4+ Essentials About Bitcoins Every User Should Know
Essentials About Bitcoins Every User Should Know: Before you think about getting started with Bitcoin, take your time to make sure you are well informed about how to use this cryptocurrency and what risks/benefits you can get from using it properly. We are sure that not all Bitcoin users out there know the essentials about digital money. They think it’s just like electronic money in most cases.
Bitcoin News For Nigerian Users And Investors
But there’s a lot to learn about Bitcoin as well as the other existing digital currencies of our days. First of all, it’s interesting to highlight that Nigeria is one of the latest countries to embrace the use of digital currencies. This doesn’t mean that Nigeria’s government banned Bitcoin, but it simply refers to the fact that Nigeria isn’t ready to accept the use of Bitcoin yet.
Of course, the need for appropriate regulatory measures is one of the basic reasons why some other governments in the world seem to be still on the fence when it comes to Bitcoin and digital currency mining. In particular, the fact that Bitcoin isn’t regulated by any government and no institution can protect Bitcoin users from hacking attacks can lead to a double situation: on one side, online users feel free to exchange and trade Bitcoin with other users based on any edge of the world. But on the other side, they must pay special attention to security when processing Bitcoin transactions online. The risk of being attacked by skilled hackers is always a sad reality.
If you are based in Nigeria and you want to use Bitcoin for online gambling activities, you can find plenty of verified casino sites that accept this kind of currency, just click the link and check yourself. There are dozens of trustworthy online casino companies that accept Bitcoin deposits as well as most of the other worldwide popular methods of payment. As long as you choose a verified site to use your coins, your margin of security increases.
What You Should Know To Secure Your Coins
Security is key to protecting your digital coins. Since there is no evidence about existing institutions that help to secure your Bitcoin, you have to provide yourself with all the possible security methods to reduce the risk of hacking attacks. The following points in our list are designed to help you see all the best ways to protect your digital currency. Make a note of these points:
1. Secure your wallet
The first thing you should do is to have a wallet for your Bitcoin money. It’s just like a physical wallet, but you can’t put it in a pocket. You can install it on your device’s hardware or you can buy physical hardware if you don’t want to keep your wallet in your computer system. You can store your Bitcoin money in your virtual wallet and have it always there ready for use. It’s safer than keeping unused coins on a trading platform, for example, that is vulnerable to attacks by hackers.
Bitcoin can be used safely, but remember that it all depends on your sense of responsibility.
2. Price is volatile
Price volatility is one of the biggest issues with Bitcoin. In practical terms, volatility refers to the capability of Bitcoin money to increase or decrease its value over a very short period of time. This extremely high-level volatility is what makes many investors away from Bitcoin as they feel they can’t keep control over the value of their digital coins. As you may understand, we don’t recommend you convert your actual savings to Bitcoin because digital money is a high-risk asset. You should never risk losing money that you can’t afford to lose. However, if you get payments in Bitcoin but you don’t want Bitcoin, just use a service provider to convert Bitcoin into Nairas.
3. Bitcoin transaction and reversibility
When you process a PayPal transaction, you can reverse it and receive the funds. You may want to reverse it for many reasons, for example, because you realized that you are paying for the wrong item on an e-commerce platform. But if you process the same transaction with Bitcoin, you have no way to get your money back in case of a mistake or anything else. Bitcoin transactions are not reversible. So, before you start a transaction with cryptocurrencies, make sure you really trust the recipient of your payment.
Finally, many people think that Bitcoin is anonymous – that’s wrong. Bitcoin transactions are publicly and permanently stored on the network, which enables anyone to see your transaction.