Why most people think Bitcoin is a scam?

[Abiky]

Bitcoin has been around for 11 years now, with a large ecosystem of exchanges, wallet providers, and apps behind it. There are now many governments recognizing it as legitimate, bringing a large number of investors into it. For just a short amount of time since its inception, I'd say that Bitcoin has achieved extraordinary results. While all of this sounds good, most people still seem to believe that Bitcoin is a scam or not worth their time. For instance, Warren Buffet criticizes Bitcoin telling that it'll become "worthless" over time. It's these negative comments, which make people skeptical about using Bitcoin and cryptocurrencies as serious money for day-to-day payments.

No matter how crypto enthusiasts try to convince people to believe that Bitcoin is legitimate, everything seems to be the same. I'm starting to wonder why most people have this kind of mentality towards Bitcoin? After all, the pioneer cryptocurrency is being traded at legitimate exchanges. Even some governments have been collecting taxes from Bitcoin. But that hasn't changed people's minds about it. What are your thoughts?

[coupable]

What do you mean by "Most People" ?? Do you refer to most btc users or to people in general?
Your opinion seems not to be based on a valid reason.
In general, negative comments came from govs and bankers who are negatively infected by bitcoin. However, many of them start accepting it and even legalise it.
Bitcoin is unstoppable and maintained by its users, not like traditional currencies controlled by a single authority. And if we compare it to Dollars for instance, dollar currency is the biggest scam in humain history, although we are stucked in and we can't really change it.
Even the one you mentioned doesn't confirm that bitcoin is a scam when he says "will become worthless", which is a general prediction without any solid reason.

[Upgrade00]

In my opinion, most people don't think Bitcoin is a scam, I've attended seminars and talked to a number of people about it and I was mostly met with enthusiasm and interest in understanding it. People who see bitcoin as a scam are those who would consider anything which is different from their norm as a scam and not necessarily Bitcoin itself. As for those that spread FUDs, I would believe they actually know better, but due to personal interest they try to criticize it.

One limitation I have identified overtime is that most people consider Bitcoin's technology too complicated to be understood without background knowledge on such stuffs

[milewilda]

In short "You cant please everyone" even people do able to see on what bitcoin had achieved but still they do put up into their minds that it cant still be trusted and do still remain to trust up
fiat in the end of the day.So what would be the solution? better just ignore and just free up yourself on stress on trying to convince someone to believe on bitcoins benefits or actual usage.
They'll surely realize in the end that they should have entered the market earlier and do regret for the rest of their lives on being behind in talks of profitability aspects.
Just let them be and the most important thing that adoption is on the move and us supporters do know its importance.

[sheenshane]

Nope, Bitcoin enthusiasts never think that Bitcoin is a scam. Otherwise, you don't also blame those people who didn't know Bitcoin and thinking it is a scam. The disadvantage of Bitcoin is prone to scam and those people don't know how Bitcoin works this may they will think, a scam. The problem is, people don't understand the technical stuff behind Bitcoin and how it works. Once they will be educated on it, they will figure out that they are thinking wrong.

As of now, there's nothing we can do. If we have friends thinking like this way towards Bitcoin, let's explain to them and educate them on how Bitcoin works and how to avoid scam using Bitcoin. Don't let their first glance on Bitcoin think that it is a scam.

[online73]

Hello to all. This problem is related to fraud, which causes irreparable damage to the reputation of the entire cryptocurrency community. There are still many more people in need in the world - they do not have time to delve into the problems of the cryptoindustry, many of whom today have nothing to eat. They draw their knowledge from the news, and the news at the moment is only negative. When the main population of the planet receives some kind of financial privileges closely related to Bitcoin, only then will the attitude towards cryptocurrencies begin to change. Negative labels are hung up instantly, but it takes years to get rid of them.

[AmoreJaz]

Hello to all. This problem is related to fraud, which causes irreparable damage to the reputation of the entire cryptocurrency community. There are still many more people in need in the world - they do not have time to delve into the problems of the cryptoindustry, many of whom today have nothing to eat. They draw their knowledge from the news, and the news at the moment is only negative. When the main population of the planet receives some kind of financial privileges closely related to Bitcoin, only then will the attitude towards cryptocurrencies begin to change. Negative labels are hung up instantly, but it takes years to get rid of them.

in short, a lot of these people are drawing conclusions based from the media or from what they hear from others. ignorance is the source of this misconception. if those people will try to sit down and learn more about crypto, they will change their outlook towards crypto or blockchain. however, as you said many of them don't have the luxury or the privilege to dwell on this matter - like reading about crypto and educating themselves about the true benefits of blockchain. they have more pressing matters on hand. so it is a matter of time when they will recognize what advantages of bitcoin or crypto will bring to their lives. just dont push them to the edge, it will come naturally.

[Yamifoud]

I don't agree to say that "MOST PEOPLE". One or two persons leave bitcoin because they think about it is a scam that never represents the whole community that it will think the same. Besides, if we can see the number of crypto users and holders, definitely you can tell that more people had come into Bitcoin rather than to see them leaving.

Saying that this Bitcoin is a scam is just an assumption because they are a victim into scamming but that is their fault instead and not because of Bitcoin but because they are greedy to be fooled into scammer's trick.

[hatshepsut93]

People who think that Bitcoin is a scam are a small minority. Even your example Warren Buffet actually thinks that Bitcoin is a bad investment because it can't be fundamentally analyzed like he used to with stocks. He no longer says that it's a ponzi scheme.

It's true that Bitcoin isn't very popular and most people don't want to invest in it or use it as a currency, but it's for other reasons like volatility and being hard to use. If many people believed that Bitcoin is a scam, they would more vocal against it, calling to ban it, for example. We don't see this happening.

[pixie85]

You should really show us some surveys or something to prove that most people think it's a scam.

From what I see most people don't understand it and they don't know what to say when asked about Bitcoin so they look for something they can associate with it.
Usual responses?
-you mean that money of hackers?
-the currency on silk road where that guy wanted to pay for a murder with it?
-that Internet money some hacker created?
-the money terrorists were using?

Not many good things appear in the news. Usualliy it's hackers demanded Bitcoin, bitcoin ransomware and so on.

[LogitechMouse]

The reason why they think Bitcoin is a scam is because of how these so-called gurus introduced Bitcoin to them.

Unfortunately, there are some investors who are just ignorant or lets just say average Joe who are just living without any investments and suddenly he saw an investment that is related to Bitcoin. Sadly, what he saw is some kind of a networking scam where Bitcoin has been used to scam people. These Joe attracted into this investment and invested his money hoping that he will earn in a short amount of time since most of the scams are like this. Invest xX amount and it will double in XX amount of days.

Bitcoin has been introduced into different people the wrong way instead of the correct way. Fortunately for me, I didn't learn Bitcoin the wrong way since I made some research when I'm still learning it but unfortunately for some investors.

[Wexnident]

Probably because of it having no backing? The idea of money that has a value of which they have no idea where it came from is quite foreign. I think they refuse to accept the idea that it came from the supply and demand of Bitcoin, and even if they did, they'd be asking, why is there a demand for it? or something like that. Well, that, and how Bitcoin has been pretty much introduced by quite a few as a negative idea, as well as the government pushing for the negative opinion of it at times.

Though most of them are just pretty ignorant of how Bitcoin works tbh. That, and yea, Bitcoin isn't a scam simply because it's just a medium. If you get scammed, blame yourself, not Bitcoin. Most people refuse to acknowledge they got fooled on after all, so they tend to blame other stuff. Seeing as they aren't on the know of what Bitcoin is, they think they can put the blame onto it. The idea of Bitcoin being a scam because someone introduced Bitcoin to you back then is already an idea of the past after all.

[Little Mouse]

Because they heard about dome scams which have been done with bitcoin or they have heard about hack where bitcoin was demanded. In my country, the very basic idea about bitcoin is- it is way of earning money, it is a darkweb currency. I doubt this people ever had any investigation other than hearing one or two times about bitcoin.

[meanwords]

Why? Because they are ignorant. They prefer staying away from the truth which led them to believed that Bitcoin is a "scam" or "worthless". Others do understand Bitcoin but still insist on calling it worthless to promote their own agenda.

Still, the people who have knowledge of Bitcoin and its adoption is increasing each year. Sooner or later, more and more people are going to use Bitcoin as it is being develop to be more user-friendly and being regulated to be accepted in different parts of the world.

[charlesmichel1]

Most people have no idea about Bitcoin, and only a small percent of people call it the scam. Why? The main reason is the lack of knowledge about the first crypto.

[Mpamaegbu]

For just a short amount of time since its inception, I'd say that Bitcoin has achieved extraordinary results.

Definitely, it has. For something to stagger and rattle age long fiat within a short while is a phenomenal thing. So, naturally the old order would want to talk down on any competition. That was what happened in the past with financial organizations calling Bitcoin a scam to divert people's attention and interest away. But so far so good, that hasn't really worked as planned. Bitcoin still has a great community and following. BTW, Warren Buffet may be financially powerful but I like to think and see him as just ONE individual, not as some people.

[piebeyb]

usually when many famous people say bad things about bitcoin, that's when people will know what bitcoin is, of course it can also encourage a few percent of those people to become bitcoin investors, so things like this are common, we should know something bad things don't necessarily result in something bad, it could be something good even if it's just a little bit, bitcoin is not a scam because it's just a tool

[Bitcoin_bullish]

The reason it is considered a scam by many is ignorance as stated by another member above. Once the same people find out that Bitcoin has the most robust security and understand the purpose of decentralization they change their mind.

After finding how it works it might be more of a threat to certain entities as banks so their CEOs come out and talk about Bitcoin being a scam while buying some just in case.

Then the governments see it as a threat as their plan is the national currency which they can easily control. An autonomous currency is not what a government wants. They want control. So while no government has labeled Bitcoin a scam, they still do not favor it. Since CBDCs are on their way I'm expecting a more negative stance on Bitcoin.

[amishmanish]

This is a Catch-22 situation for bitcoin and us supporters. Everyone wants adoption and for people to realize that it is a technology supported by enthusiasts as well as the professionals the world over. Like every other technology, its usage depends on the user. Realizing this needs a certain level of awareness as well as technical know-how which you cannot expect out of most people. Majority of people know just one thing. That if they can anonymously send money then that money will be used for ulterior purposes. This makes people uncomfortable.

Couple this with the fact that you cannot cite a single authoritative figure or institution as standing behind bitcoin. This is something that people normally want. When they don't find it, the natural conclusion is that it is some grey area which is filled with potential danger. Hence, scam. Now with big exchanges resorting to KYC and conforming to regulation, this perception will slowly change. For that, bitcoin proponents have to accept that "KYC at exchanges is good". This is antithetical to the privacy benefits.

[pragna]

Bitcoin has been around for 11 years now, with a large ecosystem of exchanges, wallet providers, and apps behind it. There are now many governments recognizing it as legitimate, bringing a large number of investors into it. For just a short amount of time since its inception, I'd say that Bitcoin has achieved extraordinary results. While all of this sounds good, most people still seem to believe that Bitcoin is a scam or not worth their time. For instance, Warren Buffet criticizes Bitcoin telling that it'll become "worthless" over time. It's these negative comments, which make people skeptical about using Bitcoin and cryptocurrencies as serious money for day-to-day payments.

No matter how crypto enthusiasts try to convince people to believe that Bitcoin is legitimate, everything seems to be the same. I'm starting to wonder why most people have this kind of mentality towards Bitcoin? After all, the pioneer cryptocurrency is being traded at legitimate exchanges. Even some governments have been collecting taxes from Bitcoin. But that hasn't changed people's minds about it. What are your thoughts?

I think this is not because in nCOVID season we seeing mass people engaged with BTC as well as online currency so how you can say most people think BTC scam? Yea, as its new in economic system there need more and more experiment which is doing now and we can be hopeful that most of big economic countries now thinking about this as it has many opportunities in every sector. So don't be upset about it and be a crazy lover of BTC.

thanks.