Bitcoin cryptocurrency is buzzing all over the world, whether you are online or any media. It’s one of the most exciting and insane things that has ever happened in recent years. Most importantly, you can earn a great return from trading bitcoins or you can keep it for a long time.
You may be hearing about Stocks, Commodities, Forex and now a new currency called Bitcoin trading that greatly affects our lives. In this introductory guide to Bitcoin cryptocurrency, you will be introduced to the Bitcoin ABC.
About Bitcoin cryptocurrency
The emergence of Bitcoin is not yet known, but an article was published in October 2008 under the pseudonym Satoshi Nakamoto held by Japan. His identity is still unknown and he is believed to have approximately one million bitcoins valued at more than $ 6 billion by September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is free from any geographical boundaries. It is not regulated by any government and all you need is an internet connection. As a beginner, Bitcoin technology can confuse you and make it a little difficult to know about it. However, I will help you dig it deeper and how you can even make your first Bitcoin trading easily.
Bitcoin Cryptocurrency works on blockchain technology which is a public digital book and is shared by anyone in the world. You will find your transactions here whenever you do any trading with Bitcoin and anyone can use the general ledger to verify it. The transaction made will be completely transparent and verified by blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are a great technology that only works online.
Key terms related to Bitcoin cryptocurrency
Before you are ready to own your first Bitcoin, it is best to know the key terms related to bitcoin. It is also referred to as BTC which is a portion of bitcoin and 1 bitcoin equals 1 million bits. With the advent of bitcoins, several other alternative cryptocurrencies 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 to bitcoin. Mining is another widely used term and is actually a process made by computer hardware for Bitcoin networks.
Things you can do with Bitcoin
You will be able to trade, transact, accept and store bitcoin. You can send it to your friends, ask for it from a friend and save it in your digital wallet. You can even top up your mobile / DTH directly by paying via bitcoin.
The transaction cost is low compared to PayPal, credit cards and other online brokers. Moreover, it also protects your privacy which may come out online while using credit cards. Extremely it is extremely safe and no one can seize or steal coins. Due to its transparency in the system, it is also not possible to manipulate due to the common public book. You can verify the transaction from anywhere and anytime.
Demand is likely to increase as total bitcoin production will be limited to just 21 million. Japan has already legalized it and other countries may follow it soon and the price may rise further.
I will treat Bitcoins in more detail in the coming days where you will learn great bitcoin trading stuff. You can comment on your views and ask for anything related to bitcoin.
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