Why most people think Bitcoin is a scam?

[Eugenar]

Simply because the first thing that comes in their mind is huge profit not thinking if there is assurance and consistency in the first place. Maybe that is the idea left to us when the market value of Bitcoin have reached its ATH before. Many people earned huge profit and many people are also hoping of getting the same thing. Unfortunately, those people do not know that the market value is not ALWAYS increasing at the same rate. A matter of expectations and reality which results for people to call it a scam when their hopes are not met.

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[kezinaur14]

It seems that there are still many people who believe more in the centralized nature of banking, which they think is easier and safer and protected by the government. but let them, we as a community who care about the future of Bitcoin should be more focused on the development of cryptocurrency technology (especially Bitcoin). I am sure, those who hate bitcoin will slowly realize that the technology that bitcoin has is very useful.

I'd actually argue that is because, to many people it is still very much used for scamming. People still think bitcoin will get them rich in a couple months and just give their money away to scammers who claim they'll be able to get them ridiculous gains in short time frames.

So it's really misinformation's fault, like anything in this day and age

[carogarridog]

I think its because when BTC had its BIG price up, and everyone was talking aboout it, even in the news, people thought that if they bought BTC, inmediately they would become millionaires... So, people bought BTC... But! When the price dropped from one day to another, they thought they "lost" their money, so to prevent more loss, they sold those BTC. What they didn't know (Because of lack of information... I mean, any investor should educate theirselves and get some information before making and investment...), is that they lost POTENTIAL money. If the price dropped, all they could do to not transform that potential to real loss, was holding the BTC. If they had held those BTC, in 5 years from now, they would have their investment benefit. BUT since, the people that did that are too many (Buy at high price and sell at low price, haha!), and first of all, are not serius investors and don't know nothing about investments (and worst of all, are not willing to learn), and second of all, invested money that they needed, not money that they were willing to lose; all that in summary, lead to the bad BTC experience, which lead to that they now think BTC is a bad investment, that you lose money on BTC, and that Cryptos are scam... And they share that experience!!! So now, other ignorant people (in investment issues) believe it... I think, people that think its a scam, its only because of IGNORANCE, and worst of all, their minds being so closed to other opinions and experiences, they don't even want to learn....

[conhela]

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?

It's a lie that bitcoin hasn't changed in the minds of people, I've seen a general change and people see it as a opportunity more nad more, what there is a lot of is that people don't know how it works, and it lends them to be scammed very easily! We as bitcoin heads need to help inform our friends and family on the most common scams at least

[suvo05]

It's a lie that bitcoin hasn't changed in the minds of people, I've seen a general change and people see it as a opportunity more nad more, what there is a lot of is that people don't know how it works, and it lends them to be scammed very easily! We as bitcoin heads need to help inform our friends and family on the most common scams at least

In last few years the thing has changed certainly, people anymore doesn't believe that BTC is a scam. That's why lots of people getting interested in it. Still lot of people out their who does not have any idea about it.
Another point is several times BTC comes into the NEWS headlines due to wrong reason, like recently twitter hack. Media does not tell about the positive side of BTC that much it should be. So somehow it creats an negative impression in some persons mind.

[malekbaba]

It is most common ideas among common people that btc or other cryptos are being used for illegal operations like Drug dealings, weapon trading, smuggling, contract killing. But people are getting real picture now. May be this will take times. And many institutional investors consider btc as pyramid scheme, some say btc is ponzi. As btc is still infant, only few people in community have the real info, false/bad news were turned into reality. Hacking, scam accusations, volatility have made people more reluctant towards btc

[royalfestus]

From the side of Government, they are usually protecting their Fiat and the financial system, which I feel it could be right. From Old fellas, they dont understand how a virtual entity can turn out to make so big profit in a cycle. THose that lost money in bear may never recover if they sold the coin at the bear dip or they buy into scam altcoins, they will always see crypto as a scam until they position themselves right. Some rich fellas wonder how this technology enrich so many people with little labour. THis opinion will always be

[Nellayar]

Bitcoin becomes scam to the eye of the people due to the scammers who used bitcoin as transaction in their illegal things. Most of the people during 2017 was hyped also by the market. Therefore, those who trapped at 19K dollars and above had been recognized bitcoin as scam and bubble. Imagine, until now they did not yet got the 30% of their capital. That is why many of people are complaining that bitcoin is a scam.

Ignorance is the answer for your question OP. A lot of people are entering in the world of investing without any knowledge or even reading a small part of their investment. And when they lose, they blame all things to the investment that they have failed to read at beginning.

[TimeTeller]

Bitcoin becomes scam to the eye of the people due to the scammers who used bitcoin as transaction in their illegal things. Most of the people during 2017 was hyped also by the market. Therefore, those who trapped at 19K dollars and above had been recognized bitcoin as scam and bubble. Imagine, until now they did not yet got the 30% of their capital. That is why many of people are complaining that bitcoin is a scam.

Ignorance is the answer for your question OP. A lot of people are entering in the world of investing without any knowledge or even reading a small part of their investment. And when they lose, they blame all things to the investment that they have failed to read at beginning.

The magic word is ignorance. Bitcoin is just like any other investments, if you don't know what you're getting into, then don't expect that you will come out successful.
Those who are still accusing bitcoin as scam don't have yet the right information about crypto and blockchain technology.
By now, they should already done their lil bit of research over the internet to know what's crypto is all about.

[Shasha80]

I agree with the bubble that occurred at the end of 2017, making a lot of people think Bitcoin is a scam. Though what makes Bitcoin
rose to a price of $ 19,000 because of the FOMO done by newbies who want instant profit. Another reason many scammers use it
Bitcoin to do fraud, like the twitter hack that just happened. Negatively affected to Bitcoin, and makes several people mention Bitcoin scam.

[kawetsriyanto]

How can you state "most" people, mate? Do you have any data or research on it? Although many people still don't invest in Bitcoin or use it for payment tool, it doesn't mean they think Bitcoin is a scam. Some people even don't know what Bitcoin is, while others are still afraid to invest because they want it legal first in their country. I think you are too early claiming about it, better to ensure first with data, research, or even consider other points of view.

[JuSayCo]

Definitely,  this are the people who knew less about Bitcoin and it's great features. People who live in their traditional ways of managing finances and payments with less knowledge in digital technology may think Bitcoin as a scam everytime they heard something about it. For it has been programmed in their conservative minds that the currency itself or the money that we earned online or anything that is pertaining to internet, are all SCAM. That is why they are afraid and refuse to engage themselves about it. But I guess, they are only few nowadays because most people especially those who are living in the city are highly digital and have lots of knowledge and trust about BTC and blockchain industry because of social media campaigns and ads.

[witcher_sense]

I think it because BTC don't have any physical form. A digital currency that requires a device and internet connection is not acceptable for some people. They want and believe something that they can touch. Also, people don't want to believe something trustable that is not operating or controlled by the govt. They think govt is the only authority that can create and protect their assets.

People already became used to digital currencies in forms of numbers in bank accounts, for example. The only difference here between bitcoin and those numbers is who actually controls "your balance". That is very counterintuitive to think that bitcoin, which is controlled by the holder, is scam, but at the same time, numbers, over which bank customers don't have full control meaning they have to rely on third parties, bankers, etc, are not scam. The possibility of being scammed in the latter situation is significantly higher. People don't believe that they are able to be responsible enough to control their own funds and because of that they call everything, that requires responsibility and carefulness, a scam, that sounds ridiculous!

[mezzaluna]

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?

Unfortunately, it will always be hard for close-minded people to take in whatever information we have about Cryptocurrencies. We should always consider to present them about Blockchain Technology and what makes it great since plunging into the side of Cryptocurrency will be quite hard since it already involves money. Presenting them the features of Blockchain and how we can utilize the Blockchain Technology would surely change their mind since they will be discovering on how to monetize their time using it.

[Naida_BR]

Those who think that Bitcoin is a scam is because they have lost money on the ATH.
People who throw mud on BTC do not really believe the technology behind the ecosystem, they just came for fast profits. Unfortunately, they didn't get their profits and now they try to make people think that it is scam.

[Rafiqul]

Most people think that Bitcoin is a scam. This is not true. Bitcoin is a digital currency, it depends on technology. A portion (not entirely) of those who have no knowledge of technology or do not believe in technology consider Bitcoin to be a scam. They want and believe in something they can touch. Also, some people do not want to believe in anything that is not governed or controlled by the government. They think only the legitimacy of the government can create and protect their property. Although some people like Warren Buffett are critical of Bitcoin, the acceptance of Bitcoin is increasing day by day in the technology dependent world and the governments of many countries are giving national legitimacy.

[AakZaki]

Those who think that Bitcoin is a scam is because they have lost money on the ATH.
People who throw mud on BTC do not really believe the technology behind the ecosystem, they just came for fast profits. Unfortunately, they didn't get their profits and now they try to make people think that it is scam.

Throwing in a lot of money while on ATH is a big mistake that is very costly if they still hold it for now. Indeed, most people who invest only to benefit a lot from bitcoin price movements. Those beginners do not know what risks will occur. When they didn't make any profits they started saying bitcoin was a scam and such. thus making other newbies or people who don't know about bitcoin have negative thoughts about the bitcoin scam.

[Mumbeeptind1963]

Those who think that Bitcoin is a scam is because they have lost money on the ATH.
People who throw mud on BTC do not really believe the technology behind the ecosystem, they just came for fast profits. Unfortunately, they didn't get their profits and now they try to make people think that it is scam.

Throwing in a lot of money while on ATH is a big mistake that is very costly if they still hold it for now. Indeed, most people who invest only to benefit a lot from bitcoin price movements. Those beginners do not know what risks will occur. When they didn't make any profits they started saying bitcoin was a scam and such. thus making other newbies or people who don't know about bitcoin have negative thoughts about the bitcoin scam.

Humans are not that easily to persuade when it comes to investments because it is they are afraid that their money will be in vain if they take the risk with no assurance of gaining that's why when they heard about bitcoin or any bitcoin related topics they what comes to their mind first is it is a scam but they will believe only once they tried and see it for themselves.

[usekevin]

It may be their mistake. Because only less knowledge people will considered bitcoin as a scam and they won't inverse their money. But the fact is, bitcoin had became a currency which is accepted for the online payment. I don't know, how the people considered it as a scam. Which was accepted as one of online payment. This thread will help you to recognise bitcoin is not a scam one.

[chikading2016]

Even if bitcoin is already trending there are still many people around that doesn't know about it and how to use it for good, i believe that the people who think that the bitcoin is a scam is the people who also didn't know bitcoin or maybe it is the people who are new in crypto. Because if they know bitcoin and they've use it for a long time they maybe didn't think that bitcoin is a scam.