Bitcoin is the Wild West of Currency Says Consumer Financial Protection Bureau

The consumer Financial Protection Bureau warns about the risks of digital currencies like Bitcoin
Virtual currencies are the latest currency incarnation gaining in popularity since their introduction in 2009, with many considering them a smart and advanced method of making transactions. The best known of these is Bitcoin, although there are now literally dozens of these cryptocurrencies such as Namecoin, Litecoin, Dogecoin, Peercoin, and Mastercoin. This week a word of warning (PDF) has been issued by the US Consumer Financial Protection Bureau (CFPB). Director Richard Cordray spoke out strongly against virtual currencies:

“Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the market

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2 Responses to Bitcoin is the Wild West of Currency Says Consumer Financial Protection Bureau

  1. scott says:

    Currency should never be an investment which is the number one problem with Bitcoin.

  2. daniel says:

    Pure propaganda. The government wants complete control of the currency so they are trying to make Bitcoin seem like something unsafe when it’s far safer than any government currency. They never mention that inflation is stealing your money’s value which they do year after year.

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