Bitcoin cryptocurrency is abuzz all over the world, whether you are on the Internet or any media. This is one of the most exciting and insane things that have happened in just the past few years. More importantly, you can make great profits from Bitcoin trading or keep them for a long time.
You may have heard of stocks, commodities, Forex, and now a new currency called bitcoin trading that is profoundly affecting our lives. This beginner’s guide to Bitcoin cryptocurrency will introduce you to the ABC of Bitcoin.
About Bitcoin cryptocurrency
Nothing is known about the emergence of Bitcoin yet, but in October 2008, an article from Japan was published under the pseudonym Satoshi Nakamoto. His identity is still unknown and it is believed that as of September 2017, he had about a million bitcoins worth over $ 6 billion.
Bitcoin is a digital currency commonly known as a cryptocurrency that has no geographic boundaries. It is not regulated by any government and all you need is an internet connection. As a beginner, Bitcoin technology can be confusing and a little difficult for you to know about. However, I will help you dig deeper and find out how to easily do your first bitcoin trade.
Bitcoin cryptocurrency is powered by blockchain technology, which is a public digital ledger available to everyone in the world. You will find your transactions here whenever you are trading bitcoin and anyone can use the ledger to check it out. The perfect transaction will be completely transparent and verified by the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are amazing internet-only technology.
Key terms related to Bitcoin cryptocurrency
Before you are ready to own your first bitcoin, it is better to know the key terms associated with bitcoin. It is also called BTC, which is part of bitcoin, and 1 bitcoin equals 1 million bits. With the advent of bitcoin, other alternative cryptocurrencies have emerged. They are commonly referred to as altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), and many more.
XBT and BTC are one and the same thing and it is usually abbreviated for Bitcoin. Mining is another commonly used term and is actually a process performed by the computer hardware for the Bitcoin networks.
What can you do with bitcoins
You will be able to trade, make transactions, accept and store bitcoins. You can send it to your friends, request from a friend and save it to your digital wallet. Even now, you can top up your mobile / DTH directly by paying with Bitcoin.
The transaction cost is low compared to PayPal, credit cards and other online intermediaries. Moreover, it also protects your privacy, which can be leaked to the Internet when using credit cards. It is extremely safe and no one can grab or steal coins. Due to its transparency in the system, it is also impossible to manipulate due to the shared public registry. You can confirm the transaction from anywhere and anytime.
Demand is likely to rise as total bitcoin production will be capped at only 21 million. Japan has already legalized it, and other countries may soon follow suit, and the price could rise even more.
In the coming days, I will share more about Bitcoin, where you will learn a lot of interesting things about Bitcoin trading. You can comment on your views and ask everything about bitcoin.
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