Bitcoin Cryptocurrency is talked about all over the world, whether you are on the internet or any media. This is one of the most shocking and craziest things that has happened in the last few years alone. More importantly, you can get a terrible return by trading bitcoins or you can keep it up for a long time.
You may have heard about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that has affected our lives a lot. In this Bitcoin cryptocurrency beginner’s guide, you will learn the ABCs of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is not yet known but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto made out of Japan. His identity is not yet known and it is believed that there are an estimated one million bitcoins worth more than $ 6 billion USD as of September 2017.
Bitcoin is a digital currency that is recognized as a cryptocurrency and is free from any geographical boundaries. It is not controlled by any government and all you need is an internet connection. As a newcomer, Bitcoin technology can confuse you and make it a bit difficult to know about it. However, I will help you dig into this and how you can also make your first Bitcoin trade quick.
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 performed is completely transparent and verified on the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and an awesome technology that runs on the internet alone.
Key Terms Related to Bitcoin Cryptocurrency
Before you are ready to own your first Bitcoin, it is better to know the key terms associated with bitcoins. It is also called BTC which is a fraction of bitcoin and 1 bitcoin equals 1 Million fraction. With the emergence of bitcoins, other cryptocurrency alternatives have also evolved. They are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many more.
XBT and BTC are the same thing and are usually abbreviated for bitcoin. Mining is another term that is used often and it is actually a process done by computer hardware for Bitcoin networks.
Things You Can Do With Bitcoin
You can sell, transfer, receive and store bitcoin. You can send it to your friends, request from a friend and store it in your digital wallet. Although, now you can top-up your mobile / DTH directly by paying via bitcoin.
The transaction cost is short compared to PayPal, Credit cards, and other online intermediaries. In addition, your privacy is protected which can be compromised on the internet while using credit cards. This is much safer and no one can steal or steal the coins. Due to its transparency in the system, it is also not possible to maneuver due to the shared public ledger. You can confirm the transaction from anywhere and anytime.
Demand is likely to increase as total production of bitcoins could be limited to just 21 million. It has already been made legal in Japan and may follow it in other countries soon and the price may go up even further.
I will understand more about Bitcoins in the coming days where you will learn a lot more about bitcoin trading. You can comment on your views and ask anything related to bitcoins.
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