Post
Topic
Board Bitcoin Discussion
Re: What you need to understand about Bitcoin
by
Z-tight
on 09/07/2024, 21:40:22 UTC
First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do.
What are the different ways in which you can send money in the BTC network, take note that you can only send BTC in the BTC network, through creating an on-chain tx spending a utxo from your address to another destination address.
Quote
Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
Reports have it that there is a rise in 'recovery room' scam, so it is important that people learn that BTC tx's are irreversible and once your funds is lost, you cannot recover it, except you catch the attacker and force them to give it back, or the authorities help you freeze it in a custodial service.