Bitcoin Cryptocurrency is buzzing around the globe, whether you are on the web or any media. It is one of 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 found out about Stocks, Commodities, Forex, and today 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 continues to be as yet 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 thought to have approximately one million bitcoins valued a lot more than $6 billion USD by September 2017.
Bitcoin is a digital currency popularly referred to as cryptocurrency and is clear of any geographical boundary. It is not regulated by any government and all you need 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 also you can 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 globe. You can find your transactions here once you do any Bitcoin trading and anyone can 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 elements of blockchain and are an awesome technology that works on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you ready 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, 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.
ACTIONS YOU CAN TAKE With Bitcoin
It is possible 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, you can now 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, it also protects your privacy that may 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, it is also 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 to be limited by 21 million only. Japan has recently legalized it and other countries may abide by it soon and the price may hike further.
I am 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 ask anything relevant to bitcoins.