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  1. #1

    Is cryptocurrency (bitcoin, ethereum, ripple) etc a scam?

    My sisters husband wants to invest 50,000 into cryptocurrencies but is this stuff actually legit? It's just digital money I don't understand why people buy it.

    He briefly explained the process but this is what criminals use to buy dodgy stuff right? I've been looking at it a little bit and the return on investment is unbelievable. Ethereum has had investment from JP Morgan, Microsoft and others and rose 4000% in value in 6 months.

    It just seems too good to be true. Then I read about ripple and apparently 150 banks around the world are adopting it including RBS, Bank of Amercia and Bank of Abu Dhabi.

    Is this just one giant scam or does cryptocurrency actually hold real world intrinsic value, like gold?

  2. #2
    Simple answer is no!

    Almost all currencies today are fiat currencies and rely on the users beleiving them to "currency".

    Alternative currencies follow the same logic.

  3. #3
    It seems to hold value if you look at bitcoin but you have to catch it before it jumps up in value like the recent one. No point investing in it after it stabilises

  4. #4
    No, a guy I knew online bought bitcoin when it was much cheaper, and now that they have grown in value he got richer. Mostly he uses it for online stuff, there are lots of shops accepting bitcoin nowadays irl. But it is a risk, imagine if in a few weeks the value falls to like 10%, very unlikely but that would be hard hitting.

  5. #5


 

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