Monthly Archives: March 2018
Be prepared to research pricing and product specifications.
Talk & ask questions; if you believe that an item/service is positioned above market value, ask why. There will be an explanation to balance your opinion. At certain times of the year, there maybe sales/promotional offers/ added-value offerings; ask when this might be.
If time allows, visit several retail shops to experience the customer service quality and pricing strategy. If you’ve purchased the item or service before, check how it differs now.
Ask about the returns and exchange policy to make sure you make an #InformedDecision
Simply put, it’s a type of digital currency, called a cryptocurrency. No notes to print or coins to mint. It’s decentralized — there’s no government, institution (like a bank) or other authority that controls it, but instead is controlled by the software itself.
By using blockchain technology, cryptocurrencies are not subject to any central controls. A blockchain is a global network of computers which can be used to maintain a digital ledger of every owner of a cryptocurrency and the transactions they make. When, for example, a Bitcoin transaction is made (buying, selling, transferring or creating Bitcoin), the record of that transaction is securely encrypted, time-stamped and updated into a block which is added onto the historical record of all Bitcoin transactions. Each block in the chain is unique and it is virtually impossible to remove or change data which has been added to the chain. This means that transactions are verifiable without the need for a central authority, such a bank, to oversee that process. In theory, Blockchain technology allows us to securely transact with one another via a peer-to-peer network without a middleman, such as a bank, charging us for the privilege of doing so.
It isn’t issued from the top down like traditional currency; rather, bitcoin is ‘mined’ by powerful computers connected to the internet, by slowly releasing a predetermined set amount, randomly as a reward to those helping secure the network.
Bitcoin was invented in 2009 by a person (or group) who called himself Satoshi Nakamoto. The stated goal was to create “a new electronic cash system” that was “completely decentralized with no server or central authority.”
Looking back, we began using money as the tool used to exchange value; historically this was gold as it is rare, tangible and worked very well. Although gold is heavy, so then came paper money which originally was ‘gold certificate’ being a piece of paper saying you own some gold sitting in a vault. Trusting in paper was not easy at first.
Nowadays we use what is termed flat money which means that it can’t be exchanged for just a single item. People accept this money in return for goods or services because they know that they themselves will be able to use it at a later date. Money now has no link at all with precious metals. Now we have cryptocurrencies of which Bitcoin was the first, and currently the largest.
What determines the value of a bitcoin?
Ultimately, the value of a bitcoin is determined by what people will pay for it. value of a bitcoin is based on its properties (digitally rare, trustless, secure and predictable issuance), and how much people will pay for it.
In this way, there’s a similarity to how stocks are priced. The protocol established by Satoshi Nakamoto dictates that only 21 million bitcoins can ever be mined — about 12 million have been mined so far; but as it’s digital, each coin can be divided down to 8 decimal places. Even so there is a limited supply like with gold and other precious metals, but no real intrinsic value. This makes bitcoin different from stocks, which usually have some relationship to a company’s actual or potential earnings.
Without a government or central authority at the helm, controlling supply, ‘value’ is totally open to interpretation. This process of ‘price discovery,’ the primary driver of volatility in bitcoin’s price, also invites speculation and manipulation.
Because bitcoin is so new and decentralized, there is plenty of unknowns. Even the technical rules for mining are still evolving and up for debate.
We all enjoy a spot of praise now and again, and remember to praise where praise is due. Express your thanks when something goes well. BUT if you find yourself in a position of being dissatisfied with a product or service, follow our simple guide to making an effective complaint.
- In the first instance, give the business an opportunity to put things right. We all make mistakes, and a good business can be judged on successful complaints handling.
- Find out if the business has a complaints procedure and promptly follow it. If they don’t, ask. If the business is a member of a trade association or signed up to a code of conduct, that body may have a separate complaint handling procedure.
- It may be helpful to make it clear that you are making a formal complaint and then go on to:
* Identify yourself, quoting your customer number or any other references.
* Tell them briefly why you are unhappy/dissatisfied and what the problem is in chronological order.
*Include supporting evidence: photographs, surveys, independent test reports, invoices, screen shots. Copies will do. Keep the originals.
*Set out what the impact of the problem on you has been e.g. any financial loss, inconvenience or distress.
*Say how the issue made you feel and what you want done to either put matters right or compensate you for their failings.
*If you are suggesting a monetary figure, you may want to explain how you came by that figure.
*If you are filling in an online complaints form and you have to categorise your submission, make sure you select complaint rather than comment. Complaints should be taken seriously and require action; comments can be ignored!
*Keep good records. Don’t assume you will be sent a copy of your online submission via e-mail when you press send or submit. Be prepared to take a screen shot and note down any reference numbers.
Monitor the businesses actions against those in their complaints handling procedures, remembering to keep copies of all documentation, emails, key actions, notes of conversations, and dates.
If the business fails to resolve the complaint to your satisfaction, there may be other sources of help or avenues for progressing the complaint. For example, the Channel Islands Financial Ombudsman is an independent body that resolves complaints about financial services provided from Jersey, Guernsey, Alderney and Sark. It has powers to investigate complaints and can compel financial services providers to pay compensation if it upholds a complaint.
progress your complaint and advise on your rights and all complaints relating to consumer goods and services.
The Channel Islands Financial Ombudsman is a free alternative to taking a dispute with a financial products and services to court. They are independent, informal and confidential.
The Channel Islands Financial Ombudsman,
PO Box 114,
Tel: 01534 748610
For all other complaints relating to consumer goods or services contact Trading Standards.
9-13 Central Market,
Tel: 01534 448160
Are you passionate about consumer affairs in Jersey? If so, the Jersey Consumer Council wants to hear from you.
Perhaps you’ve got experience working in a customer-focused profession, or you are a busy parent juggling the household budget, or maybe you are a pensioner who appreciates how even the smallest of price changes can make a big difference?
The Consumer Council is about to start searching for new members and we want to hear from islanders of all ages who think they have something to offer.
Our role is to be the consumers’ champion; we investigate and publicise anomalies in consumer affairs and provide Islanders with accurate and timely information to help make #InformedDecisions. We also want to make sure that consumers’ voices are heard by the decision makers in our island as well as promoting a culture of transparency so that Islanders understand consumer issues better.
If you can help us strengthen our activities and voice by sharing consumer perceptions, contributing to projects, and have a ‘passion’ for consumer issues, please drop us a line by email or post, as soon as possible. We are looking to go through a simple recruitment process over the next few weeks.
We welcome applications from all members of Jersey’s community.
Jersey Consumer Council,
9-13 Central Market,
St Helier, JE2 4WL
Tel: 01534 611161