Bitcoin the future of money, is changing the way of world’s financial transactions. So, somethings you should really know before investing in Bitcoins. As we all know this totally a new-kind of digital money, which is already getting popular around the world on the name of crypto-currency.
If you are about to explore the bittoins, then there are some things that you should always know. Bitcoin allows you to change money in a different way than regular banks. As such, you should take your own time to inform yourself before using bitcoins for any serious transaction.
Some Things You Need to Know About Bitcoins!
Bitcoin should be always treated with similar care of its regular wallets, or even more in some cases! Some thingns you need to know about the Bitcoin network.
# Secure your bitcoin wallets!
Just like real life, your wallet should be secure. similarly Bitcoin makes possible anywhere transfer value in a very easy way and allows you to be in control of your money. Such great facilities also come with major safety concerns. At the same time, Bitcoins can provide a very high level of security if used correctly. Always remember that it is the responsibility of adopting good practices for the protection of your money.
# Bitcoins price is really unstable!
The cost of bitcoin can increase or decrease unexpectedly in a short time due to its young economy structure, the novel nature, and sometimes the illiquid markets. Consequently, this time you have not been advised to save your savings. Bitcoin is termed as a high risk asset, and it should never store money that you can not lose. If you receive payment with bitcoin, then many service providers can convert them into their local currency.
# Bitcoin payments are irreversible!
Any transaction issued with bitcoin can not be refunded, only the person receiving the money can be returned. This means that you should be careful to do business with people and organizations about whom you know and trust, or who have a reputable reputation for their share, keeping companies track their payment requests is needed. Bitcoin detects typographical errors and usually does not allow you to send money to an invalid address in the error. There may be additional services in the future to provide additional options and consumer protection.
# Bitcoin is not totally anonymous!
There are some efforts required to protect privacy with bitcoin, all bitcoins are deposited on the network publicly and permanently, which means that anyone can view the bitcoin balance and address. However, the identity of the user behind an address is not unknown unless the information appears during the purchase or in other circumstances. It is one of the reasons that bitcoin addresses should be used only once.
# Unconfirmed transactions are not secure!
Transactions do not start in the form of irreversible. Instead, they receive a confirmation score that indicates how tough they are invertered takes confirmation between few seconds and 90 minutes, with an average of 10 minutes. If the payment of the transaction fee is too small or unusual, it may take more time to get confirmation first.
# BitCoin technology is still experimental!
Bitcoin is a new experimental currency which is still in active development process. Each improvement makes bitcoin more attractive, but it also reveals new challenges as bitcoin lap increases. During these growing pains, you may experience high fees, slow confirmation or more serious problems. Be prepared for the problems and consult a tech expert before doing any major investment, but keep in mind that there is no prediction for the future of Bitcoin.
# Tax, government rules and regulations!
Bitcoin is not an official currency, it is being said that most jurisdictions still require you to pay income, sales, payroll and capital gains on anything including bitcoins. It is your responsibility to ensure compliance with taxes and other statutory or regulatory mandates issued by your government and / or local municipalities.
By knowing these things, anyone can get started with btcoins, the Internet kind of money, changing the way of payment systems, like never before!