Term Cryptocurrency Complaints
Code DD-1500.2160
Definition Programs that accept and, where possible, attempt to resolve cryptocurrency complaints which took a major jump after the price of bitcoin hit an all-time high and then lost more than 60% or its value. Due to the unregulated nature of bitcoin and most companies operating in the crypto space, there is little legal recourse available for consumers who fall victim to related scams or suffer a loss of funds due to operational issues or account closures on trading platforms. A cryptocurrency is a digital asset designed to work as a medium of exchange using strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. The first decentralized cryptocurrency was bitcoin, soon followed by Namecoin, Litecoin, Peercoin, PotCoin (developed strictly for use in the cannabis industry) and others. The legal status of cryptocurrencies varies substantially from country to country and is still undefined or evolving in many of them.
Created 6/4/19
Changed 6/4/19
Use References Alternative Digital Currency Complaints
Bitcoin Complaints
Litecoin Complaints
Namecoin Complaints
Peercoin Complaints
PotCoin Complaints
See Also References Local Currency Systems (TB-4500)
External Classification Terms Consumer Complaints Processing and Investigation (UW 6.3.05.01)
Consumer Protection (NTE W90)
Consumer Protection (NPC W07)
Consumer Services (CAN CO-150)
Legal, Consumer and Public Safety Services (AIRS LE-450)
Related Concepts
Facet Service
Comments
Bibliographic References "Cryptocurrency", Wikipedia, the Free Encyclopedia, https://en.wikipedia.org/wiki/Cryptocurrency

"Cryptocurrency Complaints to Consumer Protection Agencies Way Up", https://bravenewcoin.com/insights/cryptocurrency-complaints-to-consumer-protection-agencies-way-up

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