Bitcoin Cryptocurrency is buzzing everywhere, whether you are on the net or any media. It really is probably the most exciting and craziest things happened that makes existence in the last couple of years only. More importantly, you can earn an awesome return by bitcoins trading or it is possible to keep it for an extended term.
You may be heard about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll get to learn the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is still not known but a paper was published in October 2008 beneath the pseudonym Satoshi Nakamoto held from Japan. His identity is still unknown and thought to have approximately one million bitcoins valued more than $6 billion USD by September 2017.
Bitcoin is really a digital currency popularly referred to as cryptocurrency and is free from any geographical boundary. It isn’t regulated by any government and all you have to is an internet connection. As a newbie, Bitcoin technology may confuse you and a little bit tough to know about it. However, I will assist you to 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 earth. You can find your transactions here once 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 along with other cryptocurrency are the parts of blockchain and are an awesome technology that works on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is best to know the key terms related to bitcoins. It is also termed as BTC that is a section of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, various other alternative cryptocurrencies also evolved. They are 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 whole lot and it is actually an activity done by computer hardware for the Bitcoin networks.
Things You Can Do With Bitcoin
It will be easy to trade, transact, accept and store bitcoin. You can send it to your friends, request from a friend and store it in your digital wallet. Even, now Bitcoin Cash can top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low compared to 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, it is also not possible to manipulate due to shared public ledger. It is possible to verify transaction from anywhere and anytime.
Demand will probably rise as the total production of bitcoins is to be limited by 21 million only. Japan has recently legalized it and other countries may follow 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.