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A customer purchases bitcoins from the BMEX bitcoin exchange s Robocoin-branded ATM in Tokyo, Japan, on Wednesday, June 18, 2014.Bloomberg via Getty ImagesBy Jack LinshiAugust 12, 2014 11:08 AM EDTAn independent government agency issued an exhaustive warning Monday about the risks of virtual currencies like bitcoin in an at adidas campus tempt to explain cryptocurrencies to the uninitiated.The 6-page walkthrough from the U.S. Consumer Financial Protection Bureau outlined several of bitcoin potential dangers, including vulnerability to hackers, limited security, excessive costs and scams. It also announced a system that accepts virtual currency complaints. Though virtual currencies have become increasingly integrated into adidas samba society, with states, companies, political organizations and even schools approving their use, the Internal Revenue Service has not granted it legal tender status in any U.S. jurisdiction.Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the market, CFPB Director Richard Cordray said in the statement.Bitcoin risks, adidas samba the CFPB said, include hackers who steal users ; private keysmdash;the password to your digital walletmdash;using viruses and other malware. Unlike banks or credit unions, in which deposits are protected by federal agencies in case of failure, bitcoin isn ;t insured by any government agency. If you lose your bitcoin stash, then 82
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A customer purchases bitcoins from the BMEX bitcoin exchange s Robocoin-branded ATM in Tokyo, Japan, on Wednesday, June 18, 2014.Bloomberg via Getty ImagesBy Jack LinshiAugust 12, 2014 11:08 AM EDTAn independent government agency issued an exhaustive warning Monday about the risks of virtual currencies like bitcoin in an at adidas campus tempt to explain cryptocurrencies to the uninitiated.The 6-page walkthrough from the U.S. Consumer Financial Protection Bureau outlined several of bitcoin potential dangers, including vulnerability to hackers, limited security, excessive costs and scams. It also announced a system that accepts virtual currency complaints. Though virtual currencies have become increasingly integrated into adidas samba society, with states, companies, political organizations and even schools approving their use, the Internal Revenue Service has not granted it legal tender status in any U.S. jurisdiction.Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the market, CFPB Director Richard Cordray said in the statement.Bitcoin risks, adidas samba the CFPB said, include hackers who steal users ; private keysmdash;the password to your digital walletmdash;using viruses and other malware. Unlike banks or credit unions, in which deposits are protected by federal agencies in case of failure, bitcoin isn ;t insured by any government agency. If you lose your bitcoin stash, then 82