Bitcoin Cryptocurrency is buzzing around the world, whether you are on the web or any media. It really is one of the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can generate an incredible return by bitcoins trading or you can keep it for an extended term.
You may be found out 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’ll get to know 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 under 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 referred to as cryptocurrency and is free from any geographical boundary. It is not 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 it. However, I will help you dig it deeper and how also you can 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 undoubtedly be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the parts 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 main element 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, various other alternative cryptocurrencies also evolved. They are popularly called Altcoins and includes Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many others.
XBT and BTC are the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually an activity done by computer hardware 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 friends and family, 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, and other online intermediaries. Furthermore, it also protects your privacy that may get leaked on the net 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 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 to 21 million only. Japan has already legalized it and other countries may follow it soon and the price may hike further.
I am covering more on Bitcoins at length in the upcoming days where become familiar with great stuff of bitcoin trading. You can comment your views and ask anything relevant to bitcoins.