Reason for calling Bitcoin scam

[Astvile]

Trust in bitcoin is also one reason why they see bitcoin as a scam. Bitcoin lives in the internet and most people in our world still doesn't trust/believe anything in the internet specially people who are used to traditional way of investments and finance.

Lack of knowledge ...

We can't say lack of knowledge is one of the reason why people think bitcoin is a scam. I think what is more proper term to use is the lack of ability and will to study more about bitcoin. Most people believes what they read and see everywhere about bitcoin, and most of them are articles, news that are against bitcoin or with bitcoin related scams. People tend to believe fast with these news that's why they see bitcoin as a scam.

[jamesde]

There are some important features of bitcoin that differ from fiat and prove it's real, Bitcoin is an independent currency that does not require any financial institution or government to control it. That's why bitcoin seems so fake to many people. Bitcoin itself is not a fraud, its merely a decentralized currency based on our confidence in it. Fraud van be a false wallet for storing or exchange bitcoins. There is a strong technology behind bitcoin, called blockchain, if you are not sure. It stores all the transactions made. Bitcoin has nothing in common.

[plvbob0070]

A lot of scammers are using bitcoin and crypto to delude other people that's why it is often misinterpreted by others as a scam, where in reality it is not. This has been already a common misconception of people who don't have enough understanding and knowledge about crypto so it's really hard to change that perspective of a lot of people. But even though there's still a lot of people who think that way, it's still good that we are seeing a growth of bitcoin adoption, and this can help to change that vision.

[blckhawk]

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

1.People saw it as a scam simply because some of them venture on it and transact with others they didn't know, they've been captured by the sweet talks and such that later on, those people whom they transact with took all their money. And another thing is that average people who known Bitcoin barely, tend to invest knowing that they don't have enough knowledge and experience on it which eventually leads to their own loss. Therefore, people get scam because of being ignorant.
2. They don't think it will not going to be the future because they don't believe in it. Besides, most of them are not ready and worse they don't willing to accept it, they locked up themselves on the old traditions.

[kentrolla]

There are peoples to blame for every innovation like the way they call BTC is used for criminal activities because the transactions can be anonymous and it can go anywhere from top to the bottom.

People want to see safe zone in crypto like banks and even they do lot of scams which people need to understand, wallet hacking, fake BTC exchanges, Ponzi scheme these are core reasons that people calling it as a scam.

[CryptopreneurBrainboss]

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   

That's because it'll be easier to call bitcoin a scam instead of accepting the fact that there's a new kid on the block that does the job better. People only reflect what they're been fed and that's exactly what the government are feeding the general public (that bitcoin is a scam). Bitcoin has nothing to prove again, it'll left for the believer to seize the opportunity now and get more bags in anticipation for the future profit that's to come when the mainstream media coverage increases.

For everytime bitcoin has been called a scam, it has always proven otherwise. Just recently it has outperformed every other assets after been among one of the most affected after the march market crash that affect all markets due to covid-19.

[palle11]

There are peoples to blame for every innovation like the way they call BTC is used for criminal activities because the transactions can be anonymous and it can go anywhere from top to the bottom.

People want to see safe zone in crypto like banks and even they do lot of scams which people need to understand, wallet hacking, fake BTC exchanges, Ponzi scheme these are core reasons that people calling it as a scam.

When they don't understand things they label it what they like for it and that is also what bitcoin is going through. The features of bitcoin is difficult for bitcoin haters to understand. Ponzi has a more explainable features which is why they embrace it as it is network but they wonder how money will be called a bitcoin too.

[Noctis Connor]

1. Maybe because it's not visible, some people believe in what they can see ,feel and touch ,

Yes it is not visible but people can still learn on how bitcoin is, people are not kind of short minded that to see and to touch is to believe some other's has their bad experience when using bitcoin for example that is when people are investing into a ponzi scheme which promising them to invest and double their money within 30 days or less this kind of scammer are taking advantages to those doesn't have knowledge when it comes to bitcoin that's why some other people they don't believed on bitcoin.

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

.
Well in my country theres one exchanges where you can deposit your bitcoin to let it grow or if you want it to be exchange in a real cash directly into your bank and im still using it until today , that's how reliable we feel safe those income we make from bitcoin, you can't please every bank to accept bitcoin just to show people that bitcoin is really trust worthy to invest their money sometimes you need to teach people on they way they can easily understand bitcoin and other are self explanatory.

[gabbie2010]

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.

In addition to this post the bankrupted and outdated popular ponzi scheme MMM once used bitcoin as a means of deposit and payment unfortunately when the scheme collapsed alot of people opinionated that the scheme and bitcoin are related and used to scam investors thus lack of knowledge about bitcoin discouraged many intending investors in investing in it. its quite very challenging to convince and change the mindset of such investors because of the bad impressions and experiences they encountered while involving in MMM.

[Casdinyard]

A lot of scammers are using bitcoin and crypto to delude other people that's why it is often misinterpreted by others as a scam, where in reality it is not. This has been already a common misconception of people who don't have enough understanding and knowledge about crypto so it's really hard to change that perspective of a lot of people. But even though there's still a lot of people who think that way, it's still good that we are seeing a growth of bitcoin adoption, and this can help to change that vision.

Misconceptions are in line with lack of knowledge. That is why we need to share things that we know to those who are not really aware of the nature of this industry. Indeed, the popularity of this industry is being involved on fraud instances. Adoption I think would really contribute on changing the perspective towards this technology but that won't be enough I think. The best thing is to spread more awareness of this industry in order to avoid having more victims involving illegal activities. If they have the knowledge they won't be easily carried away by unrealistic promises of the bad motives.

[Lucius]

Why do people still think it is scam?

Bitcoin is scam for various reasons, here are just some of the most common ones we read/listen every day.

- it is scam because someone buy 3 days ago, and now value is dropped so how to call that then scam.
- it is scam because someone do not know what is phishing and his account is hacked and emptied.
- it is scam because someone think that you can send x BTC to complete stranger and get double the amount in 5 minutes.
- it is scam because someone is keep their private key/seed online and get hacked that way.

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.

Far from becoming more civilized, we are just more successful at hiding things that are considered uncivilized, or we have simply started to take some things for granted. And as for WB, he doesn't need to be told anything about Bitcoin - he knows very well what it's all about, but the very idea of everything BTC represents is at complete contrast with what he's been doing his whole life.

[Oshosondy]

A lot of scammers are using bitcoin and crypto to delude other people that's why it is often misinterpreted by others as a scam, where in reality it is not. This has been already a common misconception of people who don't have enough understanding and knowledge about crypto so it's really hard to change that perspective of a lot of people. But even though there's still a lot of people who think that way, it's still good that we are seeing a growth of bitcoin adoption, and this can help to change that vision.

People are just ignorant and not knowing what bitcoin is, but like you said, even with this, people are still getting to know about bitcoin and the adoption is becoming more of a reality than before. People will not consider fiats as scam while fiats are more used for criminal purposes than bitcoin. Anything that has value will surely be used for criminal activities but said that more than 99% of bitcoin transactions are not linked to criminal activities. With time, many people will be able to understand how bitcoin is not a scam.

[The Cryptovator]

People who say Bitcoin is a scam means they are not aware of its technology or they are jealous of Bitcoin. We don't know if they are holding Bitcoin or not since it's impossible to determine who is the owner of an address. There would be many opinions when you discover new things, Bitcoin is still new for many peoples who joined late or who hear late. For now, I don't think any opinion would stop Bitcoin. Because more people loving Bitcoin than haters. So, just ignore haters and believe what you are seeing.

[Anyobsss]

People who say Bitcoin is a scam means they are not aware of its technology or they are jealous of Bitcoin. We don't know if they are holding Bitcoin or not since it's impossible to determine who is the owner of an address. There would be many opinions when you discover new things, Bitcoin is still new for many peoples who joined late or who hear late. For now, I don't think any opinion would stop Bitcoin. Because more people loving Bitcoin than haters. So, just ignore haters and believe what you are seeing.

It is basically, fear of the unknown. They are calling bitcoin a fraud and scam because they don't really understand it and they don't even bother to do research and understand it. Only if they know how revolutionizing this technology is and how you can easily make money through this, They will love it.

[imstillthebest]

the longer the year or the more advance we are the more the scams also .

thats why theres always people will say that btc was a scam but i guess the number of it has greatly been reduced and will now be reduced more now that many corporations are now introducing paypal to thier service .

we are now on the 21first century and we are now civilized or modernized in other words , that why there are internet and computers . btc have never been different to them .

[Rexler]

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 .

This year 2020 has really been a remarkable year for bitcoin in the midst of the storm(pandemic) and the financial crisis facing the world at large, some how bitcoin was able to rise so high, it almost broke its ATH record even after dipping to about $4k during the month of March this year, I think the pandemic gave it alot of exposure.

Why do people still think it is scam?

IMO ignorance and ponzi schemes that is everywhere is the main reason why alot people say bitcoin is a scam,most especially the ponzi schemes or should I say crypto doublers, scam platforms that promise to double the crypto of their investors and in the end scammers run away with all the crypto that was invested,the victims become bitter and start calling it a scam.

[ChiBitCTy]

Two main reasons why I believe people think bitcoin is a "scam" or "not the future" is one, they are simply uneducated and don't understand what bitcoin really is or how it actually works.

The other, I think Andreas Antonopoulos says best.. "I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved.  There are critics who criticize this technology primarily based on their world view.   It is politically inconsistent with their world view.  It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is.  “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"

[kryptqnick]

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.
  

The fact that Bitcoin is intangible doens't mean anything. Facebook is intangible, this forum is intangible, and Paypal is also intangible, and yet not of these things are considered a scam. We live in the intangible world to a very large extent, so I don't think it's a big point.
As for #2, I agree with this. And #3 sounds a bit like a conspiracy, but I guess it could be true.
People call Bitcoin a scam in two cases: either they know it's not a scam or genuinely believe it's a scam. In the first case, they are saying it's a scam because it gives them some sort of profit. In the second case, they don't fully understand Bitcoin.

[qwertyup23]

<snip...>

If I were to add on your list OP, generally people associate bitcoin as a scam due to on how the media portrays cryptocurrencies. In addition, there are lots of ponzi schemes that offer ridiculous returns in a short amount of time which further impacts the image of bitcoin as a scam.

People who especially live in third-world countries are not that knowledgeable about bitcoin and they are easily influenced on hearsay about online investment. I remember that there were people talking about bitcoin as a form of a 'pyramid scheme' which is so out of line. I just do hope that the public would exert effort in order to know the potential of cryptocurrencies in the future of payments.

[serjent05]

Trust in bitcoin is also one reason why they see bitcoin as a scam. Bitcoin lives in the internet and most people in our world still doesn't trust/believe anything in the internet specially people who are used to traditional way of investments and finance.

Lack of knowledge ...

We can't say lack of knowledge is one of the reason why people think bitcoin is a scam. I think what is more proper term to use is the lack of ability and will to study more about bitcoin. Most people believes what they read and see everywhere about bitcoin, and most of them are articles, news that are against bitcoin or with bitcoin related scams. People tend to believe fast with these news that's why they see bitcoin as a scam.

Well, if someone is fully aware of what Bitcoin is, then he will definitely understand why it is created and will never think of it as a scam.  Only those who have a shallow understanding of Bitcoin can think that it is a scam.  Their lack of knowledge made them be easily persuaded by people who wanted to exploit them using the term Bitcoin and scam them of their money.  So the major reason why some people think that BTC is a scam is because of their lack of knowledge of BTC.