Wednesday, December 8

Consumer protection agency warns against Christmas shopping with cryptocurrencies

Many consumers may be preparing to make their Christmas purchases with cryptocurrencies, with many companies accepting this method of payment.

However, in the United States, the Federal Trade Commission (FTC), through its Consumer Information page, has issued a warning against this practice.

Large companies have started to accept Bitcoin as a means of payment and in El Salvador this currency is already accepted in all businesses. In online shopping, for example, the use of cryptocurrencies is also an increasing reality, with several websites supporting the technology.

But for governments, the practice may not be right.

Consumer protection agency warns against Christmas shopping with cryptocurrencies

The end of the year is a time when commerce prepares for Christmas shopping, a festive season that attracts crowds in stores around the world. But in recent years, internet shopping has also registered a big movement, due to its facilities for consumers.

According to FTC, consumers should be aware of purchases on internet platforms, which can cause headaches if done wrongly.

One of the common problems is the refund and refund rules, which must be described on the advertiser’s website. Another place customers should pay attention is payment methods, which should be clear when making purchases.

Thus, the FTC informed that the secure payment methods are only credit cards or secure means over the internet. For the agency, cryptocurrencies are accepted only by scammer websites, which should raise the alert in customers.

“For example, credit cards have legal protections or a secure online payment system can protect you in case there is a problem. If someone tells you to pay with a wire transfer, gift card, or cryptocurrency, stop and find another seller. That’s how the scammers tell you to pay.”

Other tips for safety given by the agency was to be careful with people’s experiences on the platform, as well as looking for real photos of the advertised item, as well as its description and location.

What’s wrong with the FTC alert?

It’s worth remembering that Mastercard recently made an announcement that it will help millions of businesses around the world to accept Bitcoin, meaning many sites are expected to support cryptocurrency technology soon.

Another company likely to accept Bitcoin as payment is Tesla, which hopes to enable the option in the future. Mercado Livre, in Argentina, already accepts this method of payment even for property purchases, indicating that Bitcoin can be used to buy cars and houses around the world.

Thus, the FTC’s warning to consumers is not entirely correct, as many solid companies in the market accept cryptocurrencies as a means of payment. Even so, it is important that the customer pays attention to the details of the website, in order to verify that it is on the correct website and that the company really accepts digital coins as a means of payment.

In times like Christmas, it is possible to emerge fake sites that accept cryptocurrencies, and people should pay extra attention to fake promotions and prices well below the market.

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