What is BitCoin?
BitCoin in innovative payment network and a new kind of money.
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!
Are Bitcoin Payment irreversible
Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds.Same like online banking. 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 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.
Some of the comment on Bitcoin:
Switching to Bitcoin exclusively is dangerous, I think. It’s not tangible, it is part of a cashless society, and can thus be controlled. Step out of line, have your Bitcoin access denied. Scary. If it can truly be empowering for the individual, then fine, but I worry about it. Canadian
As long as people trust it, it will be unstoppable – true.
Some positive comments
I like the idea of bitcoin especially because you don’t need to involve banks…. but Benjamin Franklin makes old money look damn sexy!
I am positive to bitcoin, but still think it’s dangerous not to diversify. I’d sleep better with some money in gold, some in silver and some in property (and some in bitcoin).
I LOVE THIS VIDEO! Bill Gates didn’t endorse bitcoin, yet he is the face for this video. He’s “excited” about the idea of bitcoin (and it’s really good…i agree), but he’s not talking about stability and validity of the currency. After Mr. Gates, there’s all these pro-bitcoin people come on and start crying about it’s greatness. Maybe, I’m wrong about this, but I really don’t know where this will be in 10 years. Therefore, the risk is this is extremely high!