Bitcoin Cryptocurrency is buzzing across the world, whether you are online or any media. It really is just about the most exciting and craziest things happened that comes into existence in the last couple of 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 fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will 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 beneath 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 a digital currency popularly known as cryptocurrency and is free from any geographical boundary. It isn’t regulated by any government and all you need is an internet 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 can also do your first Bitcoin trading at ease.
Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone in the world. You will discover your transactions here once you do any Bitcoin trading and anyone can use the 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 LINKED 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 that is a section of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, various 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 computers for the Bitcoin networks.
ACTIONS YOU CAN TAKE With Bitcoin
It is possible to trade, transact, accept and store bitcoin. It is possible to send it to friends and family, request from the 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 to PayPal, Credit cards, and other online intermediaries. Furthermore, in addition, it protects your privacy that could get leaked online while using credit cards. It is very secure and nobody can seize or steal coins. Due to its transparency in the system, additionally it is not possible to manipulate as a result of shared public ledger. It is possible to verify transaction from anywhere and anytime.
Bitcoin Cash Protocol is likely to rise as the total production of bitcoins is usually to be limited to 21 million only. Japan has already 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 become familiar with great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.