Why most people think Bitcoin is a scam?

[lienfaye]

Its because they dont understand the uses and worth of bitcoin. Some people are not aware of how it really works and they just simply rely to the news. But sometimes if the report is against btc they will believe on it so they had a mindset that its just a scam. Like what happened here in our country, there's a certain report of how scammers used btc to scam people. They use it as a tool to take advantage others who are eager to earn. So despite of the growing community of crypto enthusiasts, its not unusual to see those against bitcoin.

[AniviaBtc]

IMO, it is because of misinformation that people are spreading about the issues of cryptocurrency. They said that "don't judge the book by its cover" , it is not only applicable to us humans,, it is applicable to anything that has a good and bad quality. People are only looking on the bad sides of the bitcoin but not the fact that it can help them grow in their investments. I don't know why people are settling with that bad information only where they make their mindset become negative towards cryptocurrency. Scams only happens when you are not aware about your assets, about the information that you see in social media, and about those people who you have transaction with. As soon as possible, keep yourself from those kinds of ignorance towards bitcoin and investments, that will not help you grow.

[Latviand]

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.

Some people who make a bad rumor about bitcoin are those people who hates bitcoin.

They are making false information that bitcoin can easily be scammed, can easily be stolen, and not for those people who are not aware. But that's not true, bitcoin is safe and secured if you are aware about those scamming. Scams are easy to determine so it is not really a problem, you can report it if you find one.

Also the reason why people are thinking that bitcoin is a scam, it is because it is not an easy money and you need patience and good control in order to grow with it.

[Hypnosis00]

That is because they are blinded enough to see the true potentiality of this technology for now and the near future. Think about how they are brag into such blindness because others say but they never have a try on it. If we could just rely on (bad) news and scam accusations against crypto, they generally think that Bitcoin is no use at all but just a scam ads.

Well, it hopes that they could take a look inside and not just by seeing the outside. We can only justify that this technology is worth nothing if we can have a try on it.

[ethereumhunter]

I think they can not open their mind to learn about new technology, which can bring them a new way of making money. They say about the bad thing related to bitcoin because they don't like bitcoin. But some others will say a bad thing about bitcoin because they want to make the market is down, so they can use that chance to buy bitcoin at a low price. We don't need to listen to them because bitcoin is not a scam, and we believe that bitcoin can help us get the new way to make money.

[thesmallgod]

Except you fully understand what bitcoin is and its functionality, you will never understand why it is not a scam. Majority of the people jump into know bitcoin as a means of making quick profit but fails to understand the pros and cons. If you are new into trading, and you lost a lot of money and become frustrated, you will end up making the same statement unless you understand beyond crypto but rather the blockchain technology. Some people that invested in an HYIP that pays in bitcoin but get scam will also call bitcoin scam

[dansus021]

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.

i do agree with this guy
for the thread starter

bro every single think have pros and cons, i mean yeah there's people outside that talk not just bitcoin, all crypto is scam especially people who are first try the bitcoin and scammed before, whenever is scammed from friend hyip program etc. Or the people who likely just follow the trend without knowing more. In my country itself there is dozen of hoax news(*not crypto news) and there's some people still trust it.

and one or two people who's not know about the technology much, his barely cant operate his phone well. and you tell them about revolutionary "cryptocurrency" the first thougt come to his mind is the coin are not real they are not exist i can't touch it in real world. But people will change his mind when you give them reall money made from the crypto it self. Trust me  

this actually happen in my family member my dad my mom can't even operate the android  
my brother too   but after i made small profit from this they are believe  

so IMO if you want to tell someone about crypto you must tell them how they work, and show ur result/proof, it can be phone that are you buying with bitcoin,bills you'r pay with bitcoin  or the money you can generate at monthly basis. Thats it.People will more trust about it.  

[Zackgeno96]

Its because they dont understand the uses and worth of bitcoin. Some people are not aware of how it really works and they just simply rely to the news. But sometimes if the report is against btc they will believe on it so they had a mindset that its just a scam. Like what happened here in our country, there's a certain report of how scammers used btc to scam people. They use it as a tool to take advantage others who are eager to earn. So despite of the growing community of crypto enthusiasts, its not unusual to see those against bitcoin.

Along with the scam news, there was a lot of news going in the past about the relation of bitcoins with darknet marketplaces and how that money was used to support money laundering and finally terrorism, but the news stations never say that Fiat is used for money laundering and financing terrorism. The image of bitcoin is tainted in the eyes of the public and the government also never miss any chance they get to keep the tainted image of bitcoin intact in the eyes of the public. There are a lot of hacks that are going online and there aren't any big news on TV about those hacks, but when bitcoin gets involved then everyone has to report these hacks and specifying BITCOIN in each sentence.

[Agios]

Even though Bitcoin is 11 years old, many people don't understand Bitcoin, so many people (not users) think of Bitcoin is a scam, because:
1. Ponzi schemes
2. BTC is a speculation bubble
3. Bitcoin exchanges are often Hacked
4. There is an assumption that BTC is too complicated to use
5. Bitcoin is not transparent and anonymous
6, Bitcoin facilitates money laundering.
7. Bitcoin is nothing more than a store of value and commodities
     not as a medium of exchange.

So I think it is very important for us to introduce Bitcoin to people around us, either via Whatsapp or live chat.

[minersday]

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?

First and foremost, you should understand that just a handful of the entire population of the world knows about Bitcoin and understands what Bitcoin is and  uses it for their transactions. Majority do not have the understanding and knowledge of what bitcoin is and how different it is from the traditional financial system. Such people will always say negative things about Bitcoin because they don't really understand the exact principles of the Bitcoin ecosystem.  And also, 11 years is not enough of change the minds of such people.

[VanityWallets2015]

Foremost, I think the reason why Bitcoin is being coined as scam because it is being affiliated with such activities.
Fraudulent acts has been taking place in crypto space, affecting Bitcoin reputation, due to its features being taken advantage for.
Until today, many are skeptic about Bitcoin for they do not have any proper knowledge and understanding about cryptocurrencies.

[minersday]

Even though Bitcoin is 11 years old, many people don't understand Bitcoin, so many people (not users) think of Bitcoin as:
1. Ponzi schemes
2. BTC is a speculation bubble
3. Bitcoin exchanges are often Hacked
4. There is an assumption that BTC is too complicated to use
5. Bitcoin is not transparent and anonymous
6, Bitcoin facilitates money laundering.
7. Bitcoin is nothing more than a store of value and commodities
     not as a medium of exchange.

So I think it is very important for us to introduce Bitcoin to people around us, either via Whatsapp or live chat.

Personally, I don't really blame people who thinks Bitcoin is a ponzi scheme, a bubble and all sort of negative things about Bitcoin. The media is the primary source of this negativity about Bitcoin and the entire crypto space.  The media is always preaching negativity about Bitcoin without educating the entire world about the solutions Bitcoin and blockchain brings to the financial ecosystem. The media is the one enemy of Bitcoin and cryptocurrency.

[ChronoLite]

they think bitcoin is mostly used for ponzi scheme and scam thingy, regardless of that they don't know shit about bitcoin. it's just a stereotype and common mindset of people outside of this community where they always see stuff on a bad side only, it's a common stuff on everything not just crytos

[carriebee]

There are some people who use bitcoin as a tool to scam. Just like using this through networking which they need to invite people just to earn money. Simply they use bitcoin in fraudulent acts that another thought bitcoin is a Ponzi scheme. Hence, some become a victim of these activities due to lack of knowledge and not educated well what bitcoin truly offer.

[minersday]

Foremost, I think the reason why Bitcoin is being coined as scam because it is being affiliated with such activities.
Fraudulent acts has been taking place in crypto space, affecting Bitcoin reputation, due to its features being taken advantage for.
Until today, many are skeptic about Bitcoin for they do not have any proper knowledge and understanding about cryptocurrencies.

I don't think I agree with you on this. Fraudulent acts have always been around for ages before you and I was even born and to even think of when Bitcoin was developed by Satoshi. Crime and illegal activities existed long before the creation of the internet. If people are scamming people using Bitcoin or cryptocurrency does not really shows or means that Bitcoin is the reason why this kinda scams exist. People should understand that fraudulent acts will always exist even if Bitcoin seize to be in existence.  

[kryptqnick]

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?

People have already mentioned that scam surrounding cryptos can be an issue, and some argue that it's not the case that most people believe Bitcoin is a scam. This is the sort of question that could be answered with reputable sociological polls in place, but unfortunately it's not easy to find them. I've found one by YouGov about the US (click on 'full results' in the article to see it), but I'm not sure how credible it is. Anyway, according to this research, half of people who've heard of Bitcoin but didn't have any interaction with it don't intend to buy it in the future. And 25% of all respondents believe that Bitcoin is used more for illegal purposes than legal purposes. Apart from that, among all the respondents only 13% believe that within the next 10 years Bitcoin will be widely accepted as money (and additional 23% believe it'll be "somewhat widely accepted"). If the research is accurate, I'd say it means that at least a very solid amount of people know about Bitcoin (71% of the respondents have heard of BTC btw) but are cautious to use it and don't really believe in its future. And unfortunately, I think people are hesitant about Bitcoin precisely because they're so used to having the authorities decide what's better for them, and these people are not ready for the risks and responsibility that comes with Bitcoin.

[minersday]

There are some people who use bitcoin as a tool to scam. Just like using this through networking which they need to invite people just to earn money. Simply they use bitcoin in fraudulent acts that another thought bitcoin is a Ponzi scheme. Hence, some become a victim of these activities due to lack of knowledge and not educated well what bitcoin truly offer.

This is exacting what the people and the media needs to know and understand. People will always take advantage of others due to their lack of knowledge. A lot of people see Bitcoin as a get rich quick commodity, and such people are very vulnerable of getting scammed with the aim of doubling their initial capital. Criminals are just taking advantage of the fact that most people are not well educated on what Bitcoin is and its purpose in the financial ecosystem.  

[ohyeahhaha122]

Bitcoin or blockchain is quite new to many people, and people are often afraid of things they do not know, especially many fraudulent blockchain projects appear more and more, so when they hear about cryptocurrency, especially bitcoin, everyone always in disbelief

[samputin]

Foremost, I think the reason why Bitcoin is being coined as scam because it is being affiliated with such activities.
Fraudulent acts has been taking place in crypto space, affecting Bitcoin reputation, due to its features being taken advantage for.
Until today, many are skeptic about Bitcoin for they do not have any proper knowledge and understanding about cryptocurrencies.

Yes, exactly! First off, it's their lack of knowledge about bitcoin and other cryptocurrency. When one do not know enough about the pros and cons, and the possible risks it may pose, then it leads them to fraudulent schemes without knowing it. When that happens, the result would be their skepticism on bitcoin. They'd blame such for losing instead of gaining when in fact, it's their fault that it happened to them.

I'm not losing hope, though, that people would someday accept bitcoin and wouldn't think of it as a scam. They just have to exert more efforts and learn more about it.

[Slow death]

This:

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.

he is not "most people", he is just a person who has said what he thinks and it does not change the opinion of many people so much that today the bitcoin price is very high and has had a great adoption, so it shows that the opinion his is not affecting bitcoin, so I wonder:

Why the hell do we have to worry about Warren Buffet's opinion?