Bitcoin Cryptocurrency is buzzing around the globe, 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 awesome return by bitcoins trading or you can 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. 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 beneath the pseudonym Satoshi Nakamoto held from Japan. His identity continues to be unknown and believed to have approximately one million bitcoins valued more than $6 billion USD by September 2017.
Bitcoin is 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 bit tough to know about it. However, I will help you dig it deeper and how you can even do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone in the world. You can find your transactions here whenever you do any Bitcoin trading and anyone may use the ledger to verify it. equipment 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 Related To Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is best to know the main element 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, some 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 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. It is possible to send it to friends and family, request from a 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 as compared with PayPal, Credit cards, along with other online intermediaries. Furthermore, it also protects your privacy that could get leaked on the web while using credit cards. It is extremely secure and nobody can seize or steal coins. Because of 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 at any time.
Demand will probably rise because the total production of bitcoins is to be limited to 21 million only. Japan has recently legalized it along with other countries may abide by it soon and the price may hike further.
I will be covering more on Bitcoins in detail in the upcoming days where you will learn great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.