Bitcoin is presently the hottest topic floating around in the financial world and even the G-20 endorses it, but what is it?
Get into cryptocurrency trading today, they tell us while Bitcoin is the hottest topic in the financial world. They openly brought out their purpose to draw on the subject even during the G20 summits and during the next G20 in India, this will certainly broach during their talks.
Here are some of the hazards and scams of Bitcoin
1. Unaccountable streams with no one in charge
There is no face behind this institution or person behind this whole travesty which in reality means if I lose my coins, I have no one to go to. It is a bit like gambling where you bear the losses alone. It is such a lonely road that even if I lost my password, it is lost in the wilderness with no options open. I need to start the game again or lose everything.
2. Dearth of Bitcoins
There are only around 21 million bitcoins that can be mined in total. Once bitcoin miners have unlocked all the bitcoins, the planet’s supply will essentially be tapped out. As of February 24, 2021, 18.638 million bitcoins have been mined and this leaves 2.362 million yet to be introduced into circulation.
When Satoshi Nakamoto initially developed Bitcoin in 2009, they created the source code to specifically cut off its supply at 21 million. But some cryptos have an infinite supply, meaning endless coins can be mined for years and years to come. So, why would Nakamoto set a limit on Bitcoin in this way? By giving it a reserve limit, it becomes more precious and more valuable.
But there should have been 8 billion, right? People would feel safer with a much more abundant currency like the US dollar, the Euro, or the Pound and of course, Indians with an abundant supply of the Rupee. We say “the more, the merrier.”
When 21 million people decide to buy 1 bitcoin they’ll run out and then what will they do?
Clearly, this is a flaw. They should make more of it, at the very least 8 billion, so that everyone can hold at least 1 Bitcoin, but no, they wanted it to be exclusive.
3. G20 Finance Meeting Main Agenda Cryptocurrencies
It is believed that the G20’s main agenda is cryptocurrencies. This means if the economy falls, it will be just the fast few in the world who will benefit. The others will fall into poverty and inflation. With the crash of an economy, it will be easy to convert unaccounted funds while other billions will languish of course creating the way for black money to be circulating around
4. Cryptocurrency Kingdom Growing While Frauding Others
As a typical example, the Securities and Exchange Commission filed a civil complaint against Bankman-Fried on Tuesday, alleging that the ex-CEO of FTX was engrossed in a “scheme to defraud equity investors in FTX.” The filing said Bankman-Fried raised more than $1.8 billion from investors and that “unbeknownst to those investors … Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire.”
FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the cryptocurrency exchange’s collapse.
Incidents like this will keep happening and one’s fall is at their own risk.
4. Getting rid of banking
This Bitcoin wants to get rid of banks. Banks keep our money stashed up, giving us less opportunity to splurge our money away, looking perhaps unsophisticated but they protect us. On the other hand, Bitcoin is fast and speedy sending money directly to another person with no intermediary and keeps one spending money wildly.
With Bitcoin, millions will be unemployed.
5. Bitcoins trace out your every move
With Bitcoin, everything gets recorded in the blockchain in a transparent and immutable way and this may trace you out and make you very vulnerable especially if you are in the hands of a very despotic government. This is not good for you. While the people on the top can hide their misdeeds, the poor, middle, and even the rich become pawns if they fall on the wrong side of the government
6. Bitcoins could be a ploy to reduce the human population
Millions will slowly get unemployed with Bitcoins circulating. How can it work? Firstly, there will be no need for bankers or middle people, secondly, there will be less need of workers, and cutting down on the workforce will lead to starvation, hunger, and eventually death. It makes one wonder whether Bitcoins are actually a devious ploy to get rid of the human population slowly. Why are there only 21 million bitcoins made and not 8 billion?
With millions getting unemployed due to a reduced workforce, the governments will slowly let them die out of starvation and poor-quality food and they can eventually fall prey to new diseases.
7. Volatility and changeable
Bitcoin is too volatile, it goes up 200% and then goes down 50% only to repeat the whole process over and over again whereas other currencies are far more reliable and sustainable.
8. Bitcoins scams running wildly
The price is actually very volatile, an opportunity for those who trade the cryptocurrency in a short term, otherwise it’s a very bad idea to invest in it at the moment so the market is as unstable as the form of water
There are stories of blackmail attempts in which strangers threaten you in exchange for bitcoin as a means of extortion done through email, where-in the sender transmits a message claiming that he/she has hacked into your computer and is operating it via remote desktop protocol (RDP). The sender says that a key logger has been installed and that your webcam was used to record you doing something you may not want others to know about. The sender provides two options – send bitcoin to suppress the material, or send nothing and see the content sent to your email contacts and spread across your social networks. Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people en masse.
There are fake exchanges that trick users by offering extremely competitive market prices that lull them into thinking they’re getting a deal, with quick and easy access to some cheap bitcoin. Be sure to use a reputable exchange when buying or selling bitcoin, free giveaways in exchange for sending a small amount to register, or by providing some personal information. Impersonal is another danger, using fake accounts to trick a person.
Malware is being used where some malware programs, once installed, will change bitcoin addresses when they’re pasted from a user’s clipboard so that all of the bitcoin unknowingly gets sent to the hacker’s address instead. Since there is little chance of reversing a bitcoin transaction once it’s confirmed by the network, noticing this after the fact means it’s too late and most likely can’t be recovered.
A counterparty may invite you to meet in person to conduct the exchange and this could result in you getting robbed or injured. Con artists have also been known to exchange counterfeit fiat currency in exchange for bitcoin. Consider using a peer-to-peer platform to safeguard the funds in place of meeting in person.
Scamsters use emails or inbound communications. Phishing websites often go hand-in-hand with phishing emails to link to a replica website designed to steal login credentials or prompt one to install malware. Do not install software or log in to a website unless you are 100% sure it isn’t a fake one. Phishing websites may also appear as sponsored results on search engines or in-app marketplaces used by mobile devices. Be wary that you aren’t downloading a fake app or clicking a sponsored link to a fake website.
Ponzi schemes are another part of the scam and do not take part in offerings where one or more people offer you a guaranteed return in exchange for an upfront deposit. This is known as a Ponzi scheme, where-in future depositors’ principals are used to pay previous investors. The end result is usually a lot of people losing a lot of money.
Ransomware is a kind of malware that partially or completely blocks access to a device unless you pay a ransom in bitcoin. It’s best to consult the advice of a trusted computer professional for removal assistance, rather than paying the ransom. Be careful about what programs you install on your devices, especially those that request administrator access. Also be sure to double-check that the application you are downloading isn’t a fake one that’s impersonating a legitimate one you’ve used in the past.
Be careful of scam coins luring users to invest via private sales, or with presale discounts. Scam coins may feature a dazzling website and/or brag to a large community to create a worry of missing out effect on people who discover it. Scam coins may also use the word Bitcoin in them in an effort to trick or mislead people into thinking there is a legitimate deal in the whole show.
9. The cost of loss is too high
Bitcoin goes up in value by 200% a year. Think if you lose 1 bitcoin at the rate of a million rupees, too much pain! Bitcoin is a gamble where you need to be in the ropes, and will never get any good handouts in rupees. It is always safer to own money, considering the losses you could incur if Bitcoin falls, and where is the government there for you?
One advantage I would point out about Bitcoins are for example if someone sends a Bitcoin to a poor mother in India, it would go directly to her purse with no intermediary to loot off a portion of her money. That is one big takeaway.
10. The New World Order
Again, Bitcoins in the hands of powerful leaders will lead to a cashless order, eventually a one-world currency, one of the greatest dangers in the world. With one currency, it will lead to a few nations merging to control the world system with one currency and no exchange rates. Eventually, those leaders will get overruled by the richest and most powerful one, who will turn out to be a dictator, something no one ever anticipated. Such ownership and power in the hands of a few will put billions of people on Earth into peril, disaster and eventually genocide. Remember, the rich and powerful want to rule the world with a lesser population, they will crush perhaps billions, eventually, in a One World Order, establish a One World Religion and a One World Government. All this is possible when you melt the currencies into One, and this can be done through Bitcoins, eventually.
The theory of survival of the fittest is the biggest lie of inhumanity coined to humankind which will evidently destroy us all with power, control, and scarcity. It is a bubble that keeps a certain circle inclusively connected that could burst at any time, and the rest will fall out, will Nothing like good old money rooted in security, while Bitcoins presently is a spoil for the rich and powerful.