Crypto Is a Scam

[SamReomo]

Bitcoin is indeed the first cryptocurrency and it's the king of the market and we can't say that it isn't a cryptocurrency because it's the first one and we'll always call it as a cryptocurrency.

However, since rest of the coins that we have in the market are also cryptocurrency that's why OP you're trying to say that Bitcoin isn't a cryptocurrency.

Any currency that uses cryptography can be called as cryptocurrency and Bitcoin uses cryptographic proof which's mentioned in its white paper.

I agree that the rest of the coins aren't comparable to Bitcoin because it was an original idea while other coins came after it but still we can't ignore the fact that Bitcoin uses cryptography and that's why we can call it a cryptocurrency.

[KiaKia]

Bitcoin is not currency. Bitcoin is money. Currency and money are not the same thing.

Bitcoin has nothing to do with crypto and crypto industry  Crypto is mostly a complete scam.

Your observations are true because many people have been scammed into believing that they are buying Bitcoin while it is shitcoins. This is why it is important to always distinguish between Bitcoin and altcoins. However, Bitcoin is part of the classification of money called cryptocurrency. Bitcoin is the main crypto, which is why other coins are called altcoins. Newbies should know that Bitcoin doesn't have duplicates, so anyone who is presenting anything similar to it is a scammer.

If there is a definition for something that's the king of all stupid people this is it, because who have ever buy an altcoin believing that it's still bitcoin? Fantastic! I have never heard about this before, cos if I did I would crown that person as the king of stupid people.

Normally every altcoins have their name, there's is no other coins that's named Bitcoin except Bitcoin, those who have a name with Bitcoin in it always add something up, like Bitcoin cash, Bitcoin white and so on, they are not Bitcoin and that's why price isn't the same either.

I was a newbie once too, and I've never believe that another coin is Bitcoin too, what I did wrong was looking for something else that can be as successful as bitcoin too.

[uchegod-21]

The problem here isn't about whether bitcoin is a cryptocurrency or not, the problem is in how some newbies and those yet to understand crypto assume that cryptocurrency is one and all forms of coins are thesame. I understand why op is stressing that bitcoin is different from crypto even though I don't quire agree that bitcoin is not a cryptocurrency. But, if this belief that bitcoin is different from cryptocurrency will make newbies stop investing in every shitcoin they are introduced to, then it is fine; Bitcoin is not crypto.

[Churchillvv]

Conceptualization is the difference but in terms of definition it’s all cryptocurrencies but concept of bitcoin makes it differ from all, it’s like a separate leaves that lays on top of all other leaves and however for other cryptocurrencies to excel they have to mention the cover leaf to attract people, bitcoin is the cryptocurrency that crypto is made from so the term crypto is used for altcoins this days so you can’t put them together that’s the laws or rules we have created for ourselves.

[ColdLava40]

Crypto founders take advantage of beginners who do not fully understand what Bitcoin really is or how it works. They use that lack of knowledge to create their own shitcoins and promote them as “better Bitcoin,” “faster Bitcoin,” “more private Bitcoin,“Bitcoin that transfers fiat coins”” or “Bitcoin with smart contracts.”

I'd rather say crypto developers. Much better.

It's same process over again. New coins comes into the space and promise to give us heaven and earth all in one. A better technology than whats already in existence.

My problem is how most of them do try to compare their Altcoins to Bitcoin and claim to have better features than Bitcoin. It's unbelievable and I know only new investor will call for such.

Once it starts sounding too clean it will turn out to be a rug pull. They just need to get enough investors in then pull the plug and make profits. It's better to be smart and avoid such coins.

[Franklyn-wood]

Crypto founders take advantage of beginners who do not fully understand what Bitcoin really is or how it works. They use that lack of knowledge to create their own shitcoins and promote them as “better Bitcoin,” “faster Bitcoin,” “more private Bitcoin,“Bitcoin that transfers fiat coins”” or “Bitcoin with smart contracts.”

I'd rather say crypto developers. Much better.

It's same process over again. New coins comes into the space and promise to give us heaven and earth all in one. A better technology than whats already in existence.

My problem is how most of them do try to compare their Altcoins to Bitcoin and claim to have better features than Bitcoin. It's unbelievable and I know only new investor will call for such.

Once it starts sounding too clean it will turn out to be a rug pull. They just need to get enough investors in then pull the plug and make profits. It's better to be smart and avoid such coins.

That's true, I was a victim of this some years ago and I wished I have know all this before becoming a pray in the hands of this kind of kind of opportunist who uses people's ignorance to extort them of there hard earned money to live a better life .
With my experience today and the help of other forum members, I have been able to get and know which is which bit halt coin and Bitcoin, and what they both have to offer to all who accepts to patronize them.

[Shaponzy]

Every beginner should read this carefully. If you do not understand the difference between Bitcoin and crypto, there is a high chance you will lose money.Crypto is mostly a scam.

Crypto founders take advantage of beginners who do not fully understand what Bitcoin really is or how it works. They use that lack of knowledge to create their own shitcoins and promote them as “better Bitcoin,” “faster Bitcoin,” “more private Bitcoin,“Bitcoin that transfers fiat coins”” or “Bitcoin with smart contracts.”

The scam is usually very simple. Crypto founders create a new token, keep a huge part of the supply for themselves, their company, or their foundation, and then sell the story to beginners who do not yet understand what Bitcoin really is or why it matters.

Some of the biggest scams in crypto . XRP created the full 100 billion XRP supply from the beginning, with 80 billion XRP given to the company behind it. Ethereum also started with a large premine, where roughly 72 million ETH was distributed at genesis, including more than 60 million ETH sold through the ICO and around 12 million ETH allocated to the foundation and early contributors.

Bitcoin is not crypto. Crypto is an industry built around tokens, founders, marketing, and insider allocations. Bitcoin is a decentralized form of money with fixed supply, proof-of-work, and no central authority. Calling Bitcoin “crypto” only helps shitcoin promoters confuse beginners and make their projects look more legitimate than they really are.

Thanks for this updates, but from my understanding cryptocurrency is general terms for all the coins, so Bitcoin is also a cryptocurrency. Nut when it comes to specifications you can say Bitcoin. So we still have so.e examples of cryptocurrencies like ETH that's  ethereum, stablecoin such as ( USDT, USD andDAI) aside these we still have other coins like XRP,Solana, BNB. Nevertheless Bitcoin is just the first dugital currency used as a digital gold and a store of value.

[Zaguru12]

Bitcoin is not currency. Bitcoin is money. Currency and money are not the same thing.

Bitcoin has nothing to do with crypto and crypto industry  Crypto is mostly a complete scam.

Yes I agree with this, instead of actually agree that bitcoin is not currency directly but rather bitcoin is money which is been used a commodity or medium of exchange and also a store of value which is an asset.

As for bitcoin has nothing to do with crypto, I disagree if the crypto word is from the word cryptography because this the part on which bitcoin network is built upon.

But if been used in same sentence as the cryptocurrencies (altcoins) I will definitely agree with your that bitcoin isn’t on that category with them and shouldn’t be associated with that

[Makus]

Bitcoin is a crypto currency whether we like it or not, it is common knowledge but what distinguishes it from other crypto coins is the fact that people don't manipulate it and it's not like altcoins that has a lot of scam projects. If I am to put this correctly I would say that most crypto coins especially recent projects are a scam. There are still some altcoins that do well even though even though they are highly volatile compared to Bitcoin. most beginners get scammed because they just want to invest in something that can give them quick profits.

[m2017]

Some of the biggest scams in crypto . XRP created the full 100 billion XRP supply from the beginning, with 80 billion XRP given to the company behind it. Ethereum also started with a large premine, where roughly 72 million ETH was distributed at genesis, including more than 60 million ETH sold through the ICO and around 12 million ETH allocated to the foundation and early contributors.

Well, these "scam" projects are still operating, and in the case of ETH, they sell for quite a lot of money, have a large market capitalization and user base, not to mention any real-world application or benefits for users.

So, do you consider a pre-issuance a sign of a scam?

Bitcoin is a decentralized form of money with fixed supply, proof-of-work, and no central authority.

A form of money that is rarely used and is more often used as a form of speculation (short-term, as expressed in trading, and long-term, as expressed in investing). Perhaps it would be better to call it a form of financial instruments or assets, but certainly not money. The form of money with bitcoin can be considered a historical past in its early stages.

[ndutndut]

Bitcoin is a crypto currency whether we like it or not, it is common knowledge but what distinguishes it from other crypto coins is the fact that people don't manipulate it and it's not like altcoins that has a lot of scam projects. If I am to put this correctly I would say that most crypto coins especially recent projects are a scam. There are still some altcoins that do well even though even though they are highly volatile compared to Bitcoin. most beginners get scammed because they just want to invest in something that can give them quick profits.

It's undeniable that many people still consider crypto a scam for at least two reasons ignorance, perhaps because they've only heard about rug pulls, exit scams or the FTX and Luna cases leading them to assume all crypto is the same. The reality is very different there are indeed many scammers in the crypto world, especially since it's easy to create fake projects with impressive websites, marketing hype and celebrity endorsements.

However, blockchain technology itself is not a scam. Moreover, projects like Bitcoin, Ethereum and several others have proven to be sustainable for more than a decade. Essentially many people lose money in crypto not because it's a scam, but because they enter without knowledge.

[JoyMarsha]

Bitcoin is not currency. Bitcoin is money. Currency and money are not the same thing.

Bitcoin has nothing to do with crypto and crypto industry  Crypto is mostly a complete scam.

All coins in the crypto space which Bitcoin falls among are classified as cryptocurrency, which simply means digital money or currency. Knowing this, what crypto means and what it stand for, will stop this drag of Bitcoin being crypto or not.

I can't write off Bitcoin to be cryptocurrency(digital currency) just because other coins are mostly scams and centralized, and I know Bitcoin to be the king of all crypto, it is decentralized and widely accepted and trust by millions of people. That's a whole of difference on its own

[Floxynice]

Bitcoin is Bitcoin. bitcoin is a cryptocurrency, and Bitcoin is different from altcoins. I understand OP's frustration about people thinking that every other crypto is the same as Bitcoin. But saying Bitcoin is not crypto is misleading. It should rather be that Bitcoin is not an altcoin.

The responsibility lies with investors to choose wisely what they are investing in. Newbies should not be quick to invest in anything that promises them good returns. Some people have been lucky investing in altcoins, while others have been very unlucky. However, I will advise newbies to go for Bitcoin because it is more guaranteed than the rest. Not all coins are worth investing in.

[Issa56]

I'd rather say crypto developers. Much better.

It's same process over again. New coins comes into the space and promise to give us heaven and earth all in one. A better technology than whats already in existence.

That’s what they use to brainwash people, and most people are just so desperate to make urgent money, and all this new coins do promise them that, just to lure people to invest in their coin, which at the end they just going to run away with people’s money. Most of the projects we see in crypto space now are just scam, people will create coin, they going to spend some to promote the coin, after getting attention which they want, then they going to dump on people that invested in the coin.

My problem is how most of them do try to compare their Altcoins to Bitcoin and claim to have better features than Bitcoin. It's unbelievable and I know only new investor will call for such.

Immediately I see a coin, and they claim to be better than bitcoin, then I do ignore them because I know they not serious, i don’t think a real coin will even compare themselves with bitcoin, just come up with something different, and don’t compare yourself with bitcoin, because I know their is no coin that can be compared with bitcoin.

[Umulala-alala]

Generally they are called cryptocurrency with different coins that made it up but among all the coin BTC is the most trusted and reliable to invest on while i see other coin as a pump and dump coin and anyone investing in these coin should be ready to loss his money because he can wake up one day to see his investment crashed down to nothing that's why some time when making emphasis we should be more specific, using cryptocurrency may not give us the main picture because we have several coin that made it up so instead of using crypto you can either say shitcoins, altcoin or bitcoin to get a better understanding of it.

[Crytohillss]

The problem here isn't about whether bitcoin is a cryptocurrency or not, the problem is in how some newbies and those yet to understand crypto assume that cryptocurrency is one and all forms of coins are thesame. I understand why op is stressing that bitcoin is different from crypto even though I don't quire agree that bitcoin is not a cryptocurrency. But, if this belief that bitcoin is different from cryptocurrency will make newbies stop investing in every shitcoin they are introduced to, then it is fine; Bitcoin is not crypto.

Technically Bitcoin is still a cryptocurrency  but in reality it has separates itself from The rest of the Market over the period, most new investors enter crytop thinking every coins has the same value prepositions as Bitcoin and that's were the issue begins Bitcoin was introduced to solve a real financial issues while many altcoins Today are driven more by hype , quick profits promises or trend so when individuals said Bitcoin is not crytop I see it more as a way of distinguishing Bitcoin from the millions of law quality.