Why I am selling the Bitcoin is a Scam T-shirt
Is bitcoin a mere fraud?
The cryptocurrency market lost 57% this year was it too wonderful to be true?
Bitcoin relies on market manipulation to scale.
All of it, not only the newest pump-and-dump "shitcoin" schemes, in which fraudsters inflate a little-known cryptocurrency before selling it in unison, or "rug pulls," in which a new cryptocurrency's developers forsake the project and run off with investor funds.
Bitcoin uses 1% of the world's electricity.
To ensure blockchain integrity, the network must trust fresh blocks. Bitcoin, Ethereum, and Dogecoin use "proof of work" to verify blockchain updates. This approach allows blockchain "miners" to compete for the right to validate and add the next block by solving a tough arithmetic challenge first. This approach makes adding new blocks difficult because messing with the blockchain is expensive. Though the correct answer may be verified by everyone on the network, being the first to find it needs a lot of computing power — and hence electricity — making it unworkable.
Commercial mining farms use thousands of high-powered computer processors day and night to mine cryptocurrencies. Bitcoin and other cryptocurrencies are using about 1% of the world's electricity, more than many smaller industrialized nations.
Bitcoin has no value.
Since cryptocurrencies don't produce anything of value, this waste of resources makes them a negative-sum game. Investors may only cash out by selling their coins to other investors after miners and bitcoin service providers take their cut. Because cryptocurrencies are inefficient, investors can't cash out even what they put in. This makes them a lousy and expensive currency and a terrible long-term investment. If Bitcoin and other cryptocurrencies were merely a function of demand, we could reject them as a hopeless experiment in the "greater fool" theory of investing, in which investors try to profit on inflated or even worthless assets by selling them to the next "greater idiot"
Bitcoin is banned in many countries.
India and Pakistan are prepared to ban Bitcoin like China and other governments have banned or limited cryptocurrencies.
Bitcoin enables online scammers to scam people.
Swindlers are continually developing innovative methods to steal your money using Bitcoin. Scammers still use old tricks, but now they want cryptocurrencies. Scammers use investment schemes to get you to buy and send them cryptocurrencies by impersonating corporations, government agencies, and even bitcoin influenecers.