed by no specific reason at all and are all artificially made. This mess must come to an end, and cryptoandreviews.com is here to do that.
On this article, we are going to review and talk about the legitimacy of Bitcoin.
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What is Bitcoin?
Bitcoin which is a decentralized cryptocurrency was originally described in a whitepaper in 2008 by a person, or group of people, using the name “Satoshi Nakamoto” and was later launched after, in January 2009.
Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them.
Bitcoin was created, according to Nakamoto’s words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Who Are the Founders of Bitcoin?
Bitcoin’s original inventor is known under a pseudonym, Satoshi Nakamoto. As of 2022, the true identity of the person — or organization — that is behind the alias is still not known.
There are 18,756,875.00 BTC in supply.
Pros and Cons of Bitcoin
Pros of Bitcoin
- A lot of investors are ‘flocking’ to invest
- It is now listed on Coinbase
- They are fully decentralized
- It is listed on coinmarketcap
- Good navigational website
Cons of Bitcoin
- The coin is still under development
- Multiple issues with its synchronizations between ledgers
- No github profile
- No reddit account
- No bitcointalk thread
- Founder’s Profile unknown
Is Bitcoin Legit or Scam?
Due to the high rate of scam in cryptocurrency, a lot of traders have been trading in fear and most have also given up.
According to research, Bitcoin is not a scam coin. It has been listed on top cryptocurrency wallets like Blockchain, Binance and lots more. Apart from being listed on top cryptocurrency exchanges and wallets, they have developed a problem solver. Although there are a lot of shit coins out there pretending to be like Bitcoin, rendering same services or mimicking the roadmap of the token.
Is Bitcoin real and safe?
Is Bitcoin legal?
Are Bitcoin Scams on the Rise?
Bitcoin or any other cryptocurrency scams have been growing exponentially in recent years, a by-product of the boom in cryptocurrencies. So yes unfortunately.
According to Cryptoasset risk manager Elliptic which notes that decentralized finance (DeFi) users and investors have suffered losses of almost $11.5 billion as of April 2022 due to theft and fraud, up sevenfold from $1.5 billion in 2020.
Read this: Bitcoin Price Analysis & Prediction from 2020-2050
What Are Some Measures to Prevent Bitcoin Scam?
Here are some preventive measures to avoid common Bitcoin scams:
- Don’t put money in a virtual currency or Bitcoin if you don’t really understand how it work, and don’t speculate in Bitcoin with money that you can’t afford to lose.
- Don’t invest in or trade Bitcoin based on advice from someone you’ve only dealt with online.
- Don’t believe social media posts promoting Bitcoin giveaways.
- Don’t share your “private keys”, which enable you to access your virtual currency, with anyone; keep them in a secure place (preferably offline, where they cannot be hacked).
- Easy steps on how and where to buy Bitcoin
- Easy Steps on how and where to buy Ethereum
- Easy steps on how and where to buy Dogecoin
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