Some things you need to know

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

IconSecuring your wallet

Like in real life, your wallet must be secured. BitcoinOld 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, BitcoinOld 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. Read more about securing your wallet.

IconBitcoinOld price is volatile

The price of a BitcoinOld 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 BitcoinOld is not recommended at this point. BitcoinOld should be seen like a high risk asset, and you should never store money that you cannot afford to lose with BitcoinOld. If you receive payments with BitcoinOld, many service providers can convert them to your local currency.

IconBitcoinOld payments are irreversible

Any transaction issued with BitcoinOld 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. BitcoinOld 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.

IconBitcoinOld is not anonymous

Some effort is required to protect your privacy with BitcoinOld. All BitcoinOld transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any BitcoinOld 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 BitcoinOld addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy. Read more about protecting your privacy.

IconUnconfirmed transactions aren't secure

Transactions don't start out as irreversible. Instead, they get a confirmation score that indicates how hard it is to reverse them (see table). 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.

Confirm­ations Lightweight wallets BitcoinOld Core
0 Only safe if you trust the person paying you
1 Somewhat reliable Mostly reliable
3 Mostly reliable Highly reliable
6 Minimum recommendation for high-value BOL transfers
30 Recommendation during emergencies to allow human intervention

IconBitcoinOld is still experimental

BitcoinOld is an experimental new currency that is in active development. Each improvement makes BitcoinOld more appealing but also reveals new challenges as BitcoinOld adoption grows. During these growing pains you might encounter increased fees, slower confirmations, or even more severe issues. Be prepared for problems and consult a technical expert before making any major investments, but keep in mind that nobody can predict BitcoinOld's future.

IconGovernment taxes and regulations

BOL 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 BOLs. It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.