Reason for calling Bitcoin scam

[Thzo]

the year 2020, we could all say that bitcoin has really made an impression on the world's economy, trading platforms, and people's mind of looking at crypto currency Bitcoin the so called digital currency has set a new land mark, and might still hit more heights before the year runs out .
After this height and limits reached ,

Why do people still think it is scam?
   Why do people still think it not going to be the future
      
This are the answers
  1.   Maybe because it's not visible, some people believe in what they can see ,feel and touch ,
2.one of Bitcoin was made for the purpose to eradicate the thrid parties during transaction, what if the thrid parties (banks) are already feeling the pressure of being washed away by Bitcoin and advertise it as a means of scam.
3. Most of the government has an annual share from financial institutions, so imagine a world that exist without banks only bitcoin.that means loss of profit, so they end up banning bitcoin in their country.
4. We are in the 21 century and we are getting more civilized by the year, but u can explain that to a layman or our parents so the believe it to be scam  eg Warren Buffet.
  

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[CODE200]

There are many topics in this forum questioning why there are scam accusations against Bitcoin. And those topics will somewhat help you to understand the main reason behind the accusations. But to give you an idea to how I view this, Bitcoin has been called a ponzi or fraud not by banks but by people who are not really knowledgeable of this technology. They only know its "surface" and their impression of this technology is an investment. There are many stories saying that investing could result to huge profit, and since this market is naturally volatile, there are times of price downfalls which yields to partial profit loss which contradicts the impression of "easy profit". Since they won't mind seeking for an answer, they just concluded that Bitcoin (but referring to this industry in general) is just a scam.

[Wysi]

Lack of knowledge and too many ponzi schemes are the reason why some people still think that bitcoin is a scam and most of them will understand bitcoin is not a scheme when they do proper research but few will not accept the reality. Unofficially some of the government organizations had already started warning people about investing or dealing in Bitcoin and other cryptos thus creating fear and assumption in mind of normal people that Bitcoin is illegal of scam. But the good news is that the situations are improving as more and more investors are pouring in money.

[oktana]

To me, the main reason is because people are being scammed using bitcoin, so people then choose to hate it and then called it scam mostly out of the frustrating it brought them. I'm talking about people who are scammed in the name of investing in bitcoin. Another reason could be the blackmailers; those who don't want bitcoin to be globally adopted so they accuse bitcoin to be scam hoping that people don't choose to use it and will misunderstand it's use.

[ChrisPop]

My personal opinion of people that call Bitcoin a scam is that they are purely ignorants. I challenge any human on this planet who has the ability to think fron an economic perspective to check out the Bitcoin fundamentals, its value proposition and report to the financial markets and our current payment system.

There are also the other type of people who think something is scam because they haven't made money out of it or lost money. Absurdity at its best...

[Spack17]

We can't expect that all the people will stop calling Bitcoin scam. There will always be people like this. I think one of the reasons could be its being too volatile like other cryptocurrencies. Many people are being hesitant when investing in Bitcoin or other cryptos just because of that. There are also people who call it Bitcoin scam for not believing in the project. But Bitcoin has been in the market for 11 years and it is the number one cryptocurrency.

[Joel_Jantsen]

Why do people still think it is scam?
   Why do people still think it not going to be the future
      

1) Well, all the bitcoiners think Banks are a scam right? The same applies the other way around. People have opinions and you should only care what you think. Don't try to change their opinions. You know Bitcoin's progress did change a lot of those negative feedbacks.
2) Going to be? It IS the future. PayPal is supporting it, so are thousands of other businesses out there.

[Oilacris]

To me, the main reason is because people are being scammed using bitcoin, so people then choose to hate it and then called it scam mostly out of the frustrating it brought them. I'm talking about people who are scammed in the name of investing in bitcoin. Another reason could be the blackmailers; those who don't want bitcoin to be globally adopted so they accuse bitcoin to be scam hoping that people don't choose to use it and will misunderstand it's use.

Lets set aside those common ponzi/hyip scam schemes that we've known.People do call bitcoin as a scam is on when the time they had invested on it and then
they do saw that their portfolio is already on reds then thats the time they talk about on being a scam without even knowing that the market does
really move in two possible paths which is neither do rising or falling.

When the time that they had seen that theyre losing money and they do anticipate that they can make quick profit if they had invested on it
then their perception and beliefs would really goes opposite with bitcoin.

[Oasisman]

Why do people still think it is scam?
   Why do people still think it not going to be the future
      
This are the answers
  1.   Maybe because it's not visible, some people believe in what they can see ,feel and touch ,
2.one of Bitcoin was made for the purpose to eradicate the thrid parties during transaction, what if the thrid parties (banks) are already feeling the pressure of being washed away by Bitcoin and advertise it as a means of scam.
3. Most of the government has an annual share from financial institutions, so imagine a world that exist without banks only bitcoin.that means loss of profit, so they end up banning bitcoin in their country.
4. We are in the 21 century and we are getting more civilized by the year, but u can explain that to a layman or our parents so the believe it to be scam  eg Warren Buffet.
  

Though your answers made sense, but IMO the most common and the main reason why some people thought Bitcoin was a scam, is because of lack of knowledge even with the very basic fundamentals of Bitcoin.
I believe, If somebody reads and understand Bitcoin for the first time, If it caught his interest, he will not think of it as a scam of even have doubts.
We live in a digital age now, So I don't think people wouldn't trust Bitcoin just because it is not tangible. Bitcoin's value is visible, transactions are transparent and recorded in the blockchain, without any central authorities or third parties. That's enough reason why Bitcoin won't become a scam.

[btctaipei]

Here is an conundrum:

If someone [A] invented an technology call [C] to place "some" 3rd party entity "B" at risk of losing control of your earnings and countless others in an financial system, what would be the most effective remedy for entity ?

1) Ban it, send in man with guns; and attempt to legislate [C] out of existence,
2) Implement resources on implementing fancy KYC, modifying travel act to massively spy on citizens,
3) Blackmail and harass lawful [A] participate in ownership in asset holding of [C],
4) Attempts to curb adoption of [C] by entity similar to [A], by making biased assertions that  [A]  are a scam with the use of media (MSM) and big tech.

[TimeTeller]

To me, the main reason is because people are being scammed using bitcoin, so people then choose to hate it and then called it scam mostly out of the frustrating it brought them. I'm talking about people who are scammed in the name of investing in bitcoin. Another reason could be the blackmailers; those who don't want bitcoin to be globally adopted so they accuse bitcoin to be scam hoping that people don't choose to use it and will misunderstand it's use.

Lets set aside those common ponzi/hyip scam schemes that we've known.People do call bitcoin as a scam is on when the time they had invested on it and then
they do saw that their portfolio is already on reds then thats the time they talk about on being a scam without even knowing that the market does
really move in two possible paths which is neither do rising or falling.

When the time that they had seen that theyre losing money and they do anticipate that they can make quick profit if they had invested on it
then their perception and beliefs would really goes opposite with bitcoin.

And most of them lost their investments, the reason why they are accusing of btc as scam.
But I believe some of them know the reason why they lost, they just want to spread wrong info to others.
And definitely, the major reason of this negative perception is the lack of knowledge or ignorance.
If they will educate themselves about bitcoin or crypto, they won't blame btc for their lost investments.

[pooya87]

1) Well, all the bitcoiners think Banks are a scam right? The same applies the other way around. People have opinions and you should only care what you think. Don't try to change their opinions. You know Bitcoin's progress did change a lot of those negative feedbacks.

It is not just an opinion, it is based on facts. For example how many times we have read that some bank (eg. JPMorgan) was caught laundering money? How many times they have done all kinds of illegal activities, they even crashed the economy back in 2008.
Meanwhile bitcoin is a protocol and a payment system and there is nothing fraudulent in that.

[fauzan123]

We can't expect that all the people will stop calling Bitcoin scam. There will always be people like this. I think one of the reasons could be its being too volatile like other cryptocurrencies. Many people are being hesitant when investing in Bitcoin or other cryptos just because of that. There are also people who call it Bitcoin scam for not believing in the project. But Bitcoin has been in the market for 11 years and it is the number one cryptocurrency.

There will always be positive and negative thoughts in all fields including bitcoin, it has become a natural thing, think of it as someone who wants bitcoin to weaken.

This is the reality, with the thought that bitcoin price movements become more volatile, sometimes negative and sometimes also positive. All did arrange it that way.

But from all that, we can't even deny that bitcoin has a huge impact on a government, especially with this pandemic every day many people learn what bitcoin is, I think it is inevitable that bitcoin has a big influence in the world.

[davis196]

This are the answers
  1.   Maybe because it's not visible, some people believe in what they can see ,feel and touch ,
2.one of Bitcoin was made for the purpose to eradicate the thrid parties during transaction, what if the thrid parties (banks) are already feeling the pressure of being washed away by Bitcoin and advertise it as a means of scam.
3. Most of the government has an annual share from financial institutions, so imagine a world that exist without banks only bitcoin.that means loss of profit, so they end up banning bitcoin in their country.
4. We are in the 21 century and we are getting more civilized by the year, but u can explain that to a layman or our parents so the believe it to be scam  eg Warren Buffet.

We are getting more civilized?Are you kidding me?
Anyways,the banks don't advertise Bitcoin as a scam,because they are feeling any pressure.They can simply adopt BTC payments and buy Bitcoins(if the governments/central banks allow them).There's no reason for the banks to be afraid of Bitcoin.I don't believe that Bitcoin will ever going to replace banks.Maybe the banks will adopt Bitcoin and DeFi technology(if it's really worth it).
What do you mean by governments having "annual share" in financial institutions.The governments can get tax revenue with or without the banks.

[nelson4lov]

Majority of the people and corporations that has called Bitcoin a scam in the past had little to no idea how Bitcoin worked so they were more than inclined to believe it is a scam. In addition to this, they tend to hate if they're too late to join the bandwagon. That's why JPMorgan was so eager to label Bitcoin a scam because they had little idea about and it felt like they were being left out.

Another reason why most people call Bitcoin a scam is because of their experiences with other similar online ventures in their bid to make/gain access to money. When it goes bad, they start regarding everything as an outright scam.

[Coyster]

Thing is with Bitcoin, there are a couple of personal responsibilities that rests on the shoulder of the user, and with just a little effort you can comfortably be your own bank, be in control and secure your funds, but quite a lot of people have failed to do this while holding Bitcoin and prolly lost it to scammers, the media picks up this news and spreads it as "Bitcoin scam", when it was actually the users folly. What about users who keep their funds on centralized exchanges, when they know they should not, exchange gets hacked, funds lost and it turns into another "bitcoin scam", all this creates a risk concern in people's mind about btc, and a very wrong conception about Bitcoin.

Having said that, if more people will appreciate the responsibility that has to go with being your own bank, then the talk of bitcoin being a scam will stop, btc is obviously not a scam, but there are scammers that want to steal your btc, and even your fiat currency, just that with btc, you have to secure yourself as there is no third party in it.

[Lorence.xD]

Lack of knowledge and too many ponzi schemes are the reason why some people still think that bitcoin is a scam and most of them will understand bitcoin is not a scheme when they do proper research but few will not accept the reality. Unofficially some of the government organizations had already started warning people about investing or dealing in Bitcoin and other cryptos thus creating fear and assumption in mind of normal people that Bitcoin is illegal of scam. But the good news is that the situations are improving as more and more investors are pouring in money.

It is not that they lack knowledge, it is because most articles about bitcoin that cater the public are all about the bad side of the thing which the masses buy in because they love the negativity in the news, teaching people about the good things is difficult but it is a good thing to do because it becomes a chain reaction that will slowly encompass the masses while drowning the media that tries to paint bitcoin in a bad way. If we can cure the masses ignorance then we can discuss a proper argument about the good and bad sides of bitcoin. Other reasons include, con artists see bitcoin as a lucrative and novel way to scam people, with few things not yet that public of a knowledge, they are going to abuse that to milk as much as they can at the short period of time. Maybe investors doing their part could solve this problem of bitcoin being an alien idea for many people.

[Nhor1011]

There are people who engaged in bitcoin and lost their investment then back out and will say that bitcoin is a scam. Other people also thought that bitcoin is like a pyramiding scheme which is really scam that's why they are  afraid to try the digital currency. They to educate so that they will understand what bitcoin really is.

[adzino]

-snip-

Why do people still think it is scam?
   Why do people still think it not going to be the future
      
This are the answers
  1.   Maybe because it's not visible, some people believe in what they can see ,feel and touch ,
2.one of Bitcoin was made for the purpose to eradicate the thrid parties during transaction, what if the thrid parties (banks) are already feeling the pressure of being washed away by Bitcoin and advertise it as a means of scam.
3. Most of the government has an annual share from financial institutions, so imagine a world that exist without banks only bitcoin.that means loss of profit, so they end up banning bitcoin in their country.
4. We are in the 21 century and we are getting more civilized by the year, but u can explain that to a layman or our parents so the believe it to be scam  eg Warren Buffet.
  

1. What about those "digital wallets" like paypal and cashapp. You can't "see", "feel" or "touch" those money. If you want to, you will have to do that by withdrawing it to fiat money. You can do the same with bitcoin.

2. True. Banks see crypto currencies as a form of threat. They have to find some ways support bitcoin trading through banks but in a centralized and regulated way.

3. No one can ban bitcoin. They end up "strictly regulating" and imposing policies that favor the government.

4. Convince them its not a scam.

[cabron]

The users who invests in BTC and lost because there was a dump are spreading wrong information that BTC is a scam. I have seem one of facebook that he invest to BTC while the price was high and it was dumped.  And then there are also scammers around and then phishing for private keys. This is a wild wild west in the finance industry.