Bitcoin Cryptocurrency is buzzing across the world, whether you are on the net or any media. It really is probably the most exciting and craziest things happened that makes existence in the last few years only. More importantly, you can earn 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’ll get to learn the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is still 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 believed to have approximately one million bitcoins valued a lot more than $6 billion USD as of September 2017.
Bitcoin Cash Token is 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 bit tough to know about it. However, I will help you dig it deeper and how you may also do your first Bitcoin trading at ease.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on the planet. You will find 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 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 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, 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 lot and it is actually a process done by computer hardware for the Bitcoin networks.
Things You Can Do With Bitcoin
It is possible to trade, transact, accept and store bitcoin. You can 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, it also protects your privacy that could get leaked on the internet while using credit cards. It is very secure and nobody can seize or steal coins. Because of its transparency in the system, additionally it is not possible to manipulate due to the shared public ledger. You can verify transaction from anywhere and anytime.
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 abide by 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. You can comment your views and have anything relevant to bitcoins.