Breaking down the 7 myths of Bitcoin #1

Bitcoin is a pyramid scheme

Pyramid scheme organisers may present the scheme as a business opportunity, such as a multi-level marketing programme.

Scammers often use social media, internet advertising, company websites, group presentations, conference calls.

Characteristics of the pyramid scheme:

High returns with little or no risk Too consistent returns. Unregistered investments. Unlicensed sellers. Secret and complex strategies. Problems with paperwork. Difficulty in receiving payments.

Bitcoin is not a company. It has no employees and its supply is finite. No matter how many people adopt it, there will only be 21 million Bitcoins.

Bitcoin will only become a global reserve currency if hundreds of millions (if not billions) more adopt it.

The utility of Bitcoin is like money.

Bitcoin is not a company that sells a product, and there is no revenue stream to pay future dividends.

Bitcoin isn’t about making money; instead, bitcoin is a value, or at least has become money for those who choose to store some of their wealth in it.

And it’s not a scheme to get rich quickly, it’s fundamentally about storing value.

Bitcoin was not built on the need for new claimants to make a profit, but for its value to grow for everyone.

Bitcoin is not a pyramid scheme.

Breaking down the other myths:

Breaking down the 7 myths of Bitcoin #7

Breaking down the 7 myths of Bitcoin #6

Breaking down the 7 myths of Bitcoin #5

Breaking down the 7 myths of Bitcoin #4

Breaking down the 7 myths of Bitcoin #3

Breaking down the 7 myths of Bitcoin #2

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