1st Cryptocurrency – Bitcoin and Ponzi Scheme
This Article talking about the cryptocurrencies and Ponzi Scheme, what is cryptocurrency ( the 1st one Bitcoin) and is it or any relative with Ponzi Scheme…….. You can also check our blog for update crypto news……
What is cryptocurrency
Starting with Blockchain, A blockchain, in the beginning block chain, is a growing list of statistics, called blocks, which can be linked the usage of cryptography. Every block incorporates a cryptographic hash of the previous block, a timestamp, and transaction statistics (normally represented as a Merkle tree). By means of design, a blockchain is resistant to modification of its records. This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks.
A defining feature of cryptocurrencies is that they are usually not issued via any critical authority, such as a central bank, rendering them in concept immune to government interference or manipulation.
Created by means of the mysterious discern of Satoshi Nakamoto lower back in 2009, bitcoin is the authentic cryptocurrency constructed on a decentralized ledger, as blockchain technology. Bitcoin is the maximum treasured cryptocurrency through overall market capitalization.
The challenge is built on an open-source software program, because of this that virtually everybody can audit, make contributions, and improve its code base and documentation.
Those are not unusual traits shared through other blockchain-based cryptocurrencies.
Bitcoin proposes a new sort of cash, introducing specific standards which include virtual scarcity, decentralization, and immutability.
So, cryptocurrencies did not got any promised by any official but we can sure that cryptocurrencies did not had fake and manipulation once issued
What is Ponzi Seheme
A funding scheme guarantees to pay traders a gangly return. But at the tip in fact that scheme can’t pay what they promised. truly the elevated return is got here from the investor who is part of the scheme later – This can be a Ponzi scheme. Typically, Ponzi schemes require preliminary funding and promise above-average returns. They use indistinct verbal guises equivalent to “hedge futures trading”, “high-yield funding programs”, or “offshore investment” to explain their proceeds strategy. It is not uncommon for the operator to make the most of an absence of investor information or competence, or generally declare to make use of a proprietary, secret funding technique to don’t giving data in regards to the scheme. Simply, the promise is simply too good to be right, and actually, it isn’t in any way sustainable.
Cryptocurrency is not Ponzi Scheme
Cryptocurrency promised nothing. It is only based on people’s trust, somehow just like gold trading. But Cryptocurrencies I think are better than gold because from their 1st day of the issue the blockchain technology limited their circulation. Because of the technology of the blockchain, there is no fake currency risk and manipulation problem.
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