Bitcoin Cryptocurrency buzzes around the world, whether you are on the Internet or in any media. This is one of the most exciting and crazy things that have happened in the past few years. What’s more, you can get a good return on bitcoin trading, or you can hold it for a long time.
You may hear about stocks, commodities, foreign exchange, and the new currency now known as bitcoin trading, which has a very big impact on our lives. In this Bitcoin cryptocurrency beginner’s guide, you will learn the basics of Bitcoin.
The emergence of Bitcoin is still unknown, but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto from Japan. Cryptocurrency news today as of September 2017, his identity is still unknown, and it is believed that there are about one million Bitcoins worth more than US$6 billion.
Bitcoin is a digital currency commonly known as cryptocurrency and does not have any geographic boundaries. It is not regulated by any government and all you need is an internet connection. As a novice, bitcoin technology can be confusing and hard to understand. However, I will help you to dig it deeper and how you can also easily complete your first bitcoin transaction.
Bitcoin Cryptocurrency applies to blockchain technology, which is a digital public ledger and is shared by anyone in the world. Every time you make any Bitcoin transaction, you will find your transaction here and anyone can use the ledger to verify it. The completed transaction will be completely transparent and verified through the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are awesome technologies that run only on the Internet.
Key terms for Bitcoin Cryptocurrency
Before you are ready to own your first bitcoin, it is best to know the key terms related to Bitcoin. It is also known as BTC, what is cryptocurrency which is part of Bitcoin and 1 bitcoin equals 1 million bits. With the advent of Bitcoin, some other alternative cryptocurrencies have evolved. They are often referred to as Altcoin and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and others.
XBT and BTC are the same thing, usually abbreviated as Bitcoin. Mining is another term that is actually a process that computer hardware completes for the Bitcoin network.
Things you can do with Bitcoin
You will be able to trade, trade, receive and store Bitcoin. You can send it to your friends, request friends and store it in your digital wallet. Even now you can directly supplement your phone/DTH with bitcoin payments.
Transaction costs are lower compared to PayPal, credit cards and other online intermediaries. In addition, it can protect the privacy that you may leak on the Internet when using a credit card. This is very safe. No one can grab or steal coins. Due to the transparency of the system, it is also impossible to manipulate the shared public ledger. You can verify transactions anytime, anywhere. Demand may increase as Bitcoin’s total production is limited to 21 million. Japan has legalized it, and other countries may follow suit soon and prices may rise further.