Is Bitcoin the next biggest official ‘scam’?
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The value of BitCoin has skyrocketed in the past few months. BitCoin was valued at $700 (Rs. 44,834) in the month of January. The cryptocurrency shot to its record high of $19,666 (Rs. 12,59,526) on Monday (18th December 2017). Post that the currency came down by more than 30% to $13,1000 and now currently trading at $14,499.
It is clear that the cryptocurrency is more volatile than camphor itself. Given its volatile nature, few have made millions, while many have lost millions in the past. It is a fight between the classical model of finances versus the aggressive modern day economic system.
Billionaires like Richard Branson (Founder, Virgin Group) have been applauding the cryptocurrency, while JP Morgan CFO, Marianne Lake called Bitcoin ‘Fraud’. McAfee founder, John McAfee claimed that Bitcoin will move above $50,000 within three years in his tweet (on 17 July 2017).
Such is the volatile situation of the Bitcoin. One of the main reason for many government agencies and financial systems to reject the legalization of Bitcoin is its ‘lack of transparency’ and ‘no government control over it’. Many expressed that Bitcoin will crash to an all-time low, once people stop buying it in the future.
By the way, even you can create your own Bitcoins. All that you need is a computing machine. Want to know how? Stay tuned for an update on ‘Creating your own Bitcoins’ very soon!
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