If you are about to explore BitcoinX, there are a few things you should know. BitcoinX lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using BitcoinX for any serious transaction. BitcoinX should be treated with the same care as your regular wallet, or even more in some cases.
Like in real life, your wallet must be secured. BitcoinX 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, BitcoinX 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. Read more about securing your wallet.
The price of a BitcoinX can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with BitcoinX is not recommended at this point. BitcoinX should be seen like a high risk asset, and you should never store money that you cannot afford to lose with BitcoinX. If you receive payments with BitcoinX, many service providers can convert them to your local currency.
Any transaction issued with BitcoinX 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. BitcoinX 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.
Transactions don't start out as irreversible. Instead, they get a confirmation score that indicates how hard it is to reverse them (see table). Each confirmation takes between 40 and 69 seconds, with 1 minute being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take longer.
BitcoinX is not an official currency. That said, most jurisdictions still require you to pay income, sales, payroll, and capital gains taxes on anything that has value, including BitcoinX. It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.