- Bitcoin is not the reason for scam or increasing rate to financial illicit activities.
Who would scam people for Bitcoin? In the early years, Bitcoin had almost no value and scams were rampant everywhere even before Bitcoin was created there were already millions of victims of this so-called scam.
Scammers are doing their thing for money, not because of Bitcoin. And even during the propagation time of Bitcoin awareness, Bitcoin is only used as a tool to scam people for money but that was their mistake. Bitcoin is too transparent for these scammers to use and hide, reason why there are less and less people who conduct scam using Bitcoin because they can be traced.
- Initially many thoughts bitcoin was an aboard in performing fraud, but later they got to know it's relevance.
Only those who are uninformed about Bitcoin features can think Bitcoin was aboard in performing fraud. But once they get to know what Bitcoin is, this biased thinking is corrected.
- There is a certain level this has been seen that Bitcoin is used, some were illusions while as we understand the facts, we realized also a significant difference on declining rate of bitcoin being used for scam.
In its early years when people are not familiar with Bitcoin, there are lots of Ponz Scheme companies that used Bitcoin as a tool to attract investors and steal their money. In my country alone there are several scam company agents that contacted me, inviting me to invest in ther scheme. I am glad that I already have the knowledge and aware of these scam scheme and declined their offer.
As time passes by, and people are getting aware of the features of Bitcoin and know that it has no central authorities, scam companies that used to take advantage of the naivety of investors are now shunned and avoided.