Bitcoin 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. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money.

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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. Read more about securing your wallet.

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The price of a bitcoin 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 Bitcoin is not recommended at this point.

Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency. A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. This 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 track 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, but it's best to have controls in place for additional safety and redundancy. Additional services might exist in the future to provide more choice and protection for both businesses and consumers.

Some effort is required to protect your privacy with Bitcoin.

Some things you need to know - Bitcoin

All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy.

Read more about protecting your privacy. Transactions don't start out as irreversible. Older coins coming from older transactions are conventionally assigned higher priority , and thus will generally be included in a block sooner. As your transaction is pending unconfirmed , the coins it is spending are getting older and older every day, so the chance of finally getting confirmed is slightly increasing overtime. This should prevent your coins from becoming completely unaccessible, stuck in the void.

Finally, if this happens to you and you're not willing to spend some arbitrary time in uncertainty waiting for the confirmation, you can perhaps try to create a double spend transaction with higher fees , hoping it would be picked up by a non-standard though pragmatic miner.

How Long Does A Bitcoin Transaction Takes?

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How Long Does A Bitcoin Transaction Take And Why?

Learn more. How long does it take for a transaction with 0 fees to be confirmed or rejected? Ask Question. Asked 6 years, 6 months ago. Active 3 years, 2 months ago. Viewed 13k times. Improve this question. Henry Henry 63 1 1 gold badge 1 1 silver badge 5 5 bronze badges.

How long does it take for a Bitcoin transaction to be confirmed?

I have seen zero fee transactions to be included in blocks within 6 - 48 hours. But I don't know any data source where to check avg and median times.

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Thanks for your reply, Mikko. I have not yet seen a transaction which didn't eventually come through. Add a comment. Active Oldest Votes. No transaction can be rejected though, there's just no such thing in the protocol. Improve this answer. Thanks knapo, great answer.