equipment is buzzing around the world, whether you are online or any media. It is the most exciting and craziest things happened that comes into existence in the last few 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 found out about Stocks, Commodities, Forex, and now a fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will get to know the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is still as yet 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 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 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 which is a digital public ledger and shared by anyone on the planet. You will find your transactions here once you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction done will be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the elements of blockchain and are an awesome 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. Additionally it is termed as BTC which 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 others.
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 friends and family, request from a friend and store it in your digital wallet. Even, now you can top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low when compared with PayPal, Credit cards, along with other online intermediaries. Furthermore, in addition, it protects your privacy that could get leaked online while using credit cards. It is very secure and nobody can seize or steal coins. Because of its transparency in the system, additionally it is not possible to manipulate as a result of shared public ledger. You can verify transaction from anywhere and at any time.
Demand will probably rise as the total production of bitcoins is usually to be limited to 21 million only. Japan has recently legalized it along with other countries may follow it soon and the purchase price may hike further.
I will be covering more on Bitcoins at length in the upcoming days where become familiar with great stuff of bitcoin trading. It is possible to comment your views and have anything relevant to bitcoins.