Many people ask what bitcoin is? Bitcoin is an innovative payment network and new kind of money. Bitcoin uses peer-to-peer technology to operate, without central authority or central bank; transaction management and bitcoin publishing are done collectively by the network. Bitcoin is an open source; the design is general, no one is the owner and control of Bitcoin and everyone can take part. By its unique nature, Bitcoin enables ways of usage that other payment systems can not do before.
Some things you need to know
If you are just about to explore Bitcoin, there are some things you should know. Bitcoin allows you to exchange money in another way from a bank normally. Thus, you should take the time to learn before using Bitcoin for any important transactions. Bitcoin should be treated just like you treat your wallet, or even more carefully in some cases.
Icon Secure your wallet
In the real world, your wallet must be secured. Bitcoin allows you to transfer anywhere in a very easy way and allows you to control your money. The great feature also comes along with high attention to security. Bitcoin provides a very high level of security if used correctly. Always remember that it is your responsibility to take good security precautions in order to protect your money. Read more about securing your wallet.
Bitcoin price icons are easy to change
Bitcoin prices may rise or fall unexpectedly over a short period of time due to the young, new, and sometimes undesirable markets. As a consequence, you are not currently recommended to save in bitcoins. Bitcoin should be viewed as a high-risk asset, and you should not save too much money at risk of being lost with Bitcoin. If you receive a payment with Bitcoin, many service providers allow you to exchange it instantly into your local currency.
IconBitcoin payment can not be canceled
Any transaction you make with Bitcoin can not be canceled, funds can only be returned by the recipient of the funds. That means you have to be careful to do business only with people or organizations you know and trust, or those who already have a good reputation. On the other hand, business owners need to control the payment requests shown to customers. Bitcoin can detect typos and usually does not allow you to send money to the wrong address accidentally. Additional services can be made in the future to provide more options and security for consumers.
Icon Bitcoin is not anonymous
It takes some effort to protect your privacy with Bitcoin. All Bitcoin transactions are kept publicly and permanently on the network, which means anyone can view balances and transactions from any Bitcoin address. However, the identity of the address owner is kept secret, then notified when purchased or in other situations. This is one reason why Bitcoin addresses should only be used once. It is your responsibility to perform your privacy safeguards measures. Read more about securing your privacy.
Icon The instant transactions are less secure
Bitcoin transactions are usually executed within a few seconds and will begin to be confirmed within the next 10 minutes. During that time, a transaction that is considered authentic can still be canceled. Dishonest users can cheat. If you can not wait until confirmed, you can improve security by requesting a small transaction fee or using an insecure transaction detection system. For large quantities like 1000 US dollars, we recommend waiting up to 6 confirmations or more. Each confirmation exponentially minimizes the risk of transaction cancellation.
Icon Bitcoin is still experimental
Bitcoin is a test of a new currency that is still in active development. Although over time and the increasing use of Bitcoin is becoming more mature, keep in mind that Bitcoin is a new discovery that explores ideas that have never been done before. Thus, the future of Bitcoin can not be predicted by anyone.
Icon Resident taxes and regulations.
Bitcoin is not an official currency. That is, most countries still require you to pay income taxes, sales, payroll, and capital gains tax on anything that has value including bitcoin. It is your responsibility to ensure that you comply with other taxes and legal rules or policies...
Do not forget my COMENT. I really need your opinion about bitcoin, and please help him for UPVOTE ..
Follow Me:)...
thanks you................
