"Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam."
Jay Adkisson, partner in Riser Adkisson LLP, clarify to Forbes that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam.
The Great Bitcoin Scam
"To start out, it is important to understand what Bitcoin really is. It would be easy to bore you with a discussion of the technology, about peer-to-peer servers and sophisticated algorithms, but that is not what you need to know.
What you need to know about Bitcoin is that distilled to its technological essence, each Bitcoin is simply a number. That's it: A number. It is simply a series of digits, with each number being assigned to each Bitcoin.
To illustrate, I'll randomly pull a $1 bill from my wallet, which bears No. L88793293J. Assuming some minimal level of competency by the U.S. Treasury, no other bill bears that number."
The face value of a $1 bill is, of course, just $1 dollar. But two people could privately agree that No. L88793293J is actually worth $5,000.
Read more: forbes.com
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