Bitcoin Cryptocurrency is buzzing all over the world, whether on the internet or any media. It is one of the most exciting and craziest things occurred that comes into existence in the last couple of years only. More importantly, you can earn an awesome come back by bitcoins trading or you can retain it for a long term.
You may be heard about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that impacts greatly on our lives. In this first timers guide to Bitcoin cryptocurrency, you will get to know the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The particular emergence of Bitcoin is still not known but a paper was released in October 2008 under the alias Satoshi Nakamoto held from The japanese. His identity is still unknown and believed to have approximately one mil bitcoins valued more than $6 billion USD as of September 2017.
Bitcoin is a digital currency popularly generally 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 help you dig it deeper and how you can also perform your first Bitcoin trading at ease.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and contributed by anyone in the world. You will find your transactions here whenever you do any Bitcoin trading and anyone can use the particular ledger to verify it. The transaction done will 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 Related To Bitcoin Cryptocurrency
Before you ready to own your first Bitcoin, it is better to know the key terms related to bitcoins. It is also termed as BTC which is a part of bitcoin and one bitcoin equals 1 Million pieces. With the emergence of bitcoins, another alternative cryptocurrencies also evolved. They are popularly called Altcoins and consists of Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many others.
XBT and BTC are the same factors 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.
Actions you can take With Bitcoin
You will be able to industry, transact, accept and store bitcoin.
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You can 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 straight 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 obtain leaked on the internet while using credit cards. It is extremely secure and nobody can catch or steal coins. Due to its openness in the system, it is also not possible to control because of the shared public ledger. You can verify transaction from anywhere and at any time.
Demand is likely to rise because the total production of bitcoins is usually to be limited to 21 million only. The japanese has already legalized it and other countries may follow it soon and the price may hike further.
I will be covering more on Bitcoins in detail in the upcoming days where you will learn great things of bitcoin trading. You can opinion your views and ask anything relevant to bitcoins.