Bitcoin Cryptocurrency is buzzing everywhere, whether you are on the net or any media. It is the most exciting and craziest things happened that comes into existence in the last couple of years only. More importantly, you can generate an incredible return by bitcoins trading or it is possible to keep it for an extended term.
You may be heard about Stocks, Commodities, Forex, and today a fresh currency called Bitcoin trading that impacts greatly on our lives. Bitcoin In this beginner’s guide to Bitcoin cryptocurrency, you will get to learn the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin continues to be not known but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto held from Japan. His identity continues to be unknown and believed to have approximately one million bitcoins valued a lot more than $6 billion USD as of September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is free from any geographical boundary. It isn’t regulated by any government and all you need is an web connection. As a newbie, Bitcoin technology may confuse you and a little bit tough to know about any of it. However, I will help you dig it deeper and how you can also do your first Bitcoin trading at ease.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on the planet. You will discover your transactions here whenever you do any Bitcoin trading and anyone may use the ledger to verify it. The transaction done will undoubtedly be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the elements of blockchain and are an incredible technology that works on the internet only.
Key Terms Related To Bitcoin Cryptocurrency
Before you ready to own your first Bitcoin, it is best to know the key terms related to bitcoins. It is also termed as BTC which is a section of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, some other alternative cryptocurrencies also evolved. They’re popularly called Altcoins and includes Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many more.
XBT and BTC are the same things and commonly abbreviated for bitcoin. Mining is another term used a lot and it is actually a process done by computer hardware for the Bitcoin networks.
ACTIONS YOU CAN TAKE With Bitcoin
It will be easy to trade, transact, accept and store bitcoin. You can send it to your friends, request from the friend and store it in your digital wallet. Even, you can now top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low in comparison with PayPal, Credit cards, along with other online intermediaries. Furthermore, in addition, it protects your privacy which could get leaked on the net while using credit cards. It is very secure and nobody can seize or steal coins. Due to its transparency in the system, additionally it is not possible to manipulate due to the shared public ledger. It is possible to verify transaction from anywhere and anytime.
Demand will probably rise because the total production of bitcoins is to be limited by 21 million only. Japan has recently legalized it along with other countries may abide by it soon and the price may hike further.
I am covering more on Bitcoins at length in the upcoming days where you will learn great stuff of bitcoin trading. You can comment your views and ask anything relevant to bitcoins.