Do you shop online? Have you seen websites that allow you to pay with bitcoins?
Beware of the Bitcoin (virtual currency) risks!!
- Values go up and down based on demand.
- Payments made with virtual currencies aren’t reversible.
- You do not have the same legal protections as more traditional payment methods.
For more information, click here.
Teaching Suggestions
- Ask students if they have purchased products or services with bitcoins and what has been their experience.
- Ask students if they check out the seller’s reputation before a purchase with bitcoins.
Discussion Questions
- Should the payment with bitcoins go directly to the seller or a payment processor?
- Does a payment through a payment processor offer any protections?
- If you receive damaged merchandise, will you get a refund in virtual currency, U.S. dollars, or store credit?
- If you have a problem with bitcoin-related product or service, where should you file a complaint?
Melissa Hart
Focus on Personal Finance, 7e 