Connecticut Better Business Bureau urges consumers, investors and merchants to understand the risks associated with the virtual currency known as “Bitcoin.”  Hundreds of thousands of merchants around the world, including major retailers in the U.S., now accept payment by Bitcoin and financial and regulatory authorities have taken notice.Digital or virtual currencies are emerging as a trendy way to pay for goods and services.These transactions allow simple, anonymous payments around the world, bypassing the wait and fees associated with international banking transactions.Bitcoin is a digital form of money that is not controlled or backed by any central government or central bank.This digital money can be bought or sold through virtual currency exchanges and used to purchase goods or services.The paperless currency’s value fluctuates wildly, making it dangerous for merchants who accept it, as well as consumers who purchase bitcoins as an investment.“Virtual currency is gaining wider acceptance in the marketplace, but that does not mitigate the associated risks,” according to Connecticut Better Business Bureau Executive Communications Director, Howard Schwartz.

“The lack of regulation and protection for consumers at this time makes virtual currency risky.” The RisksSome common concerns and issues you should consider when approached with potential investment opportunities: Con artists are banking on the popularity of virtual currencies to take advantage of people with fake investment swindles.china bans banks from bitcoin transactionsSecurities and Exchange Commission (SEC) took action against a Texas man who advertised a Bitcoin “investment opportunity” in an online Bitcoin forum.litecoin exchange rateHe convinced victims to give him their Bitcoin holdings in exchange for the promise of receiving even more Bitcoins in the future, plus 7% interest per week.litecoin mining android phone

The scam was exposed when the promoter was not able to pay the promised returns.What to DoIt pays to do your homework before you make any decisions with your money.is bitcoin mining bad for the environmentKeep in mind the following tips when considering any type of investment opportunity: Report Suspected FraudIf you suspect that a person offering you an investment opportunity is fraudulent, contact the Department of Banking, at 1-800-831-7225, or online at www.ct.gov/dob.bitcoin capital crypto fundFounded in 1928, Connecticut BBB is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior.bitcoin ssl certificateBBB helps consumers find and recommend businesses, brands and charities they can trust, offers objective advice and a wide range of education on topics affecting marketplace trust.bitcoin aktie

BBB also offers complaint and dispute resolution support for consumers and businesses.Today, 113 BBBs serve communities across the United States, Canada and Mexico, evaluating and monitoring more than 4.7 million local and national businesses and charities.bitcoin ing bankBitPay 1 BTCUSDHow we calculate this rate1 BTCUS DollarEurozone EuroPound SterlingCanadian DollarChinese Yuan  BitPay has relationships with many bitcoin exchanges around the world, but we only utilize exchanges which meet our operational and regulatory requirements.litecoin transactionWhen calculating our exchange rates for BitPay invoices, we only incorporate rates of bitcoin exchanges which meet our regulatory, operational, and market depth requirements.To calculate the exchange rate for US Dollars, we typically pull the market depth from an exchange with adequate liquidity and reliable withdrawal capabilities in the USA and Eurozone.

We factor "slippage" into our exchange rates, which means that the larger the value of the invoice, the lower the exchange rate.Slippage is usually only noticeable on very large invoices.We set exchange rates for non-USD currencies indirectly using the Open Exchange Rates API.In the future, as Bitcoin markets in non-USD currencies mature, BitPay will use those markets directly.The BitPay exchange rate is available via JSON API.all rates | single rateRates are updated every 1 minute.Get StartedJoin the world's most trusted bitcoin payment platform.Accept BitcoinStart TourArlington, VA – Noted security blogger Brian Krebs posted that 2014 will go down as the year that “extortion attacks went mainstream,” and pointed to a series of blackmail letters targeting small retailers and restaurants.The letters, boldly labeled “Notice of Extortion,” threaten negative publicity, harassment, bomb threats, and complaints to the Better Business Bureau if the recipients don’t pay up by August with a bitcoin, the virtual online currency that is nearly impossible to trace.

“It’s a bit flattering that the extortionists singled out BBB, but their threat is completely worthless,” said Mary E. Power, president and CEO of the Council of Better Business Bureaus.“The first thing BBB does when we get a complaint is share it with the business and verify that the complainant is a real customer.If they are a customer, we help the business and the consumer work it out.If they are not a customer, we don’t accept the complaint and it has no bearing at all on the business’s BBB rating.” The extortion letters also threaten negative online reviews, which some BBBs offer.“BBB also scrutinizes customer reviews,” said Power.“BBB doesn’t publish reviews until we have verified the reviewer.Businesses should feel assured that these extortionists will not be able to make good on their threats involving BBB complaints or reviews.” Krebs speculates that the long lead time for the blackmail is due to the fact that many people don’t yet know what a bitcoin is or how to acquire one (the extortion letter provides instructions).