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Author Topic: How legitimate are cryptocurrencies?  (Read 161 times)
EastSound
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February 01, 2018, 12:04:59 PM
 #21

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!

bitcoin is already here way back in 2009 and still doing good till now, why do you still doubt it if it is legit ? that is why you need to do your research about ICOs before investing in it, many people are being scammed in cryptos because of lack of knowledge about cryptos and bitcoin.

 
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February 01, 2018, 12:10:24 PM
 #22

Who scam? Bitcoin is real asset, it is digital asset that worth because the security, transparancy, privacy and moveble to be transfer or borderless. That;s make bitcoin valuable. Not everything valuable backe by real asset. It is studip idea in the digital world to rely on offline asset.
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February 01, 2018, 12:20:10 PM
 #23

Only Sean Bean knows whom shalt stand the test of time when he narrates Civilisation VI. Altcoins shall survive just like how the alt-right survives any peril it faces.
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February 01, 2018, 12:20:53 PM
 #24

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!

Nature of cryptocurrencies is digital money so that people think cryptos is virtual, no guarantee by the government Smiley) In my country, much negative news about cryptos, every people also believe Bitcoin is Bitconnect, it is scam and illegal. However, I think that Bitcoin and cryptocurrency are legit and become the future of currency in the next 20 years.


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February 01, 2018, 12:29:47 PM
 #25

Cryptocurrency is a scattered system, in which no single person or company controls it. The blockchain code is not located on a central server operated by a company, but is spread across thousands of computers in the blockchain network. In this case the need to approach the public on the importance of blockchain technology is very necessary, so the allegations they disseminate are incorrect.
Because not all people know about cryptocurrency.
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February 01, 2018, 12:31:14 PM
 #26

Yes it is legit. Did you know that around 300 million pesos of remittances every month are done in the Philippines through bitcoin and other cryptocurrencies.
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February 01, 2018, 12:31:25 PM
 #27

Not all of them are legit. But there are many good altcoins related to good project that we need in our daily life.
We'll know what cryptocurrencies are legit and will survive in the coming few years.

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February 01, 2018, 12:35:33 PM
 #28

I believe that such news is created by competitors or those who do not understand in crypto-currencies. I do not see anything wrong with earning money with bitcoin or other promising coins. In good hands, the crypto currency makes the world a better place.
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February 01, 2018, 03:22:14 PM
 #29

If cryptocurrencies are scam, why there are many traders who earned their wealth in this career? There are others that are scams but Bitcoin, dude it already proved its worth.

Accumulate Bitcoin. The bottom is in or near it.
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February 01, 2018, 03:27:20 PM
 #30

Well, we cannot deny that a lot of crypto currencies specially the ones born under ICOs are somewhat questionable in nature. Hence, we look for the Whitepaper, development team profile and its relevance to the blockchain market. Now regarding the legitimacy of the token/altcoin it would really depend on which country it was formed as regulations vary per country.

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February 01, 2018, 03:30:05 PM
Merited by Phantomberry (1), ronsaldo (1)
 #31

Cryptocurrencies are legit. They were created to solve problems in the transparency of real money. I think the question you should ask is the legitimacy of the project that adopts the cryptocurrency. It is now the target of hackers due to the big investments involved

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February 01, 2018, 03:37:48 PM
 #32

THere are limited number of coins in case of bitcoin and other crypto currencies. In case of bitcoin the limit is set to 21 million and there will not be a single more bitcoin mined after that. High demand low supply means more value for the asset.

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February 01, 2018, 04:14:26 PM
 #33

Understanding how legitimate cryptocurrencies are is a bit of a challenge to most people. Even if they have been provided with all the needed information they have to understand bitcoin, it will still go to a point wherein they would still doubt because of uncertainty of the system. "Sure it can provide a better means of earning, but for how long?", that's what they would have in mind most of the time. So for them to truly believe how legitimate cryptocurrencies are, the doubt they have in their minds should be settled first.
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February 01, 2018, 04:22:43 PM
 #34

Cryptocurrency needs to be officially accepted by a country's government and Central Bank to be fully legitimate. It seems to be impossible, because nobody has a right to emit a currency. But in this crypto world tons of tokens apear evey day. This is why cryptocurrency will never go offline. it is an Internet phenomenon.

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February 01, 2018, 04:39:54 PM
 #35

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!

Bitcoin and Cryptocurrency are backed up by the technology they posses and I believed it is more than enough to surpass security or tangible assets that back up fiat or government money.
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February 01, 2018, 04:45:12 PM
 #36

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!
It depends on which country you are right now,there are few countries started to ban cryptocurrencies and do not recognized cryptocurrency as a currency,But there are a lot of countries thata are starting to get involve with cryptocurrencies,lets just hope we will see our fiat evolved with the help of cryptocurrencies.
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February 01, 2018, 04:57:58 PM
 #37

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!

This statement is not true.
Bitcoin is backed by the trust of market participants, technology and equipment, which is an asset of bitcoin.

Nestoit believe everything that is written in the yellow press.
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February 01, 2018, 05:00:53 PM
 #38

Like in every business arena and stuff you will find the good, the bad and the ugly. In normal offline business you will find scammers as well as in online ones, crypto is no different. You need to spend time and do thorough research first in what you want to invest before you decide to invest and not go blindly in and just try to invest to make a fast buck without even bothering to do your homework before hand. This is not good for you if you just go in blindly in this area of investing or work. There are some really decent projects but some that you can laugh at also.


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crazylikeafox
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February 01, 2018, 05:02:02 PM
 #39

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!

 yes they are entirely virtual but that is the true sense of cryptocurrency, it is the future of stockmarket and trading. maybe the ones who are saying that the btc and crypto are scams are the ones who have been scam before because of not studying what crypto and btc and blockchain is.
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February 01, 2018, 05:19:25 PM
 #40

In some countries there is no formal decision on regulation and legal regime of the cryptocurrency, however regulators made statements that they are trying to work out a position with respect to crypto-currency, and warn potential users about high risks of investing in cryptocurrencies because of high volatility. You have to be careful, because in the case of theft or fraud, the bitcoins holder is unlikely to be able to go to court.
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