Bitcoin has been around for 11 years now, with a large ecosystem of exchanges, wallet providers, and apps behind it. There are now many governments recognizing it as legitimate, bringing a large number of investors into it. For just a short amount of time since its inception, I'd say that Bitcoin has achieved extraordinary results. While all of this sounds good, most people still seem to believe that Bitcoin is a scam or not worth their time. For instance, Warren Buffet criticizes Bitcoin telling that it'll become "worthless" over time. It's these negative comments, which make people skeptical about using Bitcoin and cryptocurrencies as serious money for day-to-day payments.
No matter how crypto enthusiasts try to convince people to believe that Bitcoin is legitimate, everything seems to be the same. I'm starting to wonder why most people have this kind of mentality towards Bitcoin? After all, the pioneer cryptocurrency is being traded at legitimate exchanges. Even some governments have been collecting taxes from Bitcoin. But that hasn't changed people's minds about it. What are your thoughts?
People have already mentioned that scam surrounding cryptos can be an issue, and some argue that it's not the case that most people believe Bitcoin is a scam. This is the sort of question that could be answered with reputable sociological polls in place, but unfortunately it's not easy to find them. I've found %20%20[Read-Only].pdf]one by YouGov about the US, but I'm not sure how credible it is. Anyway, according to this research, half of people who've heard of Bitcoin but didn't have any interaction with it don't intend to buy it in the future. And 25% of all respondents believe that Bitcoin is used more for illegal purposes than legal purposes. Apart from that, among all of the respondents only 13% believe that within the next 10 years Bitcoin will be widely accepted as money (and additional 23% believe it'll be "somewhat widely accepted"). If the research is accurate, I'd say it means that at least a very solid amount of people know about Bitcoin (71% of the respondents have heard of BTC btw) but are cautious to use it and don't really believe in its future. And unfortunately, I think people are hesitant about Bitcoin precisely because they're so used to having the authorities decide what's better for them, and these people are not ready for the risks and responsibility that comes with Bitcoin.No matter how crypto enthusiasts try to convince people to believe that Bitcoin is legitimate, everything seems to be the same. I'm starting to wonder why most people have this kind of mentality towards Bitcoin? After all, the pioneer cryptocurrency is being traded at legitimate exchanges. Even some governments have been collecting taxes from Bitcoin. But that hasn't changed people's minds about it. What are your thoughts?