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Some things you need to know about bitcoin if you are just going to explore .Bitcoin allows you to exchange money in a way other than banks normally. Thus, you should take the time to learn before using Bitcoin to any important transaction. Bitcoin should be treated the same way you would treat your wallet, or even more careful in some cases.
Securing your wallet
In the real world, your wallet should be secured. Bitcoin allows you to make transfers to anywhere in a way that is very easy and allows you to control your money. Great feature it also comes along with a high attention to security. Bitcoin provide a very high level of security if used correctly. Always remember that it is your responsibility to conduct security measures are good in order to protect your money. Read more about securing your wallet.
Bitcoin prices volatile
Bitcoin prices can go up or down unexpectedly during a short period of time due to the economy that is still young, new, and sometimes it is not a liquid market. As a consequence, at this time you are not recommended to save in bitcoin. Bitcoin should be considered as high-risk assets, and you should not keep too much money is at risk of missing the Bitcoin. If you accept Bitcoin, many service providers that allow you to trade it instantly into your local currency.
Bitcoin payment can not be canceled
Every transaction you make with Bitcoin can not be canceled, the funds can only be returned by the recipient of such funds. That means you have to be careful to do business only with persons or organizations you know and trust, or those who have had a good reputation. On the other hand, business owners need to control the payment request is shown to the customer. Bitcoin can detect typos and usually do not allow you to send money to the wrong address by mistake. Additional services can be made at a later date to provide more choice and security for consumers.
Bitcoin is not anonymous
It takes some effort to protect your privacy with Bitcoin. All Bitcoin transactions in general and permanently stored on the network, which means that anyone can view balances and transactions from any Bitcoin address. However, the identity of the owner of the address to be kept secret, then notified the time of purchase or in other situations. This is one reason why Bitcoin address should only be used once. It is your responsibility to take measures your privacy safeguards. Read more about your privacy safeguards.
Instant transactions less secure
Bitcoin transactions are usually carried out in a few seconds and will start to be confirmed in the next 10 minutes. During that time, a transaction that is considered authentic remains irrevocable. Users who do not honestly be trying to cheat. If you can not wait until confirmed, you can increase security by asking for a small fee or a transaction using the transaction detection system that is not safe. For a large number like 1000 dollars, you should wait until 6 or more confirmation. Each confirmation exponentially reduce the risk of the transaction cancellation.
Bitcoin is still testing
Bitcoin is a trial of a new currency is still under active development. Although over time and increasing the use Bitcoin become increasingly mature, keep in mind that Bitcoin is a new discovery to explore the idea that has never been done before. Thus, the future of Bitcoin can not be predicted by anyone.
Government taxes and regulations.
Bitcoin is not the official currency. That is, most countries still require you to pay income tax, sales, payroll, and capital gains tax on any value including bitcoin. It is your responsibility to ensure that you comply with tax and other legal rules or policies issued by your government and / or policy makers in your area.
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