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Author Topic: What about Bitcoin and consumer protection?  (Read 1021 times)
bowenaguilar32
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April 24, 2018, 05:22:21 AM
 #1

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?
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April 24, 2018, 06:04:08 AM
 #2

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?

What about CASH and consumer protection?

How can I be sure that my CASH would be protected from scammers or how can I know the stability of CASH?

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April 24, 2018, 06:41:01 AM
 #3

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


You can only hope that your coins won't be stolen from your wallet or exchange as the funds aren't covered and there is 0 consumer protection. Bitcoin is not stable either; it's a volatile environment enjoyed by speculators. So in a nutshell it's a risky, volatile, unpredictable financial instrument for big gains in a very short time with 0 consumer protection.

 
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April 24, 2018, 06:47:52 AM
 #4

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


You should know to whom you can send money directly or to whom you need to use an escrow to complete your deal. If someone scammed you means you didn't take steps to protect yourself. You already know online is full of a scammer then why would you want to send money without a trusted escrow?

If bitcoin is stable then many people will invest in it because people want to make money from this volatile market.
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April 24, 2018, 07:29:01 AM
 #5

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?

By knowing how Blockchain it works, you will know what wallet to use to hold your BTC. Take care with centralized wallets companies because those kind of wallets are attacked by hackers generally and you take the risk to lose your BTC.

The "stability" of Bitcoin or any coin is given by the ask and bid of mass. It is to difficult to know what price bitcoin will have tomorrow or the next month, when a trader works, they just try to predict the price but never is exactly accuracy.

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April 24, 2018, 04:23:52 PM
 #6

Bitcoin is all about decentralization and hence there is a distribution of the responsibilities too. There is no central authority to take care of your funds and even if you are keeping your funds on any exchange, there is no guarantee that you will get your funds back in case of any hacking attempt. However, Bitcoin as a technology is very strong and no one can steal your funds if you are taking enough security precautions. Keep your funds with you (offline) and make sure that you are following security guidelines.

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April 25, 2018, 01:15:22 AM
 #7

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?

Also take in account where you put your BTC, and don´t trust on that places "duplicating" your BTC. Wink
Almost always scam than kind of.

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April 25, 2018, 01:30:02 AM
 #8

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?

There is no central authority to take care of your funds and even if you are keeping your funds on any exchange, there is no guarantee that you will get your funds back in case of any hacking attempt. However, Bitcoin as a technology is very strong and no one can steal your funds if you are taking enough security precautions.
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April 26, 2018, 09:36:06 AM
 #9

There is no perfect security in this world, before you save money or invest bitcoin, you better first read the guide to do things with bitcoin. No one can be held responsible for any risk of bitcoin unless you own it as a holder of bitcoin.



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April 26, 2018, 09:44:31 AM
 #10

Its life and there is no guarantee on everything you do, and since bitcoin didn't have any regulation yet thats why there is no guarantee to protect your bitcoin from hackers. However if we're talking about dealing with scammer then its up to yourselves to not trusting any HYIP and its up to your decisions not anyone can gave you perfect decisions. If bitcoin was so stable then there will be no hype about it until now, because it has such a high volatility that makes people want to try their luck to become an overnight billionaire and thats why people keep coming to this forum.  Grin Grin

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April 26, 2018, 09:51:54 AM
 #11

In my opinion no one can guarantee our money will be protected from scammers or know the stability of the existing bitcoin, because we can not control ourselves for what we see and we are great curiosity that sometimes makes us feel lost, but as long as our money or bitcoin we have we keep safely in our wallet without us disturb maybe we can keep it from scammers. So in my opinion that can convince us of our money is ourselves.

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April 26, 2018, 10:08:04 AM
 #12

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


your money are never fully protected from scammers, even when you're using fiat. You need to be the one who protects it from scammers, just need to take necessary precautions.
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April 26, 2018, 10:37:52 AM
 #13

Consumer protection is important, however I think we can only say that with altcoins, since we have devs and they can easily be accounted for just like what had happened on other scam sites and even an exchange, someone could be accounted for, if they can be found guilty of charge. I think at first, we should make sure that we are investing on legit sites and with trusted people, one thing that you will need to think about is, if you look at bitcoin from its inception, you could say it is somewhat free, since you can mine it using just your cpu before, and with that, we should be very careful on our transactions, since there will always be someone that will take what you have, even in fiat, banks seems to be the biggest scammers, since they will put interest in anything that they fan pit their hand on, I think this should be within your discretion and there will be no one else to blame but yourself if you got scammed, since you can research on it, prior to investing, in order to make sure it is legit.
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April 26, 2018, 10:58:00 AM
 #14

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


Using consumer protection and scammers in the same sentence is contradicting yourself because even in the fiat world, scammers are there to collect your money and there is nothing to do about it. But talking about legitimate business enterprises, the issue of consumer protection as at today is zero and part of the reasons that is making people lose confidence in the market. You see exchange sites intentionally suspend trading on a particular coin, suspend payment, refuse to answer ticket while their gambling sites counter parts would just come up with policies over night whether fair or not? its not their concern. The only place you can complain to is the social media or the forum to warn others from falling victims.

This is not happening outside, not perfect though but there is consumer protection councils, trade regulators, government agencies and the powerful of all the social media that can address all injustice and they will be brought to correct such anomaly. Over here, you are just on your to be responsible for your own security.
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April 26, 2018, 11:03:45 AM
 #15

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


You asking for the consumer protection in the world of crypto currency which is decentralised platform with public ledger as the core of everything! That doesn't fit in the frame mate. If you want to protect your money in the form of bitcoin then you are responsible for everything. I mean you cant go and file a complaint if something goes wrong as no one will care as it will be no one's problem!

The consumer protection act is abiding to the product and service provider and I am afraid we dont have any provider here so everything becomes senseless when you say you need protection from the scammers and stability of the bitcoin.


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April 26, 2018, 11:23:26 AM
 #16

Reassure me that you ask this question is your step to invest in bitcoin. First way to invest in bitcoin, you have to understand what a decentralized system is in cryptocurrency. Your question will be answered if you have understood it. Cryptocurrency or bitcoin offers a risky investment, all your security systems are set up. Your money will be safe if you keep all your wallet password safely. And about stable bitcoin prices, it will not be possible for the next few years. It will always come good news and bad news that will affect every investor.
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April 26, 2018, 11:30:15 AM
 #17

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


You can use more security features like a physical wallet to increase safety. Nothing is 100% safe, even bank lockers are robbed and they have no insurance.

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April 26, 2018, 11:52:10 AM
 #18

   If you want to understand Bitcoin, you should know the blockchain very well. The most important feature of the blockchain technology is a decentralized structure. Everyone can use it, but it does not belong to anyone. Bitcoin is a product of blockchain technology. So in short we can say. Anyone can use Bitcoin, but no one else. If you are deprived of rights, you have no one to ask for. So if you want to invest in Bitcoin you should do a lot of research.
   Because of the feature Bitcoin has, fraud can be done and it is not known who made it. This is a problem for now.
   Portable wallets are available now. Be very careful when doing your transactions. It is not necessary to enter bitcoin transfer with untrusted centers.
   Never forget that. Bitcoin is trading in stock markets. He will always be a chief.
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April 26, 2018, 12:16:57 PM
 #19

If you want to be more secure with your bitcoin money, you should put your bitcoin in a trusted exchange market and buy a good coin with their technology.

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April 26, 2018, 12:19:25 PM
 #20

how can i be sure that my money would be protected from scammers or how can i know the stability of bitcoin?


If your question is how will your bitcoin be protected to scammers will be up to you. If you dont give your btc to the scammers then it will not go to them. It is like your paper money, it will not go to the hands of the scammers if you will not give it to them. With regards to the stability of bitcoin, bitcoin is very stable but its value is a subject to volatility that means that it has the tendency to inflate or deflate in value.

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