Some things you need to know
If you're getting started with Boomerang Exchange, there are a few things you should know. Boomerang Exchange lets you exchange money and transact in a different way than you normally do. As such, you should take time to inform yourself before using Boomerang Exchange for any serious transaction. Boomerang Exchange 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. Boomerang Exchange 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, Boomerang Exchange 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.
Boomerang Exchange price is volatile
The price of a Boomerang Exchange 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 Boomerang Exchange is not recommended at this point. Boomerang Exchange should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Boomerang Exchange. If you receive payments with Boomerang Exchange, many service providers can convert them to your local currency.
Boomerang Exchange payments are irreversible
A Boomerang Exchange 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. Boomerang Exchange 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.
Boomerang Exchange is not anonymous
Some effort is required to protect your privacy with Boomerang Exchange. All Boomerang Exchange transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Boomerang Exchange 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 Boomerang Exchange 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.
Boomerang Exchange is still experimental
Boomerang Exchange is an experimental new currency that is in active development. Each improvement makes Boomerang Exchange more appealing but also reveals new challenges as Boomerang Exchange 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 Boomerang Exchange's future.
Government taxes and regulations
Boomerang Exchange 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 Boomerang Exchange. 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.
