Bitcoin Cryptocurrency is buzzing worldwide, whether you are online or any media. It is the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can generate an awesome return by bitcoins trading or you can keep it for a long term.
You may be found out about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will 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 continues to be unknown and thought 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 known as cryptocurrency and is free from any geographical boundary. It is not regulated by any government and all you need is an internet connection. As a newbie, Bitcoin technology may confuse you and a little 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 at ease.
Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone on the planet. You will see your transactions here once you do any Bitcoin trading and anyone may use the ledger to verify it. Bitcoin Cash Developer Guide 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 runs 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, 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 are the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually a process 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, you can now top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low as compared with PayPal, Credit cards, along with other online intermediaries. Furthermore, it also protects your privacy that may get leaked on the web 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. 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 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 you will learn great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.