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Why is Bitcoin still seen like a scam?

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We can have Internet, virtual reality, online shopping – We can be as advanced as we want, but some of us will still see Bitcoin as a scam. That’s inevitable.

Even Mike Shedlock, from the website The Market Oracle, used to agree with this idea, until he talked with Geoff Turk, from GoldMoney. According to the specialist, “scam” isn’t the right word to define Bitcoin. After researching Bitcoins, he says he hasn’t found “anything scam-like about them”.

However, “price volatility is another matter, and that is a result of an increasing demand for a relatively scarce resource”.

George Turk adds that “there may be individuals attempting to manipulate the price in some way, which we know is possible in any small or even not-so-small market”. He also says that “Bitcoin protocol itself is quite sound, and it creates an interesting hybrid of a commodity without corporeal existence that is nonetheless limited in supply”.

So, scam is not the exact word to define this digital currency with an extremely volatile value. But, anyway, users still have to be careful about the places where they invest their Bitcoins.


Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

View all Posts by Maria Santos

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