Bitcoin Cryptocurrency is buzzing around the globe, whether you are on the net or any media. It really is probably the most exciting and craziest things happened that makes 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 a long term.
You may be found out 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 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 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 clear of any geographical boundary. It isn’t regulated by any government and all you have to is an internet 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 can also do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone in the world. You will see 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 incredible 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 key 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 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 an activity 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 your friends, 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 compared to PayPal, Credit cards, along with other online intermediaries. Furthermore, in addition, it protects your privacy that may get leaked on the internet 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 because of the shared public ledger. It is possible to verify transaction from anywhere and at any time.
Demand will probably rise as the total production of bitcoins is to be limited by 21 million only. convert bitcoin to usd has already legalized it and other countries may follow it soon and the 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 ask anything relevant to bitcoins.