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.
Topic: What about Bitcoin and consumer protection? - page 2. (Read 2671 times)
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
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.
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.
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.
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...
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.
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.
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.
is there any application that can protec ?
Is bitcoin has consumer protection?
I haven't heard of bitcoin consumer protection ever ! Not even in the countries which have legalized bitcoin .
Governments don't even want to legalize bitcoin , so having a consumer protection is a far- off thing . Everyday a lot of cases of theft of the private keys comes to my knowledge but there is no particular investigation for this offense . This obviously is a offense in the eyes of the users but that is not recognized by the law .
Even if it recognized , getting any protection is very hard in case of bitcoin .
Is bitcoin has consumer protection?
Consumer protection are the governing laws in which the consumer are protected by possible scammers or unfair trades so since bitcoin has no law then there is no consumer protection. When it comes to bitcoin, you are on your own. You are not protected in case there are people who will scam you because there are no applicable laws. You just have to tighten security yourself by having strong passwords, 2FA, offline wallet, using escrow to prevent being hacked or scam. This is why many people are still doubtful about the cryptocurrency because they want to be secured in case there are some things that will happen unfavorable to them.
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.
I think BTC doesn't have consumer protection because in countries where it is banned by the government of that country. So there will be no responsibility of the government if you are cheated by someone.
Agreed on this. Bitcoin is not regulated by the government, that's the case for countries that banned bitcoin. As for the countries where bitcoin is legal and doesn't sue you a criminal case for using it, still the government gives warning and precaution to it's users. The same thing with fiat money, it can be used for illegal trades that government is having hard time to stop.
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.
Bitcoin is decentralized currency, no one control bitcoin except yourself , not your government !
At my country = my government still not legalize bitcoin so if I got scam because of bitcoin, I can't do anything because the police can't chase the thief (If you understand what I mean )
At my country = my government still not legalize bitcoin so if I got scam because of bitcoin, I can't do anything because the police can't chase the thief (If you understand what I mean )
Is bitcoin has consumer protection?
Consumer Protection is one major thing that bitcoin has not been able to provide due to some reasons. We know that there are no government rules and regulations on bitcoin which lead to misuse of the currency and hence hacking and frauds. Nowhere in the world, government takes responsibility of bitcoin and consumer protection regarding it.
Consumer protection is for something that is offering a product, bitcoin is not offering anything. What it offers is an alternative for your cash something that you can use with a faster transaction and without a particular entity that controls it but it is being confirmed by everyone who uses it. So having a consumer protection for bitcoin is impossible.
I think BTC doesn't have consumer protection because in countries where it is banned by the government of that country. So there will be no responsibility of the government if you are cheated by someone.
Is bitcoin has consumer protection?
Consumer protection is just only available or can be seen on centralized things which we wont ever see on Bitcoin itself. If a certain transaction have been done then it cant be revised no matter how the buyer didnt like on such transaction then he cant do nothing because all is irreversible and thats the beauty of bitcoin which i do really like and for most people.This is not like paypal or any other services that do need this protection.
All the rules on consumer protection apply only to legal assets. Bitcoin is not regulated by laws so there are no rules. We must ensure its protection. And rightly so. If the user of bitcoin believes himself to be free from obligations to the government all its functions it should assume.
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