Some things you need to know
If you are about to explore OKCash, there are a few things you should know. OKCash lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using OKCash for any serious transaction. OKCash 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. OKCash 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, OKCash 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.
OKCash price is volatile
The price of a OKCash 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 OKCash is not recommended at this point. OKCash should be seen like a high risk asset, and you should never store money that you cannot afford to lose with OKCash. If you receive payments with OKCash, many service providers can convert them to your local currency.
OKCash payments are irreversible
Any transaction issued with OKCash 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. OKCash 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.
OKCash is not anonymous
Some effort is required to protect your privacy with OK. All OK transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any OK address. 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 OK 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 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.
|Confirmations||Lightweight wallets||OKCash Core|
|0||Only safe if you trust the person paying you|
|1||Somewhat reliable||Mostly reliable|
|5||Mostly reliable||Highly reliable|
|10||Minimum recommendation for high-value OKCash transfers|
OKCash is still experimental
OKCash is an experimental new currency that is in active development. Each improvement makes OKCash more appealing but also reveals new challenges as OKCash adoption grows. During these growing pains you might encounter increased fees, slower confirmations, or even more severe issues. Be prepared for problems and consult a technical expert before making any major investments, but keep in mind that nobody can predict OKCash's future.
Government taxes and regulations
OKCash 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 OKCash. 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.