In the Murky World of Bitcoin, Fraud Is Quicker Than the Law

“There is absolutely no consumer protection in any sector of the Bitcoin economy”

While investors are becoming more interested in the use of Bitcoin, the lack of regulations for this virtual currency has led to its use in the black market, frauds, and cyber attacks. Some governments decided not to allow or endorse Bitcoins in their banks. Others have yet to properly classify Bitcoin so the authorities still do not know how to regulate its use. Until then, Bitcoin consumers are vulnerable to risks and would be helpless if their Bitcoins are being robbed or stolen. If Bitcoin is meant to be the currency of the free Internet society, perhaps the big players in the economy should collaboratively provide a solution to this drawback. Otherwise, if the use of Bitcoin is proven to benefit the economy, law enforcers and agencies need to quickly decide on a protocol to protect Bitcoin consumers and punish those who misuse it. However, governments should not intervene too much in the use of Bitcoin as it may cause Bitcoin to appear less attractive as it is now.



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