What The FTC Has To Say About Bitcoin

The Federal Trade Commission (FTC) is a government body that most usually ignore on a variety of topics. They can put out whatever reports they want, most are not going to read them or give any weight to them at all. That being said, more than a few people who are paying attention to a particular report that the group put out regarding Bitcoin and crypto-currencies in general.

The FTC says that it has received hundreds of complaints from users of Bitcoin and other crypto-currencies about being cheated out of some or all of the purchases that they attempted to make with the currency according to reporting by CNBC.

There is no regulatory body that governs over Bitcoin. There is nothing to back up the currency at all. The only thing that gives it any value is that people believe that there is something valuable about it. If that goes away at any point, then so does the price of Bitcoin itself.

A lot of the report from the FTC has to do with warning people against using the currency when it comes to their regular shopping habits. The governing agency says that there is a lot to be worried about with Bitcoin having such a variable value. Something that you purchase with Bitcoin today may end up costing you tomorrow. If something costs what is equal to $100 worth of Bitcoin today, it may be worth $200 worth of Bitcoin tomorrow. In other words, you might just make a purchase that you regret when Bitcoin increases in value yet again in the near future.

Coindesk.com says that the refund policy of different stores make for a very patchy framework when it comes to if you should worry about returning your goods for full value. Put another way, you might not get as much money back as what you paid for your item depending on the value of Bitcoin.

Payment processors used for getting Bitcoin through the system often have privacy policies that may not be what the customer is looking for. Put another way, the use of one of those processors may have you releasing control of some of your personal data to third parties who can do just about anything that they want with it. You definitely do not want to put yourself in that position. Instead, perhaps consider using plain old cash and debit cards to make your purchases like you always did in the past.

About Erica Smith 228 Articles
With several years in the medical field—both as a practitioner and an administrator—Erica has a unique perspective on the health industries. From medical technology to cancer research, she covers our health industry.

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