Bitcoin is a cyber currency. This means there is no physical currency and it’s not controlled by a country or bank.
Bitcoin is probably the most widely used of the cyber currencies and is famous as the method of payment used by hackers, ransomware fraudsters and assorted other criminals.
Not all users of Bitcoin are criminals of course.
With cyber currencies there is method available for making more of it, but this is a very complex process and requires enormous amounts of computer power to do so. The more that is made the more difficult it becomes to make any more. This is to protect the value of the currency.
Emails have started to appear claiming that Bitcoin allows people to profit without paying any fees and that you can make Bitcoins every day.
“A group of clever Russian developers are working on a tool that will allow people to make Bitcoins every day”
“This is feared by the established banking institutions to the point of trying to ban it”
And so on with the usual rubbish in these scam emails.
It is a scam.
Bitcoin is not a guaranteed way to make money – it’s just a currency that is sadly abused by many to the detriment of others.
Do you have an opinion on this matter? Please comment in the box below.