Bitcoin Cryptocurrency is buzzing across the world, whether you are on the net or any media. It really is one of the most exciting and craziest things happened that makes 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 mining to Bitcoin cryptocurrency, you’ll 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 is still unknown and thought to have approximately one million bitcoins valued more than $6 billion USD as of September 2017.
Bitcoin is really a digital currency popularly known as cryptocurrency and is clear of any geographical boundary. It is not regulated by any government and all you need is an web connection. As a newbie, Bitcoin technology may confuse you and a little bit tough to know about any of it. However, I will assist you to dig it deeper and how also you can do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone on earth. You can 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 and other cryptocurrency are the elements of blockchain and are an incredible technology that runs on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you ready to own your first Bitcoin, it is best to know the key 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 are the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually an activity done by computers for the Bitcoin networks.
Things You Can Do With Bitcoin
It will be easy 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 when compared with PayPal, Credit cards, and other online intermediaries. Furthermore, it also protects your privacy that may get leaked on the net 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 because of the shared public ledger. You can verify transaction from anywhere and at any time.
Demand is likely to rise as the total production of bitcoins is to be limited by 21 million only. Japan has recently legalized it and other countries may follow it soon and the purchase price may hike further.
I am covering more on Bitcoins at length in the upcoming days where you will learn great stuff of bitcoin trading. It is possible to comment your views and have anything relevant to bitcoins.