Let’s talk Bitcoin.

First

What Is Bitcoin? .999 Fine Gold Bitcoin Commemorative Round Collectors Coin - Bit Coin is Gold Plated Copper Physical Coin New Price: £2.99 Old Price: £2.99 (as of 01/23/2018 11:44 UTC)

Bitcoin in an encrypted digital currency invented in 2006 by an individual named Satoshi Nakamoto.

There will only be 21 million Bitcoin produced and approx 17 million are currently in circulation. Which means 4 million more Bitcoin can be mined over the next 120 years.

Of course Bitcoin is mined, just like gold was and still is, just in a different way. The problem with the mining of Bitcoin is that It costs approx £1000 worth of electricity to mine a single Bitcoin,
and on top of that, you need the computer harware and the mind of a geek. So the miners struggle to make money but the suppliers of the tools needed will make a fortune.

Companies like Bitfundza, USITech and Blockchain will make all the money along side the gateway companies that facilitate the payments. (see below)

Obviously this means that Bitcoins will remain scarce. So while optimists see a Bitcoin price of £14,000 per coin as being wonderful, others freak out and claim “the bubble is about to burst”.

I think that because of the limited numbers of Bitcoin that will ever be mined, the price is low (For now?) Bear in mind that I am an ordinary bod, but in my limited capacity as a guy who has been a millionaire a few times, I would not recommend anyone  to buy Bitcoin. As with every other investments, if it seems to good to be true, it always is.

I got my first Bitcoin when I joined an affiliate program a while back. I opened my wallet and left it in there as I had no idea what it really was and the growth potential it had. I actually got 3 Bitcoins, wow 3 Bitcoins was worth then about £100 each. So £300 pounds in affiliate commissions back then was a good payday. Being me, I had a period when I had once again spent more than I was earning and I cashed them in (fool) and I got back about £600 but if I had held on to them, my 3 Bitcoins would be worth around £40,000 now

But that does’t mean I am a believer in Bitcoin (Its a bubble) and a lot of little people will get hurt and the potential profits supposedly available to the ordinary guy are fiction?

So you need to be aware and cautious – there are plenty of fraudsters Encyclopedia of Fraud & Fraudsters (Annotated & Illustrated) New Price: Old Price: £2.39 (as of 01/23/2018 11:44 UTC) out there who have cottoned on to the scam potential and have set up some weird and wonderful ways to part you from your hard earned money. Mostly the companies are the ones that act as middlemen for the Bitcoin sellers, companies like Coinify, blockchain and Payza to name just a few. They charge so much per transaction, there is no chance for the individual to make a profit?

This most obvious con is based on the most famous scam of all time – The Ponzi scam. You can get a free book on the Ponzi scam and the most famous Ponzi scammer of all time Bernie Maddof. Just go to www.scam-busters.co.uk and join as a free member. Once you are a member, you can download it for free along with other books and videos covering many other scams, again all free.

So lets assume that you want to steer clear of any and all Ponzi schemes. So let’s cover some of those possibilities.

Basically, a Ponzi scheme is an investment opportunity to put in a sum of money and then getting regular returns, returns that beat any income you would get from Stocks and shares or Bank interest, but for the scheme to work and continue working requires a steady flow of new money coming in. As long as the money keeps coming in, then the scam will continue, as the new money coming in, is what used to pay out the existing investers.

An example is a company called Bitfundza. There is no real product and the business relies totally on its investors bringing in new clients. Every new member has to sign up at least three new members to their downline and each of those three members has to repeat the operation. So investors are not benifiting from the extraordinary rise in the value of Bitcoin but in the money they can bring into the business, soley recruiting new members. No new members, no more Bitfundza? This is also true for all the companies offering ridiculous payouts, for example USITech? they offer a daily interest rate of 1%, yes you read it right 1%. We know all the banks are run by crooks and they can only pay 1/2 % a year? not a day, a year.

So in my humble opinion, Crypto Currency investing is not the way to go, just be aware that the value will go down as well as up and when it goes down it will go with a mighty bang. So invest your hard earned money into yourself and maybe start your own business.

There are mining operations that are totally legit and Crypto currency Crypto Currencies for Absolute Beginners: Join the Revolution 2018 New Price: Old Price: £1.49 (as of 01/23/2018 11:44 UTC) really is a currency that was needed. Especially now that banks/credit card companies/ currency exchanges/etc have been taking a beating from the financial state of the world and all controlled by Governments that have in all senses of the word FUCxxD it up. Normal currencies have virtually no worth but virtual currencies may have a future. But it is definitely not an investment vehicle for the likes of us. They see us coming a mile away.

Crypto currency is a product that lends itself to every fraud going and boy are the fraudsters having a great time and no one seems to be able to stop them.

So companies like USI-TECH and make the plan simple; people buy packages and get a return of 1% approx a day, five days a week and doesn’t commit you to signing up people underneath you to make good money. So if you recommend it to family and friends, its because you are making good money and want to share the benefits with them. If this isn’t a Ponzi scam. then I don’t know what is. Bitfundza does it different, their system relies on you signing up your friends and family on the promise of great riches and will pay out some good money to the early enlisters but heaven help the ones who come in later? Your Brothers, Sisters, Uncle, Aunts and even worse your Mum and Dads, who invest because they love you? Live with that if you can?

So to end this my first blog on Crypto currency. Don’t get involved if you want to keep your money safe in your pocket and out of the hands of the scammers.

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