If you are using bitcoins to buy something local to youself, you do have protection, the local jurisdiction. One of the proposed benefits of bitcoin is that by

If you are using bitcoins to buy something local to youself, you do have protection, the local jurisdiction. One of the proposed benefits of bitcoin is that by protecting the merchant from buyer fraud, it could enable a global free market. In this case, buyer beware is the watchword, don't hand over large amounts to someone far away unless you trust them or they have very good reputation.