Bitcoin has been all the rage lately !
Almost everyday I people asking :
- Should I buy Bitcoin now?
- Will the price of Bitcoin increase to what it once was?
Ever since Satoshi Nakamoto created this cryptocurrency trend more and more people have been getting on the bandwagon, especially the opportunists.
Nope, I don’t mean those guys who played around with Bitcoin since its early days back in 2009, although I’m sure they would have made a killing by hoarding some Bitcoins since then.
I’m talking about those goddamn scammers who try to take advantage of innocent people like you, like Bitcoin Revolution.
What is Bitcoin Revolution?
So last week I’ve writen a post about some major giveaways to identify an online scam, and it was this very program that spurred this idea.
I was just minding my own business on Facebook, when suddenly this ad came up. It talked about the Prime Minister of my country Malaysia trying out a new venture to improve our financial situation.
It started out like any regular news post. They showed pictures of interviews, my Prime Ministers picture, even some pictures of the super rich dudes from my country.
Everything was really well done with some good and convincing images.
So i kept reading on.
It talked about how my Prime Minister would like to invest in Bitcoin to help my country. At this point I just thought it was weird but I didn’t suspect anything.
The turning point came when they mentioned something along the lines of investing millions of dollars in the Bitcoin Revolution software, that apparently trades for you automatically.
At this point I KNEW it was a scam !
Why is Bitcoin Revolution a scam?
Let me explain.
Firstly, any program, and I mean ANY program that tells you that it can trade for you automatically, is complete bullshit.
To top it all off Bitcoin Revolution even quoted some 90% win rate with your trades or something.
I mean come on, seriously?
I’ve seen a lot of “trading software” scams online, and 99.99% of them will try to tell you they have some groundbreaking program to “win trades” for you on autopilot. If this were true everyone would be buying into this program like crazy, and everyone would “win” every trade.
Bitcoin Revolution also said that you’d need to deposit $250 or something to start trading. Needless to say this is part of the scam.
If you pay that $250 you won’t be getting it back. They also said something about recommending you a broker.
So here’s the deal, you don’t need a broker to buy or sell Bitcoin.
The truth about Bitcoin
I’m no expert in Bitcoin but I did do a project around it back in my uni days.
The thing that makes Bitcoin so secure is that it is decentralized and no single person holds any power. What it means is that there is a network of Bitcoin users and any changes would be known to them. So if you want to cheat Bitcoin you’d have the cheat the entire network.
Also, to buy and sell Bitcoin, you don’t need to go through any broker. The way it works is that you just need to get yourself a Bitcoin Wallet and buy your Bitcoin off a Bitcoin Exchange.
What I’m trying to say is that, buying Bitcoin is a very secure process, and should not be done through any broker.
A little more information about Bitcoin
There are 2 main ways you can make money with Bitcoins.
The first way is to legit mine those Bitcoins. The Bitcoin network would consist of many blocks, hence why it’s called a blockchain. When you reach the end of the blockchain, you would be presented with something like a puzzle.
You basically solve this puzzle by having your computer or whatever go through all the possible answers one by one until you get the right answer. The first person who gets the right answer will win a set amount of Bitcoins. This is why you need some major computing power to mine Bitcoins.
The second way to make money with Bitcoins is to basically trade it as if you were trading foreign currency. Basically buy low and sell high.
Why Bitcoin Revolution came off as a scam to me was because the price of Bitcoin has been dropping for the past few months.
Why didn’t their amazing program “predict” that ?
How can you make money with Bitcoin?
Bitcoin technology is super amazing. The block-chain technology and it’s network keep it secure.
This also means though, that there are a lot of things you’d need to learn if you want to safely invest in Bitcoin.
From my Bitcoin project, I’ve found out about something called BIPs ( Bitcoin Improvement Proposals ). These are guys trying to come up with new ideas to improve Bitcoin.
Maybe these proposals would impact the price of Bitcoin?
There are also tons of Bitcoin and other cryptocurrency forums out there with a wealth of information.
Very often when I see someone asking about the price of Bitcoin, some experts would just point them to these forums and have them do their research.
If you really want to make money with Bitcoin, you’ve got a lot of reading to do.
What if you don’t want to risk trading but still want to make money online?
I totally get it. I’m no dare devil and even if I knew everything about Bitcoin ( which I don’t ) I still wouldn’t dare to trade in something that cost thousands of dollars.
What if I told you that there is a super low risk, straight forward and profitable way to make money online? The catch though, is that you’d have to work your butt off.
If you’re willing to work for it, you can try blogging for money.
It kind of works in the way of how a Youtube channel makes money but with blogging, you write blog posts ( like this one of course ) instead of make videos.
It’s straight forward and anyone can do it, I’ve seen 20 year olds to 60 year olds do it, and they are making like $4000 per month. Not too shabby eh?
You can start with this training program and take it from there.