Bitcoin Cryptocurrency is buzzing around the world, whether you are on the web or any media. It is probably the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can earn an incredible return by bitcoins trading or you can keep it for a long term.
You may be heard about Stocks, Commodities, Forex, and now a fresh currency called Bitcoin trading that impacts greatly on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will get to learn the A B C of Bitcoin.
About Bitcoin Cryptocurrency
The emergence of Bitcoin is still not known but a paper was published in October 2008 beneath the pseudonym Satoshi Nakamoto held from Japan. His identity is still unknown and believed to have approximately one million bitcoins valued more than $6 billion USD by September 2017.
Bitcoin is really a digital currency popularly known as cryptocurrency and is clear of any geographical boundary. It is not regulated by any government and all you have to is an internet connection. As a newbie, Bitcoin technology may confuse you and a bit tough to know about any of it. However, Spice will help you dig it deeper and how you can even do your first Bitcoin trading relaxed.
Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and shared by anyone in the world. You will find your transactions here once you do any Bitcoin trading and anyone may use the ledger to verify it. The transaction done will be completely transparent and is verified by blockchain. Bitcoin along with other cryptocurrency are the elements of blockchain and are an awesome technology that works on the internet only.
Key Terms LINKED TO Bitcoin Cryptocurrency
Before you prepared to own your first Bitcoin, it is better to know the key terms related to bitcoins. It is also termed as BTC which is a part of bitcoin and 1 bitcoin equals 1 Million bits. With the emergence of bitcoins, various other alternative cryptocurrencies also evolved. They are popularly called Altcoins and includes Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many others.
XBT and BTC will be the same things and commonly abbreviated for bitcoin. Mining is another term used a whole lot and it is actually a process done by computer hardware for the Bitcoin networks.
Things You Can Do With Bitcoin
It will be possible to trade, transact, accept and store bitcoin. It is possible to send it to friends and family, request from the friend and store it in your digital wallet. Even, now you can top-up your mobile/DTH directly by paying through bitcoin.
Transaction cost is low compared to PayPal, Credit cards, along with other online intermediaries. Furthermore, in addition, it protects your privacy that could get leaked on the net while using credit cards. It is extremely secure and nobody can seize or steal coins. Due to its transparency in the system, it is also not possible to manipulate as a result of shared public ledger. You can verify transaction from anywhere and at any time.
Demand will probably rise as the total production of bitcoins is to be limited by 21 million only. Japan has recently legalized it and other countries may follow it soon and the purchase price may hike further.
I am covering more on Bitcoins at length in the upcoming days where become familiar with great stuff of bitcoin trading. It is possible to comment your views and have anything relevant to bitcoins.