so from this what is see is crypto is not really "secure" coin. someone new always going to fall for such scam. Its really not for normal people and business, its the currency for scammers and businesses who do illegal trades and wants to hide transactions from authorities.
Without enough knowledge, not just crypto but even simple UPI payments have been used to scam people. People have been scammed into giving away their PIN and credit card details.
from my view apart from some individul investor, it is mainly used for illegal transactions to hide from laws.
You are talking about the "black money" issue and crime money. The point is that this is just a convenient excuse for the authorities. Bitcoin is particularly targeted because people see Bitcoin as a method to weaken the control of central banks and the government. Bitcoin is an inflation-free, peer-to-peer asset for the people of the world which cannot be confiscated and cannot be exposed without your permission. It can be moved across borders and between people with just a list of words. This does not mean that it is illegal. If you are a law-abiding citizen who pays his taxes, what right does anybody have to know how much wealth you have? What right does your bank, tax authorities, search engines have to monitor your spending patterns? Yet, keeping law-abiding citizens in fear while letting criminals roam free, even help them get elected, is what happens in reality.
Bitcoin targets high level corruption. Bitcoin transactions are traceable and available to the public. Imagine if government expenditure was done using bitcoin. It would be the end of middlemen and under-handed deal with every transaction up for verification on a public database. It is the perfect solution but it takes power away from our politicians and babus. So, they choose the option to demonize it instead. As an individual, if you fail to see it then it is your problem, not bitcoin's. Bitcoin is a technology based on mathematics, computers science and cryptography. It couldn't care less what we feel. The only important thing is that keeping a part of your wealth as bitcoin is your own insurance.
is there a real reasons to not trust central bank or they dont trust because everyone says they dont trust? just like news channels play mindgames on election time. again im not supporting anyone, its a genuine question i want to know why everyone dont trust their central bank.
You are right. A lot of those blogs, especially being written by jobless Indians, simply copy verbatim that "i don't trust banks", without even understanding the underlying arguments, some of which i have explained above. Bitcoin gives you the power to be your own bank. A bank keeps your money safe in the form of numbers on their central ledger. Bitcoin is a decentralized method of maintaining that ledger that does not depend on any bank or any governments guarantee. The value of US governments guarantee isn't the same as that of Zimbabwe or Venezuela. When economies collapse, it can happen anywhere. With bitcoin, we have a worldwide system where people are willing to bet money on it and you can exchange it for value in any part of the world, if you can find the right people. It is a system based on people themselves, not on anything else.
When we talk about not trusting banks, its the central banks that follow the policy of printing money to help rich businesses tide over blunders caused by themselves. This system rewards those who exploit it the most. The people who lose are the middle class whose investments lose value as more and more money is pumped into the system.
There is a lot to understand before you can decide whether bitcoin is for you or not.
