Bitcoin Cryptocurrency is buzzing all over the world, whether you are on the internet or any media. equipment is probably the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can generate an awesome return by bitcoins trading or you can keep it for a long term.
You may be found out 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 as yet not known but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto held from Japan. His identity continues to be unknown and thought to have approximately one million bitcoins valued more than $6 billion USD by September 2017.
Bitcoin is 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 have to 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 even do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on the globe. You will find your transactions here whenever 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 along with other cryptocurrency are the parts of blockchain and are an incredible technology that runs on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is best to know the key terms related to bitcoins. Additionally it is termed as BTC that 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 more.
XBT and BTC are the same things and commonly abbreviated for bitcoin. Mining is another term used a lot and it is actually an activity done by computers for the Bitcoin networks.
ACTIONS YOU CAN TAKE With Bitcoin
It is possible to trade, transact, accept and store bitcoin. It is possible to send it to friends and family, 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 in comparison with PayPal, Credit cards, and other online intermediaries. Furthermore, it also protects your privacy that could get leaked on the net 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 as a result of shared public ledger. You can verify transaction from anywhere and anytime.
Demand will probably rise because the total production of bitcoins is to be limited to 21 million only. Japan has recently legalized it along with 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. It is possible to comment your views and ask anything relevant to bitcoins.