Is Bitcoin a scam? |


Is Bitcoin a scam? |

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  • Having messed around with the code, have seen nothing that makes it a scam.

    Saying that Bitcoin in itself is a scam is just ignorant. Now saying that some people viewed as innovators of Bitcoin gone rogue are scammers is more appropriate. People as mark kerpeles (mt. Fox) and such. They used Bitcoin as their scam. Much like people used cash as their scam or gold as their scam.

    I have made my own cryptocurrency(s**t coin if you will) for fun and to grasp a better understanding of the protocol and how it works. I haven't found anything malicious in that code or anything that would give somebody the upper hand.

    Now if you are thinking, "well somebody can edit the code to steal your coins or make fake coins" that is not how it works. Yes they can make a "fork" of Bitcoin but it will be on a separate blockchain. Meaning you cannot transfer those "forked" coins to the original Bitcoin.

    Well what is the blockchain? The blockchain stores all the wallet addresses, transactions, miner power and so on. It cannot be edited but only added onto with new wallets, transactions, miners etc. It is not a website, but stored inside of the application itself on each and every computer or miner with the application. The websites you can find the blockchain on only show a graphical representation of what the blockchain has stored in it. The blockchain can only be changed if 51% or more of the users(miners) decide they want this new blockchain as the main blockchain. Called a 51% attack. This means the more people who use Bitcoin, the more secure the protocol is. Which, at this time, it is very secure and Bitcoin itself has proved unbackable.

    The only way people can "hack" Bitcoin is to hack the websites or wallets and use their data or stored coins for themselves. This happens in everyday life everywhere and should be null.

    Now, onto the wallets. The wallets are NOT the Bitcoin protocol. They only use the Bitcoin protocol as a base of information. You could use command prompt for your wallet if you know how to code it. This is why you can find multiple wallet providers with different features and security. They are not changing the protocol itself, but telling the protocol where to send the coins and storing that info in the blockchain. It is possible that a rogue wallet provider can program something malicious into the wallet itself to steal your wallet data to steal your coins but if you stick with well known wallets, you will not need to worry. Online wallets can be dangerous so it is best to keep your wallet on a physical computer or USB.

    If someone makes a fake wallet that doesn't actually store real Bitcoin in it, you would be able to tell just by viewing the blockchain on a website.

    I have more to say, but not enough room on here. I will post about the human side of the ordeal I the comments.

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