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Cryptocurrencies, also called virtual currencies or crypto currencies, are not backed by any government or central bank. The value of a cryptocurrency changes constantly. An investment that one day can be worth thousands of dollars could be worth only hundreds of dollars the next day. If the value goes down, there is no guarantee that it will go back up.

So, the cryptocurrencies have had an upward trend at the end of 2017 and, with fall in the first quarter 2018 and rebound from April 12, 2018, in this order of ideas, a consumer research group called Valuepenguin conducted a complete analysis of the complaints filed with the Consumer Financial Protection Office (CFPB) between June 1, 2017 and March 1, 2018. According to the study, after the significant decrease of 50-60% in the values of cryptocurrencies, consumer complaints increased by 669%.

Among the complaints that cryptocurrency clients most frequently present are:

They want their money, when they say it: Valuepenguin's study and researcher David Ascienzo detailed complaints in more than 40% of the files, which showed dissatisfied customers who could not withdraw their funds. 32% of the problems were derived to transaction and fraud complaints. The transaction problems included long delays in the bank transfer and many complaints were directed to the cryptography companies and the lack of customer service.

Strengthen customer support: the San Francisco "Coinbase" company, highlighted in the Valuepenguin study, in which its clients complained about withdrawal and deposit problems. News.Bitcoin.com also reported on the LendEDU study, a student loan market based in New Jersey, which showed the first signs of increased consumer complaints, and Coinbase topped the list. The United States Office of Consumer Protection has received at least 293 complaints about Coinbase Inc., according to data reviewed by Bloomberg.

Access to funds: Some consumers could not access funds of up to $ 100,000 USD. The complaints sent to the Consumer Financial Protection Office (CFPB) were closed with an explanation of the company, but the investigation could not determine if any customer received any refund.

Fraud: Accusations for fraud accounted for less than 15% of complaints.

They have nowhere to complain: Complaints include customers who can not claim their money invested and customers who can not contact the company once they have invested.

For its part, the National Securities Market Commission (CNMV) has warned that the Belgian supervisor (FSMA) has identified a total of 19 web pages of investment in cryptocurrencies on which it has received questions or complaints from consumers, these websites are '01crypto.net', 'ydconsultant.com', 'patrimoinecrypto.com', 'nettocrypto.com', 'mycrypto.com', 'good-crypto.com', 'gme-crypto.com', 'gmtcrypto.com ',' finance-mag.info ',' eurocryptopro.com ',' ether-invest.com ',' cryptos-currency.com ',' cryptos.Solutions ',' crypto-infos.com ',' crypto-banque .com ',' crytpavenir.com ',' coinquick.net ',' capital-coins.com 'and' btc-cap.com '.

Similarly, the Commission on Commodity Futures Trading (CFTC) said in a statement that it has received complaints from investors who have lost money, and warned about buying cryptocurrencies based on recommendations available on social networks. .

For its part, Tyson Cross, Bitcoin specialist in tax compliance and money laundering AML) money, believes that the increase in complaints is due to the stricter verification processes that have been implemented by households exchange.

In this way, the creators of cryptocurrencies, as well as those in charge of the commercialization process must take these complaints into account in order to lessen the distrust of their investors and customers.

Here is worth the phrase "The customer is always right". At the same time, it is necessary to consider that cryptocurrencies do not have any characteristic that makes them an infallible investment.

Like any other investment opportunity, there are no guarantees. In this sense, it is necessary to recommend that everyone who promises a guaranteed yield or dividend is probably cheating.

The fact that a cryptocurrency is well known or endorsed by a celebrity does not mean it is a good investment. Before deciding to invest in a cryptocurrency, you must investigate and analyze the statements that are being made about the company.