You may have heard of virtual currencies like Bitcoin, XRP, and Dogecoin. But what are virtual currencies? What does this “flying to the moon” mean? What about business on the Internet? What risks should you be aware of as a consumer?
While virtual currencies offer the potential for innovation, many big questions remain unanswered, some of which are critical, including:
- Virtual currencies are a target for hackers, who are able to break through complex security systems to steal funds.
- After accounting for exchange rates, virtual currencies cost consumers more than credit cards or regular cash.
- Scammers take advantage of the hype around virtual currencies to defraud people with false opportunities.
- If you trust a company that deals in virtual currency and something goes wrong, the company may not provide you with the kind of help you would expect from a bank, debit card, or credit card provider.
If you are considering using virtual currency, please review our consumer advice for more things to consider and links to other helpful resources.
Submit a complaint
If you have a problem with a virtual currency product or service, you can also file a complaint. We will forward the complaint along with the documents you provide to the relevant company and work to get their response.
Complaint data helps us understand which businesses may pose a risk to consumers. We use this information to enforce federal consumer financial laws and take policy actions as needed.
