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Reason Why Kodak’s Bitcoin Scheme Is a Scam

During CES 2018, Kodak has plans to introduce its own cryptocurrency (KodakCoin) and establish a Bitcoin Mining Scheme (KashMiner) with the intention to share lucrative income with its customers.

Introducing the cryptocurrency isn’t a terrible idea. It implements blockchain technology to solve the authentic topics. However, establishing KashMiner is the clear indication of a scam.

Demerits of the KashMiner

Here’s are the drawback of the KashMiners and why everyone needs to dodge it.

Basically, Kodak is asking you to fund $3,400 as an initial investment in order to buy a Bitcoin mining rig. Spotlite is certifying the Kodak for this business. The company valued that people can earn $375 per month i.e. a total of $9000 for the period of two years. But, this is the major reason for the failure of the complete scheme.

The basic principle of Bitcoin mining is that it becomes more difficult over time. Therefore, the rate of the production of Bitcoin for any of these KashMiners will falls expressively for the next 24 months.

Perhaps, the value of Bitcoin could surge in the meantime. But no one can promise it will be sufficient for the investment.

One of the “Bitcoin economist”, the eventual profit could be reached at just $2,457. But, Kodak and Spotlite promise $5,600 ($9000-$3,400) which is seen quite impossible.

SaifedeanAmmous, an economics professor and author of The Bitcoin Standard said that

“It’s an economy of easy money and people with fancy buzzword salads can more or less find a way to earn that money.”“There is a massive speculation bubble.”

Also read: Bitcoin ETF Disrupted by SEC Liquidity

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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