Many potential investors, as well as those who already own Bitcoin, are concerned about the age-old question: Bitcoin - a scam of suckers and a pyramid
or a real opportunity to make money? Moreover, while supporters of cryptocurrencies present very compelling arguments in favor of the advisability of investing in Bitcoin, critics, as a rule, spread negativity that is unsubstantiated.
Most often, Bitcoin is called a scam, a bubble, a pyramid and other words that are scary for investors due to a banal misunderstanding of cryptoeconomics. True, there are other reasons why people may unfairly consider Bitcoin a scam.
- Reasons for being skeptical about Bitcoin
- Destroying myths about Bitcoin Bitcoin is a scam that is not backed by anything
- Bitcoin is a pyramid
- Bitcoin is a scam
- Bitcoin is a bubble
Project information
The site is in English, but faucet lovers will easily understand the interface.
What does the administration offer?
- up to 0.00112801 bitcoins every 5 minutes
- up to 0.00228010 bitcoins every 15 minutes
- up to 0.00528010 bitcoins every 30 minutes
- up to 0.00628010 bitcoins every 60 minutes
There is also an affiliate program. Administrators promise to pay 50% of the referral’s earnings.
The minimum withdrawal amount is 0.00020000 btc.
What else interesting is there on the site? Terms of service. The contract is also, of course, in English.
The text is worth reading. If you don't know the language, you can use an online translator.
The service rules state that all payments will be made within 1 week after the request. That is, payments are manual. And this is already a bell indicating an imminent scam of the project.
Also, the faucet admins reserved the right to block users without warning for any reason. The reason for the ban can be either the presence of an ad blocker in the user’s browser or the bad mood of the site owner.
Registration in the service is simple, but you will be required to confirm your email. Please note that not just any box will work.
The personal account is simple, but the lack of a countdown counter is annoying. Or rather, it exists, but its operation can only be traced in the site code. As you remember, Satoshi are credited at a certain frequency. You will have to guess when you can collect coins again.
And in general the site is working hard.
Bitcoin Bonus
Described site: spade.profusefriend.xyz/offbitbonus_23.
Cryptocurrency mining is their extraction by running a special program on a powerful computer. Now this is practically irrelevant without investing at least hundreds of thousands. Cloud mining is almost the same, but the calculations take place on a remote server that we rent. At first glance, the Bitcoin Bonus project is a company that rents out equipment for temporary use.
The notice on the website says that we have not logged into the system for 364 days. During this time, $7,232 was allegedly earned. It sounds nice, but the very first message shows that Bitcoin Bonus is a scam.
The review of the BitokFerm also touched on the topic of remote cryptocurrency mining. And I must say that the new “hero” was made with even more obvious mistakes, but according to the same scheme.
We take off our rose-colored glasses, turn on logic, and immediately notice obvious inconsistencies:
- To earn over $7,000 per year at the start, you need to invest approximately the same amount or even more. It’s unlikely that you contributed that kind of money to an incomprehensible service;
- On the Bitcoin Bonus scam page they write that the earnings were made on our device. The creator of the scam is not even aware of how the technology should actually work;
- Logging into the system occurs without you specifying a password or phone number. Let the crook leave the nonsense about IP authorization to someone else;
- The site, which has existed for at least a year, is unknown on the Internet.
Once again they make you believe in something that doesn’t exist. But the Bitcoin Bonus scam brings profit only to its owner.
Find out how to make money on the Internet without cheating! We devoted a separate article with links to other useful materials. Study them!
Exposing the project
As I already wrote, Ourbitcoin is paying users for now. But in the future this faucet will fail, like many others. What does this indicate? Two important points: manual payments and long delays in transfers. Why not make the accrual of bitcoins and the transfer of rewards automatic? But in this case, the owner of the resource risks being left with nothing.
Let me explain. The faucet administration makes money on cheap traffic. You are shown advertisements for various scams, you look at the banners, maybe follow the links and collect satoshis. The project budget is limited. The availability of money depends on whether the owner of Ourbitcoin found an advertiser or not, and on how active you are in clicking. What will happen if advertising funds run out, and faucet lovers collect coins and ignore advertising? The answer is obvious - payment interruptions. The swindlers may pay persistent visitors. The rest don't. There will be a rumor on the forums that the faucet has come to an end. And the traffic will stop.
The swindler who created this service is well aware of the prospects. But he doesn't care much about that. Ourbitcoin will work for some time, but after bankruptcy its admins will simply launch another cryptocurrency collector. Whether you have time to save up the minimum wage before the crash or not is a matter of luck.
Is Bitcoin a scam or not: can crypto money be considered a real currency?
Currency can be any means for which you can legally make payments in a particular state. The government itself sets the currencies in its countries. It is not necessary that only one type of fiat be the official currency: some countries introduce several different means of payment, which are equally used for buying or selling goods.
But what about Bitcoin? For fiat, you can come to the store and buy any set of goods that is on the shelves. But you won’t be able to pay directly with cryptocurrency: you’ll have to make an exchange using special services first.
So is Bitcoin a scam? It is hardly possible to talk about this, judging only by this factor. Bitcoin is widely used in the shadow economy because of the ability to remain anonymous when using it. However, the fact that it can be used in some areas does not make Bitcoin a full-fledged currency. After all, you won’t say that the vodka you used to pay for an electrician’s work immediately becomes a legal means of payment in the country.
Although some states have already taken Bitcoin into account as a new type of currency. That is, it is actually regulated by law. Countries such as the USA, Canada, Belarus, and Japan have already taken the first steps to bring their economies closer to digital money.
Mining virtual gold
The number of Bitcoin coins is not infinite; in total, 21 million of them were “created”. No more and never will be! It’s as if there is a natural resource that is being mined and its supply is limited.
At the time of writing, 17,385,429 bitcoins have been “mined” worldwide. The first million was obtained by the cunning Nakamoto himself 
There is another subtlety. Each subsequent problem—a block of calculations—becomes more and more complex, more time is needed to make the necessary calculations, but the payment becomes less and less!
For example, if at first they paid 50 coins for solving one block, now they give 12.5; in 2022, another reduction in the reward for solving is expected to 6.25 bitcoins.
Due to the fact that the complexity of calculations is growing, the speed of bitcoin mining is falling. It used to be easier to mine because you could get more coins per unit of time. Now these things are not done so quickly.
According to the calculations of experts from the world of cryptocurrencies, the last Bitcoin will be “mined” in 2140. So, when you go to your next birthday, you can safely make the following congratulation: “may you live to see the day when the last cue ball is mined.”
By the way, January 3, 2009 is considered the birthday of Bitcoin. It was on this day at 18.15 GMT that the first block of 50 coins, number 0, called Genesis, was generated
Bitcoin Profit
Profit project offers to make money on cryptocurrency. Cryptocurrency has long attracted users who want a reliable way to make passive income. The profitability of the first owners of the cryptocurrency was indeed tens of thousands of percent. Therefore, despite the high risks, interest in cryptocurrency does not wane.
Fraudsters take advantage of this circumstance, especially since cryptocurrency is not officially a means of payment and its use is not regulated by the laws of most countries. Therefore, scammers like Bitcoin Profit feel quite calm.
Via Skype and Qiwi wallet
The fraudster negotiates with a potential buyer to sell bitcoins using a Qiwi wallet. The seller asks to open Skype and show the wallet screen, supposedly to make sure there is money there. Then, under any pretext (for example, to check the operation of the system), he asks to generate a voucher.
“The generated code is displayed on the screen, and while the attacker is talking the client out, he activates this code in his wallet, and the buyer immediately loses money,” explains Evgeniy Kaminsky, founder, cryptocurrency trader and miner.
Earning Bitcoins 2022. How does it work and what is mining?
Bitcoins are a decentralized system
Bitcoins are not issued by any state, but appear in the process of operations on computers that serve the needs of this very payment network.
For example, someone somewhere paid with bitcoins for an online purchase. This operation is recorded in the registries of computers connected to the Bitcoin network. For this operation, a special signature is printed, which is calculated using a complex algorithm by the computer itself. Such a computer can stand on the other side of the Earth, and its owner will receive a reward - a bitcoin-penny (Satoshi). For a person, it looks as if his computer generates money itself: it rustles something, calculates, and money comes to the account. This is called “mining”, or the extraction of bitcoins.
Although anyone can do mining, it is very difficult to actually make money from it. Expensive equipment is required, there is a lot of competition, and the income is tiny. So this is mainly done by megawatt Chinese mining clusters based on entire power plants. So such bitcoin earnings in 2017 no longer justify. However, many gurus know how to earn extra money even in such harsh conditions.
Disadvantages of Cryptocurrency
- Lack of a 100% guarantee of the safety of user wallets.
- Risks of hacking crypto exchanges and loss of funds.
- Lack of centralized regulatory bodies.
- The future status of cryptocurrency is unclear, the possibility of introducing a ban on the use of digital money.
- High volatility.
- Lack of ability to cancel a transaction if it is wrong or you change your mind about sending coins.
- Risks of loss of capital if access to the wallet is lost.
Fake sites
A very popular route for Bitcoin scams. At the very beginning of 2016, one of the Reddit users lost several BTC after investing them in a fake site masquerading as the popular exchange platform ShapeShift.io. The site was very similar to the original one, but the address was missing a letter, which was difficult to notice. As soon as this information was received by the ShapeShift team, the guys immediately posted a press release, which acted as a warning to other users of the exchanger.
This is far from an isolated case. From time to time there are fakes in the form of BitStamp, Bitcoin Foundation, Blockchain.info and other popular resources.
By creating an exact copy of a popular platform, Bitcoin scammers fish out logins and passwords of gullible users, or attract money from the wallets of inattentive ones. Many such fraudulent sites are even found in Google advertising.
To avoid problems : follow only verified links from people you know. Each time, pay attention to whether the site address is written correctly and whether the connection is protected by an SSL certificate.
Bitcoin - a scam or not: what experts think
Professionals also do not find a common agreement on whether cryptocurrencies are a good investment option or a disastrous way to lose all your money.
For example, one of the founders of Bitcoin.com, Emil Oldenburg, has his own opinion about crypto coins:
Investing in Bitcoin is an extreme step. After all, at any moment users can understand how this money works and start selling it.
Founder of Vanguard Group Inc. John Bogle was more succinct at one of the official events of the US authorities:
Avoid Bitcoin like the plague.
Marina Guryeva , co-founder of the CEO of cyberFund, believes that the growth of Bitcoin is completely justified. There are reasons for this: the legalization of currency in some large countries, the ability to exchange funds in a decentralized system, the development of the Blockchain economy.
The above factors will most likely continue to operate for some time. Accordingly, this will have a positive impact on Bitcoin in the medium term.
What can you buy with it?
For the first time, virtual bitcoins were used to pay for a completely tangible product in 2010. An American from Florida named Laszlo wrote a post on a thematic forum that he was ready to pay for the purchase of pizza with bitcoins and there was a kind person who ordered him a couple of regular pizzas in exchange for 10,000 bitcoins.
At the exchange rate at that time it was about $42. Today, 8 years later, this is a slightly different amount - more than $37,238,500. This is the arithmetic, this is how the pizza turned out
Where can you spend coins now:
- Buy property
There are a couple of corporations that accept this virtual money as payment for apartments - one is located in the United Arab Emirates, the other is engaged in real estate in New York in Manhattan.
- Pay for training
There are several higher education institutions that accept cryptocurrency as payment for knowledge - these are the King's College of New York, the University of Nicosia in Cyprus, the University of Cumbria in the UK and the Swiss University of Applied Sciences and Arts in Lucerne.
- Get plastic surgery
In Miami, Florida, there is a company with the peculiar name Vanity Plastic Surgery, which translated into Cyrillic sounds like “Vanity Plastic Surgery,” and so there you can easily touch up your nose or pump up your breasts by paying for the services with virtual money.
- Buy air tickets
The number of airlines accepting cryptocurrency as payment for their services is growing, for example, Lithuanian Air Lituanica, Latvian AirBaltic, Canadian GuestLogix, a number of US airlines and a number of others.
You can also buy a lot of things with bitcoins: electronics, travel packages, and pay for everyday goods and services. The range of products and offers is quite wide!
The main thing is to know in which countries this is available and the site coinmap.org can help with this (this is a kind of map on which establishments accepting payments in bitcoins are marked)
Mining
Virtual money earned through back-breaking labor is credited to electronic wallets, which are protected by a special password. Such wallets are called a Bitcoin address, and it consists of 30-34 Latin letters and numbers.
If the owner of the wallet loses his password, then there will be no one to complain, all his bitcoins will be lost forever!
This story happened to a computer scientist from Great Britain named James Howells. He started mining Bitcoin back in 2009 and mined about 7,500 coins.
Then, in 2013, for some reason, he disassembled his computer for parts and sold them.
He saved the hard drive on which the bitcoins were stored, but then, while cleaning, he accidentally threw it away.
At the moment and at today's prices, the information stored on the disk is worth millions of dollars, so James does not lose hope of finding his treasure in a landfill, among tons of garbage.
Another case. There is such a company as TemplateMonster - a global manufacturer of templates for creating websites... Its director, David Brown, accidentally deleted a file with data for 411 bitcoins. It happened as follows.
To prevent his “enemies” from discovering this file on his laptop, he gave it a name like a movie, then, when he freed up free space on the laptop’s disk, he deleted all the unnecessary movies... among them was a file with bitcoins disguised as a movie .
Attempts to recover the deleted file did not lead to anything. Such an oversight costing almost 1.6 million dollars by current standards!
