Beginners’ Guide to Own Bitcoin Cryptocurrency
Bitcoin Cryptocurrency is buzzing all over the world, whether you are on the web or any media. mining 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 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 now a fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll 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 under the pseudonym Satoshi Nakamoto held from Japan. His identity is still unknown and believed to have approximately one million bitcoins valued a lot more than $6 billion USD by September 2017.
Bitcoin is really a digital currency popularly referred to as cryptocurrency and is clear of 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 any of it. However, I will assist you to dig it deeper and how you may 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 earth. 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 be completely transparent and is verified by blockchain. Bitcoin along with other cryptocurrency are the parts 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 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’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 whole lot and it is actually a process done by computers for the Bitcoin networks.
ACTIONS YOU CAN TAKE With Bitcoin
It will be possible 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, it also 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, it is also not possible to manipulate as a result of shared public ledger. It is possible to verify transaction from anywhere and anytime.
Demand is likely to rise as the total production of bitcoins is to be limited to 21 million only. Japan has recently legalized it and other countries may follow it soon and the 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 ask anything relevant to bitcoins.