Some things you need to know

If you are about to explore Romacoin, there are a few things you should know. Romacoin lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using Romacoin for any serious transaction. Romacoin should be treated with the same care as your regular wallet, or even more in some cases!

Securing your wallet

Like in real life, your wallet must be secured. Romacoin 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, Romacoin 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.

Romacoin price is volatile

The price of a romacoin 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 Romacoin is not recommended at this point. Romacoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Romacoin. If you receive payments with Romacoin, many service providers can convert them to your local currency.

Romacoin payments are irreversible

Any transaction issued with Romacoin 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. Romacoin 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.

Romacoin is anonymous

Some effort is required to protect your privacy with Romacoin. All Romacoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Romacoin 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 Romacoin 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.

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 (see table). 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.