Bitcoin cryptocurrency is buzzing all over the world, whether you are on the Internet or any other medium. It’s one of the most exciting and craziest things to happen in just the last few years. More importantly, you can earn a terrible return by trading bitcoins or you can keep it long term.
You may be heard about stocks, commodities, Forex and now a new currency called Bitcoin trading that is greatly affecting our lives. In this initial guide to Bitcoin cryptocurrency you will get to know ABC Bitcoin.
About Bitcoin cryptocurrency
The emergence of Bitcoin is still unknown, but in October 2008, a work was published under the pseudonym Satoshi Nakamoto from Japan. His identity is still unknown, and it is believed that as of September 2017, he has approximately one million bitcoins worth more than 6 billion US dollars.
Bitcoin is a digital currency popularly known as a cryptocurrency and does not contain any geographical boundaries. No government regulates this, and all you need is an internet connection. As a novice, Bitcoin technology can confuse you and it’s a little hard to know about it. However, I will help you dig it deeper and how you can make your first Bitcoin trading easy.
Bitcoin cryptocurrency works on blockchain technology which is a digital public book and shared by everyone in the world. Here you will find your transactions whenever you do any Bitcoin trading and anyone can use the book to check it out. The executed transaction will be completely transparent and verified by blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are an amazing technology that only works on the Internet.
Key terms related to the cryptocurrency Bitcoin
Before you are ready to own your first Bitcoin, it is better to know the key terms associated with bitcoins. It is also called BTC which is part of bitcoin, and 1 bitcoin equals one million bits. With the advent of bitcoin, some other alternative cryptocurrencies have evolved. They are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many others.
XBT and BTC are the same things and are often abbreviated to bitcoin. Mining is another term that is often used and is actually a process that makes computer hardware for Bitcoin networks.
Things you can do with bitcoins
You will be able to trade, make transactions, accept and store bitcoin. You can send it to friends, request it from a friend and save it in a digital wallet. Even now you can top up your mobile phone / DTH directly by paying via bitcoin.
The cost of the transaction is low compared to PayPal, credit cards and other online intermediaries. Furthermore, it also protects your privacy which may leak to the Internet while you use credit cards. It is extremely safe and no one can take or steal coins. Due to its transparency in the system, it is also not possible to manipulate due to the common public book. You can check the transaction from anywhere and at any time.
Demand is likely to rise as total bitcoin production will be limited to just 21 million. Japan has already legalized it, and other countries may soon follow suit, and the price may rise further.
I will cover Bitcoins in detail in the coming days, where you will learn great things about bitcoin trading. You can comment on your views and ask anything relevant to bitcoin.
If you liked this beginner’s guide to Bitcoin cryptocurrency, share it and like it on social media.