Who Owns Bitcoin? Is Bitcoin a Scam?

Who Owns Bitcoin and Is Bitcoin a Scam? Many people nervous over those two topics in the world of bitcoin.  People want to know clear answers on these subjects but it’s really not that simple. The first topic of who owns bitcoin is not as complicated or debated as much as the idea that bitcoin is a scam. There are facts that can be stated and there are also opinions that can be given on both these topics. This article will try to explain some of those facts and also examine some of the opinions of these two topics.

READ: What is Bitcoin, How to Use BTC, Bitcoin to USD

Who Owns Bitcoin?

The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin (Bitcoin.org).

Who owns Bitcoin? Bitcoin is not operated by any single entity or company but is rather operated by the thousands of people running the Bitcoin software all over the world. There is a ledger that is kept to manage the transactions in the database. This is commonly referred to as the “Blockchain”. This can be compared to the system people used to share music files. The scary part to new user is that there is no one to hold accountable if something goes wrong. That feeling is hard to swallow. Head over to ‘How to Get Free Bitcoins with Bitcoin Faucets That Really Pay‘ to you some free bitcoins to your bitcoin wallet.

SEE: What is a Bitcoin Wallet and How to Get a BTC Wallet?

Is Bitcoin A Scam?

Is Bitcoin a Scam? Some say yes and some say no. The debate is ongoing and you get different answers depending on who you ask. Some have compared it to a phonzi scheme and also gave it the same chance as real world currencies which they believe it will collapse at any time. Others have said that how could an open source cryptography protocol be a scam. These people believe that the only people that are calling it a scam are the ones that know nothing about it. Even the great Bill Gates is quoted as saying, “Bitcoin is a technological tour de force”. It is believed that as long as the internet is available, bitcoin can do what gold has done but ten times better. One striking statement that needs to be examined by the doubters is how bitcoin can be a scam if no one is controlling it.

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The world is becoming more receptive of bitcoin as more information is becoming available. It takes variable times for different people to digest that information as it becomes available though. So the questions and debates will continue because we live in a society where that’s the way it is. I think the questions of who owns Bitcoin will be put to bed soon as more information becomes available because the facts are the facts as far as that subject goes. It may take a little while longer for people to stop questioning is Bitcoin a scam. The success of bitcoin in the world of currency will be the antidote to the doubters and naysayers. Until then everyone is entitled to their own opinions but everything should be taken into consideration before an opinion is generated.