Bitcoin Cryptocurrency is buzzing around the world, whether you are on the internet or any media. This is one of the most exciting and craziest things that has happened in the past few years alone. Best of all, you can get an amazing return by trading bitcoins or you can keep it for long term.
You may hear about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that has a big impact on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will learn the ABC of Bitcoin.
About Bitcoin Cryptocurrency
The origin of Bitcoin is still unknown but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto held from Japan. His identity is still unknown and is believed to have approximately one million bitcoins worth more than $6 billion USD as of September 2017.
Bitcoin is a digital currency known as cryptocurrency and is free of any geographical boundaries. It is not regulated by any government and all you need is an internet connection. As a newbie, Bitcoin technology may confuse you and it is quite difficult to know about it. However, I will help you dig into it and how you can also make your first Bitcoin trading easily.
Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and is shared by anyone in the world. You can find your transactions here whenever you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction made will be completely transparent and verified through the blockchain. Bitcoin and other cryptocurrencies are parts of the blockchain and a unique technology that runs only on the internet.
Main Terms Related To Bitcoin Cryptocurrency
Before you are ready to own your first Bitcoin, it is better to know the key terms related to bitcoins. It is also called BTC part of bitcoin and 1 bitcoin is equal to 1 Million bits. Along with the emergence of bitcoins, other alternative cryptocurrencies have also developed. They are called Altcoins and include Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and others.
XBT and BTC are the same thing and are often abbreviated to bitcoin. Mining is another term that is used by many and it is actually a process done by computer hardware for Bitcoin networks.
Things You Can Do With Bitcoin
You can sell, transact, receive and store bitcoin. You can send it to your friends, request from a friend and keep it in your digital wallet. However, now you can top-up your mobile/DTH directly by paying through bitcoin.
Transaction costs are low compared to PayPal, Credit cards, and other online intermediaries. Moreover, it also protects your privacy which can be leaked on the internet while using credit cards. It is very strong and no one can seize or steal coins. Due to its transparency in the system, manipulation is also not possible due to the shared public ledger. You can verify the transaction from anywhere and anytime.
The demand is likely to increase because the total production of bitcoins should be limited to only 21 million. It has been legalized in Japan and other countries may follow soon and the price will increase.
I will discuss more about Bitcoins in detail in the coming days where you will learn many things in bitcoin trading. You can comment your views and ask anything related to bitcoins.
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