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Cryptocurrency Discussions
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<blockquote data-quote="polishpatriot" data-source="post: 858445" data-attributes="member: 85707"><p>In US, there is FDIC = Federal Deposit Insurance Corp. However, if you read the fine print it can take up to 99 years to pay you back by law.</p><p></p><p>With debit card, credit card, PayPal, ApplePay, Western Union, Remitly, bank wire and so on you have consumer protections and in some cases can stop or reverse a transaction. With native, private cryptocurrencies you have no protections whatsoever. If you mis-key the destination wallet address then you lose whatever you sent. There is no way to reverse any crypto transaction. However, there are companies out there trying to solve this problem. And now you have the US and China saying they will make a full cryptocurrency that will work with the current banking system.</p></blockquote><p></p>
[QUOTE="polishpatriot, post: 858445, member: 85707"] In US, there is FDIC = Federal Deposit Insurance Corp. However, if you read the fine print it can take up to 99 years to pay you back by law. With debit card, credit card, PayPal, ApplePay, Western Union, Remitly, bank wire and so on you have consumer protections and in some cases can stop or reverse a transaction. With native, private cryptocurrencies you have no protections whatsoever. If you mis-key the destination wallet address then you lose whatever you sent. There is no way to reverse any crypto transaction. However, there are companies out there trying to solve this problem. And now you have the US and China saying they will make a full cryptocurrency that will work with the current banking system. [/QUOTE]
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