Bitcoin Cryptocurrency is buzzing across the world, whether you are on the net or any media. It is one of the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can earn an awesome return by bitcoins trading or you can keep it for a long term.
You may be heard 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 is still 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 thought 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 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 any of it. However, I will help you dig it deeper and how also you can do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone on the globe. You will 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 and other cryptocurrency are the parts of blockchain and are an awesome technology that runs on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you ready to own your first Bitcoin, it is best to know the key terms related to bitcoins. It is also termed as BTC which is a part 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 others.
XBT and BTC will be the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually a process done by computer hardware for the Bitcoin networks.
Things You Can Do With Bitcoin
It will be possible to trade, transact, accept and store bitcoin. It is possible to send it to your friends, request from the 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 as compared to 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 extremely secure and nobody can seize or steal coins. Because of its transparency in the system, it is also not possible to manipulate because of the 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 follow it soon and the purchase price may hike further.
I will be covering more on Bitcoins in detail in the upcoming days where become familiar with great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.