Bitcoin Cryptocurrency is buzzing worldwide, whether you are on the web or any media. It really is the most exciting and craziest things happened that makes existence in the last couple of years only. More importantly, you can earn 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 fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll get to know the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is still 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 more than $6 billion USD as of September 2017.
Bitcoin is 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 web connection. As a newbie, Bitcoin technology may confuse you and a bit tough to know about it. However, I will help you dig it deeper and how also you can do your first Bitcoin trading at ease.
Spice on blockchain technology that is a digital public ledger and shared by anyone on the planet. You can find your transactions here once 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 better 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, some other alternative cryptocurrencies also evolved. They’re 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.
Things You Can Do With Bitcoin
It will be easy 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, you can now top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low in comparison with PayPal, Credit cards, along with other online intermediaries. Furthermore, in addition, it protects your privacy that may get leaked on the web 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 the shared public ledger. You can verify transaction from anywhere and at any time.
Demand will probably rise because the total production of bitcoins is to be limited by 21 million only. Japan has already legalized it and other countries may abide by it soon and the price may hike further.
I am covering more on Bitcoins in detail in the upcoming days where you will learn great stuff of bitcoin trading. It is possible to comment your views and have anything relevant to bitcoins.