Computers Ltd

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Is Bitcoin a scam?

No, it's a form of cryptocurrency that fluctuates considerably in value. If you invest in Bitcoin then it is like other risky investments and you must keep in mind that it is speculative. You could lose all your money. Without doubt it will earn a few people a lot of money but the majority will earn little or nothing.

You may hear about 'mining'. Other than exchanging cash for Bitcoin you normally earn them by running complex programs on your computer where another party is willing to pay you for doing it. It requires a powerful computer that is virtually dedicated to the task and you may find that the cost of the electricity is more than you actually earn. It's not a get rich quick scheme.

If you want to allow the use of your computer for number crunching then the SETI project is a better thing to look at. Search for Little Green Men instead. You won't earn any money but you will be helping a reputable project.

A current 'scam' is where someone gets you to load a third-party program that is claimed to do one thing but in the background it is actually 'mining' for someone else (and earning them money, not you). A sign of this may be a significant reduction of speed in your computer. The software is often hidden in the video driver and may not easily be detectable.

Watch out for 'investment' companies who offer fantastic returns using share tracking software! You may simply be lining their pockets. You hear of many people who invest money, watch their 'virtual pot' grow and then find they cannot get any money out. Check these people out first before committing any money. Are they FCA regulated?

Not all companies operating out of the Bahamas are running illegal operations but if they are then you are going to have very little comeback.

In the UK you should be careful not to break tax legislation.
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