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Bitcoin, a distributed, worldwide, decentralized digital money.

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SatoshiMaxwell

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https://bitcoin.org/en/you-need-to-know

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!

Securing your wallet

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. Read more about securing your wallet.

Bitcoin price is volatile

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.
IconBitcoin payments are irreversible

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.

Bitcoin is not anonymous

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. Read more about protecting your privacy.

Unconfirmed 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.

Bitcoin is still experimental

Bitcoin is an experimental new currency that is in active development. Each improvement makes Bitcoin more appealing but also reveals new challenges as Bitcoin 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 Bitcoin's future.

Government taxes and regulations

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 bitcoins. 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.
 

Re: Bitcoin, a distributed, worldwide, decentralized digital money.
« Reply #1 on: May 16, 2016, 08:21:45 AM »
 

SatoshiMaxwell

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Before getting involved in Bitcoin, it is important to do your research. Bitcoin has strong implications for almost every facet of human life; it is for this reason people often call Bitcoin disruptive.
 

Re: Bitcoin, a distributed, worldwide, decentralized digital money.
« Reply #2 on: May 20, 2016, 03:03:19 PM »
 

KYZR

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Interesting. Thanks for sharing.
#LegalizeFREEDOM
 

Re: Bitcoin, a distributed, worldwide, decentralized digital money.
« Reply #3 on: May 26, 2016, 11:21:48 AM »
 

polymathpangram

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Anyone have any experience with Dark Wallet?
 

Re: Bitcoin, a distributed, worldwide, decentralized digital money.
« Reply #4 on: June 03, 2016, 07:47:47 PM »
 

Adam Kokesh

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Satoshi - Thanks for a great intro here!
Just read the book.
 

Re: Bitcoin, a distributed, worldwide, decentralized digital money.
« Reply #5 on: June 20, 2016, 10:20:49 PM »
 

Mike26

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Adam, in your live stream this evening you mentioned opting out of the dollar. What did you mean by that, and how can we start doing so today?
 

Re: Bitcoin, a distributed, worldwide, decentralized digital money.
« Reply #6 on: June 28, 2016, 01:33:28 AM »
 

polymathpangram

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It takes commitment. I'm still weaning myself off the US dollar as much as possible - but I'm nowhere near that point, and I think one would have to be a pretty savvy digital currency aficionado to be close to being completely off of government fiat currencies.

A good / easy way to start is to just buy some Bitcoin on Coinbase and use it to donate to organizations you support. I.e. Wikileaks, freeross.org etc. Find merchants with stuff you like and use it there - chances are good that if you're here, there are people selling things you want who accept Bitcoin. Go to Porcfest and buy your ticket with Bitcoin.

If you;re worried about volatility with the currency, one way to mitigate that is to buy Bitcoin immediately before or after making a purchase with btc. Kind of like an instant conversion from fiat to btc at the time of transaction.