Topic: Bitcoin has no built-in consumer protection? - page 2. (Read 508 times)
Yeah, there are no such customer protection in bitcoin. But I hope that it will be solved soon. As bitcoin is being more popular day by day and I hope this obstacles will be solved with in a short period.
We've learned to rely on others for protection, that's why the lack of it seems strange at first, but once you understand how it all works you start seeing that consumer protection is not necessary. What would you rather have? A system that allows you to buy into every single scam without thinking and then file a complaint that may or may not result in the return of your investment, or a system that makes you the only person responsible and teaches you to learn from your mistakes? At least in the second case you know from the start that if you give the money to the wrong person it's gone forever. In first case you may depend on the complaints being successful and end up wasting your time and money to get the initial investment back.
the problem with topics like this is that people starting them are only hypothesizing and never have any actual world experience themselves. they never use bitcoin and they have probably never made any payments in their short lives since they are too young for that stuff!!!
for instance you say Consumer Protection, but lets give an example. you go to Steam and want to purchase a game. if you use Paypal for example you can do a charge back and scam Steam easily. but if you use bitcoin you can never scam them. and at the same time Valve is a trusted company that is not going to scam you either. so it is a win-win scenario. you don't need an escrow either like what the other user said.
for instance you say Consumer Protection, but lets give an example. you go to Steam and want to purchase a game. if you use Paypal for example you can do a charge back and scam Steam easily. but if you use bitcoin you can never scam them. and at the same time Valve is a trusted company that is not going to scam you either. so it is a win-win scenario. you don't need an escrow either like what the other user said.
You can simply achieve anonymity by not mentioning to others that you are using a particular address. That way, others would not be able to tie a bitcoin address to you and will prevent someone tracking your spending habits with bitcoin to do so. If it is not enough to prevent the government, at the very least it will make tracking your spending habits a gruesome task for them.
The far majority of the people buy their coins from exchanges, so while you may think that no one is tracking you, the exchange certainly is, and very likely whatever agency as well. As soon as you buy coins from an exchange, consider your privacy to be compromised. You need to get rid of these coins if you care about privacy, and mixers offer that service. 100% anonymity doesn't exist, but getting rid of your tainted coins makes things very difficult for others to track you.Satoshi said third party escrows would likely be the solution or even smart contracts could be used.
Satoshi never said third party escrows are whatever form of solutions, because they aren't. He creates an electronic peer to peer cash system and then he recommends centralized escrows? Does that make sense to you? 
This is why many people like to use BTC!
The blockchain solves people's most basic credit problems. Bitcoin can not be falsified. Strict mathematical rules dictate the precise kernel of Bitcoin!
Bitcoin is even more powerful than the US dollar.
The blockchain solves people's most basic credit problems. Bitcoin can not be falsified. Strict mathematical rules dictate the precise kernel of Bitcoin!
Bitcoin is even more powerful than the US dollar.
I also believe the same way, is bitcoin had some strict and powerful consumer protectionth then it would be very helpful for all of the treaders who are investing in cryptos. built-in consumer protection will help us from scams and other stuffs like that.
Bitcoin offers no such protections? And the Transactions are Irreversible
and that means the transactions ARE irreversible!
you see it can go both ways. you can go check out how many people are getting scammed every day using Paypal (which has reversible transactions). bitcoin is offering a strong merchant protection and the customer which is a random anonymous person who visits the stationary an known place aka a business and makes a payment that he can not scam that business with.
You'd just have to tie a Bitcoin address to a person, lots of people re-use and share their addresses.
You can simply achieve anonymity by not mentioning to others that you are using a particular address. That way, others would not be able to tie a bitcoin address to you and will prevent someone tracking your spending habits with bitcoin to do so. If it is not enough to prevent the government, at the very least it will make tracking your spending habits a gruesome task for them.what protection are you talking about? bitcoin has no protection because as the op said above , 'bitcoin transactions are not ireversible' which means if you got scammed there is no chance that your coins will be recovered.
Have you read this post before commenting on what he is talking about, if not then please do read it, I believe this post already mentioned how to avoid getting scammed when using bitcoin as a means to pay:As far as the irreversible transactions go, there can be consumer protection put in place. Satoshi said third party escrows would likely be the solution or even smart contracts could be used.
Looking it from another point of view, it can also be that there is consider protection but instead of consirmer protection, as could say end user protection because there is no greater protection that the one you provide for yourself and that is what bitcoin offers but because we are used to a body providing such protection and major players in the indiutry too believes that because of the absence of central body to ensure that, they are free to do anything they want but we they can just do what is right, control in your hands is the best prorection.
Im verry confused on what you are trying to say. what protection are you talking about? bitcoin has no protection because as the op said above , 'bitcoin transactions are not ireversible' which means if you got scammed there is no chance that your coins will be recovered. Not unlike to other known payments like paypal that transactions can still be reverese because they have a chargeback policy to protect their users from scammer and other fraud activitites
Protection against consumer tracking - This might be one of the best reasons why you should be using Bitcoin. Your
consumer spending habits should not be anyone's else's business. Financial privacy does not stop, when you hide your wealth
from other people... it extends to what you are buying with that wealth. Why do governments need to know how many times
you spend your money on junk food? {They track all your consumer spending, when you use traditional payment methods.}
If you use Bitcoin correctly, you can hide your consumer behaviour from those people who are invading your privacy.
consumer spending habits should not be anyone's else's business. Financial privacy does not stop, when you hide your wealth
from other people... it extends to what you are buying with that wealth. Why do governments need to know how many times
you spend your money on junk food? {They track all your consumer spending, when you use traditional payment methods.}
If you use Bitcoin correctly, you can hide your consumer behaviour from those people who are invading your privacy.
But isn't it impossible to achieve perfect anonymity with Bitcoin? I mean every transaction you make is essentially logged in the blockchain forever.
When you buy your coins from an exchange, that's when the trail starts. Unless you're doing anonymous OTC trades, it's not that hard to track down someone's Bitcoin spending habits, at least not for governments.
Heck, it's even possible for regular technically adept people to track someone's spending habits with Bitcoin. You'd just have to tie a Bitcoin address to a person, lots of people re-use and share their addresses.
Then we're not even talking about deep blockchain analysis, which can de-anonymize transactions made through a Bitcoin mixer.
Right now bitcoin is the best digital crypto currency in the world. Investors are happy for bitcoins performance. That’s why peoples are investing on this project. I think customer believes bitcoin is the best option for them.
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?
Looking it from another point of view, it can also be that there is consider protection but instead of consirmer protection, as could say end user protection because there is no greater protection that the one you provide for yourself and that is what bitcoin offers but because we are used to a body providing such protection and major players in the indiutry too believes that because of the absence of central body to ensure that, they are free to do anything they want but we they can just do what is right, control in your hands is the best prorection.
You are quite right but it has something which make it popular and the user of its increasing day by day.
Bitcoin is a crypto currency generated algorithm which did not input consumer protection in it use,that is why new alternative currency have risen to solve such issues. If you need consumer protection ,other coins can help fulfill that
Currency of any government is like promissory note; where the Government promises to pay the holder the amount equal to that currency note in case of currency failure. But bitcoin has no such promise by any one. You buy it today for $10k and tomorrow if it drops down to #5k your interests are not protected.
Though it is not fault of bitcoin but it is because instead of using it as currency we made it the instrument of investment where with the greed of man to earn high returns people played different roles to satisfy their greed.
Though it is not fault of bitcoin but it is because instead of using it as currency we made it the instrument of investment where with the greed of man to earn high returns people played different roles to satisfy their greed.
Protection against consumer tracking - This might be one of the best reasons why you should be using Bitcoin. Your
consumer spending habits should not be anyone's else's business. Financial privacy does not stop, when you hide your wealth
from other people... it extends to what you are buying with that wealth. Why do governments need to know how many times
you spend your money on junk food? {They track all your consumer spending, when you use traditional payment methods.}
If you use Bitcoin correctly, you can hide your consumer behaviour from those people who are invading your privacy.
consumer spending habits should not be anyone's else's business. Financial privacy does not stop, when you hide your wealth
from other people... it extends to what you are buying with that wealth. Why do governments need to know how many times
you spend your money on junk food? {They track all your consumer spending, when you use traditional payment methods.}
If you use Bitcoin correctly, you can hide your consumer behaviour from those people who are invading your privacy.
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?
Im not sure if I am reading this post right. BTC offers protection for all three of the points you have raised.
Protection from counterfeit bank notes BTC
Bitcoin cannot be counterfeited.
Protection from financial surveillance BTC
BTC addresses are pseudonymous. Since the transactions don't have to be filtered through a third party and your identity is not associated with them, you are protected.
Protection from identity theft BTC
If you hold your private key in a very secure location, then identity theft is not an issue. Treat your private key like a social security number.
As far as the irreversible transactions go, there can be consumer protection put in place. Satoshi said third party escrows would likely be the solution or even smart contracts could be used.
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?
Interesting answer to that question. And I fully agree with you. I will add from myself that bitcoin is quite unstable so but quite valuable so it's up to you to invest in it or not. 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?
Is it not that block chain technology itself is a protection in itself? Have you gone through how block chain works?
Uh yeah, it's a public ledger of all cryptocurrency transactions.
Which allows us participants to safely keep the path of digital currency transactions without the recordkeeping,
though the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.
Is it not that block chain technology itself is a protection in itself? Have you gone through how block chain works?
Jump to: