Why most people think Bitcoin is a scam?

[CryptopreneurBrainboss]

Lets be reality here, the OP has some point in his statement even though it has no backing to begin with but words on the street are bitcoin investment is risky, it's a scam, Ponzi scheme etc. In my country the most common in regarding cryptocurrency related project are Ponzi scheme because that's what the people know. The big so called cryptocurrency project that organized seminars etc are Ponzi scheme like the likes of the very first which was MMM , zardfund and currently forsage and Lionshare.

Although not all uses bitcoin, some used ethereum still it paint a bad image to the bitcoin community since when cryptocurrency are highlighted bitcoin is the most famous and ones dey get scammed in other cryptocurrency business they linked it to bitcoin saying "they're are scams". The media houses too aren't helping matter as they're constantly painting the currency bad always overemphasizing cryptoscam news.

[davis196]

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?

Non tech savvy people are always skeptical about "internet stuff".That's why I don't talk about Bitcoin around  older people.They simply won't understand anything and think it's a scam.
If you were an old non tech savvy person and some young guy was preaching about a digital currency that isn't backed by anything and you can sell that currency and buy real goods and services,would you believe him?I don't think so.
You are wrong about "most people" thinking that Bitcoin is a scam.Most people don't know anything about Bitcoin and don't care about Bitcoin.

[serjent05]

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?

Many "Bitcoin haters" see it as a Ponzi scheme, so without doing any research or understanding what Bitcoin really is, they accused it being a scam.  Aside from that, there are lots of criminal due to the "decentralized" nature of BTC exploited it and use the name Bitcoin to scam lots of investors.

[Botnake]

The answer is very simple, because only few people know about bitcoin, hence, we can expect that those who does not know bitcoin will think that bitcoin is a scam since it's generating wealth to some investors. According to study.   How Many People Use Bitcoin in 2020?

Let's use americans as an example as they are one of the biggest holders of bitcoin, and based on figure, it only says 5%, so that 95% will say bitcoin is scam or some might not give comment, but still at that rate comparison, we know already the answer.

5 Percent of Americans Hold Bitcoin
A survey conducted by the Global Blockchain Council and SurveyMonkey that was taken by 5,000 Americans found that 60 percent of Americans have heard of bitcoin and that around five percent hold the digital currency.

If you would extrapolate that to the entire U.S. population, that would mean that an estimated 16 million Americans have invested in bitcoin.

[The cure]

Yes, I agree with you. because there's still more people don't know about bitcoin compared to those who already know and they think it's a scam because they have no idea how it works and how it changes the lives of people whom already using it.

[Shimmiry]

Generally, people might label bitcoin as a scam because they are not very familiar from it, they knew nothing about it. Maybe they have heard about bitcoin from someone who were not able to explain more about it, and it made them think that bitcoin isn't trustworthy.
Probably some of them have been victim of frauds from people who used bitcoin to fool others.
Movies and some known personalities also affects someone's view about bitcoin.

[Oasisman]

Lets be reality here, the OP has some point in his statement even though it has no backing to begin with but words on the street are bitcoin investment is risky, it's a scam, Ponzi scheme etc. In my country the most common in regarding cryptocurrency related project are Ponzi scheme because that's what the people know. The big so called cryptocurrency project that organized seminars etc are Ponzi scheme like the likes of the very first which was MMM , zardfund and currently forsage and Lionshare.

Very true! I guess each countries has this kind of individuals who deceives people to believe that investing Bitcoin through their company is very profitable and gives a promising return. This is where they start to suspect that Bitcoin is a kind of scam.
Same scenario just happened in the PH last year when a lot of ponzi schemes came show up and become a trend to most of the people in the middle class. These companies and groups made them believe they're an experienced crypto and forex traders that could make volumes of profit consistently. It turns out to be a scam on the latter.
Now, people still didn't learn from their mistakes and are willing to become a victim again with this "forsage" eth scam this time.

[The Cryptovator]

From the beginning, all good discoveries have overcome various obstacles. So, the same goes for bitcoin as well. Few people will think its Ponzi or scam, but eventually, they will be forced to believe in bitcoin when they will realize how bitcoin is recognizing. We can't stop their mouth right now, and we have to build more strong community worldwide.

Even my country's administration thinks that bitcoin is a Ponzi scheme. Besides there, there are lots of bitcoin lover like me who believe bitcoin is a future currency which would rule the digital currency world. Who doesn't believe in bitcoin, simply they aren't aware of bitcoin technology & potentiality. Hope the world will tech them once a time.

[natefielding]

Simply because they dont know where it came from and what is it all about behind it.. People dont trust easily, either me before think that btc is a scam but after Doing my own research I can prove it isnt a scam

[Kong Hey Pakboy]

From my point of view, we could not change other people's perspectives towards bitcoin because not all of them are really interested to buy bitcoin and other cryptocurrencies due to false news that bitcoin is all about scam and fraud, and only a waste of time and money. It is why we should ignore other people's opinion about bitcoin because it will not benefit us or make us rich.

[maydna]

People who think that bitcoin is a scam is not understood about bitcoin. They say that because after people buy bitcoin, the price goes down, even the price is finally down too deep, and not increase and back to the last price they purchased. After the price is stable at that price for some time, and not show any sign to grow back, they will say that bitcoin is a scam, and the price will not increase. But they are wrong because bitcoin is stronger, and bitcoin can back to the last higher price, and even bitcoin price will break another highest price.

But today, as many people already educate themselves by learning more about bitcoin, they will not say that bitcoin is a scam. And if bitcoin price now is not increasing, they will still wait for more, and they will try to make more bitcoin from the other coins so that they can have more bitcoin in the end.

[Leviathan.007]

There are three main reason. First one is because of the many fake ICO/IEO and crypto scammers in crypto world abuse this technology that makes some newbies think negative about bitcoin while they don't have enough information. The second reason is because many investing projects and new technologies was made to empty their pockets out of money that's why they have usually trust issues about any new financial technology. Also, since Bitcoin was made to always be decentralized for some people it's not acceptable since they say there exactly is my money right now, etc... In short worlds, lack of knowledge is the main reason.

[Taskford]

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?

You cannot blame people to think about this way since somehow some other people knows about cryptocurrency from those scams like hyip site MLM and other forms of crowdfunding use the cryptocurrency/bitcoin as payment method. And also bitcoin is not been explained by media very well so many unknowledgeable guys will think that its a related scam towards on those schemes, so maybe we need a proper education on what bitcoin and cryptocurrency really is since if this technology will remain hidden to the other people for sure we will continue see people doubting about this.

[acroman08]

-snip
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?

the negative mentality towards bitcoin is most likely because of all the scam related to bitcoin that has been shown on the mainstream media and or because they are ignorant about bitcoin. but just like what @meliwilda said "you can't please everyone". people have different opinions on different things. it is good if you, or we, try to explain what bitcoin is but just because we explained it carefully to someone we can't expect that, that person or everyone we explained it to, will agree to us even if they understood what bitcoin is.

[plvbob0070]

What I think is some people probably heard bitcoin through news related to scamming, hacking, fraud, and such that's why when they hear bitcoin, they had this thinking already build on their minds that it's a scam. What I mean is, when people lack deep knowledge about a certain thing, they just believe in what they know even if it's not true because they are not interested at all.

It's not really easy to convince people when they already think bitcoin is a scam. Also, it takes a lot of time and effort to teach those what really bitcoin is, and like what I said, not everyone is interested that's why they just stick to what they believe.

[Lucius]

~snip~

If we start from the fact that most people who have heard of Bitcoin do not really understand what it is really about, we should not be surprised that the prevailing opinion is that it is some kind of Internet scam. It is very easy to understand and accept how the monetary system works, it is something we learn as children - we get money from parents and grandparents, and we quickly realize how important it is in life.

Bitcoin is something completely new and revolutionary, and the complete opposite of what we have today - and that system is of course defended by people like Buffett who is very influential because he is rich, and people admire him for that and the way he got rich. Although Bitocin has been around for 11 years, we can’t escape the fact that it only became famous after what happened in late 2017, so we could actually take that as the moment it became planetary popular.

[MCobian]

Usually people think that Bitcoin scams because most countries in the world have not legalized Bitcoin, the number of crypto
projects in circulation mostly scams and still a few merchants that accept Bitcoin payments. All the things I've mentioned
make up some people think that Bitcoin is a scam. The conclusion is that there are still many people who lack information
regarding Bitcoin.

[Cryptoreflector_666]

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 that "most people" as you put it, are those people who have a mediocre attitude to bitcoin. They have never delved into the topic of trading and cryptocurrency in General. perhaps they once bought bitcoin on a common HYIP and failed on this and now have this opinion about the entire cryptocurrency as a whole. Those who are in the topic have long been well aware that bitcoin has nothing to do with the Scam.

[Reid]

Isn't it the same division when people look at their government.
Others will agree but some will not.

I always looked at how people think about bitcoin like that.
They have their opinions. I respect that.
But, giving them an idea is a good step forward. We don't need to force it to them. Somehow they will bump into something where it would make them interested with Bitcoin.
Or, after talking to them, a chance they will do their research.

[Rosilito]

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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?

Apparently, you don't have to worry 'bout them all the time. As long as you did your part convincing 'em about the possibilities this industry has, then I think, that is more than enough . You cannot persuade everybody here specially those dubious as long as they're not willing to take risk or even try at least some stuff here.

Usually people think that Bitcoin scams because most countries in the world have not legalized Bitcoin, the number of crypto
projects in circulation mostly scams and still a few merchants that accept Bitcoin payments. All the things I've mentioned
make up some people think that Bitcoin is a scam.

To sum up, this answers all:

The conclusion is that there are still many people who lack information regarding Bitcoin.

Because usually, they're heading out to faulty generalization since bitcoin is commonly tied up to scammy activities.