Bitcoin allows you to transfer money in a different way than regular banks. So you have to learn a little bit without using Bitcoin for a serious transaction. Bitcoin should be used as much as your normal wallet, and in some cases even more seriously!
Keeping your wallet safe
Like in real life, you have to secure your wallet. Bitcoin makes shopping around the world very easy and allows you to take control of your money. Of course, such important features raise significant security concerns. Bitcoin can be very secure if used correctly. Remember that the security measures you take to protect your money are your responsibility.
Bitcoin value is variable
Due to its youthful economy, unconventional nature, and sometimes illiquid market, the value of a bitcoin can soon increase and decrease unpredictably. So we wouldn’t recommend keeping your savings in bitcoin. Bitcoin should be considered a high-risk property, and you should never store the amount of money you can’t lose as Bitcoin. If you’re paid in Bitcoin, most service servers instantly translate it into your local currency.
Bitcoin payments irrevocable
No transaction you make with Bitcoin can be reversible, it can only be refunded by the person receiving the payment. So you should be careful about doing business with companies and people you know and trust, or with famous companies. By them, companies must keep their demands for payment under control, which they show to their customers. Bitcoin does not allow you to accidentally send money to an often invalid address by detecting spelling errors. Additional services may be introduced in the future to provide customers with more options and security.
Bitcoin is not anonymous
Bitcoin needs some effort to protect your privacy. Bitcoin transactions are stored publicly and permanently replaced on the network. So all Bitcoin transactions and balances can be viewed by anyone. In a purchase or other case, the user’s credentials remain confidential, as only transaction addresses are visible except for the names described. This is one of the reasons why Bitcoin addresses should be used only once. Never forget that it is your responsibility to take firm steps to protect your privacy.
Bitcoin is still experimental