Wednesday , October 16 2019
Home / austria / Cryptocurrencies such as Bitcoin fail in field test

Cryptocurrencies such as Bitcoin fail in field test

The Labor Chamber (AK) submitted the encryptions to a practical test. Not only because of the high costs, the result was sobering. "Crypto currencies are not classified as a legal asset, they are very speculative in nature and not a serious investment class for consumers," the consumer rights activist AK Christian Warner warned on Wednesday.

Read: Bitter miners are threatened by mass extinction

High and non-transparent costs

AK bought at stationary shopping places (mail, tobacco, store, automated box) with 400 Euros of crypto currencies (Bitcoin, Bitcoin Cash, Litchoin, Dash, Eterium). For online trading platforms, the crypto currencies were purchased for another 500 euros (Litcoin, two tranches of Bitcoin, Ethereum, Ripple). Shortly thereafter, after the return of the replacement, sales costs were made – only EUR 769.96 from EUR 900 – "minus" of EUR 130.04 remained, which can be explained by exchange rate differences and costs, according to the AK.

>>> Read: WhatsApp is planning its own crypto currency

A terrible conclusion

AK's conclusion: "When buying and selling cryptoworks, there are different costs. It usually stays in the dark, whose costs are actually incurred." For average consumers, it is almost impossible to estimate the very unstable rates of crypto-vectors. "Therefore, the Labor Chamber finds that cryptoports are very cryptic.

Source link