Why Bitcoin is a Con!

With the Bitcoin price going so high and so many people talking about it we have become very concerned about the potential for people to lose a lot of money.

We think that Bitcoin displays the same characteristics that you would find in a con or in a scam.

If you want to see the Youtube video please see below:

Generally you find 2 things in a con or a scam.

Strong Demand

First there needs to be very strong demand being generated and very small supply. This type of con (scam) has been done in the past through real estate, stocks and other investment vehicles. Bitcoin is no different, the demand for Bitcoin is being driven by people that have something to gain across social media and marketed through online channels.

When Bitcoin suddenly became widespread it was moved to exchanges where people can buy and sell it. Immediately it was pushed to the public to buy. A lot of people say that large institutions are buying, but in my opinion it is now retail investors driving the buying.

Limited Supply

Bitcoin has a small amount of supply, the scarcity applies here too. Only 21 million Bitcoin can be created therefore supply is limited.

Although the challenge with this as the demand continues to outstrip supply the Bitcoin can actually be diluted. Originally you could buy 1 Bitcoin for $1 but now you can buy Bitcoin in increments. For example you can buy 0.000001 Bitcoin for example. This means that Bitcoin can theoretically be divided infintely. This gives the ability to completely control supply.

What we recommend?

Bitcoin has all the hallmarks of a con/scam.

We recommend our viewers to stay away from Bitcoin as it is a speculative investment and looks very much like a pyramid scheme. There is value in Blockchain technology but with Bitcoin you are not buying the technology you are buying a digital currency who’s real value is unknown and impossible to quantify.

Bitcoin price will eventually crash so make sure you are not part of it. Also be very wary of any cryptocurrency. Please let us know if you think Bitcoin is a con, scam or a Pyramid scheme.

You can also see our other video Why Bitcoin is a bad investment:

You can also view our other videos:

Fastest way to start earning money online – https://youtu.be/DjzmyhcmEB8

Make money starting from nothing – https://youtu.be/2OODcrk0xc4

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