Bitcoin Cryptocurrency is buzzing around the world, whether you are on the net or any media. It really is probably the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can earn an incredible return by bitcoins trading or you can keep it for an extended term.
You may be heard about Stocks, Commodities, Forex, and today a fresh 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 is still 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 thought to have approximately one million bitcoins valued more than $6 billion USD by September 2017.
Bitcoin is really a digital currency popularly known as cryptocurrency and is free from any geographical boundary. It isn’t regulated by any government and all you need is an internet 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 you may also do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on the planet. You will discover your transactions here whenever you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction done will undoubtedly be completely transparent and is verified by blockchain. Bitcoin along with other cryptocurrency are the parts of blockchain and are an incredible technology that runs on the internet only.
Before you prepared to own your first Bitcoin, it is better to know the key terms related to bitcoins. It is also 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 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 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 as 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. Due to its transparency in the system, it is also not possible to manipulate as a result of shared public ledger. You can verify transaction from anywhere and anytime.
Demand will probably rise because the total production of bitcoins is to be limited by 21 million only. Japan has recently legalized it along with other countries may abide by it soon and the 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. It is possible to comment your views and have anything relevant to bitcoins.