Reason[49]: Bitcoin Is Not Regulated Although bitcoin users consider absence of a centralized governing authority as an advantage of bitcoin but yet it is a curse. When there is no authority to look after the matters and be held accountable if anything goes wrong, then only one law prevails in that case: The Jungle Law. Anything can happen, yet no one will be held answerable. 2.24 2.23 2.22 2.21 2.20 2.19 2.18 2.17 2.16 2.15 2.14 2.13 2.12 2.11 2.10 2.9 2.8 2.3 2.4 2.5 2.6 2.7 2.2 2.1 2.0 1.0 In layman terms it means, if your bitcoins are lost or stolen, you are doomed and left alone with no hope of help from any legal authority. It equals diving in a Pacific Ocean with no life jacket . Once your private key ( aka your bitcoin password ) is lost or stolen, there is literally not even a 1% hope of getting your hard earned bitcoins back. Just last month ( Nov 2017 ) over $33,000,000 worth Bitcoins were stolen because the user private keys were hacked through a get-rich gold scheme.