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  • Category: Miscellaneous

    What is this bitcoin business? Is it all fake?

    Newer forms of gambling and risky ventures to make quick money or lose all of them are always there. Investment in the stock markets is one. If Trump catches cold, the sensex would down by so many points and so on and so forth. One really never understands the various complexities. At best, we can chose a good Mutual Fund to park our money.

    Now comes the bitcoin business. There are some who claim they have made enough money. There are advertisements that sort of entice you with offers of very good returns. Try as hard as I might, an unable to fathom even the basics of it. I have still not invested anything in it, as I feel it is some sort of gambling.

    What exactly is bitcoin? Where did all of this start and why is that so many are into it? Members who know something or much more than something, may please enlighten others with this information. Am sure everyone would like to know.
  • #667965
    It is not fake but it is a risky investments as it is not backed up by any Govt or any common world agency. It is a cryptocurrency based on some difficult computer algorithm and with the help of computers people could even mine them from that algorithm though mining becomes much more difficult with time. It is an interesting thing and has caught fancy of people worldwide.

    There are online exchanges where one can buy and sell them. Some leading restaurants or business enterprises even accept them in place of a legal currency.

    Depending upon the demand of these cryptocurrencies their market value changes. In the beginning there were a few of them but now different people have created many of them through more complicated algorithms. The total of any particular cryptocurrency which can be generated by mining is limited to a limiting value to make it precious.

    There are some cases of frauds and manipulations also reported about them which has made their reputation a bit low but still people have heavily invested in that. They can not be tracked by our banking system as they are not linked to it. No Govt agency has control on it.

    Knowledge is power.

  • #667970
    I am not very conversant with this Bitcoin business but remember having read in various sources about the high risks involved in getting into it. A friend of mine did try to coax me into becoming a part of the chain but I politely backed off citing my ignorance about the business and also because I happened to read about members with two big companies dealing with Bitcoin having suffered huge losses. You may like to go through this article on Cryptocurrency and Blockchain development to know more about the whole thing.
    'It is the mark of an educated mind to be able to entertain a thought without accepting it'. -Aristotle

  • #667971
    It is a high risk investment area and is a unsecured terrain backed by none. Somewhere I read about it in details and it seems that people having ample and surplus money have invested in it to realize quick gains. There is no limit to human greed.
    Thoughts exchanged is knowledge gained.

  • #667988
    For me also it is a difficult proposition to understand this Cryptocurrency concept. I heard about it and studied some articles on this subject. But to tell you openly I am not able to make anything about it. But one thing is sure it is not fake but risky. People may use our innocence about the subject and may try to get the advantage by interacting with such innocents in the subject. People having crores of rupees in their bank accounts and who can afford to lose some money may go and try this money. They may get huge money or they will not earn any money but will not lose heavily. They will have backup arrangements even though they lose here. But others should make it a point not to try this.
    always confident

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