Bitcoin Cryptocurrency is buzzing all over the world whether you are on the internet or any media. This is one of the coolest and craziest things to come out in just the last few years. More importantly, you can earn awesome income by trading bitcoins or keep it for a long time.
You can hear about the trading of Stocks, Commodities, Forex and now the new currency called Bitcoin which has a huge impact on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will learn the ABC’s of Bitcoin.
About Bitcoin Cryptocurrency
The origin of Bitcoin is still unknown, but in October 2008, an article was published from Japan under the pseudonym Satoshi Nakamoto. His identity is still unknown, and as of September 2017, he is believed to have about one million bitcoins worth more than $6 billion.
Bitcoin is a digital currency popularly 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 beginner, Bitcoin technology can confuse you and it can be a bit difficult to know about it. However, I will help you dig it deeper and how you can easily make your first Bitcoin trade.
Bitcoin Cryptocurrency works on blockchain technology, which is a digital public ledger that is shared by everyone in the world. Whenever you trade any Bitcoin, you can find your transactions here and anyone can use the ledger to verify it. The transaction will be completely transparent and verified by the blockchain. Bitcoin and other cryptocurrencies are parts of the blockchain, an awesome technology that only works on the internet.
Basic terms related to Bitcoin cryptocurrency
Before you get ready to own your first Bitcoin, it is better to know the basic terms related to bitcoins. It is also called as BTC which is a part of bitcoin and 1 bitcoin is equal to 1 Million bits. With the emergence of Bitcoins, some other alternative cryptocurrencies have also developed. They are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many others.
XBT and BTC are the same thing and are commonly abbreviated to bitcoin. Mining is another commonly used term and is actually a process done by computer hardware for Bitcoin networks.
Things you can do with Bitcoin
You will be able to trade, transact, receive and store bitcoins. You can send it to your friends, send a friend request and save it in your digital wallet. Even now you can add mobile/DTH directly by paying through bitcoin.
Transaction cost is low compared to PayPal, Credit cards and other online intermediaries. In addition, it also protects your privacy that can be leaked online while using credit cards. It is extremely secure and no one can intercept or steal the coins. Due to its transparency in the system, it is also impossible to manipulate thanks to the shared public ledger. You can check the transaction anywhere and anytime.
Since the total production of bitcoins will be limited to only 21 million, the demand is likely to increase. Japan has already legalized it and soon other countries may follow suit and the price may increase even more.
In the coming days I will give you more details about Bitcoins where you will learn great things about bitcoin trading. You can comment your thoughts and ask anything related to bitcoins.
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