Beginners’ guide to DBX
Anyone around the world can pay for goods and services, as well as receive payments in DBX, since it is affordable and easy.
Find out how you can use DBX to send and receive payments here.
Please take this into consideration!
Before you start using DBX, it is worth learning a few features that will help you use it safely and avoid some common mistakes, since DBX is considerably different from what most people use on a daily basis. You can use DBX to buy and sell goods and services, exchange money and invest, however, this will happen in a slightly different way than in case of traditional fiat money and conventional banking. Therefore, before making large enough payments, it is worth taking some time to understand how to use DBX cryptocurrency correctly and safely. Cryptocurrency is digital decentralized money, so when using crypto it is worth taking it as seriously as regular money.
Just choose a wallet.
The DBX wallet can be on your smartphone, PC, or desktop. It is used for online payments and making a profit, if you want to become the owner of a Masternode by blocking the required amount of coins. Either way, you can quickly select a wallet and start using it regularly in just a couple of minutes.
How to purchase and receive DBX?
You can get DBX as payment for goods and services by purchasing them on one of the crypto-exchanges, paying with regular fiat currency on your bank card or other cryptocurrency, as well as buying or exchanging them from your friends. If you run a business, you don't need to alter your business processes. However, this is not quite what you may be used to earlier. At the same time, before you start using DBX, you should first understand some details and features in order to use it safely.
How can you spend DBX?
There are already quite a few companies around the world accepting cryptocurrency. You can pay DBX for goods and services, as well as help different entrepreneurs run their business and promote their products.
You can process payments and bills in DBX on your own or use special services that process payments and transfer funds in various currencies, including cryptocurrencies. You or your customers can simply use a smartphone or other device with the ability to make payments when making retail sales and purchases. You can process payments and bills in DBX on your own or use special services that process payments and transfer funds in various currencies, including cryptocurrencies. You or your customers can simply use a smartphone or other device with the ability to make payments when doing retail sales and making purchases.
How to do accounting and taxes when using DBX for payments?
In most cases DBX is reported as a foreign currency, while companies often prefer to keep their money and quote prices in local currency. When it comes to taxes, you should consult with professional accountants or tax specialists under the jurisdiction of the country where you or your business is registered.
How to inform your potential customers that you accept payments in DBX?
To attract more customers who want to pay for goods and services with cryptocurrency to your business, you should add your business to the online lists of companies that accept cryptocurrency, so that your potential customers can find you, and also place information about this on your website. If your business operates offline or has an offline representative office, you should place information about accepting cryptocurrency and the DBX logo at the entrance or other prominent place.
Keep your wallet secure.
The wallet in which digital money is stored must be tamper-proof, just like a wallet with usual banknotes. DBX allows you to transfer your funds with no restrictions to the amount and location of the recipient anywhere, while you have the complete control over your funds in your hands. However, these almost limitless possibilities must be accompanied by serious security measures. To do this, you just need to use DBX correctly. Here, no one will be able to cancel an erroneous transaction, or somehow manage your money in any other way, so do not forget that the safety of your digital money is entirely under your responsibility.
Remember that the cryptocurrency price fluctuates like a regular currency.
It is the nature of financial assets that their value sometimes changes unpredictably over a short period of time. Although DBX has a built-in system for maintaining stability, various factors can affect the demand for cryptocurrency among users, and therefore can impact its value. In this regard, DBX should be considered as an asset with a certain degree of risk, and although this risk is noticeably lower than that of other cryptocurrencies, one should always take into account the existing risks that can lead to financial losses.
Remember that transactions are irreversible.
The specificity of cryptocurrencies is such that a transaction with them cannot be canceled. If you send your funds to the wrong address, then you can return your money only if the person to whom you sent them wants to return coins to you, there are no other ways to get them back. Be sure to take this into account when running your business. In addition, while the system usually does not send DBX to a non-existent address when it detects a typo, if you send your DBX to a different cryptocurrency address or an incorrect address, your money will most likely be lost forever.
Take Precautions to Maintain Anonymity.
The DBX cryptocurrency system provides complete anonymity of transactions, if you do not want to make a particular transaction public. However, in order to protect your privacy, you need to follow other rules, use a secure connection, not to disclose your personal data and data of your wallet and its balance. Remember, taking the necessary precautions to maintain anonymity is also entirely under your responsibility.
DBX is not a fully completed cryptocurrency project.
Development of DBX is constantly ongoing; the coin is improved, new features are regularly introduced, some of which may be experimental. The DBX system is based on the fundamentals of several prior cryptocurrencies, as well as innovations that have never been seen before. The direction of its development will be determined by the vote of the Masternode holders, who ensure the functioning of the network, therefore, the DBX functionality may change over time.
At this stage DBX is not an official currency, however, in most states appropriate taxes are declared and paid when receiving income from the use or sale of digital assets. This may also apply to DBX, therefore, in order to avoid problems with the authorities of the jurisdiction in which you belong, you must accept the full responsibility for compliance with laws, declaration and paying taxes.