Bitcoin Cryptocurrency is spreading all over the world, whether you are on the Internet or any medium. It’s one of the craziest and most exciting things that have only happened in the last few years. Most importantly, you can earn an amazing return by trading bitcoins or you can hold them for the long term.
You may have heard of stocks, commodities, forex, and now a new currency called Bitcoin Trading that greatly impacts our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll get to know ABC of Bitcoin.
About Bitcoin cryptocurrency
The emergence of Bitcoin is still unknown but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto taken from Japan. His identity remains unknown and he is believed to have nearly 1 million Bitcoins valued at over $ 6 billion USD as of September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and is devoid of any geographic 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 be a little difficult to figure out. However, I will help you deepen it and how you can also make your first Bitcoin trade with ease.
Bitcoin Cryptocurrency runs on blockchain technology and is a digital public ledger that is shared by anyone in the world. You will find your transactions here whenever you have any bitcoin trading and anyone can use the ledger to verify this. The transaction made will be completely transparent and verified by the blockchain. Bitcoin and other cryptocurrencies are parts of the blockchain and are great internet-only technology.
Basic terms related to the cryptocurrency Bitcoin
Before you are ready to own your first Bitcoin, it is best to know the basic terms related to Bitcoin. Also called BTC, it is a fraction of Bitcoin and 1 bitcoin equals 1 million bits. With the advent of Bitcoin, some other alternative cryptocurrency has 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 shortened to Bitcoin. Mining is another frequently used term and is actually a process performed by computers for Bitcoin networks.
Things you can do with Bitcoin
You will be able to trade, accept, and store Bitcoin and its transactions. You can send it to your friends, request it from a friend, and store it in your digital wallet. Even, you can now top up your mobile / DTH balance directly by paying with Bitcoin.
The transaction cost is low compared to PayPal, credit cards, and other online brokers. Moreover, it protects your privacy that may be leaked on the Internet while using credit cards. It is very safe and no one can grab or steal the coins. Due to its transparency in the system, it also cannot be tampered with due to the common general ledger. You can check the transaction from anywhere, anytime.
Demand is likely to rise because total bitcoin production will be limited to just 21 million. Japan has already legalized it and other countries may soon follow and the price may rise further.
I will be covering more about Bitcoin in detail in the coming days as you will learn cool things about Bitcoin trading. You can comment on your opinions and ask for anything bitcoin-related.
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