Bitcoin cryptocurrency is buzzing around the world, whether you live on the internet or any media. This is one of the most exciting and bizarre things that has come into existence in the last few years. More importantly, you can earn a great return through bitcoin trading or you can keep it long term.
You have heard about stocks, commodities, forex, and now a new currency called bitcoin trading that has a huge impact on our lives. In this Apprentice Guide to Bitcoin Cryptocurrency, you will learn about the ABCs of Bitcoin.
About Bitcoin Cryptocurrency
The rise of Bitcoin is not yet known but a paper was published in October 200 under the pseudonym Satoshi Nakamoto from Japan. Its identity is still unknown and it is believed that as of September 2017, about one million bitcoins are worth more than $ 6 billion.
Bitcoin is a digital currency 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 newcomer, bitcoin technology can confuse you and be a bit difficult about it. However, I will help you dig deeper into this and how you can trade your first bitcoin easily.
Bitcoin works on cryptocurrency blockchain technology that is a digital public ledger and shared by anyone in the world. Whenever you trade any bitcoin you will find your transaction here and anyone can verify it using laser. The completed transaction will be completely transparent and will be verified by the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and it is a great technology that only runs on the Internet.
Basic Terms Related to Bitcoin Cryptocurrency
Before you get ready to own your first bitcoin, it’s good to know the basic terms related to bitcoin. It is also known as BTC which is a part of bitcoin and 1 bitcoin is equal to 1 million bits. With the advent of Bitcoin, some other alternative cryptocurrencies have also evolved. These are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many more.
XBT and BTC are the same thing and an acronym for Bitcoin in general. Mining is another term that is used a lot and it is actually a process done by computer hardware for bitcoin network.
All you can do with Bitcoin
You will be able to trade, transact, accept and store Bitcoin. You can send it to your friends, request from friends and save it in your digital wallet. Even, now you can top-up your mobile / DTH by paying directly through Bitcoin.
Transaction costs are lower than PayPal, credit cards and other online intermediaries. In addition, it protects your privacy, which can be leaked to the Internet when using a credit card. It is extremely secure and no one can seize or steal coins. Due to the transparency of the system, it is also not possible to manipulate due to shared public ledger. You can verify transactions from anywhere and anytime.
Demand is likely to increase as the total production of Bitcoin is limited to only 21 million. Japan has already legalized it and other countries may soon follow suit and prices could rise further.
I will discuss Bitcoin in more detail in the coming days where you will learn the great things about Bitcoin trading. You can comment on your opinion and ask for something relevant for Bitcoins.
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