Bitcoin isn’t really used much as a currency at all.
When people buy bitcoin, they rarely use it to buy goods and services. They’re really buying access to a Ponzi scheme.
Even before the fall of FTX, I share the same sentiment. Bitcoin could probably actually work as a form of currency. Problem is, people don’t use it as such. They don’t exchange their dollars for these coins to buy goods and services. Instead, they buy them in the hopes that some other people will hop on the bandwagon, and they cash-in on its price appreciation.
And scammers flock to this opportunity to take advantage of people who don’t really know how things like these work but gullible enough to fall for their traps.