Why is people asking to buy bitcoin

Share this page Facebook Twitter Linked-In. Avoid new and untested platforms. However, these do not guarantee that they are legit. Now satisfied that the scheme is legit, those investors who received payouts pump more of their money into the scheme and encourage others to do the same. November 26, by Cristina Miranda. By the time the bank finds out the check is no good, the scammer has gotten the bitcoin, and you have to repay the bank all the money you withdrew. Both were later shown to be multi-level marketing MLM scams.

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Depending on how you go about id, buying Bitcoin on credit can be just as safe as any other method, but it can also be downright dangerous. Buying Bitcoin askng your credit card is just as simple as buying with a debit card or paying directly from your bank account, though it does come with a few extra restrictions. Coinbase, which is arguably the most popular digital currency exchange around, will happily take your credit card. Coinbase also charges a 3. If you want to use your Amex you can try Coinmamaanother popular exchange that charges a slightly higher 5 percent fee on transactions. When it comes to credit cards, Visa and Mastercard both allow cryptocurrency purchases—at least for .

Our guide to how to spot bitcoin scams and stay safe when trading and using cryptocurrency.

We understand that buying bitcoins can be extremely confusing and frustrating. Luckily for you, this site has ample information to help make buying bitcoins easier for you. Below, we listed exchanges you can use to purchase BTC. We suggest our listed exchanges and doing your own research before making your final decision. Certain exchanges are simply there to steal your personal information or rob you of your bitcoins. We conduct intensive research on every exchange we list to filter out any and all dishonest exchanges. Buying bitcoins with cash or cash deposit is the most private way to purchase bitcoins.

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Why are people buying bitcoin and cryptocurrency? One may think that bitcoin is just a bubble that has no value at all, and other cryptocurrencies are just scams. This accusation may be correct in some way, but do not forget that it is human who determines the value of a good or service. Same goes yo Bitcoin. Bitcoin is immensely useful and has never been seen before in a way.

These are not actually true. Bitcoin has immense utility as a censorship-resistant store of value. No bank, government, and company can control byu wealth and how to transact with it.

People do not realize how limited the conventional financial system is. If you try to wire transfer to certain countries, say to Madagascar, it is practically impossible. You can also have your bank accounts closed at any time for whatever reason. Essentially Bitcoin offers a way to store your money that it is yours only, not in the bank and get asklng by them however they want remember Lehman Brothers that went bankrupt in ? Bitcoin is considered as digital gold, so let us talk about gold.

Gold is immune to inflation and good as a store of value, but you can not send a chunk of gold from here to somewhere like Canada. Bitcoin is the first-ever way that is immune to inflation that can also be utilized as digital cash.

With the scaling solutions like Lightning Network, Bitcoin could be the first-ever store of value that is immune to inflation and also services a true peer-to-peer digital cash. Why is people asking to buy bitcoin will allow very cheap and instantaneous transactions. I have not even mentioned other cryptocurrencies like Etheurem and Zcash that are committed to providing utilities in their cases.

Bitcoin is one of the most provably and reliably scarce commodities ever to be discovered or created in human history. It has a 21 million hard cap into the code. Unlike the traditional fiat currencies, Bitcoin will be a deflationary currency ;eople there will never be more than 21 million bitcoins.

Disinflationary currency means that there is an inflation rate and an issuance rate. Right now, Bitcoin has an insurance rate of around 3.

The reason why this is significant is that this leads bitcoins to have excellent stock to flow ratio. What this means is that you have a very low issuance or low creation of a new inventory pfople bitcoin relative to the existing supply. Stock to flow ratio is partly the reason why gold historically has been a fantastic store of value with about 2 percent of new creation every year.

Low stock to flow ratio makes gold an excellent investment, but unlike Bitcoin, there is actually a pile of gold waiting to be released. For Bitcoin, the issuance amount is hardwired into the code. There will never be more bitcoin created outside of the current issuance rate, and this inelastic supply of Bitcoin makes it potentially an incredible investment.

You can see why this potential for the price and the value of Bitcoin to skyrocket. You may think that the demand for bitcoin is not there yet, which partly caused its price to reduce for more than 80 percent in December Aside from utility and scarcity peole could boost the demand for Bitcoin, many countries suffer from economic distress and rapid inflation.

Due to this factor, people usually switch to more stable foreign currencies to hedge against rapid inflation. Bitcoin represents an opt-out. We also have the world debt problem. Governments around the world are why is people asking to buy bitcoin up enormous national debts. Currently, there is no feasible way to be paid off without breaking the economy.

Central banks are reluctant to askkng interest rates because they know if they were to raise interest rates, the economy would implode. The government could print more money to reduce the debt by inflating and diluting those debts but could lead to hyperinflation. Another significant potential demand, which ties with the utility of Bitcoin, is to open up the world of finance to billions of people around the world who do not own a bank account.

Many people in this world do not have access to a bank and own a bank account. Bitcoin could be the answer. As long as there are internet and a smart device like a smartphone, people can get hold of a crypto wallet. Moreover, people can send money from country to another directly, without the need to do money exchange. In the current system, intermediaries charge hefty fees to exchange the money or wire the fund. As I already mentioned, I am not a financial advisor; all of these are NOT meant to be financial advises.

Oscar W Tech Savvy. ReactJS Developer. Blockchain Enthusiast. Tweet This. It is NOT intended to be investment bitckin. Seek a duly azking professional for investment advice. Scarcity Bitcoin is one of the most provably and reliably scarce commodities ever to be discovered or created in human history. Demand You may think that the demand for bitcoin is not there yet, which partly caused its peoole to reduce for more than 80 percent in December Source: Google We also have the world debt problem.

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Comments Mister Ed November 26, reply. The scammer tells her to take the cash, buy bitcoins, and send them to. Recently South Korean financial azking and the local Bitcoin community exposed one of the most insidious Bitcoin scams: a fake exchange called BitKRX. But the principle of a pyramid schemein which you take money from new investors to pay previous investors, holds true for Bitcoin scams that have been uncovered recently. I was getting emails to send bitcoins in payment or else they would post something to embarrass me on YouTube. He has to appear in person to clear matters up.