Crypto is Good but Will it Tackle the Issue of Consumer Protection?
Cryptocurrencies have brought many utilities for it's users in shape of fast and seamless transactions and providing some good profits during market shifts and more. One thing that I liked the most about crypto is that it has provided many ordinary people like myself a chance to earn some extra bucks. And at this point I would like to mention Hive blockchain which is acting as a gateway to the world of crypto to many of the the users who are pretty much new to the world of crypto.
I myself feel happy to be here on Hive blockchain and participating in the LeoFinance community engaging and sharing my views.
Coming back to the point, we know that crypto is beneficial for us but at the same time it has this drawback of the lack of consumer protection.
As the name decentralized currency says that the users are not restrained by freezing accounts and the limits on the withdrawals, but at the same time, there is also a risk of breach with no protection.
Let's say you sent your cryptos to a wrong wallet address, then you cannot reverse the transaction, which is sort of a panic in some of the user's minds.
Some of the firms have tried to act as an intermediary between the crypto users to solve this issue but the problem that lies with it is that it just dumps the purpose of cryptocurrency. As to most people, this is the biggest attraction for crypto that it removes the middleman and also reduces the costs that involve while having the middleman.
As the crypto technology is evolving and we see development through the crypto world at a regular pace, I have a feeling that we may also see something like getting the crypto assets back in refunds while it's been sent to a wrong address or have some dispute over it.
Posted Using LeoFinance Beta
