Bitcoin Cryptocurrency is buzzing around the world, whether you are on the web or any media. It 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 incredible 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 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 under 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 a digital currency popularly known as cryptocurrency and is clear of any geographical boundary. It isn’t 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 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 will 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 LINKED TO Bitcoin Cryptocurrency
Before you ready to own your first Bitcoin, it is better 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 more.
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.
Things You Can Do With Bitcoin
It will be possible 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, Bitcoin Cash Development protects your privacy that may 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, additionally it is not possible to manipulate due to shared public ledger. You can verify transaction from anywhere and anytime.
Demand will probably rise as the total production of bitcoins is to be limited by 21 million only. Japan has recently legalized it and other countries may follow it soon and the purchase price may hike further.
I will be 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.