My turn and I hate CO2 in tanks so bare with me.
What sort of plants do you have or do you want in the tank?
Some plants like Anubias won't use extra CO2 because they are marsh/ garden plants and grow very slowly when kept underwater. If you are adding CO2, you want to keep fast growing true aquatic plants.
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LIGHT
What sort of light is on the tank and what is the kelvin (K) rating of the globe?
Insufficient light will mean the CO2 is being wasted and will end up in the atmosphere where it will eventually kill us all from CO2 poisoning. This is already happening so don't think it's a joke.
Unless you have really bright light with the correct wavelength (about equal parts of red and blue light, and throw in some green), then adding CO2 is not going to help the plants grow.
Look for globes with a 6500K rating.
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FERTILISER
What sort of aquarium plant fertiliser/s are you using?
Do you monitor the iron and other levels in the water that come from the fertiliser?
If you don't have sufficient nutrients in the water, or those nutrients are not in the correct balance, adding CO2 is not going to encourage the plants to grow faster. You usually get an algal bloom instead.
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KH BUFFER
Do you have a KH buffer in the tank, preferably an automated type that monitors and adjusts the KH for you?
Carbon Dioxide (CO2) is a very acidic gas and can quickly drop the pH of the tank water. If you don't have sufficient KH (carbonate hardness) in the water, the pH can drop rapidly (in hours) and kill everything in the tank.
You want a KH of at least 10dGH (180ppm).
Most rainbowfish do best in water with a pH above 7.0 and a GH above 200ppm.
Angelfish come from water with a pH below 7.0 and a GH below 100ppm.
If the pH crashes, there is a good chance you will kill all the rainbowfish in the tank.
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BE CAREFUL ADDING CO2
Tanks that get additional/ supplemental CO2 are usually set up for plants, not fish. The tank is built around growing aquatic plants and fish are normally added after everything is up and running. This means if the CO2 unit isn't set up properly and you fill the tank with CO2, there are no fish to kill.
Be very careful adding CO2 to an aquarium that has fish in it. There are always reports of people wiping out tanks when setting up a new CO2 unit, so monitor the water chemistry and watch the fish really closely for the first 24-48 hours and for at least a week after it has been set up.
If the fish start gasping at the surface or breathing heavily, turn off the CO2 and get a couple of airstones running in the tank.
If in doubt, reduce the CO2 or turn it off. These is plenty of CO2 in the average aquarium and it comes from bacteria, fish, shrimp and even plants when the tank is dark. There is also heaps of CO2 in the atmosphere and it gets into the water too.
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The shop you bought the unit from should have told you how to set it up and adjust everything so you don't kill all the fish. If they haven't, call them and ask them for a bit of help.
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GAS BOTTLES
As for CO2 bottles, they are very safe as long as there is no rust anywhere on them. CO2 bottles and other bottles designed to hold gasses, are checked regularly (usually every year) and have to meet various safety guidelines, because if they blow up, they can kill people. However, the bottles are built extremely well and actually have multiple layers of metal cylinders in them. So the chance of a bottle blowing up like they do on television, is virtually zero.
If you use a gun and shoot holes into the bottle, they generally won't blow up unless there is a flammable gas inside and you fire a couple more shots to create sparks. CO2 is not a flammable gas and will not explode when shot.
If a gas bottle is knocked over and lands on the tap, it might bend the tap but it should not knock the tap off and allow gas to blast out and cause the bottle to spin around. The taps they put on gas bottles are also built to specific regulations in relation to safety and you need to do some serious damage to a tap before it will allow the gas to come flowing out rapidly.
The most common problem with gas bottles is the seal on the top where the tap goes. If the tap is not put on properly or tight enough, then gas can leak out of the bottle and you have to refill the bottle a week or so later. You can test the bottle for leaks by making up some water and dish washing liquid. Use a sponge and wipe this soapy water around the seal at the top of the bottle and see if it blows any bubbles. If it does, the bottle is leaking and the tap probably needs tightening up a bit more.
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WHEN USING CO2 IN TANKS
When using CO2 in aquariums, turn off the CO2 an hour before the tank lights go out. This allows the plants to use most of the CO2 in the water before they go to bed.
Most people turn the CO2 on when the lights come on. Some turn the CO2 on an hour before lights come on. I prefer to have the CO2 come on with the lights.
Plants take an hour or so to pump up nutrients into their leaves in the morning when the sun comes up. During this time they don't take up much CO2 and there will be plenty in the tank from the fish and bacteria producing it over night.
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SURFACE TURBULENCE
Minimise the surface turbulence when you have CO2 going into the tank because aeration and vigorous surface turbulence will drive CO2 out of the water. At night when the tank lights are on, you can have some surface turbulence to increase the oxygen levels for the fish.
You should monitor the pH day and night for a few weeks while using CO2 to make sure there are no major pH fluctuations between the day and night cycles.
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WATER MOVEMENT
Tanks with supplemental CO2 should have good water movement. This is normally done with water pumps. The pumps move the CO2 rich water around the tank so all the plants can get it. If you don't have enough water movement, there can be huge amounts of CO2 by the diffuser or whatever you use to put it in the tank, and no CO2 at the other end of the tank.
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Silicon airline/ tubing is meant to be better than plastic airline tubing when it comes to CO2. The acid pH of CO2 can sometimes cause problems to the plastic. It's not normally an issue but I figured you should be told of this just in case the airline tubing starts to go brittle, change colour or leak.
High levels of CO2 is not found in natural waterways (creeks, rivers and pond), and adding it to an aquarium is a human idea to try and enhance plant growth. There are plenty of aquariums containing plants that don't use CO2. If you use CO2, be careful and use it because you want to. But remember what is filling the air we breath (CO2). Don't add more to the atmosphere. Make sure the plants have everything they need to use the additional CO2.
If everything is done correctly, and you don't poison the fish with CO2, the tank should look nice.