Up until recently, Bitcoin has been an often used word. But what exactly is bitcoin? Is it safe to use?

Bitcoin is a special type of currency used today by business owners and buyers alike during transaction. Instead of using credit cards and cash, you may now payusing an application from your phone, online or offline.

What are the advantages of using Bitcoin?

One of the benefits of using bitcoin is its efficiency. Bitcoin payment only consists of two steps: One, scan. Two, pay. Every transaction you make is secured by a special databasespecifically designed for bitcoin transactions. Once a transaction has been made with a particular bitcoin, no other purchases will be done with the same code of that previous transaction. One of the strengths of bitcoin is that it is harder to be used without the owner’s consent. It can be used anytime and anywhere, and transactions across different places, even countries can be made in a matter of minutes, as you will no longer have the need to go to banks or third party providers. The fee is also much smaller as compared to credit card use, and the higher the amount of the transaction, the lesser fee it will incur.

You heard that Bitcoin may be a form of investment, is this true?

Bitcoin is a relatively new digital currency, and as with all investments, may require careful consideration as its main key is also digital. Once the digital key is misplaced, there is no way in which the bitcoins can be used. The exchange rate also varies from time to time, and fluctuates on a continuous manner. One should always understand the risk of placingtheir money into Bitcoins.Investors must understand that Bitcoins is a new concept as compared to several investment tools out in the market today. Though it is gaining popularity among the masses, know that once bitcoin currency has become more stabilized investing on it may be a sure recommendation. However, in the meantime, it is best to invest money that you cannot afford to lose and have a viable exit plan once higher risks and losses are involved.

How can I start using Bitcoin?

They say a bit of knowledge is a dangerous thing. Thus, make sure that you are informed about Bitcoin and how it exactly works. Next, choose the “wallet” that you will be using. Your wallet will act as storage for all your credentials with the use of the bitcoin system. You may now get bitcoins by accepting them as a payment or buying them from someone. You may also spend you bitcoins accordingly, as they are now widely accepted worldwide.

What else do I need to know about Bitcoin?

Privacy and security are the number one priority. Make sure that you take good care of securing your wallet. It is also advisable to back up any information on a secured system. Keep in mind that Bitcoin prices fluctuate. It is considered a high risk form of investment. Thus, savings that will be used for more important expenses should not be kept at Bitcoin. Also remember that transactions using this currency are irreversible. Once done, they can only be refunded by the receiver. Make sure that transactions are done with reputable companies and business owners.