C redit cards and debit cards have legal protections if something goes wrong. For example, if you need to dispute a purchase, your credit card company has a process to help you get your money back. Cryptocurrency payments typically are not reversible. Once you pay with cryptocurrency, you only can get your money back if the seller sends it back. If refunds are offered, find out whether they will be in cryptocurrency, U.
And how much will your refund be? The value of a cryptocurrency changes constantly. Before you buy something with cryptocurrency, learn how the seller calculates refunds. A blockchain is a public list of records that shows when someone transacts with cryptocurrency.
Depending on the cryptocurrency, the information added to the blockchain can include information like the transaction amount. Both the transaction amount and wallet addresses could be used to identify who the actual people using it are.
As more people get interested in cryptocurrency, scammers are finding more ways to use it. Scammers can put malicious code onto your device simply by your visiting a website. If you notice that your device is slower than usual, burns through battery power quickly, or crashes, your device might have been cryptojacked.
Here is what to do about it:. Report fraud and other suspicious activity involving cryptocurrency, or other digital assets to:. Federal Trade Commission Consumer Information. Search form Search. What to Know About Cryptocurrency. Is the currency already developed, or is the company looking to raise money to develop it? The further along the product, the less risky it is. But beyond those concerns, just having cryptocurrency exposes you to the risk of theft, as hackers try to penetrate the computer networks that maintain your assets.
One high-profile exchange declared bankruptcy in after hackers stole hundreds of millions of dollars in bitcoins. Cryptocurrency is an incredibly speculative and volatile buy. Stock trading of established companies is generally less risky than investing in cryptocurrencies such as Bitcoin. Of the online brokerages and cryptocurrency exchanges that NerdWallet reviews, the following current offer cryptocurrencies.
Access to buy and sell more than 30 cryptocurrencies. Read review.
11 Major Companies Who Accept Bitcoin ( Update)
Trading platform with access to 15 cryptocurrencies. Seven cryptocurrencies including Bitcoin, Bitcoin Cash and Ethereum. SoFi Active Investing. Offers three cryptocurrencies for trading: Bitcoin, Ethereum and Litecoin. Offers trading for five cryptocurrencies, including Bitcoin, Bitcoin Cash and Ethereum. Disclosure: The author held no positions in the aforementioned securities at the time of publication.
What can you do with a Bitcoin?
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What is cryptocurrency? How do I protect myself? Show More.
How and Where to Pay Using Bitcoin in 3 Easy Steps?
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Binance Coin. Get Bitcoin With a Virtual Wallet. Purchase Bitcoin Electronically. Buy Bitcoin Locally. Shop Online and Pay With Bitcoin. The Bottom Line. Full Bio Follow Linkedin. Follow Twitter. Brian T. Edmondson was the online business expert for The Balance Small Business.
He also covered topics on bitcoin and cryptocurrency for The Balance. Read The Balance's editorial policies. Reviewed by. Khadija Khartit is a strategy, investment, and funding expert with over 25 years of experience. She is an educator of fintech and strategic finance at top universities. Article Reviewed on August 30, Article Sources. Continue Reading.