Bitcoin cryptocurrency is buzzing around the world, whether you are on the internet or in any media. This is one of the most exciting and bizarre things that has come into existence in the last few years. More importantly, you can earn a great return by trading Bitcoin or you can keep it for a long time.
You may have heard of stocks, commodities, forex and now a new currency called bitcoin trading which has a huge impact on our lives. In this beginner’s guide to Bitcoin Cryptocurrency, you will learn the ABCs of Bitcoin.
About Bitcoin Cryptocurrency
The rise of Bitcoin is not yet known, but a study was published in October 2008 under the pseudonym Satoshi Nakamoto from Japan. Its identity is still unknown and as of September 2017, about 1 million bitcoins were valued at more than $ 6 billion.
Bitcoin is a digital currency 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 newcomer, bitcoin technology can confuse you and is a bit difficult to know. However, I will help you dig deeper and see how you can make your first bitcoin trading easier.
Bitcoin works on cryptocurrency blockchain technology that is a digital public ledger and shared by anyone in the world. Whenever you trade bitcoin you will find your transactions here and anyone can use a laser to verify it. Executed transactions will be completely transparent and verified by blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and it’s a great technology that only runs on the Internet.
Basic Terms Related to Bitcoin Cryptocurrency
Before you get ready to own your first bitcoin, it is good to know the basic terms related to bitcoin. This is called BTCO which is a fraction of bitcoin and 1 bitcoin is equal to 1 million bits. With the rise of Bitcoin some other alternative cryptocurrencies have also evolved. These 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 usually an acronym for Bitcoin. Mining is another term that is widely used and is actually a process performed by computer hardware for bitcoin networks.
What you can do with Bitcoin
You will be able to trade, transact, accept and save Bitcoin. You can send it to your friends, request it from friends and save it in your digital wallet. Even now, you can top-up your mobile / DTH directly by paying with Bitcoin.
Transaction costs are lower than PayPal, credit cards and other online intermediaries. In addition, it protects your privacy, which may be leaked to the Internet when using a credit card. It is extremely secure and no one can seize or steal coins. Due to the transparency of the system, it is not possible to operate it due to shared public ledger. You can verify transactions from anywhere and anytime.
Demand for this specialty has grown significantly as a result of recent corporate scandals. Japan has already legalized it and other countries may soon follow suit and prices could rise further.
I will cover the details about Bitcoin in the coming days where you will learn the great things about Bitcoin trading. You can comment on your opinion and ask something relevant to Bitcoin.
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