Bitcoin Cryptocurrency is buzzing all over the world, whether you are on the internet or any media. It really is just about 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 found out 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 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 thought to have approximately one million bitcoins valued more than $6 billion USD by September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is free from 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 little bit tough to know about any of it. However, I will assist you to dig it deeper and how you may also 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 undoubtedly be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the elements of blockchain and are an awesome technology that runs on the internet only.
Tipping Token Related To Bitcoin Cryptocurrency
Before you ready 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 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 lot and it is actually an activity done by computers 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 friends and family, request from a 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 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. Due to its transparency in the system, it is also not possible to manipulate because of the shared public ledger. It is possible to verify transaction from anywhere and anytime.
Demand is likely to rise as the total production of bitcoins is to be limited to 21 million only. Japan has recently legalized it and other countries may abide by it soon and the purchase price may hike further.
I will be covering more on Bitcoins in detail in the upcoming days where you will learn great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.