Post
Topic
Board Bitcoin Discussion
Re: What you need to understand about Bitcoin
by
Issa56
on 10/07/2024, 21:19:21 UTC
I was expecting to see something more explanatory, but you didn’t really explain it much. Things that you said are kind of useful, and I will say things like this are what newbies should know before getting started.

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
Seriously, scammers are always making use of this strategy to scam newbies. After sending a coin to the wrong address and they decide to seek for help on social media, some people will contact them, claiming they are a crypto recovery service and that they can recover the person’s money for them, but before they will be able to do that, some of them will request a private key or sensitive informations, which if they are in possession of it, they will be able to access your wallet, and some of them will request for payment. We should know that they are just scammers, trying to increase the amounts you will be losing.

2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
This is what everyone should know before they even think of putting their money in crypto. I don’t think anyone will be in the crypto space and won’t know this.