cryptocurrency scam

When bitcoin was first introduced, and subsequently took over a large portion of the media on tech back in 2013, many individuals saw it as a new way to make payments throughout the entirety of the digital space. As more and more companies have come into the space hoping to revolutionize the way that we make payments, it seems that some companies have only been working on how they can make money off of speculation rather than actually building technology for the future. According to Google Trends, the interest in Bitcoin hit a peak back in December only a month ago.

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Instead of making payments with these currencies, most people have gotten into the industry simply to make money off of the massive amount of speculative volatility that has become characteristic of the industry. Companies that have been working on creating payment systems for cryptocurrency related assets have also reportedly been working more on the technology that will only earn them money rather than safeguarding a future for the tech. Some of those companies such as Stripe, Steam, and Microsoft have already stated that they are moving away from bitcoin due to the high amount of problems associated with the coin.

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Some of those problems include the long time it takes for transactions to go through on the network. In addition, the network is highly congested leading to incredibly high transaction fees despite the price of the transaction. Tom Karlo from Stripe stated recently that “bitcoin transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. Furthermore, fees have risen a great deal.” The hopes are high that more focus can be dedicated to the actual tech than just making money in the near future.


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