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"To explain the unknown by the known is a logical procedure; to explain the known by the unknown is a form of theological lunacy."
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General

General (business investing)

Are you wondering if buying Bitcoins is the right thing for you? If so, there are some things you may want to take into consideration before you make your first step. Buying and using Bitcoin can be confusing for many if they don’t take the time to learn the transaction processes first. This is especially true if you are considering using them for fundraising. As you will see below, you will need to be sure your wallet is secure, know Bitcoin transactions are not anonymous, and any payments cannot be reversible.

Keep your Wallet Secure

Just like if you were at a flea market buying items, you would not leave your wallet laying around for anyone to take, you want to keep your virtual wallet just as secure. Also, know that keeping all your savings in Bitcoin is risky due to the volatile nature of the liquidity of Bitcoin prices. Be sure to backup your wallet and encrypt it as well. In addition, try to use only secure sites and be aware that any unconfirmed transaction will not be secured.

Keep your Privacy in Mind

Even if you are looking to use Bitcoin to fund some quick fundraising ideas, you must keep in mind that your privacy may not be protected. This is due to the public storage of most Bitcoin transactions. Keeping your transactions anonymous falls on the part of the user, not the establishment you are doing business with, even charities.

Only do Business with Trusted Businesses

There are no transaction reversals with Bitcoin. Therefore, you should be sure that whoever you are doing business with is an organization you trust. If you do not know the company, research and ensure their reputation is trustworthy. This is because only the person you are conduction the transaction with can refund Bitcoins.



 

 


 

 

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