Bitcoin Cryptocurrency is buzzing around the world, whether you are on the web or any media. It is one of the exciting and craziest things happened that comes into existence in the last couple of 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 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 know 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 beneath the pseudonym Satoshi Nakamoto held from Japan. His identity continues to be unknown and thought to have approximately one million bitcoins valued a lot more than $6 billion USD by September 2017.
Bitcoin is really a digital currency popularly referred to as cryptocurrency and is free from any geographical boundary. It isn’t regulated by any government and all you need is an internet 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 also you can do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone in the world. You can find your transactions here whenever you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction done will be completely transparent and is verified by blockchain. Bitcoin along with 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 ready to own your first Bitcoin, it is best 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, some other alternative cryptocurrencies also evolved. They are 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 lot and it is actually a process done by computer hardware for the Bitcoin networks.
Things You Can Do With Bitcoin
You will be able 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 with PayPal, Credit cards, along with other online intermediaries. Furthermore, it also protects your privacy which could get leaked on the web 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 due to shared public ledger. It is possible to 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 along with other countries may follow it soon and the price may hike further.
I am 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 ask anything relevant to bitcoins.