Bitcoin Cryptocurrency is buzzing all over the world, whether you are on the internet or any media. It really is one of the most exciting and craziest things happened that comes into existence in the last couple of years only. More importantly, you can earn an incredible return by bitcoins trading or you can keep it for a long term.
You may be found out 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 will 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 is still 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 free from any geographical boundary. It is not regulated by any government and all you need is an web 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 also do your first Bitcoin trading at ease.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on earth. You will see your transactions here whenever you do any Bitcoin trading and anyone may use the ledger to verify it. Bitcoin Cash Developer Guide done will be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the elements of blockchain and are an awesome technology that runs on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is better to know the main element terms related to bitcoins. It is also termed as BTC that 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 more.
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 computers for the Bitcoin networks.
Things You Can Do With Bitcoin
It is possible to trade, transact, accept and store bitcoin. It is possible to send it to your friends, request from a 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, and other online intermediaries. Furthermore, it also protects your privacy which could get leaked on the web 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 due to the shared public ledger. You can verify transaction from anywhere and at any time.
Demand will probably rise because 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 at length in the upcoming days where you will learn great stuff of bitcoin trading. You can comment your views and ask anything relevant to bitcoins.