When the Bitcoin developer released Bitcoins many people said that it is big scam. There were many accusations made against the digital currency. In its early stage Bitcoin was frequently attacked by Governments and for example China banned banks to trade Bitcoin in 2012-2013.
The base for these claims were of non physical existence of the currency. Imagine paying $100 for something that you can't see or touch. People accused Satoshi Nakamato for stealing their fiat money for something that is non existence. However Nakamato kept on mining his Bitcoins.
The accusations against Bitcoin paced in 2012 when it formed a huge bubble rushing to $1200 but came crashing back again at $200 due the famous Mt.Gox exchange crash. At that moment Bitcoin made headlines as the most risky investment and many other types of accusations. During those years Bitcoin was only thought to be used for illegal activities and in darkweb. People used to stay away from Bitcoin due to its used in Ponzi schemes.
This article was published in Forbes back in 2013.
After going through many accusations Bitcoin finally made a come at the end of 2016. So if we see only a handful people cared about Bitcoin between 2009-2015. The accusations around Bitcoin being a scam or being illegal perish and now Bitcoin has turned into a future. A next era financial system. You can imagine by the article on Forbes how much people despised Bitcoins in its early stage.
The base for these claims were of non physical existence of the currency. Imagine paying $100 for something that you can't see or touch. People accused Satoshi Nakamato for stealing their fiat money for something that is non existence. However Nakamato kept on mining his Bitcoins.
The accusations against Bitcoin paced in 2012 when it formed a huge bubble rushing to $1200 but came crashing back again at $200 due the famous Mt.Gox exchange crash. At that moment Bitcoin made headlines as the most risky investment and many other types of accusations. During those years Bitcoin was only thought to be used for illegal activities and in darkweb. People used to stay away from Bitcoin due to its used in Ponzi schemes.
This article was published in Forbes back in 2013.
Below is screen capture from debate.org where 47% people said Bitcoin is a scam
Bitcoin price started to soar at end of 2016 due to its mass adoption by China and India. One of the two big economies. By that time Bitcoin was only traded around $700-$900. However, due to global massive adoption and use Bitcoin has paved the way for a new form payment.
A system where everyone is control of their money. After clearing itself from accusations and going mainstream Bitcoin has finally established itself as a promising future investment subject to global stability.
When it started I thought to myself that is a scam and I didn't even look at it. Oh I wish I would invest back then, even a small amount would be worth millions by now.