Bitcoin Cryptocurrency is buzzing across the world, whether you are on the web or any media. It is just about the most exciting and craziest things happened that comes into 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 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 as yet 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 a lot more than $6 billion USD as of September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is clear of any geographical boundary. It isn’t regulated by any government and all you need 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 help you dig it deeper and how also you can 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 may use the ledger to verify it. The transaction done will 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 Related To Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is better to know the main element terms related to bitcoins. Additionally it is termed as BTC which is a part of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, various 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 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 easy 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 when compared with PayPal, Credit cards, along with other online intermediaries. Furthermore, in addition, it protects your privacy which could get leaked online while using credit cards. It is very secure and nobody can seize or steal coins. Due to its transparency in the system, additionally it is not possible to manipulate due to shared public ledger. You can verify transaction from anywhere and at any time.
Demand is likely to rise because the total production of bitcoins is to be limited to 21 million only. Japan has already legalized it and other countries may follow it soon and the purchase price may hike further.
I am covering more on Bitcoins at length in the upcoming days where become familiar with great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.