Bitcoin Forum

People are increasingly getting scared to invest in Bitcoin and other virtual currencies out of fear of getting scammed. Should they be?

I don't think that should be the case, fraud is caused by irresponsible people and that shouldn't happen in cryptocurrency. Until now there are still many who believe that crypto or bitcoin is the choice of many people for the future.

They should be just as aware of scams with cryptocurrency as they are aware of scams outside of cryptocurrencies.  People are likely to be scammed into paying too much for a service or to click on various dangerous links that could damage their computers.  Cryptocurrencies are still something that needs a lot of work to make scams more difficult.

Fear of what? that the cryptocurrency will one day go into extinction? i don't believe such fanacy mate. The major problem that i currently observe in cryptocurrencies is the legitimacy of those projects intended to be good investment for the investors but turn out to be scam to the investors. The investors fear is valid because of the ongoing scam project almost every were.

I think that the issue here is not getting scammed, rather than being in huge losses. People who joined in the bull market of late 2017 are most likely super rekt. They came here to the crypto space, becouse they heard the stories about 100-1000x gain and they also wanted to get rich fast, but what they gor was massive 50-90% losses of their initial investment.

I don't say that there is no money to be made in some alts, I just say that probably the average person is in the reds right now.

Are they? How did you come up with this conclusion? I don't think there has been any period of time where the average guy wasn't scared to invest in crypto. Even during the bull run, a lot of people were scared of the possible crash. Investments are always scary, that's why they are called investments, there is no guarantee, ever.

People should really do research and learn about blockchain investments and cryptocurrencies. This fear is the fear of ignorance.

More like rights to have fear man because of its volatility so i think maybe till there are some kinds of proper regulations and serious business involvements and then more countries involved for now just watch your heart beat

I don't think cryptocurrency are scams and we are in the early stages of the cryptospace. Early investors always have upper hand and the day is very near when cryptocurrency will hit mainstream. But due to ease of making money fraudsters and scammers are very active to steal the money of innocent investors who don't know how to research before investing. Always do your research before investing in cryptocurrency and watch this vedio how to do DYOR??

https://twitter.com/CoinMarketCap/status/1060547903364718592?s=19

Fear is everywhere in any markets so in my opinion people should not be fearful but cautious and daring. Nowadays, scamming has become so common that it does not matter in which market you're involved in, its potentially everywhere, you just have to be careful and always think before acting.

Fear is what holds us back. But we must not let him prevent us from succeeding. Yes, there are a lot of scams now, but there are still good coins. Just carefully study the news about the crypto that you are going to buy and do not be afraid.

I like to think people are scared to invest in bitcoin because they don't understand it and they still see it as something what is not real. They observe it from safe distance but one day everyone will use crypto, probably several years from now. No one should be scared of new things, especially when they are so good.

People shouldnt afraid because of that. Because there are some legit ways to buy cryptocurrencies. Countries have their own exchanges and they can buy bitcoins from these local exchanges. If they want to invest other altcoins there are some exchanges like binance or etc. If they really want to invest in coins they can learn these informations easily in my opinion.

Yes they should be, because there are too much fraud ICOs on the crypto currencies market at the moment and people are getting scammed on a regular basis. We need to be more selective with projects and too look if they are legit or not, before investing our funds in this ICO.

It's not. Due to the bitcoin cash clash (ABC vs SV) makes a lot of people are putting their attention on it. Look at bitcoin sv IOU. These speculators are getting a new game.
You can see how these speculators are putting a lot of their money to bet on bitcoin cash and SV.

Well, different people are expected to be seen with different opinion, the fear of Crypto could be the beginning of wisdom to some people while it's of no reason to some other set of people. One thing always emphasize on is, try to understand what you are doing before boarding to the business, once you understand and keep the hope alive, you would have no reason for sudden back off.

They should be scared of those scammers if they are trusting immediately a person that talks about investment ask them to send money.
In reality, they shouldn't be scared of bitcoin and crypto's as a whole, they just need to learn and analyze what volatility is and how it affects the price of a coin that they will choose to invest.

It is, everyone would be afraid of investing since a lot of people had already lost a lot of money this year. However, I think this will change once crypto starts another bull-run. Maybe, that is also one of the reasons why most ICO failed this year.

I believe that as a new comer in this crypto world, you may feel not secured with your investment which is just normal. However,  if you had the experience in the cryptocurrency market and you had the clear understanding of the market trends then you don't need to worry much. Just be careful when you invest in your coin as cryptocurrency is a high risk investment that you should have to considered.

I really don't see any scam if you invest in an already stable coin like bitcoin and other coins already in the market. The only way you may be scammed is when you invest in fraudulent upcoming cryptocurrency projects.

I don't see scam in crypto currency is legit , now we have many country accepting it and some store are using it to trade

We can't take away the fact that there were people who got scammed in the past involving a lot of money here in cryptocurrency community. So, it's so natural that there are people afraid of having any transaction in cryptocurrency. Taking consideration that cryptocurrency is not yet well introduced to the majority of the people. That fear is legit.

With the rise of the cryptocurrencies, sadly, came the rise of different scamming techniques. People are rigthfully afraid of this, because getting scammed over couple of thousands of your investment definitely is not a pretty picture. But they should be educated on how to secure their investment and do it the right way.

We have unregulated ICO market with many fake and copycat ICOs without any use case, hackers everywhere, so newcomers should be very cautious. Security in crypto is crucial and hopefully  progress in that area comes soon.

Yes exactly, people should be aware of the scam projects out there. When investors are just putting and putting their money to anything that they see without really reading and understanding the project. There is a more risk that they will be scammed.

They should not. Cryptocurrency already recognized in many country as digital asset and i think its legit investment. Several country already make regulation about crypto and thats why there is no reason call crypto is scam

I think if that person doesn't have any knowledge about the cryptocurrency, he should be fear about the fluctuated. But if he can learn about cryptocurrency before he invests in bitcoin and another crypto, then he will not be afraid about the up and down of the price. He can stay calm when the price is down, and I am sure that he can use his time to make a good decision. I think people right now become smart and they are learning many things about cryptocurrency, so they know what they need to do if they are facing the worst situation.

I really don't think so its just a rumour in my opinion but I also want to say this don't invest all your money in this always use your spare money in crypto beacuse don't take risk if the news are running that it will be scam. So be careful

So many scams project are giving negative feedback on the crypto investment and that's make people scared to invest in cryptocurrency also government policies also make people scared to invest in cryptocurrency. So this is really hard for new people to join cryptocurrency. But these things also spread the awareness of investment. Now people are understanding that before investing in cryptocurrency or ico need to research so it's a good impact in crypto community too that now its make people more aware about cryptocurrency.

I guess people got scare when they don’t understand about crypto and probably because of the fuds going on.  It is typical that people won’t put money in when they don’t trust.  Hopefully the situation will be better in the future when more people start to understand about crypto and learn how to avoid the scams.

the scam has become a risk in crypto. living how to be careful in facing and overcoming these things so that it is not easy to get caught up in the scam. If a lot of that fear is certainly reasonable because it concerns capital or money they League in crypto. but when fear is too much then it will also have a bad impact since it would inhibit free and to thrive on crypto.

Behind a large profit will indeed provide a risk. so even with cryptocurrency. indeed it is very detrimental to many people about the risks but also provides many benefits. here must be careful in investing

invest in bitcoin and get cheated? who did it? no one cheated them. Investing only losses and profits. Only investing in new ICO projects brings more risk to us but that is the rule. Dangerous things always bring great value when achieved. Advise them and explain them better.

I think this is reasonable, of course there are risks, don't over panic, keep thinking wisely, crypto is still accepted even though not all countries admit it, still think positively that the cryptocurrency will last long into the future

I think back to myself. if I myself feel afraid of investing, I just need to invest partially to find out whether this is fraud or not.

Experience Investor should know.. That is a risk of investment.. If do not know about investing or just new in investing world, they should fear..

I think that is natural for them to be afraid on being scammed. Lately the amount of scam project increase significantly.
I really hope it could be controlled, so the trust of investors could be restored.

People are scared due to the famous volatility of the market. However the market has been stable last few weeks. Volatility can get you huge gains or huge losses. That totally depends on your level of experience and knowledge. If you DYOR and really learn about market cycles and dynamics, then you can't go wrong. Imagine investing now when every coin is almost at the dip and then waiting for 2-3 years to collect your profits. Do you still believe in 2-3 years crypto market cap  will be less than a trillion ? I don't think so, it will be at least 1 trillion. Thus now is a good time to invest.

I also have a fear of risk should I receive on my initial investment. but after learning experience in this investment, I don't feel the doubt though with great risk.

From a beginner's point of view, its quite scary honestly. I always try to be 100% sure and thorough research before investing. Even if there's a slight doubt I wouldn't go for it no matter how it looks or what people say. You can't almost always do the right thing but you learn with time and experience.
Giving up on the future isn't really a good idea.

This is a very good phenomenon, which shows that investors are rational. When the confidential currency market recovers, a large number of investors will return to the cryptocurrency market again. Fear of being cheated is the idea of most investors.

Fear is normal, but when you begin to plunge into all the processes and think about certain actions, you simply forget about it. The main thing is to make the first step and the right one.

No one is scamming anyone. The only time people get scammed is when they don't follow the right way of investing. The exchange are there, you can always purchase any coin you wish to from the exchange.

Some are afraid, some lose money, others begin to invest, and the fourth consistently earn money. Here many people have many opinions. Cryptocurrency and there is a fact, and people choose to invest or simply to observe.

Fear of what you asked? Fear of what happened today with crypto-currencies losing around 15% of their value in the stock market. True enough, no financial asset is exempt from fluctuations but today was just a dark day for Bitcoin and Cie.

Of course, I don't know how long you've been in the market, but the fear and horror stories are quite real, many people have lost everything or have won everything here, it's quite risky to invest in this market, at least in the way you need to do to earn money, in terms of scams, now are much less common because people are more informed, but there are always mistakes that make them fall into such traps.

I believe that a cryptocurrency should exist, but definitely we must start it somehow

Yes that fear is legit because there are too many scammers and hackers in cryptoworld. New and unexperienced investors can lose their money in crypto now. Because of bear market people always trying to steal some money from other people and it is getting worse day by day. New investors have to learn about safety before doing any investment in crypto market.

Having fear is normal especially when we engage into something new and we do not fully understand. But fear is temporary. Fear means 'False Expectations Appearing Real.' We often times fear things we do not know. But that's the thing! Why not initiate knowing what needs to be known and find out if there is really something to fear about? Coz that's the only way to overcome our fears.

Meanwhile, many fake crypto apps are available in the Google App store and despite the fact they've been reported, Google still hasn't done much about the problem. What you think about that?

This is the choice of each and every person who starts investing into a cryptocurrency understands the risks associated with the fact that he can simply lose all his money

Yes of, course. this virtual currencies actually have the weakness at some point, especially at its security, from a years before till now if you search for Bitcoin or Markets hack, it will comes with many news (of course from different market) which is, it means that people's money on the exchanger/market is still vulnerable

You can be scared in crypto if you don't know how it works and what is the risk when you invest in it. Acquiring more knowledge and education about crypto helps you eradicate the fear you have and instead of fear it will be replaced with the enthusiasm to invest since you know how to work around to gain profit.

If they already invest in crypto, they should be not afraid in this market. Every people when investing their money, they should already make research. I am believe this crypto will growing more bigger than now, what we need is a patience

the initial stage when many feel afraid then that is a reasonable thing to happen. But if it could deepen a crypto and understand potential crypto will then slowly fear it will be lost and can be a good motivation to continue to invest in crypto. just need the process and also the confidence to make the fear of it being lost.

But the most problem for every people in crypto is when the bad news comes out and spread the fear to other people, they become panic and afraid with the worst thing. I've seen this situation, and even they already learn that invest in crypto, they need to control their emotion and don't panic with something that might happen. They should not be scared to invest in bitcoin especially if they learn more about bitcoin, and this is why we need to use the money which we can afford so if the bad comes, we don't lose too big money.

The concerns that you experience are natural, especially in situations like this, maybe you are afraid of losing your money when investing in crypto, but you must keep thinking positively about the ups and downs in the crypto world that are natural and we remain wise in reacting

the fear of being cheated is humane seeing the many scams in crypto lately. But investors must also prepare mentally with the consequences that exist besides being able to choose coins that are trusted.

Investors have become a bit more cautious investing in crowdsales because a large percentage have turned out to be scams or projects that aren't viable long term but that hasn't really affected the perception of Bitcoin and the very top assets however, cryptocurrency overall has been tarnished by these lower quality offerings

We need to know first how to determine which are good project and which are not good, so if we know that we can invest in the real project and we can earn more, and you can avoid wasting project.

Knowledge is the great foundation of success.

Yes, it is only natural that you experience such fears, early on - initially it is natural that you are afraid of losing your money, but if you have fully explored slowly the fear will disappear by itself

Let's assume that they understand the risk but those people that do really understand the risk of volatility is few.

And most of them are scared because of their experience of investing online through scams and they are misunderstanding that crypto's are like that. Though there really are scams out there but investing to legit coins like bitcoin, they don't think of it as legit because their mindsets are close.

In every type of investment and all fields there is only fraud. Back to us in learning from the ICO project that we want to follow to invest in it to avoid fraud. So I don't think I need to worry as long as I study well

Scammers are rampant not only here in crypto world but scattered all over the world of investing. But if we still want to grow our money in crypto investment first we need to study well the project, to prevent the scammers. And invest what you can afford to lose. Don't put eggs in one basket. Always diversify your portfolio.

its legit from the governments perspective. decentralized idea will destroy the centralized systems (governments)

Fear when investing in cryptocurrencies should be present in every depositor, it will stimulate more responsibly and with greater security applies to information about their deposits.

all they have to do is do a lot of research and studying crypto. It would be a good thing to be able to make them able to master the conditions of crypto and not fear deception that there are indeed many. the scammers often Curry vied for people who don't have knowledge of crypto by pulling them on large rewards, and this much is already bringing a victimization.

Electronic money is awe-inspiring. Now there are so many people who fear that they have invested in them, yet they can not withdraw because the market is constantly falling, and now they are falling sharply. , which is a concern for investors.

While I agree with the part where you say that we must be more selective with the projects we want to invest in but the question is... How to determine whether or not an ICO is legit? Because, otherwise we might shut down potentially interesting projects.

Okay... but do you think that the application of such rules will really shut down the fraud system that are leaving people uncertain on whether or not they should invest in a particular digital currency?
In the fiduciary currency system, we have lots of rules but we still get scammed one way or another. If crypto currencies are to be the money of the future, then they must be an upgrade from what we currently have.

Indeed true. Many investors have chosen to have a break from investing to cryptos due to their doubts and also for having no profit at all due to the negative market behavior. But knowing the potential of cryptos, they should not be afraid but rather be patient with the market situation. Cryptos have gone through many ups and downs before so this one should not be thst much surprising.

What kind of scam are you talking about? It is quite normal to be scared of getting scammed, but if you take necessary steps and precautions, chances of you being scammed is extremely small. You just got to be careful and instead of jumping to any kind of fishy offers, you have to make sure that those offers are legit. If you fall for those dumb scams, then that means you actually deserved to be scammed.

At this moment the current situation of cryptocurrency not possible to increase people back out to investing in crypto specially people have not brave heart.

But don't scary if you really knows and understands more on cryptocurrency there's no need to worry, and fo sure the people losing hope in currency challenge will go back again to invest if the value are goes into moon.

I read somewhere on this website that there are malicious wallet apps that Google won't get rid of in its playstore. You'd think that it's legit when in fact it's not while great projects are being discarded as scams. You really think that it's easy to tell the difference?

Of course, the risk of being deceived is always and especially in cryptocurrency. you can make very good money on it and therefore such big risks

probably you don’t need to be afraid because in the end all the same we will earn very well on this

Well... then, do you think that cryptos will not last long?

"We'll earn very well on this " you say, when the cryptos value dropped by over 10% yesterday?
I think they're still too volatile for people wanting to a secure return on their investment. Optimism is what characterized the Great Moderation that preceded the Subprimes crisis, if you ask me.

cryptocurrency is very unstable so it’s normal that people are afraid of investing their money in it and thereby losing

fud is always part in the crypto world, if theres no fud no one should be interested to buy back again

But this is why their value is so volatile, which is a deterrent for potential investors and users. In a context where we're moving more toward a virtual economy, this is a bad signal.

Well, at this moment, the feeling that I am having is a will to buy bitcoins not having a fear on its market value. The price of bitcoin is really approachable and I think it is the right time to invest to it. I am not just have an opportunity but I can also help the Bitcoin to regain its past status.

In my opinion, cheating and discounting do are the fears of crypto. But we can manage the fear by learning to gain more knowledge and experience on Crypto to make better choices and decisions.

I think that is acceptable especially everyone who are new to this cryptocurrency world.
But for everyone who already know how cryptocurrency work and it's habit, i think there would be no reason to be so scared about.

I think there is a reason for people to be afraid of cryptocurrency, mostly because of the market that keep on fluctuating every time. It force us to do a lot of work in order to keep up with the market condition, cause if we don't something bad might happen without even we know about it. And that is what the fear came from.

That is why we must often look for information that is truly valid, because many newcomers immediately jump in with large capital without predicting what will happen in the future, big discount is indeed very suspicious, getting away from sweet promises will be better. Think clear and healthy will make better results.

This has become a topic we are discussing every day. I think all investments are risky. Fraudsters exist in any market, including stocks and futures!

well, I would say cryptocurrency is much much MUCH more riskier than all other investments. and it includes many many many more fraudsters than any other market.

Then again, the profitability potential is much higher than any other business.

Right now I think no, in the future who knows, maybe it will be possible to press the banks , and we must understand that cryptocurrencies as they are now too crude product

I think it is your personal responsibility that will keep you out of getting lost in the cryptocurrency world. Use an armory wallet, a purix laptop and bitcoin core for validation. Well, I learned it from Trace Mayer. We should be well responsible enough to handle our wallet address.

people become easy to cheated too because they had no guidance or basis of the ICO. the scammers have a target on people in a still minimal crypto knowledge because when they promised big results will be easily attracted. need not to fear the greeting can master the conditions well in crypto.

As a person who is new to crypto does not need to feel afraid, because fear will hinder the development of our knowledge. Investing is one step to be able to strengthen the economy and also strengthen the mind for all risks. So throw away the fear of being cheated in crypto, but trying to explore your potential will be better. Fraudsters will run away on their own because they don't have the power to continue to cheat.

I would not say that crypto-currencies are stable because the demand for it is very volatile. However, since they are gaining ground s the potential global currency of the future, maybe their value will stabilize in the long-run.

As for the fraudulent upcoming cryptocurrency projects you're talking about, how can you tell they are?

Basically, there is so many FUD's out there, one reason is that, there is a person who is claiming that he is the creator of bitcoin and he is scaring the hell out of investors to support the bitcoin SV which results to the split of hashes and FUD's.