The truth about Bitcoin!

https://www.marketwatch.com/story/now-thats-a-crypto-crash-bitconnect-coin-dives-90-as-company-shuts-exchange-2018-01-17?siteid=yhoof2&yptr=yahoo

https://sg.finance.yahoo.com/news/bitcoin-speculative-bubble-bursting-long-050501188.html

Many bitcoin fanatics are calling others to buy bitcoins on the dips.  Is it wise to do that?

Is bitcoin or cryptocurrency a scam?  Bitcoin fanatics cited the following reasons for bitcoin investment.

* Bitcoin has a limited supply of 21m and the price will keep going up because of its limited supply. (Bitcoin is scalable because developers and miners can fork bitcoin into bitcoin cash, bitcoin gold, etc.  Therefore, bitcoin is not limited but unlimited.  Demand and supply will only cause price fluctuations but not create real value in the product.)

* Bitcoin has no central bank control and is unregulated. (Without regulation, bitcoin is highly susceptible to frauds and manipulations.  For example, private cryptocurrency exchanges can just shut down without any compensation made to users.)

https://www.express.co.uk/finance/city/905222/bitcoin-price-news-latest-manipulation-cryptocurrency-surge-plummet-stock-exchange

https://techcrunch.com/2018/01/16/bitconnect-which-has-been-accused-of-running-a-ponzi-scheme-shuts-down/

* Bitcoin is anonymous. (The USA & G20 will try to remove the anonymity soon.  Without anonymity, there is no intrinsic value in bitcoin anymore.  The G20 summit is in March 2018.)

http://sg-stock.blogspot.sg/2018/01/bitcoin-is-inching-closer-to-its-death.html

* Bitcoin will gain worldwide adoption because it is a technological breakthrough. (Bitcoin is slow and expensive to be used for merchant transactions as it takes about 10min and costs around USD$30 to process a transaction.  Furthermore, bitcoin is subjected to daily price swings that merchants cannot tolerate.  Therefore, it is impractical and not feasible to adopt bitcoin as a payment mode.)

* Bitcoin is easy to buy and sell on crypto exchanges. (Bitcoin is hard to buy and sell during exigencies.  Many investors cannot cash out during recent crashes and are left to lick their wounds.  Sometimes, it can take up to an hour just to sell bitcoin during peak hours.)

Our conclusion: Stay away from bitcoin or cryptocurrency!