Bitcoin is a new revolution of technology and people are going gaga over this new technology and why not? After all, this technology is a big source of income for many people and who doesn’t want to become rich!
Bitcoin is a very famous crypto-currency that allows you to exchange money and trade with it. Bitcoin is volatile by nature and it’s valued mostly remains high and so you never know when you become a millionaire.
I know many people are curious about Bitcoin and want to invest in it, but you should know some of the important things about Bitcoin before you go ahead and invest in it.
Opt for a highly secure wallet!
Bitcoin wallets are very much prone to theft and fraud, so just like to take care of your wallet in real life, the same way you need to take care of your digital Bitcoin wallet that is a crucial part of Bitcoin trading.
It allows you to store and do the transactions of Bitcoins easily. Standard Bitcoin wallets have a high-quality security feature that protects your Bitcoins and keeps it secured from fraud and theft.
Bitcoin is volatile
Almost all the people are aware by now that the price of Bitcoin is kind of unstable and volatile. You never know it can be as high as touching the sky and even go down to zero. So, it is always advisable to invest a decent amount that you can bear losing in crypto-trading.
Bitcoin payments are non-refundable
Yes, you heard it right! The payment of Bitcoin cannot be refunded and it can only be given back by the person who is receiving the funds. That is one of the reasons why Bitcoin is a favorite of traders. Having said that, make sure to stay away from the typos.
Mostly, the Bitcoin wallet with a high-security feature detects typos and does not let you send money to an invalid address. But, even you should be careful on your behalf to be beware of frauds.
Anonymous and Bitcoin? Never!
You need to be extra careful when doing Bitcoin transactions because Bitcoin is fully transparent. Anyone can easily see the address and the amount of transaction which makes Bitcoin more prone to fraud and no one wants their hard-earned Bitcoin to be stolen. So make sure to use the Bitcoin address just once.
Bitcoin is a free digital currency that is not backed up by any third party unlike traditional paper currency that is backed by government and is controlled by banks. That said, the most government requires you to pay income, sales, payroll, and capital gains taxes on anything that has value and that includes bitcoins.
So, make sure that you abide by the rules and pay up all the taxes.
Bitcoin is an experiment of technology
Though Bitcoin first came into existence a decade ago in 2009, the interesting part is that Bitcoin is still a mystery. Many people are not aware of what Bitcoin is and some have little knowledge about how it works.
Apart from that Bitcoin is an experiment of technology that people are kind of still testing. Bitcoin is transparent and so is it’s algorithms and blockchain. Everyone can make changes to improve the way Bitcoin functions and many of the brilliant brains have indeed made changes and are still improving Bitcoin.
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