Bitcoin Forum

I keep hearing in the media that bitcoin and other cryptocurrencies are scams as they are not backed by any security or tangible assets. They are entirely virtual. How true are these claims?
Do you believe cryptocurrencies are legit and would stand the test of time?

Opinions pls!

I heard this song many times, probably even before I registered in this forum, but I did not hear anything more stupid, because repeating the same thing for several years, it seems to me a stupid idea. Use the opportunity while it is.

No every cryptocurrency is legit. But there are many legit projects out there like IOTA, LISK or WAVES.

But many projects are just scam. Stay safe. :)

Crypto currencies are completely legit and only the thing thats not legit is the ways that are making its use in the wrong way, For instance, terrors, money laundering etc. But thats completely different discussion but people might be referring to that one while calling the BTC as sac in first place.


They are not, but they are working on the principles of the unity which is created by the whole crypto community who use it, who invests into it and who is evolving their businesses based on it. Thats how it is getting backed up with fiat/real money thats being put into it by us, the real backers of virtual currency.


It is virtual but I'm sure that we have already created a strong bridge between the virtual currencies like these and the fiat currencies. We can do withdraw the bitcoin into fiat and then use them for the real world products and services. !

The problem is that by LAW making your own currency is illegal, that's why btc could be automatically illegal. As it is from now btc is being seen as a speculative asset because price is not near to stable and people are investigating rather than using it as a real currency.

Guess what buddy your money in your bank is virtual when you pay by card and do online banking. Anyway currency is something we made up to have value so it is easier for us to trade.

Let me ask you a question is dollar backed up by anything? Clear answer is no since government can go and print as much money as they want and thus making supply larger and your holding less valuable to the market.


I strongly belive in cryptocurrency to be in future from the moment I started reading about it back in 2016, it is here to stay that's for sure.

Problem is why media is talking about crypto as a scam they are mostly talking about how risky is it as an investment we don't know yet how will everything unfold in the future tho.

I highly recommend you to watch this video and understand more about currency as a whole: https://www.youtube.com/watch?v=tGk5ioEXlIM

soon many will legitimize cryptocurrency, do not worry about it.
many countries forbid taking it as a threat to the value of their own currencies, but not for the residents who have felt better since pursue the world of cryptocurrencies

I do not care if the crypto currency is not regulated by law but as long as it is profitable for me, I will keep using and buying it.

In fact, I think this is the same with the investment of gold, you invest in gold, you are the real gold you hold, or the figures on the computer, but gold is a reality in kind, and bitcoin is a technology, a district-based Blockchain technology, but you can not because of these denial of this technology.

All currencyes are now tehnically a scam sorta, but if you don't trust other then hodl bitcoin, because, bitcoin will not be forgotten until it's under top5 or top10 on cryptocap... but for now, have you no fear, because everything drops, and everything pumps... The real value of bitcoin will be only that time when the population from all the world starts using it as a default value for exchange.... if not bitcoin then some other currency, but that what is the best we all think different... you now even have 3rd generation of blockchain called tangle and 2 coins that are on tangle, are allready top 10, because tangle network cannot be owerwhelmed with transactions the more transactions better works...

other what I can say is only this, you should read in what you invest. Good luck

I've seen this problem many times.
I think the answer is yes, as more and more countries recognize and recognize bitcoin, countries that ban it will gradually loosen their grip on bitcoin.

Clearly, there are lot of projects in the cryptocurrency which are definitely scammed and fraud that would take full advantage of the fact that this is a decentralized system with an impossible or maybe a slight percentage of being detected by the experts like the NBI, so clearly you really need to be careful when investing in them, a good example of this is one in our country in which a lot of ICO's are being established on Facebook in which a lot of people are getting tricked upon which is why government are taking precautions of not have them licenses or permits. Due to this reasons, it very advisable that you do your researched.

Why scams occur is because you have many people that don't know what are they doing, what are cryptocurrencies even. They hear stories people becoming milliners, but they don't face the fact that you had to buy btc WAY BACK with low amount of fiat to be millionaire today. They are chasing some dream of quick rich scheme over night, which is really hard to do even if you know how to trade. Having in mind that these people are all newcomers they are throwing their money away at some websites that promisses to be the next big thing and get them high returns. People don't do their own research but idk why they fall for these things, I guess it is the will to get money fast.

btw FB banned ads related to crypto, I guess this is because many people are selling you courses for like 500$ bucks so you can understand what crypto is and how to make money! But in fact they are the ones earining out of this. Another thing is you had scam ICOs doing ads via facebook and later down the road when those scams got reviled imagine how people felt about fb as advertising fake ICOs. And there are many other things included.

Most tokens are a hoax.
But there are some very good projects, such as NEO,ETH and so on.
There is nothing wrong with what these media say, and it is true that the entire cryptocurrency market is still in a mess and requires certain laws to limit it.

It's as legitimate as much as you believe it is... Just like fiat currencies.

If you believe someone will give you a paper for $10, then it's worth $10.

I consider crypto-currencies legitimate. A mass media provide information that they are ordered. So it's someone you need. Do not believe everything that is presented to you by the media.

Its true that cryptocurrencies are not backed by securities and tangible assets but it is not a scam. A scam is something that you put money onto it and do not get in return. In case of cryptos, you buy coins hoping that the price goes up in future giving you profits but its actually the people in the internet that dictates its price since no single entity can control them.

The best thing is when people look for governments to regulate crypto but when you think about it bitcoin and other crypto currency was made not to be regulated at the first place. Same with legalization they can give red or green light, but that won't stop me from not using crypto as I don't care what my government thinks as long as there are services online which will accept crypto I am able to use it.

I think cryptocurrencies are legit in terms that your money are safe as long as the project is popular and proven to be honest.

The mainstream media will never proclaim it as legit unless is government regulated. And to be government regulated means to be controlled by the government.

everyone already knows that there is no regulation and security that governs crypto. all crypto is also in virtual form, if you ask if crypto will last long, I will also ask back. when is bitcoin and blockchain born? from that we can draw conclusions, whether crypto can survive.

In any sphere, there are people who want to make profit by deceiving. Cryptocurrency isn't exception; just look at the recent Bitconnect's case.
But still the top cryptocurrencies are legit and widely used in various spheres.

bitcoin is already here way back in 2009 and still doing good till now, why do you still doubt it if it is legit ? that is why you need to do your research about ICOs before investing in it, many people are being scammed in cryptos because of lack of knowledge about cryptos and bitcoin.

Who scam? Bitcoin is real asset, it is digital asset that worth because the security, transparancy, privacy and moveble to be transfer or borderless. That;s make bitcoin valuable. Not everything valuable backe by real asset. It is studip idea in the digital world to rely on offline asset.

Only Sean Bean knows whom shalt stand the test of time when he narrates Civilisation VI. Altcoins shall survive just like how the alt-right survives any peril it faces.

Nature of cryptocurrencies is digital money so that people think cryptos is virtual, no guarantee by the government :)) In my country, much negative news about cryptos, every people also believe Bitcoin is Bitconnect, it is scam and illegal. However, I think that Bitcoin and cryptocurrency are legit and become the future of currency in the next 20 years.

Cryptocurrency is a scattered system, in which no single person or company controls it. The blockchain code is not located on a central server operated by a company, but is spread across thousands of computers in the blockchain network. In this case the need to approach the public on the importance of blockchain technology is very necessary, so the allegations they disseminate are incorrect.
Because not all people know about cryptocurrency.

Yes it is legit. Did you know that around 300 million pesos of remittances every month are done in the Philippines through bitcoin and other cryptocurrencies.

Not all of them are legit. But there are many good altcoins related to good project that we need in our daily life.
We'll know what cryptocurrencies are legit and will survive in the coming few years.

I believe that such news is created by competitors or those who do not understand in crypto-currencies. I do not see anything wrong with earning money with bitcoin or other promising coins. In good hands, the crypto currency makes the world a better place.

If cryptocurrencies are scam, why there are many traders who earned their wealth in this career? There are others that are scams but Bitcoin, dude it already proved its worth.

Well, we cannot deny that a lot of crypto currencies specially the ones born under ICOs are somewhat questionable in nature. Hence, we look for the Whitepaper, development team profile and its relevance to the blockchain market. Now regarding the legitimacy of the token/altcoin it would really depend on which country it was formed as regulations vary per country.

Cryptocurrencies are legit. They were created to solve problems in the transparency of real money. I think the question you should ask is the legitimacy of the project that adopts the cryptocurrency. It is now the target of hackers due to the big investments involved

THere are limited number of coins in case of bitcoin and other crypto currencies. In case of bitcoin the limit is set to 21 million and there will not be a single more bitcoin mined after that. High demand low supply means more value for the asset.

Understanding how legitimate cryptocurrencies are is a bit of a challenge to most people. Even if they have been provided with all the needed information they have to understand bitcoin, it will still go to a point wherein they would still doubt because of uncertainty of the system. "Sure it can provide a better means of earning, but for how long?", that's what they would have in mind most of the time. So for them to truly believe how legitimate cryptocurrencies are, the doubt they have in their minds should be settled first.

Cryptocurrency needs to be officially accepted by a country's government and Central Bank to be fully legitimate. It seems to be impossible, because nobody has a right to emit a currency. But in this crypto world tons of tokens apear evey day. This is why cryptocurrency will never go offline. it is an Internet phenomenon.

Bitcoin and Cryptocurrency are backed up by the technology they posses and I believed it is more than enough to surpass security or tangible assets that back up fiat or government money.

It depends on which country you are right now,there are few countries started to ban cryptocurrencies and do not recognized cryptocurrency as a currency,But there are a lot of countries thata are starting to get involve with cryptocurrencies,lets just hope we will see our fiat evolved with the help of cryptocurrencies.

This statement is not true.
Bitcoin is backed by the trust of market participants, technology and equipment, which is an asset of bitcoin.

Nestoit believe everything that is written in the yellow press.

Like in every business arena and stuff you will find the good, the bad and the ugly. In normal offline business you will find scammers as well as in online ones, crypto is no different. You need to spend time and do thorough research first in what you want to invest before you decide to invest and not go blindly in and just try to invest to make a fast buck without even bothering to do your homework before hand. This is not good for you if you just go in blindly in this area of investing or work. There are some really decent projects but some that you can laugh at also.

 yes they are entirely virtual but that is the true sense of cryptocurrency, it is the future of stockmarket and trading. maybe the ones who are saying that the btc and crypto are scams are the ones who have been scam before because of not studying what crypto and btc and blockchain is.

In some countries there is no formal decision on regulation and legal regime of the cryptocurrency, however regulators made statements that they are trying to work out a position with respect to crypto-currency, and warn potential users about high risks of investing in cryptocurrencies because of high volatility. You have to be careful, because in the case of theft or fraud, the bitcoins holder is unlikely to be able to go to court.