How legitimate are cryptocurrencies?

[omitusaf]

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

[kipozer]

I heard this song many times, probably even before I registered in this forum, but I did not hear anything more stupid, because repeating the same thing for several years, it seems to me a stupid idea. Use the opportunity while it is.

[acorcos]

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

No every cryptocurrency is legit. But there are many legit projects out there like IOTA, LISK or WAVES.

But many projects are just scam. Stay safe.

[ss890]

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

Crypto currencies are completely legit and only the thing thats not legit is the ways that are making its use in the wrong way, For instance, terrors, money laundering etc. But thats completely different discussion but people might be referring to that one while calling the BTC as sac in first place.

they are not backed by any security or tangible assets.

They are not, but they are working on the principles of the unity which is created by the whole crypto community who use it, who invests into it and who is evolving their businesses based on it. Thats how it is getting backed up with fiat/real money thats being put into it by us, the real backers of virtual currency.

They are entirely virtual.

It is virtual but I'm sure that we have already created a strong bridge between the virtual currencies like these and the fiat currencies. We can do withdraw the bitcoin into fiat and then use them for the real world products and services. !

[ManaMan]

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

The problem is that by LAW making your own currency is illegal, that's why btc could be automatically illegal. As it is from now btc is being seen as a speculative asset because price is not near to stable and people are investigating rather than using it as a real currency.

Guess what buddy your money in your bank is virtual when you pay by card and do online banking. Anyway currency is something we made up to have value so it is easier for us to trade.

Let me ask you a question is dollar backed up by anything? Clear answer is no since government can go and print as much money as they want and thus making supply larger and your holding less valuable to the market.


I strongly belive in cryptocurrency to be in future from the moment I started reading about it back in 2016, it is here to stay that's for sure.

Problem is why media is talking about crypto as a scam they are mostly talking about how risky is it as an investment we don't know yet how will everything unfold in the future tho.

I highly recommend you to watch this video and understand more about currency as a whole: https://www.youtube.com/watch?v=tGk5ioEXlIM

[tiar4dewie]

soon many will legitimize cryptocurrency, do not worry about it.
many countries forbid taking it as a threat to the value of their own currencies, but not for the residents who have felt better since pursue the world of cryptocurrencies

[Thyaga]

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

I do not care if the crypto currency is not regulated by law but as long as it is profitable for me, I will keep using and buying it.

[bisdsad]

In fact, I think this is the same with the investment of gold, you invest in gold, you are the real gold you hold, or the figures on the computer, but gold is a reality in kind, and bitcoin is a technology, a district-based Blockchain technology, but you can not because of these denial of this technology.

[MatjaCoin]

All currencyes are now tehnically a scam sorta, but if you don't trust other then hodl bitcoin, because, bitcoin will not be forgotten until it's under top5 or top10 on cryptocap... but for now, have you no fear, because everything drops, and everything pumps... The real value of bitcoin will be only that time when the population from all the world starts using it as a default value for exchange.... if not bitcoin then some other currency, but that what is the best we all think different... you now even have 3rd generation of blockchain called tangle and 2 coins that are on tangle, are allready top 10, because tangle network cannot be owerwhelmed with transactions the more transactions better works...

other what I can say is only this, you should read in what you invest. Good luck

[Angelia46]

I've seen this problem many times.
I think the answer is yes, as more and more countries recognize and recognize bitcoin, countries that ban it will gradually loosen their grip on bitcoin.

[cipher-x_09]

Clearly, there are lot of projects in the cryptocurrency which are definitely scammed and fraud that would take full advantage of the fact that this is a decentralized system with an impossible or maybe a slight percentage of being detected by the experts like the NBI, so clearly you really need to be careful when investing in them, a good example of this is one in our country in which a lot of ICO's are being established on Facebook in which a lot of people are getting tricked upon which is why government are taking precautions of not have them licenses or permits. Due to this reasons, it very advisable that you do your researched.

[ManaMan]

Clearly, there are lot of projects in the cryptocurrency which are definitely scammed and fraud that would take full advantage of the fact that this is a decentralized system with an impossible or maybe a slight percentage of being detected by the experts like the NBI, so clearly you really need to be careful when investing in them, a good example of this is one in our country in which a lot of ICO's are being established on Facebook in which a lot of people are getting tricked upon which is why government are taking precautions of not have them licenses or permits. Due to this reasons, it very advisable that you do your researched.

Why scams occur is because you have many people that don't know what are they doing, what are cryptocurrencies even. They hear stories people becoming milliners, but they don't face the fact that you had to buy btc WAY BACK with low amount of fiat to be millionaire today. They are chasing some dream of quick rich scheme over night, which is really hard to do even if you know how to trade. Having in mind that these people are all newcomers they are throwing their money away at some websites that promisses to be the next big thing and get them high returns. People don't do their own research but idk why they fall for these things, I guess it is the will to get money fast.

btw FB banned ads related to crypto, I guess this is because many people are selling you courses for like 500$ bucks so you can understand what crypto is and how to make money! But in fact they are the ones earining out of this. Another thing is you had scam ICOs doing ads via facebook and later down the road when those scams got reviled imagine how people felt about fb as advertising fake ICOs. And there are many other things included.

[michael shikany]

Most tokens are a hoax.
But there are some very good projects, such as NEO,ETH and so on.
There is nothing wrong with what these media say, and it is true that the entire cryptocurrency market is still in a mess and requires certain laws to limit it.

[tdot]

It's as legitimate as much as you believe it is... Just like fiat currencies.

If you believe someone will give you a paper for $10, then it's worth $10.

[brelok777]

I consider crypto-currencies legitimate. A mass media provide information that they are ordered. So it's someone you need. Do not believe everything that is presented to you by the media.

[Hirameki]

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

Its true that cryptocurrencies are not backed by securities and tangible assets but it is not a scam. A scam is something that you put money onto it and do not get in return. In case of cryptos, you buy coins hoping that the price goes up in future giving you profits but its actually the people in the internet that dictates its price since no single entity can control them.

[ManaMan]

It's as legitimate as much as you believe it is... Just like fiat currencies.

If you believe someone will give you a paper for $10, then it's worth $10.

The best thing is when people look for governments to regulate crypto but when you think about it bitcoin and other crypto currency was made not to be regulated at the first place. Same with legalization they can give red or green light, but that won't stop me from not using crypto as I don't care what my government thinks as long as there are services online which will accept crypto I am able to use it.

[Blas]

I think cryptocurrencies are legit in terms that your money are safe as long as the project is popular and proven to be honest.

The mainstream media will never proclaim it as legit unless is government regulated. And to be government regulated means to be controlled by the government.

[tdeannova]

everyone already knows that there is no regulation and security that governs crypto. all crypto is also in virtual form, if you ask if crypto will last long, I will also ask back. when is bitcoin and blockchain born? from that we can draw conclusions, whether crypto can survive.

[hheight]

In any sphere, there are people who want to make profit by deceiving. Cryptocurrency isn't exception; just look at the recent Bitconnect's case.
But still the top cryptocurrencies are legit and widely used in various spheres.