The Bitcoin cryptocurrency is boiling around the world, whether you’re on the Internet or in any media. It’s one of the most exciting and crazy things that happened that existed only in recent years. More importantly, you can get an impressive return by trading bitcoins or you can keep it for a long time.
You may be heard about stocks, commodities, currencies 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’ll learn about the ABCs of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is not yet known, but an article was published in October 2008 under the pseudonym Satoshi Nakamoto that was held from Japan. His identity is still unknown and he is believed to have had approximately one million bitcoins valued at more than $ 6 billion in September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is free of any geographical boundaries. It is not regulated by any government and you only need an internet connection. As a novice, Bitcoin technology can confuse you and it’s a little hard to know. However, I will help you delve deeper into it and how you can make your first Bitcoin trade at ease.
Bitcoin Cryptocurrency works with blockchain technology, which is a digital ledger shared by anyone in the world. You will find your transactions here whenever you trade Bitcoin and anyone can use the ledger to verify it. The transaction will be completely transparent and will be verified using blockchain. Bitcoin and other cryptocurrencies are the parts of blockchain and they are an amazing technology that only runs on the internet.
Key terms related to Bitcoin cryptocurrency
Before you have 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 is equivalent to 1 million bits. With the advent of bitcoins, some 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 things and are usually abbreviated for bitcoin. Mining is another widely used term and is actually a process performed by computer hardware for Bitcoin networks.
Things you can do with Bitcoin
You will be able to trade, process, accept and store bitcoins. You can send it to your friends, request it from a friend, and save it to your digital wallet. You can even recharge your mobile / DTH directly by paying using bitcoin.
The cost of the transaction is low compared to PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy from being leaked to the internet while using credit cards. 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 shared ledger. You can verify the transaction from anywhere at any time.
Demand is likely to increase, as total bitcoin production should be limited to only 21 million. Japan has already legalized it and it is possible that other countries will follow it soon and the price could rise further.
I will be discussing more details about Bitcoins in the coming days, where you will learn great things about bitcoin trading. You can comment on your opinions and ask for anything relevant to bitcoins.
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