Bitcoin, The Great Deception!

This question keeps coming up, is bitcoin great deception? a quick way to launder money, the way to show the world that you are against status quo, or, is it just a new fad which will die as soon as a new hype comes to town. So far Bitcoin has been volatile achieving hugely unpredictable movements in its value, making thousands of people millionaire’s or bankrupt, along the way. The key idea behind this blockchain based currency is that it exists independent of any asset or state-backed currency, making it a free for all. Again, and again we have heard that bitcoin will fail, it’s a sham, it is going nowhere, from people like Jamie Dimon, CEO of JP Morgan and many other well-reputed individuals.

Bitcoins future is further questioned by the introduction of asset-backed currencies such as JP Morgan’s own JPM Coin or tether, blockchain coins which are called stable coins, coins which are backed by asset reserves making them more secure, stable and not linked to being notorious for their anonymity. There is a huge uproar in the startup world on the introduction of this new direction for blockchain currencies, platforms like TrustToken are helping startups create such coins, a process called tokenization, TrueUSD was the first stable coin created on this platform.

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