History of Bitcoin
Bitcoin is a decentralized digital currency commonly known as a cryptocurrency that came into being in the year 2008. The decentralized cryptocurrency and the bitcoin price is rumored to be developed by an anonymous creator who has been found to be named Mr. Satoshi Nakamoto.
Popularity of Bitcoin
Bitcoin became highly popular in its early stages due to the wide amount of users who were making use of Bitcoin to makes secure online payments. This led to an increased amount of illegal activities on the Internet (mostly in the deep web) as the bitcoin price system provides the end-user with 100% anonymity making it highly difficult to trace back the source or destination of the transaction.
Scams associated with Bitcoin:
Bitcoin also became popular for many Ponzi Schemes that were run under its name. Multiple con artists around the globe made use of Bitcoins’ potential to promise unmatched returns to their clients. Once paid these con artists would circulate the money to prevent loss and eventually run away with the investor’s capital. Gain Bitcoin one of the most popular Bitcoin trading platforms run by Mr. Amit Bharadwaj emerged as one of the biggest scams online of this decade. Amit Bharadwaj owner of Gain Bitcoin is accused of defrauding his investors for more than 35000 Crores INR.
Though, eventually with a sudden decline in Ponzi Scams and other major threats Bitcoin is again set to clench back its throne from other cryptocurrency traders in the market like Ethereum, Ripple and many more. Soon we should be able to see Bitcoin again rise to fame in the near future.