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26 lines
3.4 KiB
HTML
Executable file
26 lines
3.4 KiB
HTML
Executable file
---
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lang: en
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layout: base-en
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id: you-need-to-know
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title: Some things you need to know - Bitcoin
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---
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<h1>Some things you need to know</h1>
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<p>If you are about to explore Bitcoin, there are a few things you should know. Bitcoin does not let you send emails or take pictures; it lets you exchange money and value. As such, Bitcoin must be treated with the same care as your regular wallet, or even more in some cases!</p>
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<h2><img src="/img/ico_key.svg" alt="Security" />Securing your wallet</h2>
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<p>Like in real life, your wallet must be secured. Bitcoin allows the transfer of value worldwide easier than ever. 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. <a href="/{{page.lang}}/{{site.section.secure-your-wallet[page.lang]}}"><b>Read more about securing your wallet</b></a>.</p>
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<h2><img src="/img/ico_market.svg" alt="Volatile" />Bitcoin price is volatile</h2>
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<p>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 in bitcoin is not recommended. Bitcoin should be considered as 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 allow you to convert them instantly to your local currency.</p>
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<h2><img src="/img/ico_irreversible.svg" alt="Irreversible" />Bitcoin payments are irreversible</h2>
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<p>Any transaction you issue with Bitcoin cannot be reversed, it can only be refunded by the person receiving the funds. That means you should take care to do business with people or organizations you know and trust. But don't worry, Bitcoin can detect typos and usually won't let you send money to an invalid address.</p>
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<h2><img src="/img/ico_anon.svg" alt="Anonymous" />Bitcoin is not anonymous</h2>
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<p>Some effort is required in order 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 owner cannot be associated with their Bitcoin address until personal information is revealed by the owner during an exchange. This is why it is recommended for Bitcoin owners to use many different Bitcoin addresses; in fact, you should create a new one each time you receive money. This is especially important for public uses such as websites. You might also want to consider hiding your computer's IP address with a tool like <a href="https://www.torproject.org/">Tor</a> so that it cannot be logged.</p>
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<h2><img src="/img/ico_lab.svg" alt="Experimental" />Bitcoin is still experimental</h2>
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<p>Bitcoin is an experimental new currency that is in active development. Although it becomes less experimental as usage grows, you should keep in mind that Bitcoin is a new invention that is exploring ideas that have never been attempted before. As such, its future cannot be predicted by anyone.</p>
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<h2><img src="/img/ico_invoice.svg" alt="Taxes" />Don't forget government taxes</h2>
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<p>Bitcoin is not an official currency. That said, most jurisdictions still require you to pay income, sales, payroll, and capital gains taxes on anything that has value, including Bitcoin.</p>
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