Nowadays you hear words like “blockchain”, “cryptocurrency” or “Bitcoin ” frequently being thrown around. Kinda like a bee buzzing a bunch of words over and over in your ear.
While everyone seems to be talking about it, there are still a lot of doubts about bitcoin.
One of the most common questions is whether bitcoin is legitimate or a scam. This is why many people are still afraid to get involved in these new technologies and platforms.
There are many myths about bitcoin – and all cryptocurrencies – being a scam. But where are these scam rumors coming from?
First, there is a widespread belief that cryptocurrencies attract questionable and suspicious activity. After all, the transactions are cross-border and anonymous. Thus, there are people who think that bitcoin is primarily used for criminal purposes. This reinforces the idea that it is not a safe place to invest your hard-earned money.
This myth is reinforced by the Silk Road dark web narrative. Since things of dubious legality were sold and paid with bitcoin on the dark market, the association with illegal things remained.
Yet, given that digital currency is based on a public ledger, it is difficult, for example, to launder money.
Transparency Against Myths
Despite people’s fears, bitcoin and the technology behind it are increasingly being used. Even major companies such as Microsoft or Tesla are embracing the use of Bitcoin.
There’s a reason why bitcoin has been receiving support from some well-known companies. Bitcoin is not a scam or a system dedicated to supporting criminals. Bitcoin is a legitimate currency that has many advantages over traditional or fiat currencies.
As a result, traditional financial institutions fear a new system with the potential to replace them. This is the root of most of the negativity surrounding bitcoin.
Are There Scams With Bitcoin?
Simply put, every financial system has its share of scam attempts. And bitcoin does not escape from it. While bitcoin is not a scam, there may be people who try to scam others using its name.
For this reason, people must do their own research before buying bitcoin from an exchange. They need to analyze where they will buy so they don’t end up without their money and without BTC.
Otherwise, they become easy targets to be scammed by fake exchange websites, phishing, or investments in fake projects.
In short, Bitcoin is not a scam.
It is a legitimate currency that tracks every transaction. Bitcoin maintains a balance between being a transparent platform and maintaining user anonymity.
Finally, remember to do your own research. This will help you avoid falling for fake websites and getting scammed by people with bad intentions.