Do scams harm Bitcoin's reputation in the mainstream world?

[proscratcher]

Scams will hurt Bitcoin's reputation of course. However, when banks get Crypto merchants, it will gain trust. Why? Because banks are trusted and when you see your Bitcoin app being used by your bank, it will give you a peace of mind that Bitcoin is legit.

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[ghost424]

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

[Tonteus]

Yes, unfortunately it is. Many people notice these scammers, but forget about all the others.

[spike420211]

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

It is not easy to stop it. In order to eradicate fraud, it is necessary to make the cryptocurrency fully regulated and therefore much less free, which contradicts many of the principles of cryptocurrencies.
On the other hand, it is necessary to educate people so that they have the ability to recognize fraudsters before it is too late. These tasks are not easy, and may well never be fully realized.

[Kasabus]

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

Bitcoin enthusiasts never think bitcoin or even the whole crypto market as a scam because only foolish people does. Yes it does affect bitcoin's reputation but the effect is just temporary knowing bitcoin is still gaining huge interest from people particularly investors despite of the hacking issues. It just proves that bitcoin despite of its negativity still chose to develop even more until it becomes a global currency in the future.

[jrrsparkles]

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

It is not easy to stop it. In order to eradicate fraud, it is necessary to make the cryptocurrency fully regulated and therefore much less free, which contradicts many of the principles of cryptocurrencies.
On the other hand, it is necessary to educate people so that they have the ability to recognize fraudsters before it is too late. These tasks are not easy, and may well never be fully realized.

Regulations may not completely stops the crypto scams and frauds, only way to completely eradicate is to create awareness about cryptos to the people if it is possible but it will only happen if there are regulations and more accepted as form of currency not as digital assets, for now it is not regulated as currency but hopefully in future there will be a time come until that community need to help the people to stay away from scammers as possible.

[NVZNtoken]

Scams do affect the reputation of Bitcoin negatively but that's due to the early stage of adoption. In the early 20th century car accidents were negatively affecting the reputation of car industry to the point people were wondering if not to ban "mechanic carriages" altogether, but nowadays car accidents don't affect the reputation of cars, and even terrible plane crashes don't affect the reputation of planes. In the financial sector it's the same - there are gold scams and forex scams, but people still invest in gold and trade currencies.

[Pamadar]

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made.

It reflects most of the time to the entire market since bitcoin is the very first crypto. Any scam practices affects this business.

Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies.

Words of mouth which most the time circulating and triggering the mndsets of those who don't have any ideas regarding to this
crypto currency.

The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

Helping other people if you do have much better knowledge about this system is really one of the good thing to do. Contributing
to lessen the bad images of bitcoin from people who don't know it yet.

[Abiky]

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

Exactly. Scams are the major factor of Bitcoin's negative reputation in the mainstream world. If it wasn't by that, people wouldn't be so skeptical about Bitcoin. Despite BTC's legitimate use cases, there's still a large number of scams and theft/hacks surrounding it. This makes people feel unsafe, making them think twice before switching from the Fiat world to the crypto world. With banks, no one has to worry about scams and many undesired situations surrounding crypto today. While theft/hacks are still possible in the traditional banking system, funds are usually insured by the government (like it's the case with the United States). I think that crypto needs heavy-handed regulation in order to reduce scams on the industry as much as possible. Only then, the pioneer cryptocurrency could enjoy of positive reputation in the mainstream world.

Regardless of which negative events happen in crypto land, Bitcoin will still be admired and supported by many people worldwide. The reputation of the pioneer cryptocurrency largely depends on a person's perception of it than anything else. Thanks to the decentralized and open source nature of crypto/Blockchain tech, Bitcoin can remain impervious to mainstream attacks for the foreseeable future. If it was centralized, scams would've had a deeper impact over its reputation in the mainstream world. Time will pass by, and people will eventually distance scams from Bitcoin itself. We just need to be patient in order to achieve good results in the future. Just my opinion

[int03h]

The truth is yes, scams cause people to judge bitcoin as bad, but it's also a way for others to keep an eye on Bitcoin. A free advertising channel. Only those with real vision realize that bitcoin is not a scam but the currency of the future.
Over the past 10 years, there have been thousands of fraud allegations, but Bitcoin continues to rise in price. Bitcoin is now worth more than $ 10,000.

[bitzizzix]

Anything related to a scam will damage reputation, a scam against bitcoin has a big impact on bitcoin's reputation because the scam will make new people and new investors hesitate to get involved or invest in it.
because the growth of bitcoin is influenced by the number of people who adopt and are involved in it, it is different from those who have been in bitcoin for a long time because it will be strong through it in all things including fraud, because it is based on a good knowledge and understanding of how bitcoin works, and besides that bitcoin has become a source promising income.

[TIDOVEE]

The good fruits are the target of stones, bitcoins popularity it attractive many tackles, but to be sincere, there are actually some people who are attracting the bad reputation to bitcoin, especially those who hack accounts and do it has Ponzi scheme, they are the one that will make my country see to Bitcoin.All the government will say is it's internet fraud and this can for real damage the reputation of bitcoin.

[kerjakuat]

Anything related to a scam will damage reputation, a scam against bitcoin has a big impact on bitcoin's reputation because the scam will make new people and new investors hesitate to get involved or invest in it.
because the growth of bitcoin is influenced by the number of people who adopt and are involved in it, it is different from those who have been in bitcoin for a long time because it will be strong through it in all things including fraud, because it is based on a good knowledge and understanding of how bitcoin works, and besides that bitcoin has become a source promising income.

For a newbies that didnt know bitcoin they will easily say bitcoin is a scam because the used for bitcoin in quick rich scheme and ponzi scheme has make a lot of newbies losing their money due to low knowledge about the real used of bitcoin. So it really impact bitcoin reputation a lot in the eyes of other peoples.

[DatKing]

It is not just about the recent Twitter hack. Bitcoin has been used in various malignant activities like money laundering etc. . But I don't think that these incidents harm Bitcoin's reputation. Because this kind of things are being made with fiat money too.

[palle11]

Anything related to a scam will damage reputation, a scam against bitcoin has a big impact on bitcoin's reputation because the scam will make new people and new investors hesitate to get involved or invest in it.
because the growth of bitcoin is influenced by the number of people who adopt and are involved in it, it is different from those who have been in bitcoin for a long time because it will be strong through it in all things including fraud, because it is based on a good knowledge and understanding of how bitcoin works, and besides that bitcoin has become a source promising income.

For a newbies that didnt know bitcoin they will easily say bitcoin is a scam because the used for bitcoin in quick rich scheme and ponzi scheme has make a lot of newbies losing their money due to low knowledge about the real used of bitcoin. So it really impact bitcoin reputation a lot in the eyes of other peoples.

But I don't think all these negative things done with bitcoin do harm it because the price is still up otherwise, bitcoin would have died a natural death. Therefore, what bitcoin is used for at the negatives won't affect it but bitcoin is moving ahead. Look at the covid-19 challenges as example and bitcoin has gone pass that side of its story and kept bulling.

[Cryptoreflector_666]

There has been a lot of scams within the crypto space over the course of its lifetime. Most recently, a Twitter hack that took the accounts of prominent figures within the mainstream world, has been all over the news. Mainstream media has been making people believe that Bitcoin is "bad" by tying it to the Twitter hack. While malicious actors demanded to be paid in Bitcoin, it doesn't mean that the cryptocurrency itself is a scam. Unfortunately, many people in the mainstream world have commented about Bitcoin negatively because of the recent hack. Despite these unfortunate series of events, Bitcoin and other cryptocurrencies are experiencing huge gains on the market.

Do you think that scams harm Bitcoin and other cryptocurrencies' reputation in the mainstream world? What will it take for people to distance scams from Bitcoin itself? Thoughts?

It is not necessary to focus on the cryptocurrency sphere-there were enough scammers in any sphere. Even in the simple sale of goods by hand, there is a person who wants to pull off a fraudulent scheme with you. You need to accept this fact and be more attentive to all the events happening around you.

[n0ne]

Very few governments have legalized the use of bitcoin. This has made people into dilemma whether to use it or not. Even in legalized countries the usage is low compared to few countries where there is no legal framework.

If something associated with bitcoin gets stated as a scam, surely it'll ruin the reputation of the entire network. Already more and more opposition is found for bitcoin from the banking sector. When there exists an clear proof surely it'll affect the growth in the mainstream world.

[grabpopcorn536]

Especially the Ponzi investment sites. They use bitcoin to trick people into getting in, and when they crash they blame bitcoin. Just like Bitconect did, every sin goes to a coin and people hate it. Bitconect coin is not at fault, the fault is that scammers have adopted a Ponzi scheme and scammed people's money.
Bitcoin too, when the project collapsed all the sin towards Bitcoin, that was not true.

[maldini]

Of course the Twitter scandal has had an adverse effect on bitcoin. This type of scam is ruining the reputation of Bitcoin all the time. Many great people suffered great losses when that happened. Although such scams not only do harm, they also carry some messages which helps people to be alert in the future. But for newcomers, it's too scary to think that their money is not completely safe.

[gamer4156]

I don’t think it’s a very frustrating thing for those who know and understand about Bitcoin. There have been many such incidents with Bitcoin before and after, but they did not leave Bitcoin. Usually these kinds of scams happen because of some mistakes of our own. Yes, there is no denying that such scams have a bad effect on Bitcoin. We can take more precautions to protect us from all scams.