Bitcoin Cryptocurrency is buzzing around the world, whether it is on the internet or in any medium. It is one of the most exciting and crazy things that has happened in the last few years. More importantly, you can get an incredible return by trading bitcoins or you can keep it for the long term.
You might hear about stocks, commodities, Forex, and now a new currency called Bitcoin trading that has a huge impact on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will learn about the ABCs of Bitcoin.
About the cryptocurrency Bitcoin
The emergence of Bitcoin is not yet known, but in October 2008 an article was published under the pseudonym Satoshi Nakamoto in Japan. His identity is still unknown and he is believed to have approximately one million bitcoins valued at more than $ 6 billion USD as of September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is free from any geographical limits. It is not regulated by any government and all you need is an internet connection. As a newbie, Bitcoin technology can be confusing and a bit difficult to tell. However, I will help you dig deeper and how you can also make your first Bitcoin trade at ease.
Bitcoin Cryptocurrency is powered by blockchain technology, which is a digital public ledger shared by anyone in the world. You will find your transactions here every time you trade Bitcoin and anyone can use the ledger to verify it. The transaction carried out will be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrencies are parts of the blockchain and are an amazing technology that runs only on the internet.
Key terms related to the cryptocurrency Bitcoin
Before you are ready to own your first Bitcoin, it is best to know the key terms related to bitcoins. It is also called BTC, which is part of bitcoin and 1 bitcoin equals 1 million bits. With the emergence of bitcoins, other alternative cryptocurrencies also evolved. They are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), and many others.
XBT and BTC are the same things and are commonly abbreviated as bitcoin. Mining is another term that is widely used and is actually a process performed by computer hardware for Bitcoin networks.
Things you can do with Bitcoin
You will be able to trade, transact, accept and store bitcoins. You can send it to your friends, request it to a friend, and save it to your digital wallet. Even now you can recharge your mobile / DTH directly by paying through bitcoin.
The transaction cost is low compared to PayPal, credit cards, and other online intermediaries. In addition, it also protects your privacy that can be leaked on the Internet while using credit cards. It is extremely safe and no one can steal sixteen or coins. Due to its transparency in the system, it is also not possible to manipulate due to the shared public ledger. You can check the transaction from anywhere and at any time.
Demand is likely to increase as total bitcoin production will be capped at just 21 million. Japan has already legalized it and other countries may follow soon and the price may go even higher.
I will cover more about Bitcoins in detail in the next few days, where you will learn great things about trading Bitcoins. You can comment on their views and ask anything relevant to bitcoins.
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