Bitcoin Cryptocurrency makes noise all over the world, whether you are on the internet or in any media. This is just one of the most exciting and crazy things that has happened in the last few years. More importantly, you can make an awesome profit by trading bitcoins or you can keep it for a long time.
You can hear about stocks, Commodities, Forex and a new currency called Bitcoin trading that is now having a big impact on our lives. In this introductory guide to Bitcoin cryptocurrency, you will learn about the ABC of Bitcoin.
About Bitcoin cryptocurrency
The emergence of Bitcoin is still unknown, but in October 2008, an article was published in Japan under the pseudonym Satoshi Nakamoto. His identity is still unknown, and as of September 2017, it is estimated that there are about one million bitcoins worth more than $ 6 billion.
Bitcoin is a digital currency popularly known as a cryptocurrency and is free of any geographical boundaries. It is not regulated by any government and the only thing you need is an internet connection. As a beginner, Bitcoin technology can confuse you and it can be a little difficult to know about. However, I will help you dig deeper into it and how you can easily make your first Bitcoin trade.
Bitcoin Cryptocurrency is a digital public book and works on blockchain technology shared by everyone around the world. When you trade any Bitcoin, you can find your transactions here and anyone can use the book to check it out. The operation will be completely transparent and will be approved by the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are an awesome technology that only works on the Internet.
Basic terms related to Bitcoin cryptocurrency
It is better to know the basic terms related to bitcoins before preparing to own your first Bitcoin. It is also called BTC, which is part of bitcoin, and 1 bitcoin is equal to 1 Million bits. With the advent 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 generally abbreviated to bitcoin. Mining is another term that is widely used and is actually a process performed by computer hardware for Bitcoin networks.
Things you can do with Bitcoin
You will be able to trade, trade, accept and store bitcoin. You can send it to your friends, send a request to your friend and save it in your digital wallet. In fact, you can now add mobile / DTH directly by paying via bitcoin.
The transaction cost is low compared to PayPal, Credit Cards and other online intermediaries. In addition, it protects your privacy, which can be leaked to the Internet when using credit cards. It is extremely safe and no one can seize or steal the coins. Due to the transparency of the system, it is impossible to manipulate thanks to the shared public book. You can check the operation anywhere and anytime.
Demand is likely to increase as the total production of bitcoins will be limited to only 21 million. Japan has already legalized it, and soon other countries will follow suit, and prices may rise further.
In the coming days, I will tell you more about Bitcoins, where you will learn the wonderful things about bitcoin trading. You can comment and ask everything related to bitcoins.
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