Bitcoin Forum

We regularly read FUD articles in the popular media about Bitcoin being used in scams and that it is a perfect tool for scammers to hide their activities and the movie industry already labelled Bitcoin as the Internet of Money for the DarkNet.  ::)

I am currently watching a series called, "Undercover: Nailing the Fraudsters" and most of the scams featured there are done within a regulated environment. Boiler room scammers are not requesting payment in Crypto currencies to hide their activities, they get the victims to deposit money via their Bank accounts into their Bank accounts. <obviously created with fake ID documents>  ::)

In business, the term boiler room refers to an outbound call center selling questionable investments by telephone. It usually refers to a room where salesmen work using unfair, dishonest sales tactics, sometimes selling penny stocks, private placements or committing outright stock fraud. - Source : https://en.wikipedia.org/wiki/Boiler_room_(business)

So, next time when someone tells you that Crypto currencies are used for scams, please highlight the fact that most scams are still being done under the nose of the regulated financial industry.  ;)

We  have been hearing this since Bitcoin started .
Funny cause some of those who calls it scam before are now into crypto.
Those who are against it are now using it to make money.
I think for those people like me who have been in crypto for years have already heard this a million times and it doesn't bother us anymore.

Most reasonable people would agree. Calling them out this way, however, is a logical fallacy called Appeal to Hypocrisy (https://yandoo.wordpress.com/2016/12/19/appeal-to-hypocrisy/), which ultimately leads nowhere.

I feel like it's more important to highlight that crypto is, and can be used for so much more. Majority of people who believe that Bitcoin is only used for scams, or even that Bitcoin itself is a scam, only know of Bitcoin as an investment vehicle. You're more likely to get through a person if you don't antagonize them, and you could even educate them on the actual subject itself in this case.

It's true that there had been a lot of scam that is happening in cryptocurrency, however, being scammed in cryptocurrency is really people's fault. Lack of knowledge, greed of earning potential high reward in short span of time leads people to joining scam investments. So, they should not blame crypto for being greedy and for their lack of knowledge about crypto.

The number of scam happening in real-life which is not crypto related is still tremendous. As mentioned by OP, boiler scammers, ponzi scheme investment, and a lot more.

Nope, the goal are not to antagonize them, but rather to show them that there are two sides to an argument/debate.  ;) We cannot ignore the massive subliminal indoctrination that are done by the media and the movie industry to portray Bitcoin as a scam. A lot of these accusations are focussed on individual Crypto scams that are totally blown out of proportion.

So, if they want to point fingers or throw stones at us, then they should consider that most fingers are pointing back and that they are living in glass houses.  :)

Whenever I come across any article which says bitcoin is being used to scam people, I simply close it and ignore it as I know it’s not the truth. If you see the stats 99% of the scams happen involves fiat money, and most happen via the method you have mentioned above. I’m definitely going to watch that series, and will be using your last statement to make my case that bitcoin is not being used for scams.

Cryptocurrency's image is being scratched by scammers who use Bitcoin in their own ways. Even people who don't have enough knowledge about Bitcoin mostly the elderly people always define it as a scam. Being Scammed or using it in an illegal way isn't Bitcoin's fault because it has its own function and it works in a great way yet some users use it in a negative way.

I think you missed my point, I am not saying Bitcoin is not used for scams, but rather that most scams are still being done, using fiat currencies and also within a regulated financial environment. Bitcoin is used for scams and we cannot deny that, because criminals are attracted to anything that has value and offers them some kind of anonymity. <Remember, Cash also offer anonymity>

We need to break the ignorance and the stupidity of people who prefer to only see the one side of the argument and not the flaws in their own statements.  ::)

Pointing out hypocrisy is still antagonizing regardless of the intention though, which is counterproductive IMO. It doesn't change the fact that Bitcoin is used for scams either. Therein lies the logical fallacy.

The two sides on the argument, as you mentioned, in this case, should be that Bitcoin can be used for scams and that Bitcoin can be used legitimately. Pointing out that fiat is just as bad doesn't paint Bitcoin in a better light; letting people know of its actual legitimate uses does.

Or that's my two satoshis on the matter, at least. I feel like adoption shouldn't happen necessarily because fiat is bad, it should happen because Bitcoin is better.

I never actually get t he "bitcoin is for scammers, criminals, etc" argument. How could some people be so narrow minded to have such arguments? It's like saying that guns are only for murderers, knives are only for stabbing, cars are only used as getaway vehicles, etc. I could go on forever with such a list. It actually baffles me how supposedly knowledgeable or "intelligent" people like Jamie Dimon can make such statements. I don't want to be a tinfoil-hat guy, but this is the reason why I'm leaning more on these people trying to spread FUD.

I still hear people saying Bitcoin is the Darknet's currency lol.
It is always easier to criticize than to compliment. And journalists know very well how to drive people's opinions while writing. People like to read dramas and scandals, so journalists give what brings traffic since it's what only matter for media.
The misinformation is a problem, and while it's true BTC is used by scammer the percentage is relatively low and they still prefer to use fiats. Like we say "look at yourself in a mirror"

No worry OP,,, I have a feeling that those people who understand money and the financial systems, they know it is not Bitcoin or whatever that causes fraud, they know scammers scam, regardless of the medium they choose,,, be it the internet or Bitcoin, this does not make the technology bad. It makes people bad. There is always a good side and a bad side to technology, this is all. Those who do not understand this cannot anyway be convinced!

Agreed. The media has a profound effect on the world population and majority of what they report regarding Bitcoin and the crypto ecosystem is basically bullshit which scares away potential investors.

This is something which needs to be reversed in some way or another by highlighting the importance of crypto and the blockchain which would potentially drive adoption upwards.

Yes you can transfer bitcoin without your any physical id verification! no need any verification like others bank! it's a great chance to huge deal over crime! anyone like government can't track you because your physical id no need to use for deal by bitcoin or other cryptocurrencies! but fud lovers also take chance about this situation! by the way bitcoin can't set your mind! where and why do you use bitcoin, it's completely depend over you!

No one but the media mostly spread fud about bitcoin. Somedays ago, Shri Agarwal from India said bitcoin in a ponzi scheme. How illiterate he is can call bitcoin a ponzi scam. I guess the media and this person are working together to prevent bitcoin usage.

The irony will kick their ass.  :D

This has been a washed out accusation for btc already and i don't think there are as much people giving weight to this now compared to a few years back. With bitcoin's increasing popularity, people will eventually learn about it and know aspects beyond the negativities. The upward price movement can be a proof to this and people are seeing bitcoin now as more than a tool for scammers.

We have been through this accusations many times since the inception of cryptocurrency, but statistics have it that about 90% of the scams are done using the faint paper money and the remaining percentages includes cryptocurrency and other virtual digital currency. And still we keep hearing terms like cryptocurrency is the currency of the darkweb. Its just whales trying to discredit the credibility of cryptocurrency.

Let them be, for they are making a fool of themselves and are generalizing way beyond an acceptable point. The financial sector already knows that bitcoin is one tool/currency that is good if regulated correctly, and only those people who are uninformed, misinformed and disinformed are the ones still rambling about bitcoin being the criminal's tool. I'm actually appalled that these guys don't dare see bitcoin in a different light, and fiat currency too. Well I guess some people have their own limited perspective on things and I don't blame them for that.

Yeah, it's a little annoying to see that Bitcoin is being portrayed as a way to scam people for some but in truth, it is a revolutionary technology that could change the world. Bitcoin could be use in more ways. Bitcoin is going up again so we might hear more FUD coming.

Conventional currency is still being used for scamming, money laundering, and terrorism funding, yet they all still blame Bitcoin. They want cryptocurrencies especially Bitcoin to be banned to prevent that while ignoring the fact, that most of the illegal activities still contain a regulated currency. Mainstream is jerkily being a double standard toward cryptocurrencies space.

It's not really annoying for me. I see it as ignorance, and this ignorance is exactly why you can still buy Bitcoin faaaaar below the $100k mark. Instead of seeing it as something negative, see it as an opportunity to accumulate.

By the time these people finally change their opinion on Bitcoin they'll be buying Bitcoin at +$100k levels because there is no way to ignore or trash it anymore. We are the true pioneers of this economical revolution, don't forget that.

This does not sound new for me, I always heard this since I discovered cryptocurrencies on my own and adopt on it, I always heard this.
They always make FUD on bitcoin and this sentiment will not give benefits to them, why not they accept the fact that the most happen scam is on centralized companies or even in governments they are regulated but there is always a corrupt that might scammed the money of government-citizen. We can ignore them instead of having arguments regarding this and stand for our belief.

Bitcoin is for scammers and like fiat money, it can also be used in different scams. For example, is the Ponzi scheme or different networking companies. Especially here in the Philippines, there are a lot. Bitcoin and fiat money can be used in illegal activities but it doesn't mean that it is bad. It will depend on the owner of these currencies whether they will use it for good or bad.

It totally baffles me how no one I personally know actually knows about what shady stuff some banks worldwide are doing. They mostly see banks as these very lawful and very legal entities that doesn't commit fraud whatsoever just because they're banks. They get surprised when I tell them what kind of fraudulent activities some banks in the United States are committing.

I guess I'm lucky to don't have that kind of argument, the people whom I talked to about bitcoin weren't highlighting this topic but they can't move on about bitcoin's bear market. All eyes are still on 2017 ATH and they can't even recover although we already had.

This is another perfect example, people look at bitcoin this way because those networking companies are highlighting bitcoin. They are using the 2017's greatness to attract more investors that they can scam. In the latter, when they are about to collapse most of the investors will blame bitcoin and will have that kind of label instead of blaming themselves and the scam company.

I strongly believe that becasue, Bitcoin is been used by people called scammers, the people now called it scam. Sometime ago, my Dad asked me about Bitcoin and i proudly explained all need to explained to an elderly person, but he asked me a question, why is Bitcoin volatile?, i gave him the reply and he concluded by saying, it is a scam becasue, if one invest on it; there's no possibility of it yielding profits, then i said, on a long term profits are guarantee.

Some people i think start to spread FUD either because their against all crypto or either want to spread FUD and after maybe someone will start sell their coins and they can buy cheap coins.

Although rules and regulations are useful to raise the safety in our societies, I can't deny there are some "regulated scams". I know some phone companies use very shady methods to earn money: they call a person every day, even if the person isn't interested on the service.
They use robots to make the calls and these robots ask questions maliciously, to force the person to accept a service and spend money. And it's a shame this kind of service is fine to operate in the country. The truth is that bitcoin is much more ethical than these regulated services, even not being regulated.

Even though 99.99% of the people agree with something there is going to be that very small percent that doesn't agree with it and that's happening absolutely everytime, doesn't matter what we are talking about. There will always be bad news about bitcoin, people tried to convince others that bitcoin and crypto is bad but we all know the real value of bitcoin and we should not pay attention to this kind of news anymore.

This is how to media works, they always prefer to promote negative news than positive. I heard this about BTC / Crypto from long time ago, the fact is that it's a complete BS. Soon they will join the revolution too.

It is understandable that the financial authorities make every effort to "demonstrate" that the use of cryptocurrencies is characteristic of criminals and fraudsters. It is a way of preparing the environment against bitcoin, and predisposes people to take a negative stance against everything that involves the use of cryptocurrencies.

And although it is true that until now the vast majority of illicit activities continue to be done using the formal financial system and fiat money, many people do not seem to understand that and still have many prejudices against the cryptos.

Excuse me to say, only dumb people thinks Bitcoin is for scammers. In as much that the transactions of Bitcoin made of its blockchain network is quite private and anonymous, it is quite easy to track down transactions made and know the current destination of the sent Bitcoin on the Blockchain network. Since transactions are public and easily traced, there is no way scammers can be tracked on the network. Its high time people clear the old fashion mentality implanted in their minds and try to gain knowledge of Bitcoin and cryptocurrencies and how relevant they are to our current financial ecosystem. People should embrace the technology and try to understand the differences this technology can introduced to the entire world.

There are so busy to spread shitnews, they really tried their best to make the price cheaper well its goind to happen if they have more holdings than the good whales. Spreading FUD is very common in the market especially with bicoin, the price can really hurt because of that so try to ride with it or counter that FUD news with a great positive news.

I guess they have their own purpose of doing that because they don't want to see bitcoin reach the famous among the people.
Or they are too late to join the bitcoin party, so they use many things to say bitcoin is not good for others.
What I believe is no matter how hard they are trying to spread bad news about bitcoin, bitcoin will be strong and will increase higher.
They could only watch for bitcoin without any chance to join in the bitcoin world because they are too late to realize that bitcoin is a new way to help them to make money.

bitcoin is for scammers, hhahahhahhaaha ???, since when and I didn't know as a minister of bitcoin affairs. bitcoin is now widely accepted and use as a means of buying airplane tickets, cinema tickets and various bank transactions at a fast rate. people read articles and others from poor sites and start saying their mind without any proper research on what they are talk about.

Its funny to see this kind of things, when fiat being used for scamming nobody shout fiat as scamming tools, but when somebody do a little crime with bitcoin suddenly its being label as scamming tool, I think this is some kind of attempt from certain party to weakened the crypto usage and development

If bitcoin is basically for scam, then even fiat. From petty pickpocketing to huge corruption, fiat has always been the subject of these crimes. I just wanted to point out that bitcoin, just like fiat, gun, knife and any other object that could be a tool in crime, is neutral. Its good and bad depends on who uses it. Bitcoin is designed to transform our economic landscape, freeing us from the third-party intervention. Scammers just take advantage of its privacy.

Scamming in Bitcoin and mainstream ecosystems are different, and they shouldn't be so directly compared, because the answer to "what is better for scammers" is not so simple. Fiat is used by everyone, while Bitcoin is only by very few, so those who target huge amounts of people, like spammers and callers would obviously go with fiat. But Bitcoin's features like pseudonimity, irreversible transactions, lack of regulations in its ecosystem do make it easier for scammers - ICO's are probably the best example of it, but there's also a plenty of exit scams. But this all might be not exclusive to Bitcoin and crypto, it might be a part of larger problem with Internet economy.

Well i think bitcoin is not for scammer, but yhe scammer really wanted to use it because they see that the bitcoin is becoming more stronger in terms of gaining or investing, so maybe they found out that many people is a supporter of bitcoin so they maybe used bitcoin so that they can easily find a victim to make an easy money. Bitcoin is for all and we are all welcome to used bitcoin for good.

You're quite right, and this is mostly incredible, but even by CNN News, in the economics part, when they talked about cryptocurrencies and bitcoin, they gave them bad references, like they're not backed up, they do not have any kind of stability, and that's why it was not safe to invest there.

And the films that encourage that, they just show that part, maybe they send a message from FUD so that people sell their cryptoactives much cheaper than normal and benefit those who actually know the potential and what it represents in development for the market.

In the traditional economy is where most major scams are generated and have, but try to apaciaguarlo with FUD to cryptocurrencies, however, people are waking up every day of that nightmare that they have when thinking that this technology is only applicable to the bad, they have not realized that there are more good things that can be achieved than bad ones.

The regulated financial system like the bank has the highest volume of use case by scammers. A scammer may even think his client would suspect them if they are asked to send cash with a cryptocurrency, and they think about the process of getting it to cash and their client understanding of crypto. They will have to stick to their traditional money system.

I read somewhere of a report stating that according to facts, a great majority of all the scams perpetrated every year is done using the fiat money and only a certain percentage is done using Bitcoin or cryptocurrency. This is just the case of sensationalization since Bitcoin is relatively new unlike the fiat money which has had been here for centuries. Once a country is adopting its own regulations on cryptocurrency, scams can be investigated, traced and have the perpetrators punished.

Movie producers just create movie which the content are what people want to see although it is not the true fact. There are many industry that accept bitcoin as medium of exchange so that bad image should be removed. Scammers use anything to scam people so it is not bitcoin fault.

I agree, one of example is bank. Banking sytem is one of the largest scam next to the government financial institution.  I say it because, when you saved money to bank they only offers you small  annual interest while when you borrow your own money from them, they add huge monthly interest.  When we failed to pay our loan to these financial institution they file a case against us or put a penalty with huge interest and when they gone bankrupt and close their institution, we can only get the amount that is insured by the institution.  Aside from that, they can freeze or seize our account anytime they wanted. 

Lol😂😂😂, That's what everyone think in the province i live. They all think Bitcoin is scam. But everytime they see someone spend few thousands of money from bitcoin or from crypto they also thought might doing some scam or illegal stuff.

People need to change their point of view about bitcoins. Bitcoin is not for scammers only. I agree that scammer use bitcoins to perform illegal activities but the fact is that they only use bitcoin to perform illegal activity and we cannot blame bitcoin for it. The scammer can also use Fiat for bad purpose too.

based on what i have seen only people who have been scammed by some scammer think bitcoin is scam and usually that involves them investing in something fake like cloud mining, bitcoin doublers, or many of the altcoins. when they get dumped on or when the scammer runs away with their money, instead of blaming themselves for being stupid they start blaming bitcoin!

Scams happen in every platform with every type of money whether it be gold, fiat or crypto. The thing is that cryptocurrency scams are highlighted in a way that people give it more importance and make a big fuss out of it.
Bank robberies, chain snatching, printing duplicate fiat currencies etc.. are some crimes that we all would have heard quite often. Although it makes a difference but crypto scams grabs more attention.
I think one of the reason this happen because less people invest in crypto and hence the others get a chance to say that this is why I don't invest in crypto because crypto is a scam.
Why do they don't realize that scams happen all the time with all the types of money. I am sure the wise ones would still invest in bitcoin which is the reason they are wise  ;D

Bitcoin is for scammers? Why there are people that become millionaire through bitcoin,do you think they are scammers? Bitcoin adoption keep on increasing which means bitcoin is for everyone who believes and has knowledge about it and not just for scammers who wants to make millions out of bitcoin. Also being scammed maybe is our responsibility to avoid.

This FUD spreading by anti bitcoin community, that bitcoin using for scam. If someone scam with fiat/USD so it does mean that fiat/USD isn't potential? Same like bitcoin also, peoples using bitcoin to scam others. Its nothing with bitcoin. It's true due to anonymity bitcoin become easier and popular way to scam peoples. But it doesn't mean just bitcoin is responsible for that. There is lot of scam with other currency as OP describe but they are not highlighted like bitcoin.  

Indeed, even at the lace of my work, there are many people who are skeptical about my survival and have explained to them time without number that, Bitcoin is not for scammers even though many bad guys uses it for illicit activities. Bitcoin is not for scammers, Bitcoin is for serious minded people that need freedom, transparency and stay anonymous.

The reason why Bitcoin crimes are highlighted are simple :

1. Bitcoin is not a single organisation that can sue you for deformation or slander.  ::)
2. Not enough people know how it works and what it is all about, so they make up shit.
3. Bitcoin has a lot of competition from companies and people with hidden agendas.
4. It is a technology that offers anonymity features and anonymity are linked to crimes.  :P

Some sharks are on the brink of extinction, because the movie industry sensationalized it's killer instinct and this gave those sharks a very bad reputation.  >:(

It is hypocrites I read the title with ironic, I supposed ts want to prove something like contradicting the general opinion, and showing Bitcoin is not for scammer. So bitcoin is definitely for scammer, it didn't change anything when you try to justify it by calling the bitcoin a better option than the worst of all scams.

As every process associated to cryptocurrency happens through internet connectivity and are interconnected scammers find it easy to trap the users. In recent days around the world there is more number of scams got promoted with the name of bitcoin. More users have suffered it and has lost big. With this people term bitcoin is for scammers which is truly not the right thing.

Yes one can not deny that fact that there have been great number of scams in recent time and all through the use of bitcoin but even at that it not that scamming activities is not taken place in the traditional financial system e.g the bank. But bitcoin is seen as evil due to it nature as it exist only on the internet.

Governments are a huge scam with their banking systems.
All they want is to make image of bitcoin very bad, that's all. Everyone knows history of deutche bank and others, how well were millions laundered. But no, bitcoin is still main target.
Then logically linux is an operating system that supports scammers + VPN and proxies are automatically in list. But if we think like them, then it seems electricity is an huge supporter of scam/criminal. When it is at night, you can do bad things online, when it's not available at night, it's easier to steal/robe and etc. Very illogical.

Well, I guess they are just not holding bitcoin that's why they are creating so many FUDS on the internet to decrease the value of bitcoin and finally buy some of it. I saw many popular people did that.  The only thing that we can do about this is just to ignore those not optimistic.

We just need to tell them that every currency could be use  for scam.
Anything is being used Fiat and gold is also being used so don't just point on crypto.
Fiat is being used to money laundering like crypto and used for scam investment.
The only difference is crypto is much more easier to use.
Scammers would use anything that they could use to get some money.

Its hard to ignore that honestly because even if the market are good now if people react on the FUD it will still dump. I think they really want to make the market cheap that’s the main reason for them to do that. Those who think negative will not last in the market, newbies should ignore any FUD and avoid selling.

Scam or fraud does not only happen using bitcoin but also using fiat money. Why are those people pushing that bitcoin is for scammers. It's digital money, yes, but it doesn't mean it's scam. Scammers are all around the world so regardless of what currency a person use whether it's bitcoin or fiat money, scam is unavoidable.

yes and i think criminals prefer to use fiat more oftenly because it is easy and it does not require any technical knowledge while bitcoin is mainly being used by hackers or to those criminals thats are knowledgeable enough because they are the ones that concious for thier privacy and security  .


its because bitcoin looks so unbelievable  , i mean bitcoin is only digital and many people think that it was fake  . these people are only lacking of knowledge on what really the bitcoin was   .

For me, it’s up to you if you can be scam on bitcoin for we have escrow that acts as the third party when it comes to products that you want to buy online because bitcoin transactions are irreversible. Sometimes I ask myself if those people that believes bitcoin is a scam really knows about bitcoin or they’re just stereotyping it as others do. I use bitcoin to buy things online and play games (https://vegascasino.io/casino/video-slots/viking-voyage?utm_source=ccvv), and I’ve never been scam.

well, when people use this technology as a means of payment for scammers for some reason, why don't they say the same thing on fiat that is used for scammer actions. yaps, this is because they recognize fiat as a currency, and not with bitcoin. however it is only the opinion of people who do not like bitcoin, or may have been exposed to scammers in the cryto world

These thing we can find in centralized system, assuming all thing that made by government are legit and will never do harm for us but if you see their system correctly and you will be aware of that all this time we have been fooling by them and we have been scamming by them. I believe bitcoin as a legit one, and I'll ignore every negative thing that said by other people. Because I haven't saw someone who able to manipulation and make me scammed by it and I like this concept.

What can you do when lawyers, judges and even police tells you that crypto is used for illegal purposes? I was scammed and then told to forget about my money because I was dealing in bitcoins which cannot be traced. The scammer gave a fraudulent contact number but still the police did not even want to consider it. With such an approach, I don't think bitcoins can ever be considered a trusted currency as anyone can deal in it and giving excuses of fiat money also having loopholes, we can't ignore the risk of dealing in bitcoins.

Sooner or later, the scheme collapses when the promoter runs off with the money or it becomes too difficult to lure new investors. These types of pyramid schemes are nothing new and can be easy to spot, but that hasn’t stopped some crypto buyers from being scammed in a handful of high-profile incidents. It’s not entirely surprising that UK investors have been caught short by Bitcoin scams.

Yes, it is a perfect tool to be used to scam people but if we are just vigilant as we can be then they won't be able to leverage on us. No matter how hard they try to scam us, if we have been fully educated about this illegal doings, we cannot be a victim of it.

You have to be aware that Bitcoin is still relatively new technology and still not so much people are familiar with it and people are usually sceptic to new things and don't trust them.
Also, many still think that Bitcoin is some kind of scam scheme and are afraid of volatility and aren't willing to accept the risk. I beleive this will change with time but we also need more education and awarness campaigns about Bitcoin and cryptocurrencies in general.

There are some people who are not yet tired of calling the attention of the world that Bitcoin is scam...and that for them it would be better for the whole world to make this scam get stopped on its track right now. But Bitcoin is here to stay and so now they refused to believe the facts and continue on convincing others of their conviction. We live in a free world so that anybody can believe whatever he wants to.

The truth is that Bitcoin is for everybody just like the fiat money. Now when I say everybody that may include scammers, of course. Have we not heard scammers using fiat money in their operation? Of course, we do. Fiat money is for scammers too, of course.

Yeah we can deny that many crime and dark transaction made with bitcoin as a payment.
But, if people adopt bitcoin as a mainstream payment, i'm sure it will really make everything faster and easier

Yeah, right! Ignorance at its finest! If only they know what bitcoin is and its benefits they will regret t for sure. Well, I just hope soon they'll realize bitcoin is something they can invest and trust on.

There are many people said that bitcoin is a scam scheme. This was being speculated and discussed here for almost 1 decade and yet for them it is still a scam, were some of the country regulated it already to their territory. And many businesses adopted it as mode of payment too, is this a kind of scam you are talking about? come and think about it dude?

That is just the tip of the iceberg bro. If we will have a full exploration on all transactions around the world, a lot of these frauds are inside banks.
And then we start counting all the mafia and syndicates that do their illegal transaction using fiat in underground places or anything hidden.

So that's what many do not understand that the scammers are everywhere.And there is no difference how and where they receive funds.If we could openly analyze all the illegal operations that scammers do,then everyone would be horrified by the amount of working capital that scammers allegedly use in a regulated environment with the help of fiat money.And the fact that bitcoin and cryptocurrency many associated with fraud is simply due to lack of knowledge of what is cryptocurrency.But like You said we need to look at 2 sides of the coin.There are a lot of bad people here, too.

It is not a problem.

You see, it is true that there are a lot of people wanting to scam money out of them and they are just using Bitcoin to do so since it is hard to track. The thing is that we can't control the people using Bitcoin to use it for good or not. We can protect our money or cryptocurrencies if we really know what we are doing. We should really take care of our investments.

Then, you can always argue about the thousand of crypto companies operating fine and ask why they aren't shutting them down. Give exemples in your country if you have.
Who says Bitcoin is a perfect currency to avoid scammers? Nobody. It can difficult to trace bitcoins and even more for someone/authority who are not trained with a new emerging technology. You told them yourself ("and then told to forget about my money because I was dealing in bitcoins which cannot be traced")

Trusting a currency and trusting someone is totally different. You can trust your local currency and get scammed at the corner of the street.

We can’t blame them mate,because I admit that once I say this words that Bitcoin is A Scam because of many factor that time when the scamming and hacking are all over the face of internet,and this only change when I finally realized what I am missing and when some of my friends and family’s are gaining profit here while I am not.so I decided to enter and lucky that I earn good and now holding several kinds of coins and tokens with good potential in future

the scammer is very dangerous, this morning I also got information from my friend, that Upbit made an interesting offer, if we send 0.5 ETH, we will get 1 ETH.

This is a bad HYPE, I'm very interested, but my wife reminds me that it's a real scam.

Governments don't mind that at all, and I think they even incentivize banks to keep serving the underworld.

Banks keep providing banking services to the underworld because it's extremely profitable, and the 'mega fines' they have to cough up are a joke compared to the profits they make. Banks consider these fines to be collateral damage and are calculated in already. Governments know that and use these banks as cash cow.

They could end it by increasing their fines by whatever insane percentage, but they don't because they know that banks will stop serving the underworld, and that means no more fines to throw around with.

It is actually a fact that most scammers and criminals prefer the use of bitcoins for the sheer reason of covering their tracks but one cannot deny that when bitcoin and cryptos weren't invented, banks were and they still are the main way that criminals are able to funnel their money. The banks tend to turn a blind eye to it because of the immense profits that they make as a result.

Well, there is no need to deny since there is a lot of them in the past, I don't know how but all I know is that it is still not impossible. If I can remember correctly, some say that the reason why Bitcoin is booming is because of the fact that there are a lot of people use it to transact payment in the deep web. All I know is that we can't stop people from using Bitcoin in illegal transactions and if someone uses Bitcoin to scam, it is not Bitcoin's fault, it is the scammer's and yours.

The problem is that a lot of people tend to generalize and for that reason the whole community is affected. It's pretty obvious when you see the kind of arguments most of the ones saying come up with.

But at end it's the same, when mass adoption comes the possibility of Bitcoin being the leading the world's leading currency used for transactions is high. At least between the highest ones, depending on which year you see, then they will notice.

It's not a fact that most scammers/criminals prefer to use Bitcoin. Some do, sure, but most? Definitely not.

Bitcoin is a horrible tool for 'covering tracks' because you at all times have a transaction that sits in the blockchain for every agency to look into. If you also add that agencies are heavily investing in blockchain analysis and that their tools advance continuously, Bitcoin is actually pretty useless for high level criminals.

Nothing works better for that than physical cash and to some degree physical Gold. Nothing is more fungible.

Criminals use in our world a lot of benefits and things that should not be in doubt because of this use. Ordinary money I use everything!

Yeah physical cash is the only way money can exchange hand without any documents or trace a lot of the scammers carry out they activities using the dollars and other centralized currencies with trace, they are all up against bitcoin and calling it scammers safe heaven because it operates on a decentralized network not knowing that the blockchain transaction can be trace at every level. It the law that need advanced tool to monitor the movement of cash.

The process of distribution of blockchain technologies cannot be stopped Of course, last year proved to be that more than 80% of projects were scam. But as they say, you need to learn from mistakes and improve. First of all, it is necessary to make it possible to educate people on cryptocurrency investments and development of the blockchain. And the more people will be engaged in the improvement of technology, the sooner there will be ways to legislatively regulate cryptocurrencies in the financial market.

Power is knowledge, and that is true. I saw that some universities in Britain, Korea and Canada began offering blockchain technology training. But not all people can afford to move.

Distance learning is available to everyone. In addition, it is not necessary to study at the university. For example, every user can study in taklimakan, regardless of the country, since there is support for several languages. And you can immediately try to put into practice recommendations, thanks to trading and analytical tools

So far, not all countries are ready to admit the obvious things that blockchain technology will be everywhere. Sometimes it is from a lack of understanding of processes, sometimes from a desire to control everything. But for me, cryptocurrency is a way to make people equal and will interact with developers to improve the issue of cryptographic protection for users.

All of us here had their own free will to say whether it is negative or good feedback. Since that Bitcoin was open to anyone in the entire world, this digital currency can also be use for legal and illegal purposes, which is depending on the holder of bitcoin where He/She want to use it, since this is decentralized based system, were no one or none of us neither any of the government can't able to control it. Therefore Bitcoin is not for scammers, this is to anyone who wants profit through online marketing system.

Some of these things came up because people had little knowledge on how btc works. All they knew was that one can hide his identity as long as they use btc to make transactions and so they begun to label it the way they did. We hardly hear some of these comments coming up of late because people are  beginning to appreciate btc now. Legible companies have accepted it as a means of payment and we are almost on the good note

I would like to see those movies you've mentioned it looks good for educational purposes, and you are right that a scammer can be everywhere and use a lot of methods, there were a lot of scammers already even Bitcoin is not yet in existing, they jusr include Bitcoin as on eof their method.

Op has stated clearly about the scams that were happening around. For each and everything cryptocurrency is indicated while it isn't fair to point an innovation as root cause for scamming. If that's the case the term scam should have come into existence after the innovation of bitcoin. Earlier every people had such a thought, and now things have changed with better understanding about bitcoin and it is a proven fact that USD is the one that's been used much on illegal transactions.

Anybody who describes or says Bitcoin is for scammers do not really know what they are saying. They are just confused and swallow minded. How can anyone in his or her right sense will ever think that Bitcoin is for scammers?? Its high time for crypto enthusiasts start educating the general public about the main purpose and functions of Bitcoin and blockchain. Ignorance is making people share any false info hear or think about the crypto space.

Sure that there was a person who experienced on that. Search about reviews about that site for you to know better on it. That is what I am doing before I decide to join certain investments because the fund is hard to find just to give it away for the scammers.

You should be happy you have a good wife which will always give you good advice because the information will definitely not be from the mentioned exchange cause it might one of the strategy used by phishing scammer which created fake website address or email to scam people.

We can't deny the fact that people who are saying that btc is just some kind of scam is actually those who don't want to take a risk and easily believing in some fake fuds. Scams and Fraudsters are everywhere so why do they need to emphasize that bitcoin is just a ponzi scheme where in fact they never know about blockchain technology.

On the other hand, there is actually ponzi scheme happening in real life related to bitcoin. Some of them are using bitcoin to get some money with pyramid scheme.
Here are some of it:
-Xian Gaza expose btc pyramid scam (https://m.facebook.com/watch/?v=214549489087769&_rdr)
-another pyramid scheme (https://www.rappler.com/previous-articles?filterMeta=Bitcoin%20scams)

Fiat and crypto can be all used for scamming, but people judging bitcoin for scammers, that makes them stupid.

If they don't understand it, they should not judge it, fiat is more used in crimes than bitcoin and maybe some people are destroying
bitcoin because it's transparent and decentralized and could be a threat to fiat.

The future is unknown for bitcoin, but we are here trusting it by risking our money.

Just like the fiat money, scammers -- big and small, unknown and famous -- are using bitcoin as the "money" in their transactions. The problem is that since bitcoin is relatively new when a scam can broke out and there is the mention of bitcoin people who are still uneducated on bitcoin can easily conclude that the scam is "bitcoin scam" a term which is unfortunate and false. Anyway, as many marketing strategists would tell us even bad publicity is still a publicity. This is the reason why if there is an opportunity to explain to people around us the truth then we should take some time to explain to them why there is no such thing as bitcoin scam.

Anything of value is wanted by scammers and so they will naturally want to take it from you. You cannot blame an object for what humans choose to do to one another because of that object. This is exactly why they say that money is the root of all evil.


It is like blaming violence on video games and blaming instant messangers for phedohiles.  I still remember many years ago when one IM became very popular people were even blaming it instead of the parents  or the kids that go talk to adults in adult rooms when they like 12.

Scammers are everywhere and i feel sad for bitcoin, We can't deny the fact that some people used bitcoin for their own benefits. Bitcoin is for everyone and it depends to the people if they use it for good or bad. People are very dangerous and all we can do to all scammers over there is pray for their changes.

Scammers are intelligent and many of them can even be considered as genius because of the many strategies they can employ just to fool people and have them open their wallets. Of course, scammers will always tools that are available to them and this is the reason why bitcoin is an easy target because once the transaction is done there it is already irreversible unlike with PayPal where one can possibly file a refund. Irreversibility then can be good or bad depending on the situation. I was one of the victims of scammers before so I understand how it felt to be part of the statistics.

if so, there must be a strong legal umbrella.
and simulations on how to avoid fraud.
This forum has provided an interaction space for people to understand about crypto.

"Bitcoin is a scam"

That is the usual motto of the people who does want to hear the word of cryptocurrency. Some of them are saying, stay away from that hyip. But that is only for ignorant people. Those who are saying that bitcoin is a scam are more ignorant. They did not know what is happening with their economy and based their inferences between what they saw in the news. Not knowing how this industry revolves and make a history. They judge bitcoin easily.

You don't need to be sad about bitcoin because we all know that it did nothing wrong. Those people who are using bitcoin for their fraud and scamming are the ones you should pity. We are truly dangerous but we all know bitcoin is a decentralized crypto currency and we will never be able to control those people that want to use it for illegal purposes.

Those people who is telling that bitcoin is uses for scam is the kind of people that don't have idea about Bitcoin,I agree that there is a lot of scenarios that scammers uses bitcoin to scam investors but not all the bitcoin use it in badways because there is also a good benefits that bitcoin can give us all we need to do is to be careful to avoid scam.

It is just a ploy to discredit bitcoin, but we all know that any scams, thefts or illegal activity that is done using crypto can also be done using fiat. Fiat scams, theft and illegal activities are even more rampant than bitcoin.

Yes, indeed people think of bitcoin for scammers, but that kind of thinking is because they don't understand crypto so they think negatively.

You need to change the way they think about bitcoin. I agree that scammers use bitcoin to do illegal activities but in reality they only use bitcoin to do illegal activities and we cannot blame bitcoin for that. There are a lot of scams with other currencies as OP explained but not like bitcoin.

You remind me something i watched not too long ago from the U.S. Department of Justice, a pedophile who convinced a children to do a lot of weird things in Clash of Clans, was the game guilty for it? - Is the gun guilty for the crime is was it the person who pulled the trigger?. Tools by themselves can't do much, most anything without human interference.

People too lazy to come up with informed opinions will exist for a pretty long time i'm sure. But if you look carefully, there's an opportunity there, a really huge one. Among a lot of difference industries.

We can just try to inform those who are willing to listen and think carefully, even some of those who speak without knowing might start thinking carefully in the future.

Boycott such thread from this forum. After Craig, McAfee and etc continuous criticism are here in the Bitcointalk forum as well. We are here to keep the bitcoin healthy.
That trolling single user also not allowed in this forum in that stand bitcoin is staying in the place. OP needs to trash off from the campaigns and all the places from here.

As weird as it may sound to you, I don't even blame criminals for using Bitcoin. If you want Bitcoin to be open and free, you also have to accept that criminals use it, because it's useful and valuable. I'm sure that with time people will be less bothered by criminals using Bitcoin, but they have to accept first that Bitcoin doesn't need a central entity to be in charge and issue the coins.

Average joes are used to have banks and governments be the central point of everything, and the decades of indoctrination in economics didn't really help either.

Scam happens on a daily basis before cryptocurrency came to play, people were being scammed. The only difference in cryptocurrency scam is the fact that anonymity covers the scammer such person can't easily be traced unlike bank wire transfer.

These people do not want to listen to anyone who is telling them about cryptocurrencies as they think they are smarter. However, the activity of these guys really negatively affects the minds of people. They stop trusting BTC so much.

Not all of us know the truth. Bitcoin can be used for crimes against terrorist acts. Usually they hide funding activities not through the bank, so they cannot be tracked and know who owns the wallet.

Associating scam to bitcoin is hypocritical. Many people have been scammed using fiat. Nobody ain't gonna pray for any scammer to change. Most crypto scam are associated with greed and lack of factual knowledge about blockchain and cryptocurrencies.

Bitcoin anonymity makes its very attractive to scammers, online thiefs, since they cannot be traced. Mostly illegal money is pushing Bitcoin from $1000 to $8000. Bitcoin has become a dangerous asset which is increasing crimes.

Corruption and scam are everywhere and not only in Bitcoin. Imagine that there are so many financial institutions that scam people and run away with their money. Bitcoin is never a scam currency, all those spreading FUD should stop.

Yup the last words from OP i agree, scammer always happen no matter on crypto or fiat. Everything connected with money, scammer will be there.

Yes, that is the generous generosity you have for the liars and the scams. It is understandable to find a place full of sunshine in a struggling life because of suspicion. It comes from everywhere. Another face of truth. ::)

I strongly agree with it no matter what it is as long as it have a value scammers would always be there,
Scam has been around for so long even back when we are still using gold as currency or to pay for everything.
You could see some from the old movies that scams has always been around as long as they could use anything that have a value.

Agreed. Even before the creation of Bitcoin, the scammers were fooling people and stealing their money. Bitcoin is an attractive medium for the scammers, because it can be extremely hard to track these criminals once they vanish with someone else's coins. It can be especially hard, if they moves the coins from one country to the other.

Bitcoin is used as a medium to scam people, even before the existence of bitcoin people were scammed. As bitcoin gave people with the anonymity it got better to be an easy way to scam people. Regardless of the increasing scam people are getting much aware and keeping thyself safe.

Sad but true, in fact industries that already have regulations under the government legal protection sometimes become scams and harm many people. many MLM and ponzi businesses claim that they already have permission from financial services authorities, but in the end they become a scam. bitcoin without a regulation and is seen as low by many outsider, actually has made many other people rich. this is irony :)

This doesn't state the fact that bitcoin is a scam ,scam artist can use any form on goods to scam there victims either fiat or not ,I used to join a ponzi scheme and all money I lost on there are in fiat ,I later heard some are scammed of there coins on there too so scammers use all form of money

I agree, bitcoin has more good than bad but because of scammers bitcoin become bad to most of the people. Scam is something that we cannot avoid because there is always someone who will scam people so we just have to be very careful and I think we just have to educate other people about bitcoin its true use and benefits for them tp filly understand it better.

That is right, and bitcoin is not a scam, only people who have purposes of stealing the people's money that will make bitcoin is like a scam. Bitcoin itself is neutral, and it depends on how we use bitcoin. In out there, many programs using the name of bitcoin to attract people to join with them but then they scam people by running their money and never shows up again. So people will know that bitcoin is a scam, but the truth is bitcoin is not a scam.

Lot of reasons those in top dont want bitcoin to survive are risk of getting richer, risk of loosing their business , fear of losing the control over the poor once when the crypto liberate them from poverty and so on .

The banks are the major scam I ever see in the history of this world as every fraud transaction pass through their nose and has record but were swept under the Capet with a crazy word called policy or privacy.

And crypto that HSS come to solve these issue is being tag as scam when they can open their eyes and see lot of scam in their ledger.

I never worry about those news anymore and who worry only wasting his or her time , #crypto #blockchain #hereToStay

One of the most common frauds is hitting people's greed. They draw a huge investment scenario, the more investment the higher the profit. A typical example is a Ponzi scam - that is, taking a loan to pay interest to others.

I agree with your opinion that bitcoin can be used for terrorism activities, but isn't it without bitcoin they can still carry out terrorist activities? ... So, I think positively that bitcoin is digital money that will be very useful in the future because the age is progressing where everyone will use digital devices in their lives.
Don't think of bitcoin for now, but think of bitcoin for 10, 20 or 100 years ahead where the world has been put together by internet devices with a touch on sophisticated mobile phones that can do anything, including bitcoin transactions.

Scammers can use a lot of ways so people will fall to their hands. There are obviously a lot of ways and there are times that bitcoin is used so they can escape with their crime. I remember one time where the scammers used Bitcoin because they said that their investment is based on Bitcoin and when it dumped, the investments people gave will be gone too not knowing those people don't have any investment in bitcoin, they just ran with their money and bitcoin is their excuse.

Scams have been following humanity and our history is filled with so many colorful and dreadful scams even sometimes perpetrated by famous personalities against unsuspecting ordinary people. Now, with the coming of cryptocurrency, scammers realized that they can magnify their business so well and there are more chances of not being caught. Today, scammers can be so creative on how they can fool people by appealing to their greed and using money or high potential ROI as bait. This is the big reason why ICO is no more attractive and why IEO seems to be taking its place.

People who think that Bitcoin is scam or for scammers either don`t know what bitcoin really is or have been broke because of putting their money on bitcoin and hated bitcoin because of it. It`s really easy to say it is fake or scam if you don`t know the thing or you hate the thing. After all, many people are benefiting from bitcoin and other`s opinion does not matter.

Bitcoin is a currency that scammers used to scam people but not the bitcoin itself. Maybe you are pointing on the bitconnect coin that is a legit scam. LOL! Bitcoin has many uses instead on scamming. There are more good things that bitcoin can do and more convenient than the fiat. Maybe its anonymity made it looks like a scam so I can really say that it depends on how people use it. Just be aware on the things that could scam you since bitcoin transactions are not reversible. Bitcoin is a great invention but we can't really avoid some features that could possibly use on crime.

His research on the use of bitcoins for criminal purposes has already been conducted in the United States and the European Union. They concluded that bitcoin was used for less than ten percent of cases for criminal purposes. Therefore, we came to the conclusion that Bitcoin in this regard does not represent a serious danger. Therefore, this problem is far-fetched. Absolutely everything can be used with a legitimate or illegal purpose. Including cash of the states which also cannot be traced.

Bitcoin is a growing innovation and is a business opportunity that also has risks. There is no guarantee that Bitcoin will continue to grow even though it has grown so fast to date.

I have known beforehand that I know crypto currency and get money from there, after I learned and understood then I tried it, in fact there was not a single thing that was scam, everything was transparent and even it could not be manipulated like other commodity markets, who say that bitcoin is a scam is just those who are jealous to see bitcoin business people get a lot of benefits they also don't understand how bitcoin works and how to get it.

Information stated above is really helpful. Lot of people still thinks that the Cryptocurrency Industry is full of scams and frauds but they are only scared because they have no knowledge of it. They need to have an open mind and learn about it. It is true that there may be some risk but learning about it will bring lots of profit. Being careless in the Cryptocurrency Industry is one of the worst thing that can occur to an investor. When i first learned about the forum, the first thing that i have read was on the Beginners section which is a great help and reading it is not a waste of time.

Back in 2016, I heard a lot of negative information about the entire cryptocurrency and about Bitcoin, as a very large financial pyramid.  Of course, I am very pleased that I still did not believe it and invest my Bitcoin funds when the price was $ 300, and $ 8 efirium.

You know you don;t have to be scammed out of currency. You could have your time scammed away from you. You could also lose things of value. People can sell your contierfiet thing or trick you and leave you with nothing sitting scratching your head wondering what happened. Some peopel appear to need help but they just want money. Even in the streets you get beggers who ask for money and sometimes they drink it away but they will lie adn say they do not. That happens every day. If someone has something a greedy person will want it. Some greedy people don't want to earn it they want to take it. Bitcoin is just another place they can scam. Bitcoin is new so it is open to scams. You see the scammers will hope onto whatever is hot right now.

That's correct, most of those people with negative points of view about Crypto Currency are here in the crypto space and learned how this technology can be profitable for them. :D
Those are normal in our society and anything that is new to everyone whether it is a new technology or something else most of the people will surely pre-judge it without knowing it or acquiring knowledge of what it really is.

I was scammed for a mere $10 from a local gardening shop. Many have complained and nothing seems to be done. I also paid someone a larger amount and never received what I paid for. There is not much I can do.
People say all sorts of stupid things without thinking its amazing.


They rely on the greed that we all have yet some have more and don't think. People who fall for certain scams are sort of asking for it because what did they expect but then you get more advanced ones and those people I feel bad for.

As a start, I love bitcoin, I trade bitcoin, I make money off bitcoin but have never  scammed anyone b4. This goes to day that individual differences mayters

That is because they are trying to figure out things and want to have same earning which eager them to learn about crypto. These people are easily believer but inside of them are curiousity about how things really happen. Investing has high risk and if you do not plan before you take the risk, you end up of losing and just tell everyone that you scammed.

I don't know if the author of this thread are one of the detractors of bitcoin, I've been hearing this several times here in the forum, and yet the community here instead of decreasing the numbers are increasing as time goes by. Meaning, Bitcoin is not only for scammer but to those people who have a good intention to use this bitcoin.

I am disagree with you, scammer is here but not for bitcoin. When bitcoin was not but still scammers were here. A huge number of the investors are here in bitcoin list, they do trade daily and satisfied with it that everything is fine, including me, i am happy with bitcoin trade and i am not afraid of it that scammers are here. They don't bother us if we know that how to save your bitcoins in our wallets.

the title of the thread is SARCASTIC and the OP of this thread is saying that if anyone ever says that bitcoin is for scammers clarify to them that "most scams are still being done under the nose of the regulated financial industry." which is true.

I think you heard about bitcoin because of one program that uses bitcoin for their payment. I see that is already happening since 2014 and many people have joined with those programs, but suddenly, the programs were closed and people getting losing much money. But for the truth, bitcoin is not for the scammer, but bitcoin is for good people who want to make a better life.

I think bitcoin is widely regarded as a scam because people don't understand blockchain technology or how bitcoin works. People will sometimes attack things they don't understand or fear. Also, as bitcoin is intangible, there is the belief that it must therefore have no value. What people making such arguments fail to take into account is that fiat currencies are similarly intangible. Anyway, the coders and network infrastructure keeping bitcoin secure are physical.

I just laughed at the opinion that bitcoin is a fraud, because bitcoin is the most expensive digital currency in the world. Now the function of bitcoin as a payment tool in a country that has legalized bitcoin, while in countries that have not legalized bitcoin, bitcoin owners often use it as an investment.
It turns out that investing in boitcoin is higher in profits than gold investment, especially in the past few months and in the future. This opportunity turned out to have opened the eyes of large investors so they bought bitcoin for investment, and held it for several weeks or months ahead. They sell it when the price of bitcoin has gone up.

That's why Bitcoin and Blockchain are created, because of the wrong practice in the banking industry wherein we really do not have control in our own accounts.
But other influential people are saying that Bitcoin is a scam, yet they do not understand deeply the technology behind it. Actually, people using Bitcoin are the one who manipulates and take advantage of other people. Not Bitcoin itself.

There is so many people who think bitcoin is a scam but to be honest bitcoin has been used for scamming since the beginning. They know since bitcoin is decentralized, no one will actually know their real identity. Scammers are just using cryptocurrency for crime.

Yeah, those who have faith risk a lot but if it turns out to be alright then the benefits are many.

There is the other side of the coin, when it turns out to be a failure and it's like falling but have to get up, right?. I still need to improve myself to be able to invest into this technology a lot more and help a lot more in the future that is something i encourage people do.

The simple fact of investing here is precisely one grain of sand towards future change worldwide in the future.

No this is not right.. bitcoin is not for scammers.. bitcoin are for those people who want ti invest.. well prople  are earning from bitcoin alot but there are some chances of scam
.

Anonymity and privacy on the blockchain is something that can be abused, not just by scammer by by governments as well. However, it is not enough reason to say Bitcoins is for scammers, even in my locality people are often of that mindset, it couldn't be farther from the truth.

Fraudsters have many other ways to commit illegal actions. It is possible that bitcoin is also used for illegal purposes, but this does not mean that bitcoin is dangerous.

That is true. Many are judgemental within the society and believe easy on what other say without doing any research for their own. Bitcoin is crypto that is good to invest with. Though it dumps hard before, it has really a chance to grow again in the market. It is not only for scammers but for those who understand it deeply about how it really works and manage the risk on their hand.

This has happened since bitcoin started so this news is not new already.Scammers are everywhere especially now that bitcoin is their own tool to lure thousands of people.Newbies might be very affected with this but for us who spend long years already in this crypto community,we are already aware of this.

I think those who called Bitcoin a scam are not well educated about it. I find it pathetic how they simply judging it without knowing it first. I challenge them to enumerate the reasons why they say that Bitcoin is a scam. Maybe its just better to accept that you don't know about it than judging it without taking the reason.

I have been laughing until today to those people I have shared cryptocurrency. I told them bitcoin will become valuable soon but they do not believed me. Until 2017 went on, they said to me that they want also to earn cryptocurrency.
Many people are fascinated in a certain investment if they think that it would be gainable for them. They entering bitcoin industry during its peak, that is a misunderstanding of the people. And it is also the reason why they lose a lot.

You will be scammed if you are not well informed. Bitcoin was used before by a lot of fraudsters promising that they will double or triple your money in just 24-72 hours. A few years ago, a lot will fall for that even here in this forum, but also because of this forum, those sites cannot stand a chance anymore because of the warnings given here. Maybe newbies will still fall for those kind of schemes.

Newbies might have all the chances to be scammed since they are still in the learning process but if they can be very careful with their investment, scammers won't see chances to deceive them. This is a natural thing in crypto world so we should be more responsible with our investments right now to keep them safe all the time.

I don't think they are not educated it's that they are not well informed about bitcoin, they only base their judgement mainly on rumors and didn't do a little research that's why they say is scam, but for me I don't really dwell on these people instead I pity them for being ignorant and not being able to see and experience bitcoin's potential and greatness.

the fisrt reason people say Bitcoin is a scam is that they don't know anything about Bitcoin and how it works, yes they only judge and never invest and never try to enter the crypto world that Bitcoin is an asset that benefits in the future if digital technology more advances. I personally don't really care about the words of people who don't know about the world of Bitcoin.

This scheme will only run for a while until they are satisfied he will commit fraud to all users no matter he is a newbie or old people in Bitcoin. Who is not tempted by doubling the money just a few hours without doing anything. It's just that we have to think this scheme will eventually do the fraud.

Broiler in our local is a Ponzi scheme investment where you can buy chicks and then earn profit to almost 50% in just a short period of time. Yes, they are now block chain as I check their investment feature emphasizing the block chain in the form of pay ins and pay out.

have you read the comments above you ? they said that not all people said that bitcoin is a scam are unknowledgeable or dont know anything about bitcoin  . well id say its true because ive witnessed alot of pro investors online which claims that bitcoin is a scam and they say bad stuffs to bitcoin  but i also agree on you that we shouldnt care too much for them becauase we already know to our selves that bitcoin is not really a scam or bad  . bitcoin is a currency and also an investment asset and its only up to the user if what use he/she  prefer for bitcoins  .

The table have turned again and I think it's the second time because the media only started covering bitcoin in the midst of its all time high. Now they say,  bitcoin is going to $100k and up. All about positive things. I barely see any FUD right now and it's much more about upcoming partnerships related to crypto. Everyone wants to get in and these could continue on the event when Libracoin is released.

This is a comment made by those who are not fully educated or at least know the basics about cryptocurrency. They openly accept and absorb the opinions of other people without even taking the initiative to make their own research. A judgemental point of view based on the ignorance of others! Negativity surely lurks the crypto space since the beginning and it seems nothing or no one will be able to extract it from this system. Something that most of us, if not all, should be able to adopt to.

I agree with your opinion that bitcoin is often a target that discredits it as fraud, but actually it is spread by people who don't like bitcoin or bitcoin players but often lose and go bankrupt so they issue information that bitcoin is fraudulent.
Bitcoin is digital money and it will become commonplace in the future, no need to worry that it will be a place of fraud. Business is a business, there is a profit and there is a loss. So, think smart and fair because bitcoin trading is one of the profitable trades.

Actually, both of them are the same in my opinion, whether it's regulated or not. Honestly, I am also a bitcoiner and I realize that there is still fraud in crypto but I also realize that Fiat is far more fraudulent because only a few criminals understand about crypto.
All currencies have their own bad side, such as fiat which still has a lot of corruption, even that is clearly done by state officials.

As price is looking bullish once again, we can't disagree that scammers are taking interest in Bitcoins. There are scams which are identifiable but if ignored can cause you a lot.
Some of these are:

1.Hardware wallet theft
2.Exchange Scams
3.Fake ICOs
4.Cloud mining schemes
5.Multi-level marketing

And I totally agree that all the scammers should just leave this and actually let us do something healthy here , we are already tired of dealing with government accusations about how it is not something that should exist.
Only if we could filter it out and regulate it personally.

No this is not right.. bitcoin is not for scammers rather it is for the people who wants  to invest and who wants to earn  from bitcoin.. rather we can purchase many things from bitcoin..

These  are just scams techniques?????

Why does the government or any authorities are too reluctant about the used of cryptocurrency Bitcoin to be specific is that they cannot control it. It is true that all the scams around the world involves FIAT or any financial institutions because in reality even if bitcoin was being used as the main tool for scam payments, Scammers will obviously still be saving the said fundings to Banking system using different names.

Bitcoin as a decentralized system are always have advantage and disadvantage and besides of having more benefits that we get and still we can't avoid that there are people that are intentionally use the popularity of bitcoin to scam others, I believe that bitcoin is for everyone and we must have to be vigilant to avoid being scam.

Due to the anonymity advantage of Bitcoin, a lot many scammers have attempted to include the currency in their scam attempts. And the lack of legalization of cryptocurrency in some of the nations have helped them in their pursuits. The most tragic thing is that almost always, it is the new users and the vulnerable ones who mostly become the victims to such scams.

I recently heard on TV news in my country that some criminals, drug dealers, bought drugs in the dark web and paid with bitcoin.
Because of such news, many people have negative image about bitcoin and think that bitcoin is mostly used by scammers.
We have to try our best to change such image about bitcoin or we will have more legal problems in the future.

I don't think it is as easy to launder money as people think it is with crypto. You have to go to fiat so how do you do that? If you make a lot of money and want to buy crypto that's fine nothing wrong with that.
If you buy the crypto before paying tax that won't work. You will have to pay your capital gains when you go to fiat eventually. It is the same as with a normal bank account. If you have a huge transaction it doesn't matter where it comes from the bank might ask about it. It doesn't matter if it came from another bank account of anyone or from an exchange bank. Makes no difference. At the end of the day fiat needs to move.

A scammer will take anything of value, you can't blame that thing. Only blame the person who does it. You cannot blame a thing or object for someone's behaviour. This is only as an excuse and not taking responsibility.

I totally agree! The world was already full of scammers and fraudsters before we met cryptocurrency. Sometimes media just acts like they were no criminals or scammers before crypto. It’s so stupid. Scammers always find ways to get what they want, they do it even with the most legalized businesses. No need to blame Btc for this type of stupid things.

To be honest, whatever can be used as a scam depends on the personalities of each person.

It is very easy to deceive people in modern times, such as utilizing the issue of bitcoin or cryptocurrency, but later you will get karma or your own bad reply for your actions.

Stay good and wise.

This is like the saying since the beginning even some experts are saying that bitcoin would disappear and the owner will just take the money of all people who invested in it. I mean don't you know that there are some experts who just give up saying that bitcoin would disappear and scam people? They are now investing in it and one of the hodler today.
Well, I am just saying that those people who said this should give up also saying that bitcoin is a scam. This is the evolution of money. Digital payments will be our future.

Scammers abuse bitcoin to usurp assets !!

Technological developments and progress are very rapid, of course not separated from the thing called fraud. almost all fields can happen, like what you say that can also happen in crypto with bitcoins. and misuse the way that what is done is like that according to the rules made. without us knowing that it is a fraud.

trying to prevent fraud from happening is sometimes very difficult. but it is necessary to remain vigilant

The word scam was itself originated in 1960's , stating unknown origins .

Bitcoins came in 2009 .

- what I want to say is that , was the scam rate zero before Bitcoins came ? Has it increased exponentially suddenly? Can't you do scams by just using any normal currency?

If you have bad intentions you will find a way , no matter for what a thing has been invented people will always find a bad side and use it for their own good .

It had nothing to do with Bitcoins .

If governments bans the Bitcoins and all just because it is used for doing scams then they should also ban normal bank accounts and paper currencies too.

Yeah exactly it's obvious scammers  can really use different strategies and ideas how get easily money, the is some people against bitcoin is they create fud news bitcoin is front to use of money laundering and easy to scamm because they can hide their identity but not. As OP said scammer can fake Identification to get enrol in the bank for their illegal activities.

Cryptocurrency gives the temptation to use it for illegal purposes due to the fact that it is anonymous. This is true. But that doesn't mean she's dangerous. You are right, scammers also use fiat money, but we also use it for good purposes.

That is why crypto education is needed. I am not suggesting that it should be integrated into college education, but if it is, it would be much better. I am only suggesting that crypto supporters like us should try to enlighten in our own simple ways the people who have heard about crypto wrong. The investment regulators of the government themselves should also try to study what is happening around. If they know about crypto, they could release a statement to the people not to believe about investments falsely using the name crypto.

I think not, their are scammers anywhere even before bitcoin exist, it so happened that in crypto world or digital currency security is not that good, that's why scammers came in. Scams happen not just in digital currency but also in fiat.

To do this, it was necessary to create cryptocurrencies so that no one could challenge the transactions as well and find out who Alice and who Bob is. :D :D :D

Bitcoin is for scammers,  it is not right thinking. Scams can happen in every financial platform. Those people who want to scam, they always do scam in many ways. Scam can be done by Current currency. People who have not enough knowledge about bitcoin and do not want to accept bitcoin, they always blame bitcoin. Bitcoin is modern technology and it needs to right use. Because of some scammers, it is not right to say that Bitcoin is for scammers.

it can be said if the fraud in the cryptocurrency is managed neatly and wrapped in the name of investment. so I think maybe people should be more aware of crypto scams. it can be avoided and is more selective in that regard

No one is going to deny the fact that the incidence of scamming is higher in Bitcoins when compared to other forms of assets such as equities, bullion and real estate. But what is the real reason behind this anomaly? The government authorities have forced Bitcoin to go underground with their insane tax laws and refusal to legitimize cryptocurrency. 

my neighbor ask about trading, "can you make and withdraw money from trading?" and i said, yes i can. but he still unbelieve and ask more and more the same question. so i explain basic of trading.
actually they just less information about bitcoin, what they know is negative news, so they called it scam.

This is the reality, rather than the good the bad news easily reaches the common people who keeps on running for their daily life. Bitcoin is nothing an exception. Very few understand in the right way and explain good about the good and true value of the cryptocurrency.

Another thing, some people without any proper understanding used to get into bitcoin usage and with their mistake they couldn't make big earning and might have experience big loss. This creates a negative thinking in their mind and the same will be spread, and these people never realize their mistake.

Yes, your right, I have the same issues. When they ask a question about bitcoin and answer it correctly, they keep asking and asking and ended up repeating the same problem. After that, they will still say that bitcoin is a scam,  I keep telling them that is not a scam other people use it to make some scam, but the bitcoin itself is not and if you want to know about bitcoin make your evaluations so that you have more information about it.

And how about stretching the word scam a little further? If it is a dishonest or swindling scheme, then perhaps we can include those that are directly regulated by the government.

Here in the country I am living, the government itself has a lot of insurances whose membership are even compulsory to many employees. And since there are so many questionable rules and policies that are not even clearly spelled out to them, they often end up not benefiting anything from these insurances at all.

Look at that! I guess the largest scammer does not use cryptocurrencies at all. Or do governments use them?

Yeah let's say you are right but the fact that bitcoin is one of the easiest tool that a scammer can use makes it really frustrating because of the anonymity feature of bitcoin. It became one of the greatest scammer's safe heaven. Aside from that the blackmarket bitcoin used is rampant , I still remember before that there are certain terrorists posting on the blackmarket buying weapons which is pretty scary

before we started our careers here in bitcoin  ,we also have a different view but we forced our selfves to learn because we want to earn  . same as them we  can say that they dont have interest to bitcoin but they can also learn like us if they really wanted to   . showing proofs are okay to make them more convinced on joining   .  but you guys story didnt differ on me , people here on our place also mistaken btc as a scam  , not until i educate them .

This is so true that everyone of us get the same sort of answers when we tell anyone about bitcoins. Those who are not aware of bitcoin, never take our words seriously and keep on criticizing bitcoin.
Recently trump told some negative words about bitcoin and now those negative minded people have another argument of not accepting the bitcoin benefits.

Albeit many criminal act are been carried out using bitcoin as mode of transaction. This a terrible issue facing the crypto world cos the king of crypto is been used in such dealings. 

Scams are everywhere ever since without crypto scammers are already scattered over the net and crypto is not exempted on that because money is hot and there are people who are taking advantage over the popularity of crypto, so its unbelievable that crypto is just for scammers.

Whenever people don't like something, they are doing anything they can for others to feel the same way towards it, and that is exactly what they are doing to bitcoin. There are lots of people who are not in favor of using bitcoin and those are the people who do not see it's potential at all. They spread FUD and accusing things to it - whether it is used in illegal transactions and that it is just another kind of scam. Yes, maybe the word "bitcoin" or "cryptos" are used by some scammers out there in order to scam people but that doesn't mean that bitcoin is a total scam.  There are lots of good things bitcoin offers and if only people are trying their best to learn everything about it, they will be able to know the risks they'll take and they will never experience scam and losses.

In fact, with the help of fiat currencies, the largest frauds and other crimes are committed. Even during an ICO, many scam projects raised money in dollars. Simply, people are afraid and do not understand what bitcoin is, so they accuse him of all sins. But I remember that in exactly the same way many people blamed the Internet, computers and called it all evil, but gradually it came into our life and became habitual, so we need time to change the attitude of people to Bitcoin.

I mean the amount of scams that happen around BTC is pretty massive. Might not be the same as fiat but that also has to do with total market cap and tracking. Just last quarter they reported having more than $1.2 billion stolen due to thefts, scams and fraud https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

We can't erase the fact that scammers are doing all to make crypto users fall for them. I, myself encountered it one time and good thing I recocered my account. They are using bitcoin as an excuse to scam people. Aside from btc's price has a high value now, more and more people are encourage to do illegal activities using crypto. Sad but the reality is that there are still people who doesn't aware will still fall for that.

Many still think bitcoin is a scam and also lead the way to money laundering but what surprise me most is that this btc is just 10years old and ever since I was born there has always be money laundering issue even when the bank account t can be trace to the link but govt has not been able to curb those criminal but thinking btc is the major problem is what makes me laugh , cos it has a clear and well decentralized system that can be trace , unlike the money bank that even have money and can't be point out .

It seems that it's very hard for Bitcoin to fight against bad reputation that was its burden from the very begininig. No matter all the progress that was made many people still think that Bitcoin is currency for criminals and scamers, for money laundering and other criminal activities. But they forget that fiat currencies are also used for all that but no one isn't calling them criminal tools. Everything that could be misused, people will misuse it, including cryptocurrencies.

For decades crime has been in existence and are been carried out daily through many forms and in every sectors, fiat has been in existence long before crypto will ever think of been in the picture, my point in essence is crypto is not the root or cause of criminal activities, yes some people use this for bad intentions while others use it for the opposite, and same applies to fiat, can't totally rule it as bad.

Yes, bitcoin is not just for scammers, it's for everyone who cares and wants to create a different life from Bitcoin but in the process, many people are like you said, using bitcoin's features to become professional scammers. A person got caught in a trap then many people, and many rumors were pushed out of life, all of which have created a non-optimistic view of bitcoin for many newcomers but the nature of the story is not related to bitcoin, it is obviously related to some bad components and some ignorant users

Bitcoin is a great tool for fraudsters and I think they will use crypto more and more every year. As a rule, fraudsters operate with large amounts of money and sometimes it is difficult to transfer or withdrawal this money. Bitcoin simplifies this process many times.
It is unfortunate that Bitcoin what was created with an idea to deal with financial structures and third parties is used by bad people.

I agree. Everywhere has scammer even without crypto, and crypto is not only for scammers for those who work on it. Careless people are just victim of those greedy people on the internet whose stealing is just a habit. You are responsible for your security.

Fraudsters use the anonymity of cryptocurrency and until this problem is resolved, we will not be able to deal with fraud in the cryptocurrency market.  I understand that each of us values ​​the fact that anonymously owns cryptocurrency, but we still need to think about the security of our funds and the safety of our family.

I totally agree with you, it's been used by scammers and fraudsters for quite a long time now and it's not stopping because of it's anonymous transactions that cannot be identified by the authority that's why it's been abused for illegal acts. Some governments are afraid to adopt bitcoin because of that facts and i hope this issues will be solved in the future in order for bitcoin to be fully be adopted.

And did the government stopped the scammers using the real currency?

They did not right? I don't think we should linger in this since it is a decentralized cryptocurrency. We should educate ourselves more rather than hate these scammers. Don't get me wrong though, we should hate scammers but we should also hate ourselves from being scammed since that is our fault not educating ourselves about them.

The results of a study by the Massachusetts Institute of Technology (MIT) and Elliptic came out today. They analyzed more than 200,000 transactions, worth more than $6 billion. Around 2% of the transactions were suspected to be made for illegal purposes. And this figure is roughly in line with the findings by Chainalysis, which claimed that 1% of all the Bitcoin transactions are linked to illegal activity.

I doubt whether this news will ever make any difference. The mainstream media will continue to bash Bitcoin as an anonymous currency used for illegal purposes. And many of the prospective investors will defer their plans to invest, as a result of this propaganda. But the fact remains that the vast majority of the Bitcoin transactions are perfectly legal and the amount of coins being used for illegal usage is going down every year.

Agree tho, we should educate ourselves first and make a move for the development of bitcoin. If they can see on us that we're using bitcoin freely and they observed that there are good advantages, it will give a good impression also.

Scammers are everywhere, even in the online platform, there's a lot of them. We can avoid those, there are people that use a thing in a bad way.

Most of the illegal activities are having done through cash or online money or through the bank. Though it is right that Bitcoin and some other currencies are being used in the darknet regularly but in the comparison between Bitcoin and Cash money, the money is available everywhere. Some people always want to blame on something that they don't know. Everything can be used in two ways, good way and a bad way. It's not the fault of the currencies, it's the fault of those bad human!

They can attempt to scam but they will be caught. Don't they know all about the different blockchain forensic companies like Ciphertrace who have advanced technology to find frauds, scams and money laundering on BTC?

For me, in the very beginning, most of the people said and think that bitcoin is a scam or fraud, and if you use your bitcoin, you will consider a scammer because at first, most people use bitcoin to there illegal transactions or in the black market to make it very difficult to track. But bitcoin users, investors, ICOs and more change the peoples perspective, and now bitcoin prove itself that it's not a scam or fraud and it depends on the people or bitcoin user what image they will show or see. :)

 

I find the last line very amusing as most people ignore the fact that even highly-regulated investment methods and financial trades are prone to scams!

Unfortunately, cryptocurrencies have been branded heavily and portrayed in the media as a 'scam' due to its volatility as the price may be controlled by the law of demand and supply. These people who complain about bitcoin being a sketchy scheme are also the ones who impulsively invested in bitcoin and LOST due to something independent from their actions. They failed to study the market and so, join the bandwagon and blame about its existence.

Undeniably, bitcoin has already created tons of millionaires and inspired many to reach their dreams of owning their business, etc.