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Three Things You Need to Know Before Using Bitcoin October 16, 2014

bitcoinBitcoin is becoming the new and improved way to exchange money. This is money that is in digital form rather than the physical form although there are some things you need to know before diving into this new form of transaction. Bitcoin should be treated just like real money, because it is a real form of money. It is handled in a similar way to the physical cash in your wallet. Bitcoin is catching the attention of many because now, technology and money are becoming woven together at the seam, and you no longer have to use real, paper money for every purchase you make.

Bitcoin Should be treated like Real MoneyThis is an important point to remember because you are dealing with real money just like the green stuff in your wallet. Mishandling Bitcoin carelessly is no different than leaving your wallet on a park bench; it could be stolen or used by anyone who has access to it. You should keep a close eye on Bitcoin to avoid it being stolen or spent by anyone else.

Bitcoin Price is Volatile Bitcoin is still a very young market, and it should be treated as such. Do not keep assets in it that you cannot afford to lose. The worth of Bitcoin changes over a short period of time. Think of the value of silver; it is always changing. Considering this: you should only keep so much money in Bitcoin and use small transactions with it to prevent any major money woes.

Payments with Bitcoin cannot be refundedIt is important to remember that Bitcoin is just like real money. Any transactions made cannot be refunded or reversed. You can only have your money refunded if the person receiving the Bitcoin payment is willing to refund your money, so be careful with any transactions.

Overall, Bitcoin is the new way of money. It is still quite infant and is a very volatile economy because it is so new. Handle with care, and do not put too much money into it. In the end, you should treat Bitcoin like real money.

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