Beginners’ Guide to Own Bitcoin Cryptocurrency

Bitcoin Cryptocurrency is buzzing around the world, whether you are online or any media. It really is one of the most exciting and craziest things happened that makes existence in the last couple of years only. More importantly, you can generate an awesome return by bitcoins trading or you can keep it for an extended term.

You may be heard about Stocks, Commodities, Forex, and today a fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll get to know the A B C of Bitcoin.

About Bitcoin Cryptocurrency

The emergence of Bitcoin is still not known but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto held from Japan. His identity is still unknown and thought to have approximately one million bitcoins valued more than $6 billion USD by September 2017.

Bitcoin is really a digital currency popularly referred to as cryptocurrency and is free from any geographical boundary. It isn’t regulated by any government and all you need is an web connection. As a newbie, Bitcoin technology may confuse you and a little bit tough to know about any of it. However, I will help you dig it deeper and how you may also do your first Bitcoin trading at ease.

Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone on the globe. You will find your transactions here once you do any Bitcoin trading and anyone may use the ledger to verify it. The transaction done will be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the elements of blockchain and are an awesome technology that works on the internet only.

Key Terms Related To Bitcoin Cryptocurrency

Before you ready to own your first Bitcoin, it is best to know the key terms related to bitcoins. Additionally it is termed as BTC which is a section of bitcoin and 1 bitcoin equals 1 Million bits. With equipment of bitcoins, various other alternative cryptocurrencies also evolved. They are popularly called Altcoins and includes Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many others.

XBT and BTC will be the same things and commonly abbreviated for bitcoin. Mining is another term used a lot and it is actually an activity done by computers for the Bitcoin networks.

ACTIONS YOU CAN TAKE With Bitcoin

You will be able to trade, transact, accept and store bitcoin. You can send it to your friends, request from a friend and store it in your digital wallet. Even, you can now top-up your mobile/DTH directly by paying through bitcoin.

Transaction cost is low as compared with PayPal, Credit cards, and other online intermediaries. Furthermore, it also protects your privacy that could get leaked on the web while using credit cards. It is extremely secure and nobody can seize or steal coins. Because of its transparency in the system, it is also not possible to manipulate due to the shared public ledger. It is possible to verify transaction from anywhere and anytime.

Demand is likely to rise as the total production of bitcoins is usually to be limited to 21 million only. Japan has recently legalized it along with other countries may follow it soon and the price may hike further.

I am covering more on Bitcoins at length in the upcoming days where you will learn great stuff of bitcoin trading. You can comment your views and ask anything relevant to bitcoins.

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