Topic: Does the world still see Bitcoin as a scam, or is it just a lack of interest? - page 3. (Read 559 times)
May 05, 2023, 04:59:44 PM
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.
May 05, 2023, 04:53:51 PM
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.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.
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.
May 05, 2023, 04:53:40 PM
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. 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.
May 05, 2023, 04:48:01 PM
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.
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.
May 05, 2023, 04:39:47 PM
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.
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.
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.
May 05, 2023, 04:27:27 PM
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.
May 05, 2023, 04:10:48 PM
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. May 05, 2023, 03:50:00 PM
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.
May 05, 2023, 03:41:59 PM
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.
May 05, 2023, 03:34:04 PM
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. 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
May 05, 2023, 03:30:17 PM
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
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
May 05, 2023, 03:10:06 PM
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 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.
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.
May 05, 2023, 03:09:27 PM
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. 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
May 05, 2023, 03:08:06 PM
Definitely people who question about Bitcoin on Quora will see bitcoin as a scam as it's filled all over the platform, how people got scammed and lost money trying to invest into Bitcoin. Aside that such readers may not bother about venturing into the currency to understand it better, what they see is what they know, so such individuals will call Bitcoin a scam project. However, we all know that they is more to Bitcoin than just seeing it the way people paint it on the internet. Many people made and are still making a fortune through Bitcoin. I think more positive answers about Bitcoin should be circulating on the internet to help newbies stop staying scared.
May 05, 2023, 03:02:39 PM
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.
Dear op, you raised a great point as all the other OPs had made by creating similar topics. Even i started a topic by the name of Does People Really Care About Decentralization? which somehow has the same context as yours. So, the point is, there are many reasons behind less adoption of BTC. Such as;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.
- Less or no education
- Misguided by scammers and newbies
- Stagnant mindset of a person who does not intend to think outside the box
- Religious beliefs as in my religion, many people consider it haram. (Not fair)--> This is the first factor among others that caused less adoption of BTC among my community and AFAIK it's not.
These are some of the main factors in my area which i have observed. How can we overcome it, Only one answer is by guiding them and by educating them. Other than that showing them every stat so that they can decide for themselves.
May 05, 2023, 02:59:16 PM
When classifying scam, I don't think bitcoin is a scam rather it's a lack of understanding or reading broadly to get the required knowledge. Altcoin most times have the ability to swipe investors investment due to the trust and reliability they may seems to have on that coin, maybe people are being scammed today because they are looking for a fast yielding investment that could likely give double of their investment by making the wrong choice of choosing altcoin instead of the mother coin being bitcoin.
May 05, 2023, 02:58:26 PM
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.
You mistake the change of a couple people's minds as a representative of the collective opinion of the people regarding bitcoin. A good portion of the critics still see it as a ponzi scheme, and well, of course there's a good portion of the population still quite ignorant about bitcoin's utilities and its benefits.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.
I would not say the world sees it as a scam and neither would I say that it is a lack of interest but rather, I would say many people who have heard about bitcoin and are not indicating interest are just sceptical about it maybe due to their experience in the past with Ponzi, scams etc which made them to not put much interest but observing as events unfold it self.
I believe we all know that advertising is a key tool in getting a commodity to the consumers. If bitcoin is properly advertised im the sense that people are taught or told about bitcoin, I believe that Idea of seeing it as a scam would be dropped and people tend to take part in such activities when they see someone close or related to them doing it. That arouses their interest to learning and knowing more about it.
You just debunked your own argument. The people are skeptical of bitcoin's legitimacy? Well because they still think it's a scam. There's just no other reason behind it. I believe we all know that advertising is a key tool in getting a commodity to the consumers. If bitcoin is properly advertised im the sense that people are taught or told about bitcoin, I believe that Idea of seeing it as a scam would be dropped and people tend to take part in such activities when they see someone close or related to them doing it. That arouses their interest to learning and knowing more about it.
Advertising bitcoin isn't enough. Proper education as well as word of mouth is what's going to expedite this adoption, nothing else. The more you artificially swoon people to choose bitcoin, the more they'd see it as a scam.
May 05, 2023, 02:55:07 PM
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.
My take on this is that the word no longer says bitcoin as a scam, it is just a simple lack of interest. And this stems from the fact that people have not actually taken their time to understand what Bitcoin and the Bitcoin ecosystem is all about personally I believe that most people are just too lazy to do their own research. They would rather go with the public verdict than their own opinion. This has led to them not being able to buy Bitcoin, store Bitcoin and even make simple payments with Bitcoin. 
May 05, 2023, 02:54:14 PM
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.
It's unlikely that this is the case today, as Bitcoin has been around for over a decade, and negative perceptions have mostly dissipated. Rather, the low adoption rates may reflect a general hesitation towards a risky investment, especially one with such high market volatility. People may be more inclined to save their money or invest in low-risk markets, despite inflation. 
May 05, 2023, 02:49:31 PM
There are some individuals who may hold the belief that Bitcoin is a scam, but this is not necessarily their fault. Rather, it is likely due to a lack of understanding about Bitcoin and its workings. After all, how could a cryptocurrency, particularly one that is referred to as the "mother coin", be a scam? It's important to consider the definition of a scam and those who are not currently assigning value to Bitcoin may come to regret this in the future, regardless of their wealth. Rather than attributing this to low adoption, it may be more accurate to say that there is simply a lack of awareness surrounding the potential of Bitcoin and how it operates.
And one thing about human being is the inability to change their initial concept or perception about an idea or technology.
It is better they have not been taught anything about any rising technology.
But if they are being taught the wrong thing, the ability to eradicate the wrong idea and incorporate the correct idea is so difficult for humanity to adapt.
Once the sense of scam has been giving them about Bitcoin, so many of them still carry it in their head.
But it is not their fault. There are so many scammers who hide behind Bitcoin to perpetrate their evil. Then Bitcoin is decentralized such that the bad players always find a way to escape using Bitcoin and its subsidiaries.
This is the reason why Bitcoin is always seen as the bad player, especially by the government, who is looking for every possible means to centralize the whole world.
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