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Are bitcoin transactions reliable?

Nov 06, 2017 Posted /  10003 Views

Are bitcoin transactions reliable?

We have often heard about the risks associated with cryptocurrencies and how people hesitate to invest in cryptocurrencies. Being volatile and risky in nature, bitcoin can be a perilous asset as well as the most important factor to consider while using Bitcoin is that to carry out a safe transaction. We can not be assured about the prices but we can try to have a safe transaction so as to save our bitcoins from any prying eyes. Let us examine what can go wrong while doing a transaction and are the bitcoin transaction safe:

1. Unconfirmed transactions aren't secure

Transactions don't start out as irreversible. Instead, they get a confirmation score that indicates how hard it is to reverse them. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer.

2. Bitcoin payments are irreversible

Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds. 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.

3. Securing your wallet

Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.

What are the risk factors?

While the person is receiving goods, services, or fiat money in exchange for bitcoin, has to consider what are the risks in accepting the exchange, for example:
1. Is the good received from a trustworthy merchant, and can it be returned if flawed?
2. Are the services offered before the payment in bitcoin is made?
3. What is the probability of the banknotes received being forged?

If these guidelines can be evaluated and properly weighed against options for the transfer methods, then a personal bitcoin transfer can be a suitable method of both selling and buying. Although there are risks in bitcoin transfer processes, but when if assessed accurately while doing the transactions, bitcoin transactions can be carried out securely without hassles.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Bitcoin payments bitcoin transactions exchange for bitcoin bitcoin transfer risks in bitcoin

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