Bitcoin Forum

While growing up in the cryptocurrency industry I have had my own fair share of losses while engaging in ponzy scheme believing that they were legit, not knowing that they were all fraud.
   So since then, I believed that anything virtual currency online are fraudulent.
 In 2021 a friend of mine introduced bitcoin to me, but base on my fear for online business, I wasn't even interested even when he broke every details down too me on how it works, but I refuse to even give it a try.
In 2022 I decided to do my own research about it, which i discovered so many positive things about it, and what gives me more confidence about it is that I found out that most establishment and government are into it, an it's been blend into their financial system.
When I started my bitcoin journey is when I knew how ignorant and misinformed I have been all this while.

So many persons has a bit of a story to share about their initial knowledge to cryptocurrency. Most of us didn't start it right, we either fell into virtual scam or invested into a shit coin with a loss and ended up having an all round view that everything cryptocurrency is fraud. I believe bitcoin has been like a game changer to every cryptocurrency user, making them to understand that the crypto industry is dependable and reliable to invest and trade, and this reliability is gotten when you take time to DYOR on it.

It's good though that at least you did your part and try to investigate it by your own and see what and how bitcoin can help you it. Don't blame your self though, everyone has gone to that same painful start and think that bitcoin is a scam.

And what makes it hard like in my case I fell on a bitcoin doubler scam in 2017. But still though I remain very positive and keep pushing and truly understand how bitcoin can be very positive as you can gave financial freedom.

What crypto currency you were trading in the past because if you were active in this market then you would have known about bitcoin also as it was the first cryptocurrency with complete decentralisation introduced by Satoshi back in 2009? All other cryptos have followed it's path but have failed to deliver what bitcoin has provided as most of the altcoins are actually centralised setup for personal benefits first of all and there are many ponzi scams also in shitcoins but is there any specific coin you have been victim of?

This is what happens with most of people like they have been under some negative influence which says bitcoin is not good or say too expensive like they can't afford to buy satoshis with small amounts also or any other misconceptions but they all break once you are familiar with the true working of bitcoin.If you are interested in watching more videos about bitcoin then you can see it here (https://youtube.com/@aantonop)

You can also read Mastering Bitcoin by Andreas Antopoulos which will give you enough knowledge about it and you will be more interested in this coin and why should invest in it.

Although many governments have been regulate Bitcoin and there's few countries already accept Bitcoin as a legal tender, it do increase newbie or someone who haven't invest in Bitcoin will think Bitcoin is safe. But actually the purpose of Bitcoin is being used as a currency without need help of central entity as the third party between the relation of the sender and the receiver.

It is pitiful that so many individuals fall victim to scams before conducting their own research and recognizing bitcoin's true significance and benefits. If we know that investments that appear too good to be true do not work, ponzi schemes are easy to spot. However, there were times when we were able to comprehend, but our greed caused us to put some of our hard earned money at risk.

This year is an ideal time to purchase bitcoins before the price explodes. It could also help and a friendly reminder to DYOR as always.

I've read a lot of people having the same story as you. Bunch also experiences being victims of scams by the Ponzi schemes. I also had the encounter with those, the first one was the "Mining Factory" bots from Telegram, I was a complete newbie at that time. Ever since I learned a lot and made more research before letting out any amount from my pocket.

Good luck with the journey.

Is normal this days to be scarce of online business because of the high rates of fake sites, fraud, bonzi and wrong investors but as for BTC is a long time project which I know many people have verified the opinion of the project and stick to it. BTC is not just about establishments and Government that makes it real but massive bitcoiners who for no reason have no doubt about the well doing of the project. Is not too late you decided to queue in but you still have to learn, I hope you're aware BTC is not a get rich quick scheme but a financial technology that operates on principles of trading, investment and mining. Anything you wish to engage in I advise you learn effectively, no business that do not incur losses including BTC but BTC required time and patients to navigate through the market. Welcome onboard goodluck all the way.

We all have a fair amount of losses from the cryptocurrency industry. But you had engaged with ponzy schemes, so your loss is not linked with crypto or bitcoin, if you had used any currency you had the same result.

I don't get your point here, why would you blame currency for your involvement in the Ponzi scheme? You failed to do your own research on the project and involved your money in it and you are the one who is responsible here.

This experience has not just been yours. Because of what some Ponzi scheme did to people, they have a hard time believing anything digital currency. Some people have completely shut their world to anything online currency or investment because of how terrible their experience was. I lost bitcoins to Ponzi as well as I often share here in this forum whenever a topic like this is raised and was misinformed too for a while, but with some extra effort I was able to find out quickly compared to some others that bitcoins were very real and different from any Ponzi. For people who are misinformed, with a little extra effort they can help themselves out of their misinformation.

Hey mate you still don’t have you hands around what The whole crypto-currency thing is all about and please don’t make any investment or put your money in yet.

In as much as the traditional believe that any online process is a scam, Crypto-currency is not but this doesn’t rule out the fact that there are cases of scam in the crypto-currency . Crypto-currency doesn’t automatically block out scammers but it has giving you so much personal security at your finger tips that you can use.

Bitcoin is originally designed to be a currency that can serve as an alternative to the country’s official currency. But while it’s not yet globally accepted, bitcoin becomes a good investment for now. However, investing in bitcoin has its own high risk. You won’t make it profitable unless you have the knowledge and experience on how to do grow your bitcoin investment. Otherwise, you might only be buying it at a low price, and sell it at an even affordable price due to panic selling because you can’t understand how the crypto market works.

Not misinformation actually, you got it wrong. There is no shortcut to earn money. We are less likely to lose our chunk of thought if we do our researching before investing in cryptocurrencies. We can better comprehend the risks and potential benefits associated with any cryptocurrency investment by completing in-depth study and analysis before taking decision. This can assist us in making better selections and lessen the possibility that we will decide to make impulsive or emotional investment decisions that we may come to regret.

Making researches at first is always the key so we will never fall believing on those too good to be true investments. This is the only way so we will always be lead to a right and safe investment. Without DYOR, you are giving yourself high chances to be scam and lose your capital suddenly. However, with bitcoin investment, you know you have the edge over other investments, but make your part too on keeping DYOR so you will be aware on how to make it work as an investment.

It's normal for someone to conduct research especially if fraud is very well known or especially with the prevalence of online fraud.
It's great to hear that you eventually decided to do your own research (DYOR) on bitcoin and discovered its many positive aspects.  It's true that more and more establishments and even governments are integrating Bitcoin into their financial systems, which speaks to its credibility and potential as a legitimate currency, not only establishments but also some countries accept it as a legal tender.

IMO, it's always a valuable experience to learn and grow in knowledge, even if it means admitting past misconceptions.
Best of luck on your Bitcoin journey.


Making informed decisions based on this knowledge can help us avoid making impulsive or emotional investment choices that we may regret in the future.  It's always wise to take a cautious and calculated approach to investing and to stay up-to-date on the latest developments and news in the crypto market.

Yeah, there are actually still people who believe that crypto is Bullshit and the scammer is always there and makes everything way more worse.
and Bitcoin has died 472 times "Bitcoin is Dead" Declared 400+ Times
https://99bitcoins.com/bitcoin-obituaries/

Crazy Right and the key to that is actually by "decided to do my own research about it" like you and welcome to crypto world

What confuses me is that the government you mentioned is still in the general category, so to understand their involvement it is very gray to translate, there are many governments that reject bitcoin as a Commodity asset and as a legal means of payment. The financial system is not particularly integrated in the bitcoin transit process and there are stark differences between the two.

At least you have learned from the ponzy scheme and hope it has become an experience for the future. Bitcoin also has risks to investment, when you don't understand patterns and how to start, it's never too late to start investing in bitcoin and now you have the opportunity to run.

Not many governments have blended Bitcoin into their financial system, at best majority have either made it legal, or not yet determined what it is, but allowing it to be traded by their citizens.

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As a decentralized asset Bitcoin should not depend on validation from a centralized body, and I am always wary when the government wants to integrate Bitcoin into their system, but it is a means if adoption considering that many have grown to trust the systems they have known for a longtime and would be more partial to Bitcoin if their government is into it.

Apart from the massive amount of FUD that is out there about Bitcoin, sometimes the people who tell others about bitcoin are doing a terrible job. For example back in 2012-2013 someone introduced bitcoin to me by telling me something like "you get paid by using your PC to solve mathematical equations". Obviously I thought that is a dumb thing and logically I ignored bitcoin altogether until about 2 years later in 2014 where I was introduced to bitcoin again but this time as a "censorship resistant currency that you can use without needing any middle man" and obviously I was hooked right away regretting the lost couple of years.

Nowadays things are the same still. There are people who introduce bitcoin as a lot of weird things like as a "profit making" tool which you invest in! This is obviously one of the reasons the adoption is this slow.
This is also why I have always tried to introduce Bitcoin to others as a currency not an investment or something you mine, etc.

I think this is where I got the idea of bitcoin before in cloud mining. I didnt know the technicals of bitcoin and I was believed that its real like Ive got scam thru bitcoin mining which I discovered a fake one. But good faith brings me here on forum to know what bitcoin is really about. Its okay to reminisce how we started when we are learning about it. Thats part of history of our journey to bitcoin.

Your mistake in the past was because you were too quick to believe in a ponzi scheme and you considered it a cryptocurrency, even though a ponzi scheme is not worthy of being called a cryptocurrency because in the end it is deceiving many people.

And one more thing that makes you make a mistake is when a friend of yours who has tried to explain in detail about Bitcoin, you immediately judge it badly and consider it the same as a ponzi scheme. Even though at that time you yourself did not do enough research for Bitcoin, and now I guess you don't have to regret that anymore because you have found a better way now.

Governments aren't pro bitcoin at the moment the only country made bitcoin as their legal tender is El Salvador. Generally most things we see online about investment can be a potential scam and now they also target cryptocurrency users with attractive offers to scam money from them but it isn't problem of bitcoin or cryptocurrency, its due to our negligence.

Many oldies still say bitcoin is scam, bubble, no real value, blah blah which shows they don't really understand the concept of bitcoin or they don't really want people to have the freedom of using their money.

Just like you mentioned being victim of Bitcoin doubler scam, it reminds me of my own personal experience too which set me back in edging forward in my cryptocurrency journey until lately. I believe learning and going into Bitcoin investment isn't as important as understanding what general cryptocurrency stands for in our daily financial life and what it can become in the future.

I'm learning a lot in this forum now. What I'm hoping to learn now is what to research before investing into any Altcoin project now so as not to fall victim of what hindered my journey in the cryptocurrency world in the start.

I don't blame you for not joining cryptocurrency early, we are having lot's of scam methods correctly in circulation so we have to be very careful, But you should know that bitcoin is not a scam. Now that you know about bitcoin and you believe it's not a scam, then it's not too late for you to invest, you shouldn't be looking at bitcoin without investing, Bitcoin price is still low so don't waste the opportunity, so that you won't endup regretting why you didn't invest in bitcoin currently.

Everyone came from there. I've been in that kind of thought although it was different that I thought it was a dangerous coin to hold because criminals from the dark web use it. While that is true, it is not an illegal coin or currency by itself.

I refused also to even give it a try when someone from my high school old schoolmates introduced it to me, since why would I try something that I thought it was illegal, right? My own research proved me wrong though and corrected me. I might have a little regret that I missed buying the earlier prices of Bitcoin, but I am in much a better place now.

I always tell the people that join the cryptocurrency investment through the guidance of friends or family that they are lucky because most of the high-ranked members or people that join the crypto scheme in early 2016-2018 you see on this forum started the journey with no proper guidelines which I am one of them and they always have something to say that's related your story of being a victim of a crypto scam.
I am once a victim of a shitcoin called Edna coin, Ponzi scheme called MMMJapan, etc. Despite all this I never give up, I learn more from previous mistakes and move to the next thing.

No doubt with people perception about Bitcoin when introducing for the first time how dropped or loss some investor in Bitcoin when investing on higher price, I think need to show about how many people have been success earn profit with Bitcoin investment and make them believing with cryptocurrency potential for the future.

First time I am not interested with my friend recommended investing in Bitcoin because in my mind joining hype and investment project with few percent return in daily day most promising, but when I know with Bitcoin and ever earn almost 400% profit from XRP altcoin as my first investing I have forget with all investment project.

This encounter was shared by several others. People have a hard time believing in anything related to digital currency because of what some Ponzi schemes caused to them. Because of their awful experiences, some people have entirely closed off their world to everything related to online cash or investment. I was misinformed for a while as well, as I frequently explain here in this forum whenever an issue like this is brought up, but with a little more work than some others, I was able to discover fast that bitcoins were very real and different from any Ponzi. Misinformed people can help themselves by making a little extra effort to correct their misconceptions.

This is similar to what I experienced as well, just about a year before I started cryptocurrency stuffs i fell for a ponzi scam where i invest small amount initially then after a few weeks i was paid more than double of my investment, so i did it couple of times and everything went well then i decided to put in all i have i then discovered everything has crashed and my money is gone.
Ever since then I didn’t believe in all this kind of things and i felt crypto was the same until my brother explained it to me better. We all have our past experiences getting into crypto which is something we should learn from.