Does the world still see Bitcoin as a scam, or is it just a lack of interest?

[South Park]

This question has been raised several times, and I have noticed that some people conclude that the lack of adoption is due to people not understanding Bitcoin or seeing it as a scam.
But I don't think the world still views Bitcoin as a bad thing today, though I know a lot of you thought that, but it is not the case.

I feel the reason for the low rate of adoption is just because people think it's not for them. Bitcoin has been around for over a decade, and any thought that most people would have had about it being a scam must have faded by now.

snip

Bitcoin is a tool, and like most tools people are only going to use them when they think they need them, we know that fiat currencies are scam and the longer you hold them the more of your wealth you will lose against inflation, but people are simply used to this process already, so we will need for the inflation to become more notorious before people begin to consider other options, and once they begin to consider their options then some assets will be at the top of that list, and we know that one of them will be bitcoin, and when that happens then the adoption will grow at an astonishing rate.

[_BlackStar]

If I am not wrong not even 5% of world population is using Bitcoin is simply because they don't have any idea what Bitcoin is, maybe they heard the name due to the internet adoption boom in the last few years but there is no knowledge about blockchain technology in the basic syllabus of school and some old rich people throw bad comments on Bitcoin so people are afraid of buying Bitcoin.

But the adoption rate is actually lot faster than other monetary system and FYI it's just a decade old new system is fighting against all the governments, traditional assets, centuries old paper currency system etc so considering all these we are sitting at pretty good adoption rate.

The time will come for bitcoin to gain more usage exposure among the public if governments agree to legalize its use cases as legal currency. Not now, but maybe in the future.

But anyways, I think the assumption about bitcoin scams has been discredited by most people because they are sufficiently educated about legitimate investing. Bitcoin has been adopted as legal tender and currency in several countries, also bitcoin has been legalized as a commodity asset with government approval so assumptions about bitcoin fraud shouldn't affect bitcoin's future too much. Interest has increased especially when most people started to realize that bitcoin is a profitable investment asset instead of keeping fiat in the bank. So should the interest of users and investors every day has increased for bitcoin.

[darkangel11]

It's a mix of things, but all of them can be overcome in time.
If you ask yourself what is slowing down bitcoin at the moment, one of the answers will be the old generation that thinks they don't need bitcoin because they've been living in the fiat world for 70 or 80 years and that's all they know. Some of these old people don't use the Internet and don't even own a computer. These people will in time disappear and their places will be taken by current 40 or 50 year olds who grew up using computers and being familiar with bitcoin.

Another thing that stops bitcoin's expansion is low Internet penetration. Large part of the world has no access to the Internet and without it you can't expect people to use bitcoin. This is again going to change in the next 10 years.

Keep calm and make sure you have some bitcoins  

[Sanitough]

You yourself has just stated that the reason people see bitcoin as a scam is because they don’t have knowledge about it, and that is the only answer to it. People have always seen in the past that every investment associated with the internet most especially if it promises a return it is usually a Ponzi scheme, so when bitcoin came up they all had same narrative towards it.

But as bitcoin continue to persist and proves all doubters wrong we can see that the adoption rate is fast growing. Concerning it risk, this is just a thing spread to discourage people from it vex there is no investment without although it is greater in some investments but the higher the risk the more return it could also generate so it is vice versa. As for those looking not to invest they can just buy and hold as it is better than fiat currency because of his advantage to hedge against inflation

I believe it’s a clear manifestation that people have less knowledge about bitcoin or no knowledge at all, because they chose to trust fiat and invest using fiat, than to use bitcoin as a currency and as an investment believing that it’s not valuable after all. But not all people have the same mindset and those who know bitcoin well are only those who can be successful as well. However, if there is proper education on bitcoin which I think the whole world lacks, then it will possibly change the negative concepts of the people. But knowing the government is the number 1 enemy of bitcoin, they will always control the people not to trust bitcoin.

[DiMarxist]

But if you look at it, Bitcoin is a very risky business; if you invest money, there are two possibilities: it will either yield profits or losses. Many people today are not fans of investment, not to mention buying assets that heavily fluctuate in price. Because they don't know the value of Bitcoin, and some are afraid because some other investment in online is fake, faded and scam, so many people take Bitcoin as a scam. But I think the assumption about bitcoin scams has been discredited by most people because they are sufficiently educated about legitimate investing.

[humanvelocity]

For Bitcoin to be accepted widely in world scale will easily take another 10+ easily if that’s what the goal is, Because one of most important key factors for anything like this would be educating people about it and been spoken about in our day to day life. Unfortunately due to no support from the government this whole bitcoin acceptance by the general people is very controlled if that makes sense. Anyone who doesn’t have a decent amount of knowledge about technology will never invest or own a single cent of any cryptocurrency.

[knowngunman]

Bitcoin is a tool, and like most tools people are only going to use them when they think they need them, we know that fiat currencies are scam and the longer you hold them the more of your wealth you will lose against inflation, but people are simply used to this process already, so we will need for the inflation to become more notorious before people begin to consider other options, and once they begin to consider their options then some assets will be at the top of that list, and we know that one of them will be bitcoin, and when that happens then the adoption will grow at an astonishing rate.

I beg to differ with your opinion on fiat currency. Fiat currency are not completely scam and you know they are their own part of role in every economy. Despite it's vulnerability to inflation, fiat currency can not be absolutely do away with. There was fiat before the Bitcoin and the duo can not be separated. You need fiat to get the Bitcoin and but you don't actually need to Bitcoin to get the fiat.

[Russlenat]

I would say both. People will never stop from doing so unless they will be educated properly on what is bitcoin and how it works for us. That’s why a lot of people have no interest for bitcoin, whether it’s trading or simply investing because they fail to see the potentials of bitcoin in the first place  as a highly valuable and profitable one. And I think if they solely rely on the government to educate them, that will never happen. They should do it on their own  if they really want to learn and experience bitcoin.

[serjent05]

There are still prominent people that see Bitcoin as a scam or a bubble, one example is Warren Buffet.  In previous years many countries are skeptical about Bitcoin and most of them think that Bitcoin will do more harm than good but little by little these countries are seeing Bitcoin in a new light.  Even making Bitcoin as mode of payment and thinking of taxing it to benefit from the industry.

I would say both. People will never stop from doing so unless they will be educated properly on what is bitcoin and how it works for us. That’s why a lot of people have no interest for bitcoin, whether it’s trading or simply investing because they fail to see the potentials of bitcoin in the first place  as a highly valuable and profitable one. And I think if they solely rely on the government to educate them, that will never happen. They should do it on their own  if they really want to learn and experience bitcoin.

Sometimes people belief is hard to change, so I think it is better to look for the right audience and educate them  It will make the work much easier then let this unbeliever to see the glory of Bitcoin and make them change themselves.

[Obari]

Well illiteracy is another contributing  factor to poor adoption  of bitcoin  in some area and there are also some several  factors that contribute  to this such as poor electricity and the rest of them.
I wouldn't  be surprised  if people still think of bitcoin  as a scam because of its very high volatile  nature and bitcoin  can easily  been called a scam especially  by a newbie investor who suddenly  makes loss in bitcoin  and panic  sell out of fear.
One of the ways to help fight against  this is proper awareness  and enlightening of our neighboring community  and I believe  this will help increase the basic knowledge  of crypto  in our grassroots.

[Yatsan]

This question has been raised several times, and I have noticed that some people conclude that the lack of adoption is due to people not understanding Bitcoin or seeing it as a scam.
But I don't think the world still views Bitcoin as a bad thing today, though I know a lot of you thought that, but it is not the case.

I feel the reason for the low rate of adoption is just because people think it's not for them. Bitcoin has been around for over a decade, and any thought that most people would have had about it being a scam must have faded by now.

But at the same time, if you look at it, Bitcoin is a risky business; if you invest money, there are two possibilities: it will either yield profits or losses. Many people today are not fans of investment, not to mention buying assets that heavily fluctuate in price. They would choose to save money earned from hard work, and a few might invest in low-risk markets, even though inflation is still eating them up.

So it would be hard for them to consider holding Bitcoin to use it daily.
Nevertheless, the community is still growing bigger 💗, and people's interest in Bitcoin and cryptocurrency keeps growing.

No longer scam I guess; this technology has proven itself already. However, not all people would be interested investing in a too volatile asset no matter how high the profit potential is, and that is absolutely okay. With regards to adoption, I'd say it became slower than before but that is just fine as well. Even in this forum, for sure most of us are using cryptocurrency not as a mode of payment but as an investment to make use of the volatile market prices.Over the years, the market value have been increasing and falling. And if you are an investor who is here because of the hype and not because you know what you are trying to deal with, the cycle would continue. This kind of investment is not for everyone.

[Raflesia]

This question has been raised several times, and I have noticed that some people conclude that the lack of adoption is due to people not understanding Bitcoin or seeing it as a scam.
But I don't think the world still views Bitcoin as a bad thing today, though I know a lot of you thought that, but it is not the case.

For now, if you look at some of the conditions where they don't believe in bitcoin, it's because they don't try to find out more and only hear a few words from the media, of course there are a lot of corners in this matter.
On the other hand, bitcoin, even though it has been more than a decade, is still something very new if you look at the long term, so it is quite natural that many people do not recognize this, considering that the stage in their development is still ongoing.
By looking at the current prospects, it can actually be said to be good because regardless of anything, the longer the development, the bigger it is and I don't think there is a problem with that because it's only about time that everything can be answered.

[Distinctin]

Both. People are not yet ready to adopt bitcoin completely because they still fall on the misconceptions about bitcoin. The fact that they believe it’s a source of scams, that alone hinder themselves from learning into bitcoin. And I think the reason all of this is because they are not getting proper education for bitcoin, and they have not met some people to do that for them. Because if there would be good Samaritans who will likely to help these innocent individuals so they can learn and start embracing what’s bitcoin can offer them, I guess it will be very possible that they will develop the eagerness to learn more about bitcoin.

[JoyMarsha]

But at the same time, if you look at it, Bitcoin is a risky business; if you invest money, there are two possibilities: it will either yield profits or losses. Many people today are not fans of investment, not to mention buying assets that heavily fluctuate in price. They would choose to save money earned from hard work, and a few might invest in low-risk markets, even though inflation is still eating them up.

I will never forget this saying that goes like this ''You will only lose in bitcoin if you choose to sell below-invested money'' Ever since I learned about that word, it keeps ringing through my ears all time that I can't lose my bitcoin investment if am patient and ready to hodl bitcoin for long. If many crypto investors would adopt this kind of mindset that bitcoin will rise when hodl for long, there won't be many complaints of loss of investments in bitcoin.

Many human beings fail to understand that nobody gets rich by saving money alone. To be rich and successful in life, someone gats to take the risk through investment tools like bitcoin or real estate, etc

[sokani]

But if you look at it, Bitcoin is a very risky business; if you invest money, there are two possibilities: it will either yield profits or losses. Many people today are not fans of investment, not to mention buying assets that heavily fluctuate in price. Because they don't know the value of Bitcoin, and some are afraid because some other investment in online is fake, faded and scam, so many people take Bitcoin as a scam. But I think the assumption about bitcoin scams has been discredited by most people because they are sufficiently educated about legitimate investing.

It's the same thing about every business investment you either make profit or you lose. I think why people see bitcoin as a scam is because of the sad stories of their investment or other person's crypto investment that went wrong and the misconception that's been spread by government to discredit Bitcoin. But with proper knowledge about bitcoin, the market condition - when to buy, hodl and sell, a smart investor will definitely make profit.

[SatoPrincess]

Scammers have given bitcoin a bad name, and the media emphasize on the crypto scams, fall of crypto exchanges and the use of bitcoin in illicit activities and darknet. People do not have sufficient knowledge to discern for themselves if bitcoin is real or not, there is a lot of misinformation on the internet and some people depend on crypto influencers and crypto experts for information, which I think is a big part of the problem.

[southerngentuk]

Some individuals may view Bitcoin as a scam due to their lack of understanding of the risks associated with investing in high-risk assets. Education and awareness-raising about the potential benefits and risks of Bitcoin can help dispel these misconceptions and help individuals make informed decisions about whether to invest in it or not.

Bitcoin has influenced many other sectors, including finance, technology, and even environmental sustainability, which makes it a potentially valuable asset for those who believe in its long-term potential. However, it is important to acknowledge that Bitcoin and other cryptocurrencies are still in a relatively early stage of development and that their future is uncertain.

[hatshepsut93]

That's what I see too - sites and blogs about economics, business and investing are talking about crypto as a viable option, simply mentioning that it is risky. Organizations and individuals accept it as donations. Those who think it's a scam are just a loud minority.

But at the same time, if you look at it, Bitcoin is a risky business; if you invest money, there are two possibilities: it will either yield profits or losses. Many people today are not fans of investment, not to mention buying assets that heavily fluctuate in price. They would choose to save money earned from hard work, and a few might invest in low-risk markets, even though inflation is still eating them up.

Investment is a privilege that the poor can't afford, so no one should be surprised that most people are not interested in Bitcoin - they just can't afford the risk.

A good strategy to promote more Bitcoin adoption would be telling people that they can and should invest small sums to be less exposed to the risk.

[crunck]

Why don't you think that the people who call bitcoin a scam are the people who hate bitcoin? They hate it because they missed it and want people to stop investing in it. I don't think they lack knowledge about it. Bitcoin has proven that it is made to last, but people still do not believe in it because they are jealous and envious of its unbelievable growth rate.

[Darker45]

There is more than one reason, of course. There's a number. One may be that they don't understand Bitcoin, or perhaps misunderstood it. Another would be that they haven't even heard of it. Another is that it is perceived as a scam or a form of an illegal or underground currency. Some others might also perceive Bitcoin as a risky investment option that could crumble any moment. Or perhaps some others don't really find any use of Bitcoin in their lives. So there's lack of education, understanding, interest. Many are passive about Bitcoin. But a day might come when they will somehow get compelled to confront Bitcoin face to face.