Bitcoin Cryptocurrency is buzzing worldwide, whether you are online or any media. It is one of the 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 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 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 under the pseudonym Satoshi Nakamoto held from Japan. His identity is still unknown and believed 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 clear of any geographical boundary. It is not regulated by any government and all you have to is an web connection. As Spice , Bitcoin technology may confuse you and a little bit tough to know about any of 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 in the world. You will discover your transactions here whenever you do any Bitcoin trading and anyone may use the ledger to verify it. The transaction done will be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the elements 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 best to know the main element terms related to bitcoins. It is also termed as BTC that is a section of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, various other alternative cryptocurrencies also evolved. They’re 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 is possible to trade, transact, accept and store bitcoin. It is possible to send it to your friends, request from the 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 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 because of the shared public ledger. You can verify transaction from anywhere and anytime.
Demand is likely to rise because 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 in detail in the upcoming days where become familiar with great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.