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What you need to know about Bitcoin

What you need to know about Bitcoin

Safety of your purse

As well as in real life, your purse has to be protected. The bitcoin just allows to transfer the amounts anywhere and allows you to control the money completely. Such huge opportunities, are also followed by big security concerns. At the same time, the Bitcoin is capable to provide very high level of safety if it is correct to use him. Always you remember that it is your responsibility, to use the best practices for protection of the money.

The price of bitcoin is subject to fluctuations

The price for bitcoins can is unpredictable to increase or decrease during the short period of time in connection with economy youth Bitcoin, novelty of her nature and liquidity of the markets. Thereof we don’t recommend to store your savings in bitcoins. On the contrary, bitcoins should be considered as assets with a high risk. Never you store money which you aren’t able to afford to lose in bitcoins. If you receive payments in bitcoins, you can use the services allowing to convert them into local currency.

The bitcoin payments can’t be cancelled

Any the bitcoin transaction can’t be cancelled. Only if the recipient returns you means, you will be able to receive them back. It means that you should do business only with those people and the organizations whom you know and to whom you can trust or which have already good reputation. From the organizations, they have to control the payment inquiries sent to clients. The bitcoin finds a typo and, as a rule, doesn’t allow to send money for the nonexistent address by mistake. Additional services can appear in the future, for ensuring the bigger choice and protection for clients.

For full anonymity of Bitcoin efforts are required

For protection of your confidentiality, when using Bitcoin some efforts are required. All bitcoin transaction of a publican and instantly extend in network that means — all can see balance and transactions of any bitcoin address. However, the identity of the user behind addresses remains to the unknown until information doesn’t open thanks to payment, or in other circumstances. It is one of the reasons why the bitcoin address should be used only once. Always you remember that use of the best the practice for protection of the confidentiality is your responsibility. To read still, about protection the to confidentiality.

Unconfirmed transactions are unsafe

Transactions aren’t created by irreversible. Instead they receive confirmations which specify, it is how easy to turn transaction. Each transaction borrows between several seconds and 90 minutes, with average lasting 10 minutes. If the commission was too low or in other sense atypical, the first confirmation will take much more time.

The bitcoin still is experimental currency

The bitcoin is experimental new currency which is in active development. And, though she becomes less and less experimental as her popularity grows, it must be kept in mind nevertheless that Bitcoin — the new invention using earlier not applied principles. Respectively, the future of this currency is unpredictable.

Taxes and state regulation

The bitcoin isn’t official currency. Nevertheless, the majority of jurisdictions demand that you paid income tax that can belong also to Bitcoin. It is your responsibility, be convinced that you will adhere to tax and other legal or standard requirements of your government and/or local authorities.

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