What you need to know

Do you want to explore Bitcoin ? Be aware that there are some settings you should know. Bitcoin, being a virtual currency that allows you to exchange money in a different way from regular banks, it takes time to educate yourself. This will allow you to know the secrets of this currency in order to safely make your various transactions. The following article will walk you through what you need to know about Bitcoin.

Securing your wallet

Like any other online transaction, your wallet should be protected. In general, bitcoin allows value to be transferred very easily, from anywhere, and allows you to be in control of your money. Bitcoin can offer you very good security if you use it perfectly. It should be noted that it is your responsibility to take the necessary measures to secure your winnings.

The price of bitcoin is volatile

The price of a bitcoin can go up as well as it can go down. This most often happens unpredictably over a short period of time due to its young economy, unusual nature and sometimes illiquid markets. This is why it is recommended that you do not keep your bitcoin savings at this time. Bitcoin should be viewed as a high risk asset, and you should never store money in bitcoin that you cannot afford to lose. If you receive payments in bitcoin, several service providers can convert them to your local currency

Bitcoin payments are irrevocable

Any transaction made with Bitcoin cannot be reversed, they can only be refunded by the person who is authorized to receive the funds. This means that you need to make sure you are doing business with trusted companies and individuals that you know or have established reputations. For their part, businesses must maintain control over the payment requests they display to their customers. Bitcoin can detect typing errors and generally won’t let you send money to an invalid address by mistake. Additional services may exist in the future to provide more choice and protection for the consumer.

Bitcoin is not anonymous

Efforts are needed to protect your privacy with Bitcoin. All Bitcoin transactions are held publicly and permanently in the network, which means that the balance and transactions of any Bitcoin address can be viewed by anyone. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or under other circumstances. This is one reason why Bitcoin addresses should only be used once. Please note that it is your duty to take the necessary measures to protect your confidentiality.

Unconfirmed transactions are not secure

A Bitcoin transaction is normally propagated within seconds and begins to be confirmed within 10 minutes. During this period, a transaction can be considered as genuine but always reversible. Dishonest users could try to cheat, which means there is a risk in accepting unconfirmed transactions. For larger amounts like US $ 1,000, it is good practice to wait at least 6 confirmations. Each confirmation exponentially decreases the risk of a reverse trade.

Government taxes and regulations

Bitcoin is not an official currency. That being said, most jurisdictions require you to pay income, sales, salary, and capital gains taxes on anything of value, including bitcoin. It is your responsibility to ensure that you comply with taxes, legal mandates, and regulations issued by your government and / or local municipalities.

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