Bitcoin Cryptocurrency is buzzing across the world, whether you are on the web or any media. It is one of the exciting and craziest things happened that makes existence in the last few 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 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 will 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 believed to have approximately one million bitcoins valued 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 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 assist you to 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 the globe. 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 ready 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 section of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, some other alternative cryptocurrencies also evolved. They are 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 an activity done by computers for the Bitcoin networks.
Things You Can Do With Bitcoin
It will be easy to trade, transact, accept and store bitcoin. It is possible to send it to friends and family, 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 as compared to PayPal, Credit cards, and 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 because of the shared public ledger. It is possible to 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 along with other countries may follow it soon and the purchase price may hike further.
I am covering more on Bitcoins in detail in the upcoming days where become familiar with great stuff of bitcoin trading. It is possible to comment your views and have anything relevant to bitcoins.