Bitcoin Cryptocurrency is buzzing everywhere, whether you are on the net 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 earn 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 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 continues to be as yet not known but a paper was published in October 2008 beneath 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 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 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 can even do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on the globe. You will find your transactions here once you do any Bitcoin trading and anyone may use the ledger to verify it. The transaction done will undoubtedly be completely transparent and is verified by blockchain. equipment 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 better to know the key terms related to bitcoins. Additionally it is 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 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 computers for the Bitcoin networks.
ACTIONS YOU CAN TAKE 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, now you can top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low as compared to PayPal, Credit cards, and other online intermediaries. Furthermore, in addition, it 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. Because of its transparency in the system, it is also not possible to manipulate due to 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 usually to be limited by 21 million only. Japan has already legalized it along with other countries may follow 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.