Can cryptocurrency be used as a form of payment?

Absolutely! Cryptocurrencies are digital assets acting as decentralized, peer-to-peer payment systems. They bypass traditional financial intermediaries, enabling faster and potentially cheaper transactions. Think of Bitcoin, the OG, or Ethereum, powering decentralized apps and smart contracts – both facilitating direct payments. Transaction fees vary widely depending on the cryptocurrency and network congestion. Speed also differs; some offer near-instant transfers while others might take longer. Security is a key advantage, leveraging cryptography to secure transactions and protect user privacy. However, volatility is a crucial factor; cryptocurrency values fluctuate significantly, influencing the actual value of payments.

Decentralization is a game-changer. No single entity controls the network, reducing censorship and single points of failure. The potential for global reach and financial inclusion is enormous, opening up opportunities for the unbanked. But it’s important to understand the regulatory landscape which varies significantly by jurisdiction, affecting accessibility and legal implications.

Could Bitcoin become a universal currency?

Bitcoin’s potential as a universal currency is a complex issue. While it won’t likely replace national fiat currencies entirely – governments maintain control and demand for their own currencies through taxation and legal tender laws – it’s poised to significantly reshape the financial landscape.

Instead of replacement, Bitcoin offers a compelling alternative. Its decentralized nature and inherent resistance to censorship provide individuals with greater control over their finances. This is particularly crucial in regions with unstable or unreliable fiat currencies.

Furthermore, Bitcoin’s technology offers several key advantages:

Increased Financial Inclusion: Bitcoin allows individuals without access to traditional banking systems to participate in the global economy.
Faster and Cheaper Transactions: International transfers are often quicker and less expensive than traditional banking methods, particularly in cross-border transactions.
Enhanced Security and Transparency: All transactions are recorded on a public, immutable blockchain, increasing transparency and security.
Programmability through Smart Contracts: Bitcoin’s underlying technology facilitates the creation of sophisticated financial instruments and automated processes.

However, challenges remain, including:

Volatility: Bitcoin’s price is notoriously volatile, making it unsuitable for everyday transactions for some.
Scalability: The Bitcoin network’s transaction processing capacity is a limiting factor for widespread adoption as a universal currency.
Regulation: The regulatory landscape surrounding cryptocurrencies is still evolving, creating uncertainty for users and businesses.

In conclusion, Bitcoin’s role isn’t about complete currency replacement, but rather about expanding financial options and revolutionizing payment systems. Its transformative potential lies in its ability to provide a more accessible, efficient, and transparent alternative to traditional finance, empowering individuals and businesses worldwide. The technology’s evolution will continue to shape the future of money.

Can cryptocurrency be turned into real money?

Converting cryptocurrency to fiat currency is straightforward, with multiple avenues available. Crypto exchanges are the most common method, offering diverse pairings and often competitive fees. They provide a secure and regulated platform for trading your crypto for USD, EUR, or other national currencies. However, know that verification processes can be rigorous, requiring KYC (Know Your Customer) compliance.

Brokerage accounts, increasingly incorporating crypto trading, offer a convenient option for those already managing investments. They generally provide a user-friendly interface, but may have higher fees or limited cryptocurrency selection compared to dedicated exchanges.

Peer-to-peer (P2P) platforms enable direct trading between individuals. This can be beneficial for bypassing exchange fees, but it introduces risks associated with security and counterparty reliability. Thorough due diligence is crucial when using P2P platforms. Always prioritize reputable and vetted platforms.

Bitcoin ATMs provide a quick and easy way to sell Bitcoin for cash. However, they usually offer less favorable exchange rates and higher fees than online platforms. Their convenience comes at a cost.

Sometimes, a two-step process is required. You might need to convert a less-liquid altcoin into a more widely traded cryptocurrency like Bitcoin or Ethereum (bridging) before exchanging it for fiat. This intermediary step often involves additional fees and time, but it’s necessary for some less-traded assets. The choice of method depends on the specific cryptocurrency, your transaction size, and your comfort level with risk.

Tax implications are crucial. Always consult with a tax professional regarding capital gains tax implications in your jurisdiction, as converting cryptocurrency to fiat is considered a taxable event.

Can cryptocurrency replace money?

While cryptocurrencies have garnered significant attention, their suitability as a complete replacement for fiat currencies remains highly questionable. Their inherent volatility and speculative nature render them unsuitable as stable mediums of exchange for everyday transactions. The price fluctuations, often dramatic, undermine their function as a reliable store of value, a critical characteristic of any viable currency.

Regulatory hurdles pose a significant challenge. Governments are unlikely to cede control over monetary policy, which is fundamental to their economic sovereignty. The lack of widespread regulatory clarity and the potential for illicit activities associated with cryptocurrencies further impede their widespread adoption as primary economic instruments.

Scalability limitations also hinder their ability to replace established financial systems. Many popular cryptocurrencies struggle to process the volume of transactions required by a global economy, resulting in high transaction fees and slow processing times.

Energy consumption associated with some cryptocurrencies, particularly those employing proof-of-work consensus mechanisms, is another significant concern. The environmental impact raises serious questions about their long-term sustainability and viability as a globally accepted currency.

Technological advancements in cryptocurrencies are ongoing, and some projects aim to address issues like scalability and energy efficiency. However, even with these improvements, the fundamental challenges related to volatility, regulatory uncertainty, and the inherent conflict with national monetary sovereignty remain substantial barriers to their complete replacement of established financial systems.

Is Bitcoin a cryptocurrency and worldwide payment system?

Bitcoin is indeed a cryptocurrency and a groundbreaking worldwide payment system. It’s the original decentralized digital currency, operating without a central bank or single point of control. This peer-to-peer architecture allows for direct transactions between users, cutting out intermediaries and fostering financial sovereignty.

However, it’s crucial to understand its limitations. Bitcoin’s transaction speed can be slow and its fees can fluctuate significantly depending on network congestion. The relatively small block size also restricts the number of transactions that can be processed per second. This is why many altcoins emerged, addressing some of Bitcoin’s scalability challenges.

Despite these limitations, Bitcoin’s first-mover advantage and its established track record as a store of value are undeniable. Its scarcity, with a fixed supply of 21 million coins, is a key factor in its appeal as a hedge against inflation. It’s essential to consider both its strengths and weaknesses before investing.

The underlying technology, blockchain, is revolutionary. Beyond payments, Bitcoin’s blockchain enables transparent and immutable record-keeping, paving the way for various innovative applications. Understanding this underlying technology is crucial for any serious crypto investor. Do your own research before committing capital.

Will crypto ever become mainstream?

The mainstream adoption of crypto is not a question of *if*, but *when*. Banks and governments are finally recognizing the undeniable power of blockchain technology and its potential to revolutionize finance. Remember Bitcoin’s early days? A niche interest confined to tech enthusiasts. Now? It’s front-page news. That trajectory is being mirrored by the broader crypto market.

Beyond the hype, we’re seeing real-world applications emerge. Stablecoins are offering alternative payment rails, DeFi is unlocking unprecedented financial accessibility, and NFTs are transforming digital ownership. This isn’t just about speculation; it’s about building a more efficient, transparent, and secure financial ecosystem.

The regulatory landscape is evolving, albeit slowly. While uncertainty remains, increasing regulatory clarity will further fuel mainstream adoption. Governments are starting to understand that suppressing crypto is futile; instead, many are exploring how to regulate it effectively and leverage its advantages.

The narrative has shifted. What was once viewed as a volatile, speculative asset is now seen as a potentially transformative technology with the power to reshape global finance. This is not a fleeting trend; this is a paradigm shift.

What are some disadvantages of using cryptocurrency as a method of payment?

Cryptocurrency payments carry significant risks compared to traditional payment methods. One major disadvantage is the lack of robust legal protections. Unlike credit or debit card transactions, which often offer chargeback mechanisms and consumer protections, cryptocurrency transactions are generally final and irreversible. This leaves users vulnerable to fraud, scams, and accidental errors.

Volatility is another significant drawback. The value of cryptocurrencies can fluctuate dramatically in short periods, impacting the actual cost of goods and services. A purchase made at one price might be significantly more or less expensive by the time the transaction is confirmed, creating uncertainty and potential financial losses for both buyers and sellers.

Security concerns are paramount. While blockchain technology is secure, users are responsible for safeguarding their private keys. Loss or theft of private keys results in the irreversible loss of funds. Furthermore, the decentralized nature of cryptocurrencies means there’s no central authority to resolve disputes or recover lost funds.

Scalability limitations affect transaction speed and cost. Some cryptocurrencies struggle to process a high volume of transactions, leading to delays and increased fees, particularly during periods of high network activity.

Finally, the transparency/privacy paradox is worth noting. While transactions are pseudonymous, not anonymous, sophisticated analysis techniques can potentially link transactions to real-world identities, compromising user privacy. Conversely, enhanced privacy features offered by some cryptocurrencies can raise concerns about illicit activities.

Regulatory uncertainty: The regulatory landscape for cryptocurrencies is constantly evolving, creating legal ambiguity and exposing users and businesses to potential regulatory risks.
High transaction fees: Network congestion can lead to significantly higher transaction fees than traditional payment methods.
Technical complexity: Using cryptocurrencies requires a level of technical understanding that may be challenging for average users.
Exposure to hacking and malware: Users are vulnerable to phishing attacks, malware, and other forms of cybercrime designed to steal private keys and cryptocurrency holdings.
Lack of widespread merchant adoption: Despite growing adoption, many businesses still do not accept cryptocurrencies as a form of payment.

Will the US dollar be replaced as world currency?

The US dollar’s dominance is waning, a trend accelerated by the rise of decentralized finance (DeFi) and cryptocurrencies. While no single currency will likely supplant the dollar completely, a multi-polar reserve currency system is emerging. This isn’t simply diversification; it’s a fundamental shift driven by technological advancements. Cryptocurrencies, particularly stablecoins pegged to various fiat currencies, offer alternatives to dollar-dominated transactions, bypassing traditional SWIFT networks and reducing reliance on centralized banking systems. The increasing adoption of blockchain technology fosters greater transparency and efficiency in cross-border payments, weakening the dollar’s inherent advantages in international trade. Moreover, the increasing geopolitical instability and sanctions regimes are pushing countries towards alternative reserve currencies and digital assets, further reducing the dollar’s global hegemony. This decentralized landscape presents both opportunities and challenges, increasing systemic complexity while potentially fostering greater financial inclusion and resilience.

The transition won’t be immediate or smooth. The dollar’s entrenched position and the network effects it enjoys will ensure its continued relevance for a considerable period. However, the ongoing development of decentralized finance (DeFi) protocols, central bank digital currencies (CBDCs), and the maturation of cross-border payment solutions built on blockchain technology are steadily eroding the dollar’s dominance. The future likely involves a complex interplay of fiat currencies, stablecoins, and other cryptocurrencies, with no single entity holding absolute sway.

Is it possible to create a universal currency?

A universal currency? That’s a loaded question. No, not in the traditional sense. Governmental fiat currencies, tied to taxation and sovereign debt, aren’t going away anytime soon. The very structure of nation-states hinges on controlling their monetary supply. Think about it – tax collection is fundamentally tied to local currencies.

However, a *de facto* universal currency is absolutely within the realm of possibility. Bitcoin, for example, presents a compelling case. Its decentralized nature, inherent scarcity (only 21 million coins will ever exist), and increasing global adoption are all crucial factors. If enough people and businesses globally choose to transact and store value in Bitcoin, bypassing traditional financial systems, it could effectively become a universal medium of exchange.

The key is network effect. The more users Bitcoin has, the more valuable and useful it becomes. This isn’t about replacing every government’s currency overnight; it’s about creating a parallel system, a robust, censorship-resistant alternative that offers greater financial freedom. Consider the potential for cross-border payments – instant, low-cost, and secure. This is what truly sets it apart. The shift towards a decentralized, global financial system is already underway.

The crucial point is this: a universal currency isn’t about replacing all other currencies; it’s about offering a superior, globally accessible alternative that increasingly more people choose to use.

Will crypto ever replace banks?

The notion of crypto replacing banks entirely is a gross oversimplification. While cryptocurrencies haven’t supplanted fiat currencies as the primary medium of exchange, dismissing them as mere gambling is shortsighted. The technology underlying crypto, blockchain, offers transformative potential beyond speculation.

The limitations are real:

Volatility: The inherent price fluctuations make crypto unsuitable for everyday transactions requiring stability.
Regulation: The fragmented and evolving regulatory landscape creates uncertainty and risks.
Scalability: Many crypto networks struggle to handle the transaction volume of established financial systems.
Security: While blockchain is secure, individual users remain vulnerable to scams and hacks.

However, the innovations are undeniable:

Decentralization: Blockchain eliminates reliance on intermediaries, potentially increasing financial inclusion and reducing censorship.
Transparency: Public blockchains provide a transparent and auditable record of transactions.
Programmability: Smart contracts automate agreements, opening doors for novel financial instruments and decentralized applications (dApps).
Cross-border payments: Crypto facilitates faster and cheaper international transfers compared to traditional banking systems.

The future isn’t about replacement, but integration. Crypto’s role will likely evolve toward supplementing, not supplanting, traditional finance. We’ll see increasing integration of blockchain technology within existing financial infrastructures, leading to more efficient, secure, and inclusive systems. The “coffee can” analogy is outdated; the future is about leveraging the strengths of both crypto and traditional finance for a more robust and dynamic global financial ecosystem. The current narrative is misleading; the true potential lies in symbiotic development.

Can crypto make real money?

Yes, you can potentially make money with crypto, but it’s risky! There are a few ways to do it. Trading involves buying low and selling high – but the price can swing wildly, so you could lose money quickly. Some cryptocurrencies pay out “dividends,” like a stock, but these aren’t guaranteed and depend on the project’s success. Running a “masternode” requires technical skills and usually involves investing a significant amount of cryptocurrency to support a blockchain network, potentially earning rewards in return. This is a much more advanced strategy.

Before investing, understand that cryptocurrency is highly volatile. Its value can change drastically in short periods, leading to significant losses. Do your research! Learn about different cryptocurrencies, their technology (blockchain), and market trends. Don’t invest money you can’t afford to lose. Consider learning about fundamental and technical analysis to help you make informed trading decisions. Diversification, spreading your investment across multiple cryptocurrencies, can help reduce risk, but doesn’t eliminate it.

Beware of scams! Many fraudulent schemes promise easy riches. Only invest in reputable cryptocurrencies and exchanges. There are many educational resources available online, but be critical and verify information from multiple trustworthy sources.

Will cryptocurrency replace regular money?

The notion of cryptocurrency entirely replacing fiat currencies like the dollar is a complex one, often oversimplified. While adoption is growing, with more merchants accepting crypto payments, Bitcoin’s inherent volatility presents a significant hurdle. Its price fluctuations, driven by factors ranging from regulatory uncertainty to market speculation, make it unsuitable as a stable medium of exchange for everyday transactions. Imagine trying to price a loaf of bread when the currency itself can swing wildly in value within hours. This inherent instability creates significant risks for both businesses and consumers, hindering widespread adoption as a primary payment method.

Furthermore, accessibility remains a considerable challenge. While cryptocurrency wallets and exchanges are proliferating, a significant portion of the global population lacks the technological literacy or infrastructure to utilize them effectively. This digital divide significantly limits the potential for mass adoption, especially in developing economies. Even with improvements in user interfaces and educational resources, bridging this gap will take considerable time and effort.

Beyond Bitcoin, the broader cryptocurrency landscape is equally fragmented. Thousands of altcoins compete for market share, each with its own set of functionalities, limitations, and associated risks. This lack of standardization and the constant emergence of new projects further complicate the possibility of a unified cryptocurrency-based financial system replacing existing fiat structures.

Therefore, while cryptocurrencies are likely to continue playing an increasingly important role in the global financial ecosystem, a complete replacement of traditional currencies remains a distant prospect. Instead, a more plausible scenario involves coexistence, with crypto and fiat currencies occupying distinct, yet interconnected, niches within the financial landscape.

Can Bitcoin be changed to cash?

Converting Bitcoin to cash involves selling your BTC on a cryptocurrency exchange. Platforms like Coinbase, Binance, Gemini, and Kraken are popular choices, offering varying fees and speed of transactions. However, relying solely on centralized exchanges presents risks.

Consider these factors before selling:

Fees: Exchanges charge transaction fees, which can significantly impact your profits. Compare fees across different platforms before choosing one.
Withdrawal Methods: Exchanges offer various withdrawal methods (bank transfer, debit card, etc.). Each method carries its own fees and processing times. Bank transfers are generally slower but often cheaper.
Security: Centralized exchanges are vulnerable to hacks and security breaches. Ensure the exchange you choose has a strong security track record and employs robust security measures (2FA, etc.).
Tax Implications: Capital gains taxes apply to profits from selling Bitcoin. Consult a tax professional to understand your obligations.

Alternative Methods (for more advanced users):

Peer-to-Peer (P2P) Exchanges: These platforms connect buyers and sellers directly, potentially offering better rates but introducing higher counterparty risk.
Decentralized Exchanges (DEXs): DEXs offer more privacy and security but can be more complex to use and may have higher transaction fees.

Before initiating the sale:

Market Research: Check current Bitcoin prices across multiple exchanges to ensure you’re getting a fair price.
Order Types: Familiarize yourself with different order types (market order, limit order) to optimize your selling strategy.

Will there ever be a global currency?

The dream of a global currency, eliminating exchange rate volatility and streamlining international trade, is alluring. However, the reality is far more complex. Sovereignty is paramount; nations fiercely guard their monetary policies, viewing them as crucial tools for economic management and national identity. A single global currency would necessitate a radical shift in this power dynamic, a prospect unlikely to be embraced universally.

Furthermore, the technical hurdles are immense. While cryptocurrencies offer a decentralized alternative, scalability, regulation, and the prevention of illicit activities remain significant obstacles. The sheer logistics of managing a global monetary system, ensuring security, and maintaining trust across diverse economies present almost insurmountable challenges.

Consider the implications for monetary policy. A one-size-fits-all approach would be ill-suited to the unique economic needs of different nations. The loss of independent monetary policy could severely hamper a country’s ability to respond effectively to economic shocks or pursue specific growth strategies.

Beyond the economic aspects, cultural implications are profound. National currencies often hold symbolic value, representing a nation’s history and identity. Their replacement by a global currency could be perceived as a loss of cultural heritage, leading to resistance and social unrest.

In conclusion, while a global currency holds theoretical appeal, the practical realities of economic sovereignty, technological limitations, and the inherent cultural complexities render its widespread adoption highly improbable in the foreseeable future. The decentralized nature of cryptocurrencies offers an interesting alternative, but widespread adoption faces its own set of formidable challenges.

Which country has Recognised Bitcoin as a means of payment?

While no country has fully “recognized” Bitcoin as a primary means of payment in the way fiat currencies are, El Salvador notably adopted it as legal tender in 2025. This move, however, has been met with mixed results and significant challenges.

Important Considerations:

Legal Tender vs. Acceptance: Legal tender status doesn’t guarantee widespread adoption or merchant acceptance. Many businesses in El Salvador still primarily operate using the US dollar.
Volatility: Bitcoin’s price volatility poses a significant risk for both consumers and businesses using it for transactions. Fluctuations can drastically impact purchasing power.
Regulation and Infrastructure: The lack of robust regulatory frameworks and the necessary infrastructure (e.g., reliable internet access) in many countries hinders Bitcoin’s adoption as a mainstream payment method.
Other Countries’ Approaches: Many countries are exploring different regulatory approaches, ranging from outright bans to cautious experimentation with cryptocurrencies, focusing on aspects like taxation and anti-money laundering compliance.

Key Developments Since El Salvador’s Adoption:

Increased scrutiny of crypto regulations globally.
Growing interest in central bank digital currencies (CBDCs) as an alternative to cryptocurrencies.
Ongoing debates about Bitcoin’s energy consumption and environmental impact.

In essence, while El Salvador’s move was groundbreaking, it doesn’t represent widespread global acceptance. The future of Bitcoin as a primary means of payment remains complex and uncertain, heavily dependent on regulatory developments and technological advancements.

Will crypto be around in 10 years?

Predicting the future of crypto is inherently speculative, but a nuanced perspective suggests a more complex picture than a simple “yes” or “no” regarding its existence in 10 years. While Bitcoin’s dominance is likely to persist, its future isn’t guaranteed. Speculative trading will undoubtedly continue to drive some level of Bitcoin’s value, but its long-term viability depends on its evolution and broader adoption.

The “blockchain” itself – the underlying technology – is far more likely to endure. However, Bitcoin’s current implementation faces significant challenges. Scalability remains a critical issue, hindering its capacity for widespread transactional use. While layer-2 solutions and other advancements offer potential mitigation, their efficacy and widespread adoption are still uncertain.

Security concerns are also ongoing. Although Bitcoin’s network is robust, vulnerabilities are constantly being discovered and exploited. The development of quantum computing poses a significant long-term threat to many cryptographic systems, including those underpinning Bitcoin. Ongoing research and development are critical to addressing these vulnerabilities.

Beyond Bitcoin, the cryptocurrency landscape is far more dynamic. Altcoins will likely continue to emerge, evolve, and fail. Many will struggle to gain significant traction, succumbing to market volatility and technological limitations. However, certain projects focused on solving real-world problems through innovative blockchain applications might thrive.

The regulatory landscape will play a pivotal role. Government regulations will undoubtedly shape the future of cryptocurrency, influencing everything from taxation and anti-money laundering measures to the legal status of different cryptocurrencies. This regulatory uncertainty introduces a significant element of risk and unpredictability.

In short, while Bitcoin’s survival is probable due to its first-mover advantage and established network effect, the overall crypto landscape in 10 years will likely be vastly different from today. It will be shaped by technological advancements, regulatory pressures, and the ever-evolving dynamics of the global financial system. The successful cryptocurrencies of the future will likely be those that adapt and innovate most effectively, offering practical solutions and addressing the limitations of current technologies.

What obstacles are to be overcome to adopt cryptocurrencies as the mainstream way of paying?

Several significant hurdles impede cryptocurrency mainstream adoption. Lack of understanding and trust remain primary obstacles. Many users lack the technical knowledge to navigate the space safely and effectively, fueling skepticism and mistrust. This is exacerbated by frequent scams and security breaches. Addressing this requires improved user education and the development of more user-friendly interfaces and wallets, minimizing technical complexity.

Price volatility is another major concern. The fluctuating value of cryptocurrencies makes them unsuitable for everyday transactions, particularly for those with limited financial resources. Solutions involve exploring stablecoins pegged to fiat currencies or creating innovative hedging mechanisms to mitigate risk.

Regulatory uncertainty creates significant challenges. The lack of consistent and clear regulatory frameworks across jurisdictions hinders both individual adoption and merchant acceptance. Collaboration between governments, regulatory bodies, and the cryptocurrency industry is crucial for establishing clear legal guidelines.

Security issues, encompassing private key management, exchange hacks, and smart contract vulnerabilities, are significant. Improved security protocols, robust auditing practices, and user education on secure key management are vital for building trust and preventing losses.

Scalability problems limit the transaction throughput of many existing cryptocurrencies, hindering widespread adoption. Solutions being explored include layer-2 scaling solutions, such as Lightning Network and state channels, and the development of more efficient consensus mechanisms.

Limited merchant adoption is a cyclical problem. Merchants are hesitant to accept cryptocurrencies due to volatility, transaction fees, and a lack of consumer demand. Increased user adoption and the development of user-friendly payment processing systems are essential to incentivize merchant participation. This could also involve the development of systems designed specifically for Point of Sale (POS) systems.

Overcoming these obstacles requires a multifaceted approach. This includes:

Improved user education and onboarding experiences: Simplifying the user experience and providing clear, accessible educational resources.
Enhanced security measures and protocols: Investing in robust security infrastructure and promoting best practices for users.
Development of stable and scalable cryptocurrencies: Focusing on solutions that mitigate volatility and increase transaction speeds.
Collaboration between stakeholders: Fostering dialogue and cooperation between industry players, regulators, and governments to establish a clear regulatory framework.
Incentivizing merchant adoption: Providing incentives and developing user-friendly payment processing systems to encourage merchant participation.

Addressing these issues strategically will be crucial in unlocking the full potential of cryptocurrencies as a mainstream payment method.

What is the biggest disadvantage of cryptocurrency?

A huge downside of crypto is the absence of robust transaction reversal policies. Unlike traditional finance, there’s generally no buyer’s protection or chargeback mechanism. If you send crypto to the wrong address, it’s essentially gone – no refunds, no cancellations. Each exchange or wallet has its own policies, which can vary wildly, and often offer limited recourse for mistakes. This lack of regulatory oversight and recourse is a significant risk for newcomers. This is especially pertinent given the irreversible nature of blockchain transactions; once confirmed, they are virtually untraceable and unrecoverable. So, always double, triple check addresses before sending any crypto. Furthermore, scams and fraudulent activities are rampant in the crypto space, and the lack of a central authority makes it difficult to get your money back even if you were defrauded.