How to file a complaint about Crypto Businesses?


If you’ve ever given any thought to investing your savings, you may have considered bitcoin, cryptocurrency, and blockchain businesses. There’s no doubt that since their release back in 2008, bitcoin and blockchain technology has taken the world by storm.

It has completely changed the way we look at money, payment systems, investment opportunities, and a whole lot of other things. Moreover, technology has impacted various industries, from banking and finance to healthcare to legal to education and many others.

It has presented entrepreneurs with a new business model and a better way to serve customers. That’s why you may see cryptocurrency or blockchain businesses popping up around you frequently.

However, as remarkable as this technology is, it does have its drawbacks too. More importantly, if you’ve actually experienced these drawbacks personally, then you might be holding in a complaint or two.

Here you will find a peace of advice about how to complain about crypto/blockchain businesses. Not only for yourself, but in some cases also to warn others.

What is Blockchain?

Imagine going to a doctor and expecting him to diagnose you when you can’t even express or explain your symptoms. Unless you tell him what’s wrong, it’ll take him a while to figure out the problem on his own. That’s why you have to help him first so that he can help you.

Basically, what we’re trying to say here is:

Before you make any complaint about cryptocurrency or blockchain businesses, you need to understand what exactly blockchain is.

Only then can you know and put your complaint forward, so the other side can address it correctly.

We’ll try to keep things simple. To understand what blockchain is and how it works, you can imagine a chain of blocks (literally). There’s a series of blocks strung together along a chain. What you need to understand is what the blocks and chain represent here.

what is blockchain?

What are the blocks in blockchain?

Blocks in a blockchain are actually boxes of digital information. Their primary purpose is to store information regarding various transactions. This information includes the day on which the transaction took place, the precise time, and the transaction amount.

Moreover, the blocks also contain information regarding people involved in the transaction. For instance, if you buy a gift card on Gyft, the transaction would show one party as Gyft and another party as you.

Your identity will not be your actual name. Rather, you’ll have a unique username which protects your real identity but also shows your transactions. This is why people consider blockchains to be very transparent.

They show all your activities while hiding your identity so that you can be held accountable for them if the need arises. Therefore, there’s at least this one thing you can’t complain about when it comes to blockchain businesses.

What is the chain in blockchain?

The whole point of a blockchain is to store information that is visible yet can’t be tampered with. We’ve already covered the visibility part, but how do you ensure the data stored can’t be touched? That’s where the chain comes in.

Just as you have a unique username or ID to distinguish yourself, so do the blocks of information. Each block also has a unique code that differentiates it from other blocks. That’s not all of it.

Whenever a block gets its code, also called its hash, the code includes some of the code of the previous block or the block it will link to. This way, each and every block in a blockchain can connect with each other.

Now, if someone tries to hack or change something in one block, he will have to change it in all the blocks in the blockchain. Since that’s practically impossible, it keeps the blockchain secure, and that’s why people consider it immutable.

How does cryptocurrency work on blockchain?

Now that you understand how a blockchain works, you may wonder where cryptocurrency fits into all of it? Well, cryptocurrency, such as bitcoin, is one of the many ways a blockchain is actually put to use.

Imagine that you own some bitcoin and use it to purchase something. When you make that transaction, all the networks on the blockchain rush to check that transaction, verify it and then store it. Since cryptocurrency isn’t managed under any one institution, the blockchain can regulate it through its own network.

What are the top 7 complaints about Crypto/Blockchain?

As great as this technology is, it is far from perfect and does have some loopholes. If you do happen to fall into one of those, you not only end up losing your money but also end up with a headache trying to recover it.

Therefore, take a look at some of the common problems and complaints regarding cryptocurrency and blockchain businesses. Once you resolve your current complaint, you can avoid these in the future.

  • Unable to withdraw your money from a cryptocurrency exchange market
  • Didn’t receive your cryptocurrency
  • Unable to recover lost funds
  • Fake initial coin offerings
  • Fraudulent wallets
  • Pump and dump groups
  • Phishing schemes

How to report a crypto complaint or scam?

Crypto and blockchain is a new technology that has not been government-backed. This has advantages and disadvantages. Try to use your common sense and do research if you are going to invest in a project. If you have had an unpleasant experience, it is important to share it. This prevents others from making the same mistake.  Follow the next steps to file an effective crypto complaint.

Try to Understand What Has Happened

We’ve already mentioned this above that you need to understand the problem first so you can convey it correctly. Hopefully, you’ve understood how blockchains work, so let’s quickly move to the next step.

Gather All the Necessary Information

The relevant authorities will first need to know your details and all the information relating to your complaint. The more they know about what happened, the easier it will be for them to track things down and help you as soon as possible.

For instance, you might have to present billing statements or letters or even emails as evidence to support your claims. All of this will help you put a strong complaint forward and make them more likely to help you.

Reach Out to Others with the Same Complaint

If you’ve already tried everything and don’t know what to do next, ask others. Chances are that you’re not the only person who is facing that problem. Someone else might also have gone through it and managed to get their complaint sorted. On our website you might find those people.

File your complaint at the right places

As mentioned earlier, cryptocurrency and blockchain technology isn’t something that a single institution can manage only. While this decentralized system certainly has its advantages, it has some drawbacks too.

Namely, that you can’t hold any one person or organization accountable and expect them to resolve the issue for you. If you bought some bitcoin with your credit card and lost the funds, you can’t go to that bank and ask them to recover it.

You don’t have to feel discouraged, though. Good companies benefit from having happy customers. An online complaint can just give an extra push in the right direction.

There are also certain organizations you can approach if you are the victim of a scam and want to complain about it. For instance, there’s the US Consumer Financial Protection Bureau (CFPB).

The federal agency is responsible for consumer protection in the financial sector, which includes digital currencies as well.

Conclusion

There’s no doubt that cryptocurrency and blockchain technology seems very tempting to invest in. However, there are a lot of drawbacks if you haven’t done your research. Therefore, unless you want to end up with a lot of complaints, later on, you need to be careful from the start.

There are a lot of cryptocurrency exchanges and blockchain businesses out there. Make sure you do all your research regarding the company so that you know what you’re getting into. Try to use two-factor authentication and keep your crypto offline.

Sometimes, though, no matter how prepared you are, you can get unlucky and end up needing to complain. Don’t keep your misstake for yourself, share, and help the crypto community!

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