Some things you need to know
If you are about to explore Bitcoin, there are a few things you should know. Bitcoin lets you exchange money te a different way than with usual banks. Spil such, you should take time to inform yourself before using Bitcoin for any serious transaction. Bitcoin should be treated with the same care spil your regular wallet, or even more ter some cases!
Securing your wallet
Like te real life, your wallet voorwaarde be secured. Bitcoin makes it possible to transfer value anywhere ter a very effortless way and it permits you to be ter control of your money. Such excellent features also come with fine security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always reminisce that it is your responsibility to adopt good practices te order to protect your money. Read more about securing your wallet.
Bitcoin price is volatile
The price of a bitcoin can unpredictably increase or decrease overheen a brief period of time due to its youthful economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.
Bitcoin payments are irreversible
Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds. That means you should take care to do business with people and organizations you know and trust, or who have an established reputation. For their part, businesses need to keep control of the payment requests they are displaying to their customers. Bitcoin can detect typos and usually won’t let you send money to an invalid address by mistake. Extra services might exist te the future to provide more choice and protection for the consumer.
Bitcoin is not anonymous
Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is exposed during a purchase or te other circumstances. This is one reason why Bitcoin addresses should only be used once. Always recall that it is your responsibility to adopt good practices te order to protect your privacy. Read more about protecting your privacy.
Unconfirmed transactions aren’t secure
Transactions don’t commence out spil irreversible. Instead, they get a confirmation score that indicates how hard it is to switch sides them (see table). Each confirmation takes inbetween a few seconds and 90 minutes, with Ten minutes being the average. If the transaction pays too low a toverfee or is otherwise atypical, getting the very first confirmation can take much longer.