Bitcoin Forum

the year 2020, we could all say that bitcoin has really made an impression on the world's economy, trading platforms, and people's mind of looking at crypto currency Bitcoin the so called digital currency has set a new land mark, and might still hit more heights before the year runs out .
After this height and limits reached ,

Why do people still think it is scam?
   Why do people still think it not going to be the future
      
This are the answers
  1.   Maybe because it's not visible, some people believe in what they can see ,feel and touch ,
2.one of Bitcoin was made for the purpose to eradicate the thrid parties during transaction, what if the thrid parties (banks) are already feeling the pressure of being washed away by Bitcoin and advertise it as a means of scam.
3. Most of the government has an annual share from financial institutions, so imagine a world that exist without banks only bitcoin.that means loss of profit, so they end up banning bitcoin in their country.
4. We are in the 21 century and we are getting more civilized by the year, but u can explain that to a layman or our parents so the believe it to be scam  eg Warren Buffet.
  

There are many topics in this forum questioning why there are scam accusations against Bitcoin. And those topics will somewhat help you to understand the main reason behind the accusations. But to give you an idea to how I view this, Bitcoin has been called a ponzi or fraud not by banks but by people who are not really knowledgeable of this technology. They only know its "surface" and their impression of this technology is an investment. There are many stories saying that investing could result to huge profit, and since this market is naturally volatile, there are times of price downfalls which yields to partial profit loss which contradicts the impression of "easy profit". Since they won't mind seeking for an answer, they just concluded that Bitcoin (but referring to this industry in general) is just a scam.

Lack of knowledge and too many ponzi schemes are the reason why some people still think that bitcoin is a scam and most of them will understand bitcoin is not a scheme when they do proper research but few will not accept the reality. Unofficially some of the government organizations had already started warning people about investing or dealing in Bitcoin and other cryptos thus creating fear and assumption in mind of normal people that Bitcoin is illegal of scam. But the good news is that the situations are improving as more and more investors are pouring in money.

To me, the main reason is because people are being scammed using bitcoin, so people then choose to hate it and then called it scam mostly out of the frustrating it brought them. I'm talking about people who are scammed in the name of investing in bitcoin. Another reason could be the blackmailers; those who don't want bitcoin to be globally adopted so they accuse bitcoin to be scam hoping that people don't choose to use it and will misunderstand it's use.

My personal opinion of people that call Bitcoin a scam is that they are purely ignorants. I challenge any human on this planet who has the ability to think fron an economic perspective to check out the Bitcoin fundamentals, its value proposition and report to the financial markets and our current payment system.

There are also the other type of people who think something is scam because they haven't made money out of it or lost money. Absurdity at its best...

We can't expect that all the people will stop calling Bitcoin scam. There will always be people like this. I think one of the reasons could be its being too volatile like other cryptocurrencies. Many people are being hesitant when investing in Bitcoin or other cryptos just because of that. There are also people who call it Bitcoin scam for not believing in the project. But Bitcoin has been in the market for 11 years and it is the number one cryptocurrency.

1) Well, all the bitcoiners think Banks are a scam right? The same applies the other way around. People have opinions and you should only care what you think. Don't try to change their opinions. You know Bitcoin's progress did change a lot of those negative feedbacks.
2) Going to be? It IS the future. PayPal is supporting it, so are thousands of other businesses out there.

Lets set aside those common ponzi/hyip scam schemes that we've known.People do call bitcoin as a scam is on when the time they had invested on it and then
they do saw that their portfolio is already on reds then thats the time they talk about on being a scam without even knowing that the market does
really move in two possible paths which is neither do rising or falling.

When the time that they had seen that theyre losing money and they do anticipate that they can make quick profit if they had invested on it
then their perception and beliefs would really goes opposite with bitcoin.

Though your answers made sense, but IMO the most common and the main reason why some people thought Bitcoin was a scam, is because of lack of knowledge even with the very basic fundamentals of Bitcoin.
I believe, If somebody reads and understand Bitcoin for the first time, If it caught his interest, he will not think of it as a scam of even have doubts.
We live in a digital age now, So I don't think people wouldn't trust Bitcoin just because it is not tangible. Bitcoin's value is visible, transactions are transparent and recorded in the blockchain, without any central authorities or third parties. That's enough reason why Bitcoin won't become a scam.

Here is an conundrum:

If someone [A] invented an technology call [C] to place "some" 3rd party entity "B" at risk of losing control of your earnings and countless others in an financial system, what would be the most effective remedy for entity ?

1) Ban it, send in man with guns; and attempt to legislate [C] out of existence,
2) Implement resources on implementing fancy KYC, modifying travel act to massively spy on citizens,
3) Blackmail and harass lawful [A] participate in ownership in asset holding of [C],
4) Attempts to curb adoption of [C] by entity similar to [A], by making biased assertions that  [A]  are a scam with the use of media (MSM) and big tech.

And most of them lost their investments, the reason why they are accusing of btc as scam.
But I believe some of them know the reason why they lost, they just want to spread wrong info to others.
And definitely, the major reason of this negative perception is the lack of knowledge or ignorance.
If they will educate themselves about bitcoin or crypto, they won't blame btc for their lost investments.

It is not just an opinion, it is based on facts. For example how many times we have read that some bank (eg. JPMorgan) was caught laundering money? How many times they have done all kinds of illegal activities, they even crashed the economy back in 2008.
Meanwhile bitcoin is a protocol and a payment system and there is nothing fraudulent in that.

There will always be positive and negative thoughts in all fields including bitcoin, it has become a natural thing, think of it as someone who wants bitcoin to weaken.

This is the reality, with the thought that bitcoin price movements become more volatile, sometimes negative and sometimes also positive. All did arrange it that way.

But from all that, we can't even deny that bitcoin has a huge impact on a government, especially with this pandemic every day many people learn what bitcoin is, I think it is inevitable that bitcoin has a big influence in the world.

We are getting more civilized?Are you kidding me? ;D
Anyways,the banks don't advertise Bitcoin as a scam,because they are feeling any pressure.They can simply adopt BTC payments and buy Bitcoins(if the governments/central banks allow them).There's no reason for the banks to be afraid of Bitcoin.I don't believe that Bitcoin will ever going to replace banks.Maybe the banks will adopt Bitcoin and DeFi technology(if it's really worth it).
What do you mean by governments having "annual share" in financial institutions.The governments can get tax revenue with or without the banks.

Majority of the people and corporations that has called Bitcoin a scam in the past had little to no idea how Bitcoin worked so they were more than inclined to believe it is a scam. In addition to this, they tend to hate if they're too late to join the bandwagon. That's why JPMorgan was so eager to label Bitcoin a scam because they had little idea about and it felt like they were being left out.

Another reason why most people call Bitcoin a scam is because of their experiences with other similar online ventures in their bid to make/gain access to money. When it goes bad, they start regarding everything as an outright scam.

Thing is with Bitcoin, there are a couple of personal responsibilities that rests on the shoulder of the user, and with just a little effort you can comfortably be your own bank, be in control and secure your funds, but quite a lot of people have failed to do this while holding Bitcoin and prolly lost it to scammers, the media picks up this news and spreads it as "Bitcoin scam", when it was actually the users folly. What about users who keep their funds on centralized exchanges, when they know they should not, exchange gets hacked, funds lost and it turns into another "bitcoin scam", all this creates a risk concern in people's mind about btc, and a very wrong conception about Bitcoin.

Having said that, if more people will appreciate the responsibility that has to go with being your own bank, then the talk of bitcoin being a scam will stop, btc is obviously not a scam, but there are scammers that want to steal your btc, and even your fiat currency, just that with btc, you have to secure yourself as there is no third party in it.

It is not that they lack knowledge, it is because most articles about bitcoin that cater the public are all about the bad side of the thing which the masses buy in because they love the negativity in the news, teaching people about the good things is difficult but it is a good thing to do because it becomes a chain reaction that will slowly encompass the masses while drowning the media that tries to paint bitcoin in a bad way. If we can cure the masses ignorance then we can discuss a proper argument about the good and bad sides of bitcoin. Other reasons include, con artists see bitcoin as a lucrative and novel way to scam people, with few things not yet that public of a knowledge, they are going to abuse that to milk as much as they can at the short period of time. Maybe investors doing their part could solve this problem of bitcoin being an alien idea for many people.

There are people who engaged in bitcoin and lost their investment then back out and will say that bitcoin is a scam. Other people also thought that bitcoin is like a pyramiding scheme which is really scam that's why they are  afraid to try the digital currency. They to educate so that they will understand what bitcoin really is.

1. What about those "digital wallets" like paypal and cashapp. You can't "see", "feel" or "touch" those money. If you want to, you will have to do that by withdrawing it to fiat money. You can do the same with bitcoin.

2. True. Banks see crypto currencies as a form of threat. They have to find some ways support bitcoin trading through banks but in a centralized and regulated way.

3. No one can ban bitcoin. They end up "strictly regulating" and imposing policies that favor the government.

4. Convince them its not a scam.

The users who invests in BTC and lost because there was a dump are spreading wrong information that BTC is a scam. I have seem one of facebook that he invest to BTC while the price was high and it was dumped.  And then there are also scammers around and then phishing for private keys. This is a wild wild west in the finance industry.

Trust in bitcoin is also one reason why they see bitcoin as a scam. Bitcoin lives in the internet and most people in our world still doesn't trust/believe anything in the internet specially people who are used to traditional way of investments and finance.

We can't say lack of knowledge is one of the reason why people think bitcoin is a scam. I think what is more proper term to use is the lack of ability and will to study more about bitcoin. Most people believes what they read and see everywhere about bitcoin, and most of them are articles, news that are against bitcoin or with bitcoin related scams. People tend to believe fast with these news that's why they see bitcoin as a scam.

There are some important features of bitcoin that differ from fiat and prove it's real, Bitcoin is an independent currency that does not require any financial institution or government to control it. That's why bitcoin seems so fake to many people. Bitcoin itself is not a fraud, its merely a decentralized currency based on our confidence in it. Fraud van be a false wallet for storing or exchange bitcoins. There is a strong technology behind bitcoin, called blockchain, if you are not sure. It stores all the transactions made. Bitcoin has nothing in common.

A lot of scammers are using bitcoin and crypto to delude other people that's why it is often misinterpreted by others as a scam, where in reality it is not. This has been already a common misconception of people who don't have enough understanding and knowledge about crypto so it's really hard to change that perspective of a lot of people. But even though there's still a lot of people who think that way, it's still good that we are seeing a growth of bitcoin adoption, and this can help to change that vision.

1.People saw it as a scam simply because some of them venture on it and transact with others they didn't know, they've been captured by the sweet talks and such that later on, those people whom they transact with took all their money. And another thing is that average people who known Bitcoin barely, tend to invest knowing that they don't have enough knowledge and experience on it which eventually leads to their own loss. Therefore, people get scam because of being ignorant.
2. They don't think it will not going to be the future because they don't believe in it. Besides, most of them are not ready and worse they don't willing to accept it, they locked up themselves on the old traditions.

There are peoples to blame for every innovation like the way they call BTC is used for criminal activities because the transactions can be anonymous and it can go anywhere from top to the bottom.

People want to see safe zone in crypto like banks and even they do lot of scams which people need to understand, wallet hacking, fake BTC exchanges, Ponzi scheme these are core reasons that people calling it as a scam.

That's because it'll be easier to call bitcoin a scam instead of accepting the fact that there's a new kid on the block that does the job better. People only reflect what they're been fed and that's exactly what the government are feeding the general public (that bitcoin is a scam). Bitcoin has nothing to prove again, it'll left for the believer to seize the opportunity now and get more bags in anticipation for the future profit that's to come when the mainstream media coverage increases.

For everytime bitcoin has been called a scam, it has always proven otherwise. Just recently it has outperformed every other assets after been among one of the most affected after the march market crash that affect all markets due to covid-19.

When they don't understand things they label it what they like for it and that is also what bitcoin is going through. The features of bitcoin is difficult for bitcoin haters to understand. Ponzi has a more explainable features which is why they embrace it as it is network but they wonder how money will be called a bitcoin too.

Yes it is not visible but people can still learn on how bitcoin is, people are not kind of short minded that to see and to touch is to believe some other's has their bad experience when using bitcoin for example that is when people are investing into a ponzi scheme which promising them to invest and double their money within 30 days or less this kind of scammer are taking advantages to those doesn't have knowledge when it comes to bitcoin that's why some other people they don't believed on bitcoin.

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Well in my country theres one exchanges where you can deposit your bitcoin to let it grow or if you want it to be exchange in a real cash directly into your bank and im still using it until today , that's how reliable we feel safe those income we make from bitcoin, you can't please every bank to accept bitcoin just to show people that bitcoin is really trust worthy to invest their money sometimes you need to teach people on they way they can easily understand bitcoin and other are self explanatory.

In addition to this post the bankrupted and outdated popular ponzi scheme MMM once used bitcoin as a means of deposit and payment unfortunately when the scheme collapsed alot of people opinionated that the scheme and bitcoin are related and used to scam investors thus lack of knowledge about bitcoin discouraged many intending investors in investing in it. its quite very challenging to convince and change the mindset of such investors because of the bad impressions and experiences they encountered while involving in MMM.

Misconceptions are in line with lack of knowledge. That is why we need to share things that we know to those who are not really aware of the nature of this industry. Indeed, the popularity of this industry is being involved on fraud instances. Adoption I think would really contribute on changing the perspective towards this technology but that won't be enough I think. The best thing is to spread more awareness of this industry in order to avoid having more victims involving illegal activities. If they have the knowledge they won't be easily carried away by unrealistic promises of the bad motives.

Bitcoin is scam for various reasons, here are just some of the most common ones we read/listen every day.

- it is scam because someone buy 3 days ago, and now value is dropped so how to call that then scam.
- it is scam because someone do not know what is phishing and his account is hacked and emptied.
- it is scam because someone think that you can send x BTC to complete stranger and get double the amount in 5 minutes.
- it is scam because someone is keep their private key/seed online and get hacked that way.


Far from becoming more civilized, we are just more successful at hiding things that are considered uncivilized, or we have simply started to take some things for granted. And as for WB, he doesn't need to be told anything about Bitcoin - he knows very well what it's all about, but the very idea of everything BTC represents is at complete contrast with what he's been doing his whole life.

People are just ignorant and not knowing what bitcoin is, but like you said, even with this, people are still getting to know about bitcoin and the adoption is becoming more of a reality than before. People will not consider fiats as scam while fiats are more used for criminal purposes than bitcoin. Anything that has value will surely be used for criminal activities but said that more than 99% of bitcoin transactions are not linked to criminal activities. With time, many people will be able to understand how bitcoin is not a scam.

People who say Bitcoin is a scam means they are not aware of its technology or they are jealous of Bitcoin. We don't know if they are holding Bitcoin or not since it's impossible to determine who is the owner of an address. There would be many opinions when you discover new things, Bitcoin is still new for many peoples who joined late or who hear late. For now, I don't think any opinion would stop Bitcoin. Because more people loving Bitcoin than haters. So, just ignore haters and believe what you are seeing.

It is basically, fear of the unknown. They are calling bitcoin a fraud and scam because they don't really understand it and they don't even bother to do research and understand it. Only if they know how revolutionizing this technology is and how you can easily make money through this, They will love it.

the longer the year or the more advance we are the more the scams also .

thats why theres always people will say that btc was a scam but i guess the number of it has greatly been reduced and will now be reduced more now that many corporations are now introducing paypal to thier service .

we are now on the 21first century and we are now civilized or modernized in other words , that why there are internet and computers . btc have never been different to them .

This year 2020 has really been a remarkable year for bitcoin in the midst of the storm(pandemic) and the financial crisis facing the world at large, some how bitcoin was able to rise so high, it almost broke its ATH record even after dipping to about $4k during the month of March this year, I think the pandemic gave it alot of exposure.
IMO ignorance and ponzi schemes that is everywhere is the main reason why alot people say bitcoin is a scam,most especially the ponzi schemes or should I say crypto doublers, scam platforms that promise to double the crypto of their investors and in the end scammers run away with all the crypto that was invested,the victims become bitter and start calling it a scam.

Two main reasons why I believe people think bitcoin is a "scam" or "not the future" is one, they are simply uneducated and don't understand what bitcoin really is or how it actually works.

The other, I think Andreas Antonopoulos says best.. "I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved.  There are critics who criticize this technology primarily based on their world view.   It is politically inconsistent with their world view.  It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is.  “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"

The fact that Bitcoin is intangible doens't mean anything. Facebook is intangible, this forum is intangible, and Paypal is also intangible, and yet not of these things are considered a scam. We live in the intangible world to a very large extent, so I don't think it's a big point.
As for #2, I agree with this. And #3 sounds a bit like a conspiracy, but I guess it could be true.
People call Bitcoin a scam in two cases: either they know it's not a scam or genuinely believe it's a scam. In the first case, they are saying it's a scam because it gives them some sort of profit. In the second case, they don't fully understand Bitcoin.

If I were to add on your list OP, generally people associate bitcoin as a scam due to on how the media portrays cryptocurrencies. In addition, there are lots of ponzi schemes that offer ridiculous returns in a short amount of time which further impacts the image of bitcoin as a scam.

People who especially live in third-world countries are not that knowledgeable about bitcoin and they are easily influenced on hearsay about online investment. I remember that there were people talking about bitcoin as a form of a 'pyramid scheme' which is so out of line. I just do hope that the public would exert effort in order to know the potential of cryptocurrencies in the future of payments.

Well, if someone is fully aware of what Bitcoin is, then he will definitely understand why it is created and will never think of it as a scam.  Only those who have a shallow understanding of Bitcoin can think that it is a scam.  Their lack of knowledge made them be easily persuaded by people who wanted to exploit them using the term Bitcoin and scam them of their money.  So the major reason why some people think that BTC is a scam is because of their lack of knowledge of BTC.

to be honest I think one of the reasons why people think it is a scam is that they have no idea what it is or because it was created by an unknown man/group or whatever you believe and does not have a central authority to govern and regulate it to ensure people that it is safe to use.

What people? I don't know anyone who thinks that it's a scam and I'd be happy to discuss this with them and explain to them why it is not. From time to time I see troll posts where people say it's a scam, but given argumentation they answer something like "you'll see that I'm right when it dies and whole world will say it's a scam, you'll be sorry". Such people are not worth your time. There are some true non-believers, who say that decentralized economy cannot work, but it's something for a much longer post.

Absolutely, as time passes by, the technology also innovating and there are lots of people who can really adapt very well and taking that advantage to scam other people which is not really good, that is why we need to be more intelligent on what we are doing, it is easy to gain some information about the technology so we should not be left behind. We should be more careful online since scams nowadays are through online transactions and on websites. People who are saying that bitcoin is a scam are the ones who are being scammed by other people, and sadly they are being scammed by people who want bitcoin and not bitcoin itself. We all know that.

The reason that has been mentioned in the opening post is true, because there are still many people who call Bitcoin a scam.
Even though there is already a lot of evidence that shows Bitcoin is legitimate, but still it can't make everyone like Bitcoin,
there are some people who have always hated Bitcoin. Therefore there will always be people who call Bitcoin a scam,
it's not because they lack knowledge of Bitcoin, but those who hate Bitcoin reject the existence of Bitcoin.

Agreed, even after hard analysis it is impossible to get a clear information relative to the existence and growth of bitcoin. People who doesn't have better understanding about the true market of bitcoin term it a scam. The same person will be having entirely different view/opinion once after getting used to it.

only stupid people say bitcoin is a scam, I understand that the volatility of bitcoin is very fast and difficult to predict, but the volatility of bitcoin for me is not a scam, I understand that the whales control the bitcoin market, but I also see that the bitcoin market in the trading world cannot be manipulated.  I don't care about people who hate bitcoin, because they can't influence my belief.

Are you sure about this MMM scam? I asked a friend who was a participant of it and he said that he never heard that bitcoin was accepted, and that payment and deposit was made in fiat. So I'm thinking that it didn't really affect bitcoin. Maybe a bit.

Maybe the real reason is that they don't really understand Bitcoin and they believe more in the bad issues that Bitcoin is blowing. Or perhaps their experience was bitter with Bitcoin for the first time. either they are exposed to the platform scam or lost in trading. This can also happen and spark someone's thinking about Bitcoin is a scam.

For this, if we have already been usual with investment, it will not matter because there are also some digital investments. And if they still do not believe because it is not visible and touchable, I really feel pity for them, because they may be lack of technology.

Basically if you have a positive experience from bitcoin, you will not say anything against it. Perhaps, these people just lost al lot becuase they either Fomoed or bought in a wrong price and is not patient enough to hodl it.

One thing for sure, the influence of social media made it much harder for other people to understand people as they are learning from opinions not by facts. I can say, some people I know say that Bitcoin is a scam just because they heard it somewhere, without really knowing that Bitcoin gave them the absolute freedom to choose how they will use Bitcoin in their lives.

The world is really changing from analog to digital, for example covid-19 pandemic really open people eyes to know that learning can also conduct online perfectly, which we believe on, and it works perfectly, secondly we stayed at home and watch football live at any country league and we believe on the final results score, even if you did not watch the match events, therefore some set of people say bitcoin is a scam, I think them need more knowledge to develop them self. Because world is really changing into digital.

Back in 2017 so many people rushed to get some bitcoin (FOMO) and then it crashed.

they panicked and sold, lost thousands of $$$ and then cried scam.   

they probably still call it a scam to this day now. i still hold the bitcoin i bought in 2017 :) 

There are numerous threads already regarding this topic. I suggest you look into it for additional information. But to directly answer, this is because of various reasons such as people are easily deceived and some easily fell to the trap of the scammers, hence losing trust to bitcoin. Another thing is that there are way too many ponzi scheme and they keep associating and relating this to bitcoin that's why people are afraid to trust bitcoin and keep telling it is also a kind of scam.

Another big factor is that many people are still not knowledgeable enough about bitcoin. They lack the in-depth understanding of cryptocurrency that's why it's easy for them to assume and believe fake news and unverified information about it. Bitcoin's reputation is long before tainted because of the said reasons. It can always redeem itself by proving the users otherwise. They just have to keep in mind to know and research before diving into it seriously as bitcoin's price is volatile.

I am sure at this time no one has said bitcoin is a scam because bitcoin is already known by many people, especially the fantastic price of bitcoin and many people who have sold bitcoin and got fiat. People who say Bitcoin is a scam, they don't know digital currency.

That is not only an answer why other people think bitcoin is scam because other reasons too, there is a lot of possibility that the others will experienced the scam investment in the bitcoin why people are thinking it is scam.

But not all because most of us are believe to the bitcoin and we are still here working with it because we know it is legit and I hope the others who think bitcoin is scam will research first before judging that the only scam is the person who do bad things not the bitcoin.

This is possible. But one thing for sure why they call it a scam, they don't have enough knowledge about bitcoin. This is not about seeing it physically but more on how they see it. And since people prefer to judge something even without knowing anything about it, they can easily judge. That is the same in bitcoin, people who don't know about bitcoin is afraid of it and tend to call it a scam because they just wanted to avoid it for not knowing anything.

The main reason why people are thinking that bitcoin is a scam is that it is not easily stored in a wallet and you need devices to access it.

People will probably settle in a fiat currency than bitcoin if they are knowledgeable about it so expect that mindset to come from them.

All that we need is promotion and adoption from its community so that we can build more reputation and let people know that bitcoin is not a scam. Although there are still scams that are circulating in many famous applications or website, we need to fight that and report all of those so that we can make other investors aware about that.

Bitcoin community should be aware about this especially those who are newbies that is the main victim of scams.

They are getting scammed because they think that bitcoin is easily achieved and stored. They think that if someone tells them that there is a bitcoin giveaway, they will immediately react to that and become their victim. Also, people are really easily attracted in easy money and bitcoin is not like that.

Only people who lack knowledge about both the cryptocurrency industry and financial field are capable to call BTC a scam or a ponzi. But that's all because they don't understand it and are afraid of it.

Ultimately, their choice defaults to financial institutions and will continue to rely on them until possible to do so or until someone they trust can talk to them about it.

In this respect, I think a wider network of community crypto holders would be beneficial to in a way be able to 'infiltrate' their circle, this would help increase the visibility not only of BTC but other cryptos too.

However, the main challenge here is how to change the minds of millions of people as majority still have no clue what other financial alternatives are available. And I think That's an issue that will take more time to despite, so perhaps in a year time we'd have gotten closer to reaching more people.

There are several reasons why people call or address bitcoin as a scam, it could be lack of much knowledge about bitcoin, or sometimes it maybe due to it high volatility of the market, like for example someone introduced them to bitcoin and the person was like invest now the price is low and that bitcoin will reach maybe $30k and so on, then fomo kicks in they invest and after investing the price of bitcoin starts going down, the value of their bitcoin in usd starts dropping they will definitely label bitcoin as a scam.

Bitcoin is unique, unable to touch, and no physical. Yes, this could be one of the reasons, of the many reasons that make people doubt about bitcoin.
Rumors that bitcoin is a scam are still circulating in the wider community. Of course, they think like this because they have never felt the benefits of bitcoin actually.
They only see and hear from the mouths of people who have lost money from other Ponzi schemes, so bitcoin becomes something negative in their eyes.

This is a major reason why I advise we stop looking at bitcoin as an investment, and start looking at it as a currency. It's mostly in the name of "investment" that people get scammed.