Bitcoin Cryptocurrency is buzzing across the world, whether you are on the net or any media. It is the most exciting and craziest things happened that makes existence in the last couple of years only. More importantly, you can generate 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 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 continues to be 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 really a digital currency popularly known as cryptocurrency and is clear of any geographical boundary. It is not 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 help you dig it deeper and how you can also 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 discover your transactions here whenever you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction done will undoubtedly be completely transparent and is verified by blockchain. Bitcoin and other crypto currency 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’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 lot and it is actually an activity done by computer hardware 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, now you can top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low when compared with PayPal, Credit cards, and other online intermediaries. Furthermore, in addition, it protects your privacy that could get leaked on the internet while using credit cards. It is extremely secure and nobody can seize or steal coins. Due to its transparency in the system, it is also not possible to manipulate due to shared public ledger. You can verify transaction from anywhere and anytime.
Demand will probably rise as 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 will be 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.