Other things you should know

For anyone just beginning their journey with Base, there are a few critical pieces of information to be aware of. Base offers a unique way to exchange and transact with others, differing significantly from traditional offchain methods.

It’s important to fully educate oneself before engaging in substantial transactions using Base. Always treat your Base transactions with the same caution as your regular wallet, if not more!

Security measures for your wallet

Your onchain wallet that you use with Base needs the same security precautions as your real-life wallet, if not more.

The Base network along with your onchain wallet facilitates easy value transfers to any location, giving you control over your funds. However, these exceptional features come with a set of security concerns. If utilized properly, Base can offer high levels of security. Remember, it’s your responsibility to adopt sound security practices to safeguard your funds.

Irreversibility of Base payments

A noteworthy characteristic of Base is that transactions are irreversible; they can only be refunded by the receiver. It’s imperative to conduct transactions with reputable individuals and organizations that you trust. Businesses, too, need to monitor the payment requests they present to their customers.

Although many wallets that support Base can detect errors and generally prevent you from sending money to an invalid address, it’s always better to have extra safeguards in place. Future additional services may provide more options and protection for consumers and businesses alike.

The non-anonymity of Base

Contrary to some beliefs, Base transactions are not anonymous. All Base transactions are stored publicly and permanently on the network. This means that the balance and transactions of any Base address are available for anyone to see. However, the identity behind an address remains undisclosed until it is revealed during a purchase or under other circumstances. It is vital to adopt sound practices to maintain your privacy if it is a priority or concern.

Government regulations and taxes

Most jurisdictions require that taxes such as income, sales, payroll, and capital gains be paid on anything with value, including on Base. It falls upon your shoulders to ensure adherence to any tax and legal or regulatory requirements put forth by your government or local authorities.