Beginners Guide to Owning Bitcoin Cryptocurrency

Bitcoin Cryptocurrency is buzzing all over the world, be it on the Internet or in any media. It’s one of the most exciting and craziest things that has come into being in recent years. More importantly, you can earn a fantastic return from trading bitcoins or you can keep it for a long time.

You can hear about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that impacts a lot in our lives. In this beginner’s guide to the Bitcoin cryptocurrency, learn the ABCs of Bitcoin.

About Bitcoin Cryptocurrency

The emergence of Bitcoin is still unknown, but a document was published in October 2008 under the pseudonym Satoshi Nakamoto held by Japan. His identity is still unknown and he is believed to have about one million bitcoins valued at over $6 billion USD as of September 2017.

Bitcoin is a digital currency popularly known as cryptocurrency and it is free from any geographical boundaries. It is not regulated by any government and all you need is an internet connection. As a newbie, the technology of Bitcoin can confuse you and a little hard to know. However, I will help you dig deeper and how you can also make your first Bitcoin trading easy.

Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone in the world. You will find your transactions there every time you do any Bitcoin trade and anyone can use the ledger to verify it. The transaction made will be completely transparent and verified by blockchain. Bitcoin and other cryptocurrencies are the parts of blockchain and are a fantastic technology that only works on the internet.

Key terms related to Bitcoin Cryptocurrency

Before you are ready to own your first Bitcoin, it is better to know the key terms related to bitcoins. It is also called BTC which is a part of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, some other alternative cryptocurrencies have also 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 thing and commonly abbreviated for bitcoin. Mining is another term used a lot and is actually a process done by computer hardware for Bitcoin networks.

Things you can do with Bitcoin

You can trade, transact, accept and store bitcoin. You can send it to your friends, request it from a friend and store it in your digital wallet. Also, now you can recharge your mobile/DTH directly by paying for bitcoin.

The transaction cost is low compared to PayPal, credit cards and other online intermediaries. Moreover, it also protects your privacy which can be leaked on the internet while using credit cards. It is extremely safe and no one can capture or steal coins. Due to its transparency in the system, it is also not possible to manipulate it through the shared public ledger. You can check the transaction from anywhere and at any time.

The demand is likely to increase as the total production of bitcoins should be limited to 21 million only. Japan has already legalized it and other countries may follow soon and the price may increase further.

I will cover more about Bitcoins in detail in the next few days where you will learn great things about bitcoin trading. You can comment your opinions and ask anything related to bitcoins.

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