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Author Topic: All you need to know, before start using bitcoins. (Guide for beginners)  (Read 6239 times)

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Offline biranddiazTopic starter

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  Getting started with bitcoin:

  8 things you need to know, before you start using bitcoins.


 1 - If you are about to explore Bitcoin, there are a few things you should know. Bitcoin lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using Bitcoin for any serious transaction. Bitcoin should be treated with the same care as your regular wallet, or even more in some cases!


 2 - Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.


 3 - The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.


 4 - Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person
 receiving the funds. That means you should take care to do business with people and organizations you know and trust, or who have an established reputation. For their part, businesses need to keep control of the payment requests they are displaying to their customers. Bitcoin can detect typos and usually won't let you send money to an invalid address by mistake. Additional services might exist in the future to provide more choice and protection for the consumer.


 5 - Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy.


 6 - Transactions don't start out as irreversible. Instead, they get a confirmation score that indicates how hard it is to reverse them. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer...


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Offline Hel Joy

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Re: All you need to know, before start using bitcoins. (Guide for beginners)
« Reply #1 on: September 30, 2016, 02:25:38 PM »
This is one useful thread, thanks! I’m a newbie when it comes to binary options and this kind of information is just what I (and people like me) need. I’ve got a question concerning binary option signals. As far as I understand, not all of them are safe to use. I’ve come across this service very recently: newbielink:http://www.signalsking.com/ [nonactive] . Is it legit? Did anyone use it? I will appreciate any advice you have, thanks so much in advance!

Offline petsae

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Re: All you need to know, before start using bitcoins. (Guide for beginners)
« Reply #2 on: December 16, 2016, 03:16:59 PM »
Thanks! Very helpful thread :) I'm a little bit nervous because I'm newbie in bitcoin world, so every information is very useful :)
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Offline SiddhanthP05

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Please guide me, how can I start using bitcoins and suitable exchanges for me. Any specific exchange or wallet I should use as a beginner.

Offline acelz103

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what a beautiful thread! thanks u very much. a long time ago, i've been lost a lot of time to find out the way to use bitcoin, but now i can use it. thanks you


 

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