Beginners Guide to Owning Bitcoin Cryptocurrency

Bitcoin Cryptocurrency is buzzing around the world, whether you are on the internet or any media. It’s one of the most exciting and craziest things to happen that has existed in just the last few years. Best of all, you can get an amazing return by trading bitcoins or you can keep it in the long term.

You may have heard about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that is having a huge impact on our lives. In this new guide to Bitcoin cryptocurrency, you will learn the ABC of Bitcoin.

About Bitcoin Cryptocurrency

The emergence of Bitcoin is not yet known but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto held from Japan. His identity is not yet known and it is believed that there were an estimated one million bitcoins worth more than $ 6 billion USD as of September 2017.

Bitcoin is a digital currency known as cryptocurrency and free of 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 make it a bit difficult to know about it. However, I will help you dig this deeper and how you can also do your first Bitcoin trading with ease.

Bitcoin Cryptocurrency works on blockchain technology that is a digital public ledger and is shared by anyone in the world. You can see your transactions here whenever you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction made will be completely transparent and verified on the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and a strange technology that runs only 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 the BTC part of bitcoin and 1 bitcoin equals 1 Million bits. With the advent of bitcoins, other alternative cryptocurrencies have also evolved. They are called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and others.

XBT and BTC are the same thing and are often abbreviated to bitcoin. Mining is another term used by many and it is actually a process done in computer hardware for Bitcoin networks.

Things You Can Do With Bitcoin

You will be able to sell, transact, receive and store bitcoin. You can send it to your friends, request from a friend and put it in your digital wallet. However, now you can top-up your mobile/DTH directly by paying via bitcoin.

The transaction cost is minimal compared to PayPal, Credit cards, and other online intermediaries. In addition, it also protects your privacy that can be leaked on the internet while using credit cards. It is very strong and no one can grab or steal coins. Due to its transparency in the system, it is also not possible to manipulate due to the shared public ledger. You can confirm the transaction from anywhere and anytime.

Demand is likely to increase because total production of bitcoins should be limited to only 21 million. It has already been legalized in Japan and other countries may follow soon and the price will go up even more.

I will discuss more about Bitcoins in detail in the coming days where you will learn many things about trading bitcoin. You can comment your views and ask anything related to bitcoins.

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