Topic: Bitcoin has no built-in consumer protection? (Read 508 times)
As we call it a decentralized cryptocurrency, we must understand the responsibility and duties associated with the freedom of using it. There is no centralised authority to control or reverse the transactions on behalf of you so anyone must have the conscious sense while making any transaction are dealing with other aspects of it. Even if it looks unfamiliar at this stage, it is the future of our lifestyle since most of the sectors (even non-financial sectors) will adopt blockchain technology to optimise their processes. We must change our habits if we want to have the better environment.
It works both ways. Some prefer it that way. Protection is the responsibility of the owner. But that is the problem with attracting non-techie people. They want protection, so do I. Bitcoin will not become mainstream without government regulations.
It's true that bitcoin does not have protection, but I think bitcoin is very safe, but it should be if there is protection it will be very good.
Safety of your account is at your hand because bitcoin build a security that youre the one who can open it unless you share it from others. I think the transaction is traceable nowadays in blockchain just monitor where your bitcoin goes to but still it is impossible to recover if youve been hack. 
It's true that bitcoin does not have protection, but I think bitcoin is very safe, but it should be if there is protection it will be very good.
Well, what do you mean?
There are no 'counterfeit' bitcoins. Every bitcoin that you can publicly see on the bitcoin blockchain is going to be real and legit. The legitimacy of your coins can be easily verified once you hit a number of confirmations on your receiving transaction.
There is no identity theft possible with bitcoin. You don't need any KYC in order to get a bitcoin address. Identity theft ironically is actually the major concern for credit card companies and banks.
The only "protection" that is lacking from bitcoin are chargebacks, which does more good than harm in most cases. Bitcoin is perfectly fine as it is, as a decentralised network.
There are no 'counterfeit' bitcoins. Every bitcoin that you can publicly see on the bitcoin blockchain is going to be real and legit. The legitimacy of your coins can be easily verified once you hit a number of confirmations on your receiving transaction.
There is no identity theft possible with bitcoin. You don't need any KYC in order to get a bitcoin address. Identity theft ironically is actually the major concern for credit card companies and banks.
The only "protection" that is lacking from bitcoin are chargebacks, which does more good than harm in most cases. Bitcoin is perfectly fine as it is, as a decentralised network.
Perhaps the OP is referring to refunds on bad transactions. For this to happen someone would have to leave it in escrow for a long time e.g. the 30 day money back guarantee period before transferring funds on to the seller
Yes Bitcoin has no built-in consumer protection cause if it had it means someone or some group had to control it and that would have made Bitcoin centralized which is against the whole reason why Bitcoin was created. Also the transactions are irreversible, I guess this is the price everyone should be ready to pay for decentralization.
Government offices that have to protect the interests of consumers are actually doing everything possible and impossible to promote their own and nteresa. And they are contrary to the real interests of consumers. Bitcoin protects itself.It prevents the possibility of confiscation.Bitcoin is not subject to inflation, Protected from loss of personal data and tangible assets.Of course there are risks but there is no protection from them from the government.
Bitcoin offers no such protections? And the Transactions are Irreversible as well.
These includes the following like:
Protection from counterfeit bank notes BTC
Protection from financial surveillance BTC
Protection from identity theft BTC
What are you opinions?
These includes the following like:
Protection from counterfeit bank notes BTC
Protection from financial surveillance BTC
Protection from identity theft BTC
What are you opinions?
No other currency in history offer consumers as much protection as bitcoin.
Protection from counterfeit notes =
Producing a counterfeit bitcoin can be done if you can create the largest computer network in history. It will cost billions to make and only MAY work. This is why there has never been a counterfeit bitcoin.
Protection from financial surveillance =
If you know what you are doing then there is absolutely no way anyone can tell your wallet from any other wallet. Of course all transactions are recorder in the blockchain, but nobody knows who owns those coins or who they just paid. Unless you add that functionality on top of the protocol.
Protection from identity theft =
Last year I replaced my bank card three times due to data breaches. Guess how many times I had my identity compromised with bitcoin? Yep, zero in eight years of use. No currecny offers the protection bitcoin offers against identity theft. Why? Because unlike ALL other payment systems bitcoin does not tie your identity to your money. Thieves don't care about your stupid identity, they want your money and getting your identity is the key. With bitcoin I can, (AND HAVE), posted the password to my Overstock.com account. You could get in and see what I bought, but there is no credit card on file and no path to my wallet.
Bitcoin offers no such protections? And the Transactions are Irreversible as well.
These includes the following like:
Protection from counterfeit bank notes BTC
Protection from financial surveillance BTC
Protection from identity theft BTC
What are you opinions?
you know why there are still many countries that have not legalized bitcoin to be a legitimate transaction tool in their country because this is one of the weaknesses in the absence of the protection you mention so that there will be some criminal acts that can trigger the users or other people who intend evil. These includes the following like:
Protection from counterfeit bank notes BTC
Protection from financial surveillance BTC
Protection from identity theft BTC
What are you opinions?
Right, Bitcoin does not have any customer protection that can compensate you if you have any damage. So you have to bear yourself in all kinds of risks. Because there is no investment in the world where there is no risk. So to earn, we must accept the risk itself.
Actually the idea is not totally true. Bitcoin has enough protection to save the investors. It has strong technological foundation to protect the interest of the investors. As far about the matters regarding insurance policy, it is related to consumers not to the bitcoin. No coin is insured by any company in this market.
Yeah right! Bitcoin does't have that much protection for their customers as they work with public ledger. So, some customers feel insecured to work with it. I hope bitcoin is going to work on it very soon and develop its security issues.
Yes you are right. Bitcoin has no such consumer protection or insurance which will provide you with any indemnity. So you will have to bear your own risk. I think as we are earning much from this bearing the risk is okay :p.
First of all bitcoin is not a fiat currency and it does not need any financial surveillance because that's the whole point of being decentralized and that's why i use it. Second of all bitcoin will not have any counterfeit notes because it verify it's transaction through a peer to peer network. And third no bitcoin user will be victimized by identity theft that's the whole point of being anonymous and secured.
Nope. You are responsible for your funds, for your private keys and other security.
Cryptocurrency - be your own bank.
Cryptocurrency - be your own bank.
BTC is the best crypto currency in the world based on this in market there is various type of scam and fraud but in case of btc its less because the authority always take proper step to stop this problem. So this idea is depend on you that you will invest or not but investing on btc is the best decision.
yes, you are correct, bitcoin has no true form of consumer protection. The insurance industry has responded very slowly to the crypto space, furthermore any third party insurance policy you find for crypto is very likely a scam. That being said, you will find others that argue bitcoin is in fact the paragon of consumer protection in that only you alone are in control of your funds (you are the bank) unlike traditional fiat. In the end, however, if you fall prey to a scam or make an erroneous transaction and lose your funds, there is virtually no way of recuperating them as there is no point of authority to turn to.
Yes you are absolutely correct and that is point which everybody should remember while making any transactions. Once a transaction is broadcasted and identified in the network then there is no way we can revert it. Its like an arrow left from a bow. It is quiet obvious that there is no authority because being decentralized, we own the control over our money and thus we are responsible for any transactions we do while in fiat the banks own the control over our money and thus the insurance companies gets benefitted from the services they provide us. 
Bitcoin offers no such protections? And the Transactions are Irreversible as well.
I think consumer protection doesn't apply to bitcoin as a peer-to-peer digital/crypto currency but consumer protection should be applied on its business or service level
These includes the following like:
Protection from counterfeit bank notes BTC
Protection from financial surveillance BTC
Protection from identity theft BTC
there's no physical bank notes or identity involved in bitcoin, it's digital and pseudonymous Protection from counterfeit bank notes BTC
Protection from financial surveillance BTC
Protection from identity theft BTC
financial surveillance is irrelevant when you have no specific entity or person to be tied to financial transactions
Yes I am agreed with you and I do believe this is all about the process of blockchain. In the blockchain technology all information are passed by the distributed leger system. So it will happen and cannot resist.
Jump to: