Bitcoin Cryptocurrency is buzzing around the world, whether you are on the internet or any media. It really is the most exciting and craziest things happened that makes existence in the last few 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 heard about Stocks, Commodities, Forex, and today a fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll get to know 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 under 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 by September 2017.
Bitcoin is really a digital currency popularly known as cryptocurrency and is free from any geographical boundary. It isn’t 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 assist you to 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 in the world. You will see your transactions here once 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. Appreciation Token and other cryptocurrency are the parts of blockchain and are an awesome technology that works on the internet only.
Key Terms Related To Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is better to know the key terms related to bitcoins. It is also 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 are 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 whole lot and it is actually a process done by computer hardware for the Bitcoin networks.
ACTIONS YOU CAN TAKE With Bitcoin
It will be 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, 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 that could get leaked online while using credit cards. It is very secure and nobody can seize or steal coins. Because of its transparency in the system, additionally it is not possible to manipulate due to the shared public ledger. You can verify transaction from anywhere and anytime.
Demand will probably rise as the total production of bitcoins is usually to be limited to 21 million only. Japan has already legalized it along with other countries may abide by it soon and the purchase price may hike further.
I will be 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 have anything relevant to bitcoins.