Things to be careful of before you start using Bitcoins

Bitcoin is the most popular and used digital money currently. Its value is also high, so many people want to start using Bitcoin and invest in it. However, because of its popularity and open source nature, many scams have come up outside the Bitcoin community to trick people. Even within the Bitcoin community you never know what can happen. Despite this, many people continue to use Bitcoin. So if you are considering opening a Bitcoin account we would like you to go over what you need to be careful about before you use Bitcoin:

  • Anonymity:

Your identity is anonymous, but your Bitcoin address is not because transactions are in the public community’s domain. Hence it is best if you do not use one address constantly. Even Bitcoin has advised users to use one address only once. Bitcoin users have also protected their wallets by securing it through other official means.

  • Fake sellers:

People have taken advantage of the popular Bitcoin by giving appealing offers as ads on websites and even social networking site accounts. The offers can be to buy Bitcoins at cheap rates or to exchange Bitcoins. Do not be swayed away by these offers because they are fake. People make these fake links to just to steal Bitcoins from you. You can be sure about these exchanges only from the official Bitcoin website. However here too it depends on if you are willing to take the risk because once the transaction is done, you cannot take it back. If you decide to exchange Bitcoins with strangers on the official site, you cannot be sure if you will get what was offered to you.

There are also fake wallets up on the internet. Trust the wallet only from the official site. If you use fake wallets, there is a high chance that your account details are stolen, and you lose all your Bitcoin money.

  • Hackers:

Despite the community mentioning how safe Bitcoin accounts are, there have been claims that hackers have been hacking into the system and taking money. Since it is a digital currency, it is likely that hackers can hack and take the money since it is based online.

  • Still developing:

Bitcoin started out not long back and is still going through changes since it is still in its developing stage. The developers themselves have mentioned that since it is still in these stages, the future is unknown and investments and risks completely depend on the user.

  • Risks:

There are a lot of risks to using Bitcoin. So if you are not sure on how to go about using it or how it works, you should go to the official Bitcoin website meticulously. Do not leave out or skim through the contents because as we have already mentioned, the money and its security will depend on how you take care of it. Hence we would advise you to be very sure about the company and how it works before you start purchasing Bitcoins.

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