Bitcoin Cryptocurrency is buzzing worldwide, whether you are online or any media. It is one of the most exciting and craziest things happened that makes existence in the last couple of years only. More importantly, you can generate an awesome return by bitcoins trading or it is possible to keep it for a long term.
You may be heard about Stocks, Commodities, Forex, and now a new 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 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 is still unknown and believed to have approximately one million bitcoins valued a lot more than $6 billion USD as of 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 little bit tough to know about it. However, I will help you dig it deeper and how you may also do your first Bitcoin trading at ease.
Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone on earth. 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 elements 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, various 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 are the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually a process done by computers for the Bitcoin networks.
Things You Can Do With Bitcoin
It will be easy to trade, transact, accept and store bitcoin. You can 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 internet while using credit cards. It is very 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. You can verify transaction from anywhere and anytime.
Demand will probably rise because the total production of bitcoins is to be limited by 21 million only. Spice has already legalized it along with other countries may follow it soon and the purchase price may hike further.
I will be 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.