Bitcoin Cryptocurrency is buzzing around the world, whether you are on the net or any media. It really is one of the exciting and craziest things happened that comes into existence in the last couple of years only. More importantly, you can earn an awesome return by bitcoins trading or it is possible to keep 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 beginner’s guide to Bitcoin cryptocurrency, you will get to know the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin continues to be as yet 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 thought to have approximately one million bitcoins valued more than $6 billion USD as of September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is clear of 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 any of it. However, I will assist you to dig it deeper and how you can 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 earth. You will find your transactions here whenever 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 parts of blockchain and are an awesome technology that works on the internet only.
Tipping Token Related To Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is best to know the main element terms related to bitcoins. It is also termed as BTC which is a part of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, some 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 will be the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually a process done by computer hardware for the Bitcoin networks.
Things You Can Do With Bitcoin
You will be able to trade, transact, accept and store bitcoin. It is possible to send it to friends and family, request from a 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 with PayPal, Credit cards, along with other online intermediaries. Furthermore, it also protects your privacy which could get leaked on the net 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. It is possible to verify transaction from anywhere and anytime.
Demand will probably rise as the total production of bitcoins is to be limited by 21 million only. Japan has already legalized it and other countries may follow it soon and the price may hike further.
I am covering more on Bitcoins at length in the upcoming days where become familiar with great stuff of bitcoin trading. You can comment your views and have anything relevant to bitcoins.