Complaints about bitcoin drop 66% in 2020

70 companies registered in the Reclame HERE were contemplated. This year there was a reduction of more than 60% in the volume of complaints.

2020 was the year in which Bitcoin reached its highest value, being traded for $ 24 thousand, a price never seen in the history of digital currency .

Cryptomoeda won the spotlight of several major sites, being the asset with the highest value of the year. Despite the growing interest in the digital asset, Bitcoin-related complaints fell in 2020.
According to a survey of the Complaint HERE made for Livecoins, the number of Bitcoin-related complaints fell by 66% this year compared to 2019.
According to the data, 10,068 complaints were registered on the website this year, already in 2019, the number was 29,895. A decrease of 66.32%.

  • 2016 219
  • 2017 7.742
  • 2018 4.747
  • 2019 29.895
  • 2020* 10.068*

Many pyramids with Bitcoin in 2018 and 2019

In 2020, Bitcoin’s rise was motivated by institutional investors, unlike 2017, which was motivated by retail investors. After Bitcoin hit a record price in 2017, many companies emerged to try to get a share of the market, with the interest for the „novelty“, the financial pyramids and coups also emerged.

Thus, 2018 and 2019 were marked by people who believed they were investing in Bitcoin, but in fact were investing in pyramids, what followed was a rain of complaints and lawsuits.

In 2020, however, the market is more mature, according to the Complaint HERE, there was a „cleaning in the market.

„In 2020, Complaint HERE notes that the drop in the volume of complaints about bitcoins compared to 2019 was due to a cleaning up of the market. In 2018 and 2019 there was a peak of novelty in this financial transaction and with it appeared the peaks of blows given by some companies. But in 2020 this race for bitcoins was not repeated. The race in 2020 was to invest in the stock market,“ said the company in a statement sent to Livecoins.

In 2020 there were two months that had more than 1500 complaints, curiously were the months that Bitcoin began to recover from the 50% drop in March. From July, however, the complaints have diminished and returned to an average of 600 complaints per month.

More mature market

The main reason for complaints is related to delays in looting, either because the user complains that the transaction is taking too long, or simply because some company stopped paying (which is still common).

The other reasons are related to the support of the brokers, that sometimes take time to solve some problems of the customers, the market of cryptomoedas is fast, and any second can make difference, therefore, if a user has difficulty to access his account, this can mean loss, either to sell an asset at the right time, or buy another that could go up.

Among the main complaints are:

  • Withdrawal
  • Strike
    Cancel account

Most of the items are related to the support of the companies, while Withdrawal and Deposit are related to the efficiency and seriousness of each platform.

For Reclame HERE, the companies that are still left in the market are solving customers‘ problems, with a 90% solution rate. According to the analysis, several companies that had many complaints in 2018 no longer exist.

„The analysis made of the data from the site Reclame HERE and the market behavior indicates that the high value of bitcoin in 2020 did not translate into the interest of search on the subject in general. In addition, in 2020, the rate of resolution of complaints assessed on the platform is high, up to 90%, and many companies that existed in 2018, for example, no longer exist“.

As can be seen, the market trend is to mature, eliminating companies that provide poor quality service to their customers, and also those that only appear to harm investors.

„It is worth remembering that the very low reputation of companies that operated scams or had many operational problems helped consumers to avoid problems and seek more reliable companies. With this, the consolidation of the market took place from the reputation“.

How will it be 2021?

The fall of complaints and the decrease of the term „coup“ shows that people are already smarter and probably running from coups.

However, there are some companies that are appearing with a camouflaged coup, they usually promise from 7% to 15% profit per month, infiltrate in big sites, present even programs on TV and win a certain authority to be able to deceive their investors.

There are others that buy articles sponsored in big sites but with report content: „according to company X governments are the biggest Bitcoin holders“.