Secure your wallet
Just like in real life, your wallet has to be secured. Burst makes it easy to transfer value anywhere and gives you control over your money. Such great features are also associated with big security concerns. At the same time, Burst can provide a very high level of security when used correctly. Always remember that it is your responsibility to adopt good practices to protect your money. Read more about securing your wallet
Burst payments are irreversible
A Burst-transaction cannot be undone, it can only be refunded by the person receiving the money. This means that you should be careful to do business with people and organisations that you know and trust or have a good reputation. For their part, companies need to keep track of the payment orders they display to their customers. Burst can detect typos and usually won’t let you accidentally send money to an invalid address, but it’s best to set up checks for added security and redundancy. Additional services may be offered in the future to give businesses and consumers more choice and protection.
Burst is not anonymous
Some efforts are required to protect your privacy with Burst. All Burst transactions are publicly and permanently stored on the network so that everyone can view the balance and transactions of each Burst-address. However, the identity of the user behind an address remains unknown until information is disclosed during a purchase or other circumstances. Always remember that it is your responsibility to follow good practices to protect your privacy. Read more about protecting your privacy.
Unconfirmed transactions are not secure
Each transaction is placed with its creation in the unconfirmed transaction pool (Mempool). If a transaction is successfully added to a block, it will receive a confirmation value. The value increases continuously as the block chain progresses and increases the probability of the transaction (see table).
Each confirmation lasts between a few seconds and 15 minutes, with 4 minutes being the average. For example, if the minimum fee is selected, it may take much longer for the first confirmation to be issued.
|0||Only safe if you trust the person paying you or for small amounts|
|10||Minimum recommendation for high-value BURST transfers|
State taxes and regulations
Burst is not an official currency. However, most jurisdictions still require you to pay income, sales, payroll and capital gains taxes on anything of value, including BURSTs. It is your responsibility to ensure that you comply with the tax and other legal or regulatory requirements of your government and/or local communities.