Bitcoin Cryptocurrency is buzzing across the world, whether you are on the internet or any media. It really is one of the exciting and craziest things happened that makes existence in the last couple of years only. More importantly, you can generate an incredible return by bitcoins trading or it is possible to keep it for an extended term.
You may be heard about Stocks, Commodities, Forex, and today a new currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll get to learn the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin continues to be 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 a lot 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 is not regulated by any government and all you have to is an web connection. As a newbie, Bitcoin technology may confuse you and a little bit tough to know about it. However, Bitcoin Cash Token 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 earth. You will see your transactions here once 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 awesome technology that runs on the internet only.
Key Terms Related To Bitcoin Cryptocurrency
Before you ready to own your first Bitcoin, it is best 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 are popularly called Altcoins and includes Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many more.
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
It will be easy to trade, transact, accept and store bitcoin. You can send it to friends and family, 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 compared to PayPal, Credit cards, along with other online intermediaries. Furthermore, it also protects your privacy that may get leaked online 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 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 follow it soon and the purchase 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. You can comment your views and ask anything relevant to bitcoins.