What about Bitcoin and consumer protection?

[sudusafnan]

is there any application that can protec ?

[eagleman]

Is someone here has an idea if there are groups or organizations that are starting to give protection to us? Even local exchanges doesn't guarantee it.

Coinbase has a certain form of insurance policy, which only applies to certain circumstances where coin loss may occur, but that's obviously not from the user side. Everything people lose is their own responsibility.

I personally don't see much need for any service to offer a direct form of user protection like how PayPal offers its users buyers protection. I like how all transactions once confirmed are final.

That however doesn't mean that there won't be such a service somewhere in the future. People however must understand that it only works if you operate in a centralized environment, and that's something I want to avoid as much as possible.

Since I'm not using coinbase, I didn't know that there is something like that about insurance policy. I did some research about that thing and maybe I was too lazy enough to read other reviews and it says that is very limited and not that much effective.
It may be applicable for someone that has a business of goods and delivers it to his customers, he can make his own policy about consumer protection but he has to be fair for giving himself protection too. Well, I can't see this possible to bitcoin.

[Basmic]

It seems to me that in order to protect bitcoins from theft you need to make a transit server. It tranzactii could be stored until the user confirmed that the transaction has committed it. This would increase the time of confirmation, but will protect users. I am sure that it is possible to develop other protection mechanisms.

[Agostosmori]

Is bitcoin has consumer protection?

Bitcoin will not have a consumer protection because it is not a product, it is a currency. Currency don't have consumer protection you have your government to protect you against fraud.

[mrcash02]

To have a protection like that you would need to use a centralized service that would guarantee you some advantages, but then Bitcoin wouldn't be decentralized anymore for you, you would need to follow any rules this service force you to do. And I think there isn't any service fully protecting the users right now. At some point I believe gonvernments will introduce this consumer protection when regulating Bitcoin on each respective country, but don't think it will be a good thing at all...

[Granxis]

Is bitcoin has consumer protection?

Bitcoin will not have a consumer protection because it is not a product, it is a currency. Currency don't have consumer protection you have your government to protect you against fraud.

The biggest obstacle to Bitcoin 's failure to pay is the inability of the customer to protect it. The double spending and the inability to recover the operation are very damaging.

[Oo ako to]

Banks are the ones that will give you consumer protection but bitcoin will not. Everything that will happen to your bitcoin is your own responsiblity and no one controls it so let me remind you again that it is decentralized at the first place.

[Mr.Gun]

Banks are the ones that will give you consumer protection but bitcoin will not. Everything that will happen to your bitcoin is your own responsiblity and no one controls it so let me remind you again that it is decentralized at the first place.

Yes I agree with your opinion. Bitcoin is our own responsibility. The Bank will only provide protection to consumers rather than on bitcoin.

[sukamasoto]

Banks are the ones that will give you consumer protection but bitcoin will not. Everything that will happen to your bitcoin is your own responsiblity and no one controls it so let me remind you again that it is decentralized at the first place.

Yes I agree with your opinion. Bitcoin is our own responsibility. The Bank will only provide protection to consumers rather than on bitcoin.

Let say if government already legalize bitcoin, it means that they have protect bitcoin usage but the other disadvantage is bitcoin is not consider as decentralized currency anymore as they also apply tax on them.

In other side ,it's prevent scam attempt as we know bitcoin = criminal money

[Rajamuda]

Basically I think bitcoin protection itself.. it's depends on the consumers or on the users in transactions or anything that can be done. Bitcoin itself of course doesn't have a protection system or anything that's based on protection, it's like just only created and then free to doing anything I guess, whereby the whole decision making is submitted to the users and absence of one individual who can impose his/her wishes to the other individual.
so I guess the protection is created by its users themselves, do all the activities as safe as possible and can be avoid from hackers.

[lance04]

The relationship between the bitcoin and its consumer are protected by the jurisdiction of the law. Through this they always provide actions wherein there is no bias in every decision that they made.

[MisterPrada]

Bitcoin now also allows a business to do a public audit of its assets. This in a way improves the consumer protection. A business can prove the use of its bitcoins without providing information about the source i.e. the customers. This gives scope for the consumer to do their research about the merchant before they do transactions.

[yojodojo21]

Consumer protection is what we really needed but it is not embrace by bitcoins blockchain. Any transactions that is process every minute and every hour doesn't have a protection, the way to protect is to double check and be wise. Even in web wallet sites there is no consumer protection.

[Zadicar]

Banks are the ones that will give you consumer protection but bitcoin will not. Everything that will happen to your bitcoin is your own responsiblity and no one controls it so let me remind you again that it is decentralized at the first place.

Yes I agree with your opinion. Bitcoin is our own responsibility. The Bank will only provide protection to consumers rather than on bitcoin.

Let say if government already legalize bitcoin, it means that they have protect bitcoin usage but the other disadvantage is bitcoin is not consider as decentralized currency anymore as they also apply tax on them.

In other side ,it's prevent scam attempt as we know bitcoin = criminal money

Bitcoin is not generally a criminal money but somehow can be considered to be as just like that because of its decentralized feature and anonymity which is a great tool to make crimes. Bitcoin cant be regulated which means it cant be controlled by anybody and talking about consumer protection its not possible since once bitcoin have been transferred theres no chance on making reversion of transactions. It can be regulated but only possible on those services which have being controlled by laws.

[chineseprancing]

Banks are the ones that will give you consumer protection but bitcoin will not. Everything that will happen to your bitcoin is your own responsiblity and no one controls it so let me remind you again that it is decentralized at the first place.

Yes I agree with your opinion. Bitcoin is our own responsibility. The Bank will only provide protection to consumers rather than on bitcoin.

Let say if government already legalize bitcoin, it means that they have protect bitcoin usage but the other disadvantage is bitcoin is not consider as decentralized currency anymore as they also apply tax on them.

In other side ,it's prevent scam attempt as we know bitcoin = criminal money

Bitcoin is not generally a criminal money but somehow can be considered to be as just like that because of its decentralized feature and anonymity which is a great tool to make crimes. Bitcoin cant be regulated which means it cant be controlled by anybody and talking about consumer protection its not possible since once bitcoin have been transferred theres no chance on making reversion of transactions. It can be regulated but only possible on those services which have being controlled by laws.

Bitcoin for now is not totally legal, due to decentralization of this coin. But since bitcoin are part of each country they are need to follow the rules and regulations of it. Moreover thru help of rules of each nation they can easily protect our consumer as users of this coin, so even though bitcoin is not totally legal they can protect our rights as users.

[Lancusters]

Banks are the ones that will give you consumer protection but bitcoin will not. Everything that will happen to your bitcoin is your own responsiblity and no one controls it so let me remind you again that it is decentralized at the first place.

Yes I agree with your opinion. Bitcoin is our own responsibility. The Bank will only provide protection to consumers rather than on bitcoin.

Let say if government already legalize bitcoin, it means that they have protect bitcoin usage but the other disadvantage is bitcoin is not consider as decentralized currency anymore as they also apply tax on them.

In other side ,it's prevent scam attempt as we know bitcoin = criminal money

Bitcoin is not generally a criminal money but somehow can be considered to be as just like that because of its decentralized feature and anonymity which is a great tool to make crimes. Bitcoin cant be regulated which means it cant be controlled by anybody and talking about consumer protection its not possible since once bitcoin have been transferred theres no chance on making reversion of transactions. It can be regulated but only possible on those services which have being controlled by laws.

It seems to me that you exaggerate the anonymity of bitcoin. But it doesn't matter. Perhaps in the future the bitcoin community comes to what you need to create the transit server the type of arbitrator that will linger coins before you confirm the transaction with both parties. Then we can return the payment.

[superjeyy]

Right now, there are no laws protecting consumers with their usage of Bitcoin as a mode of payment. This can be really hard to do as sellers or establishments can take advantage of its volatility during and after a sale. During the sale they have the advantage to change the price regularly since the price of Bitcoin moves a lot, giving them the advantage of holding the price when it is favorable for them. Also after the sale, they can hold the Bitcoin for them to earn from capital gains which is really unjust for such establishments to do so that they can maximize their earnings. These are some of the problems I see that needs to be answered by the government when it comes to consumer protection.

[gantez]

Is bitcoin has consumer protection?

In a system , you can only talk about protection where you have rights and in the case of bitcoin, there are no rights yet and therefore ; no remedy as to consumer protection.

Bitcoin is a pair to pair transaction and no third party until if there will be any regulations and then one can now take their complaints to a body or agency saddled with the responsibility of regulating it.

For now therefore, one has to be careful about the address you are sending to because once lost, you can't recover back.

[MCVXYZ]

There are no legislative actions at international level and we need Court precendents for this.Court practice is very poor about this cases.The Courts must define legal definition of bitcoin to regulate consumer protection,This is directly related to protection.But now,they said,that judges  
are not experts in this digital space.In my opinion,There must be used legal norms as in Contractual  agreement is regulated,despite the fact,that relations about bitcoin are not standart type of contractual agreements.In other cases there will be injustice,because we cann't protect our property.

[sudusafnan]

One of the most common problems that people mention about Bitcoin is the lack of consumer protection. All Bitcoin transactions are irrevocable and if you don’t get the product you purchased you have no recourse to get your money back. Some see this as a positive as Bitcoin avoids fees that are charged by credit card companies by not having an institution to intermediate chargebacks. Hopefully, before your purchase, you have formed a relationship with the merchant so you’re chances of fraud is low but these cases do happen and Bitcoin hasn’t been able to help those customer a lot.
Until now. Bitcoin has found a solution to its new age problem. Payments will now go through escrow and will only be released once it’s confirmed by the customer that they have received the product. This, however, is not just a straight forward escrow account, Bitcoin is doing a multisignature transaction. What does that mean? Instead of the customer sending money to an escrow agent, it gets sent to two of three multisignature addresses that are created using the public keys of the customer, the merchant and the escrow agent. So, basically, the funds from the customers address can only be spent when two of the three parties cooperate.
So it works like this –
Jack wants to send money to Jane through an escrow agent for an iPhone 6. Jack searches the website Bitrated choosing “Browse arbitrators” and finds an escrow agent named Jill. He clicks to start the transaction and includes what the transaction conditions are – for example, he says that for 1.5 BTC, Jane will send him an iPhone, unused and undamaged and he clicks to begin the process. Jack is provided with a link to send Jane and when Jane receives it, she opens up the link and accepts.
Bitrated then creates the three multisignature addresses between Jack, Jane and Jill (even though Jill has not participated yet, Jack has Jill’s public key so the address can be made). Jack sends the money and Jane will see through a confirmation that the money is in escrow. When Jack receives the phone and is ready to release the money, he just enters Jane’s address and how much should be released. Jane can see that money is pending and she can then click on the pending transaction to review it. Once she sees it’s the correct amount, she can approve it and the transaction is complete.
If there was a dispute over the transaction, either one of them could click a link on the page to contact Jane to mediate the dispute. She gathers information from both of them and then makes a decision based on the information who is right in the dispute and her decision settles the matter.
There are several advantages to this system. Most transactions will not need a mediator so there won’t be a fee that is incurred. If the mediator does get involved, there will probably be a fee but it is paid by the people using the service, it’s not spread out across all the users of the system. If Jack and Jill decided that Jane is doing a bad job, they can together decide to use a different mediator. And the mediator cannot take the money herself since she needs the signature of one of the other parties to do this.
The security of the multisignature system is well thought out as Bitrated does not keep any of the data on its own server. All the information of the escrow transactions are kept in the user’s URL. The only drawback is the fact that the escrow agents are unregulated so you’re really not sure how honest they are. It would help if Bitrated put in a system to vet the agents, especially for new users who are not familiar with the system.
Bitrated needs to make its next step to include e-commerce into this setup. As it stands, the service is only for person-to-person money transfers. Having a mediator available for online store transactions would give customers the confidence in their transaction and feel like they have someone to help them if the product they purchased does not arrive. If this system becomes a standard in the Bitcoin world, it could even transfer as a lower cost alternative for merchants using credit cards as they would never have to pay a fee as long as they delivered the products that were purchased.
Another area Bitcoin is improving in customer protection is allowing businesses to do a public audit of its assets which permits a business to prove the use of its Bitcoin assets without providing any private information about its customers. This allows customers to do their own research on companies that they will be dealing with.
Bitcoin is making strides to make its currency and its use more secure to encourage growth and confidence. In order to get rid of a lot of myths about Bitcoin and its uses, these changes will change the Bitcoin’s reputation and the world’s trust in its service.

Thank you for the advice...