Bitcoin grows worldwide, whether you’re online or in any media. It’s one of the most exciting and crazy things that has only happened in recent years. More importantly, you can get a big return by trading Bitcoin or you can keep it in the long run.
You may hear about stocks, commodities and currencies, and now a new currency called Bitcoin trading that has a big impact on our lives. In this guide for beginners of cryptocurrency Bitcoin you will know Bitcoin A B C.
About Bitcoin Cryptocurrency
Bitcoin’s rise is not yet known, but an article was published in October 2008 under the pseudonym Satoshi Nakamoto of Japan. His identity remains unknown and is believed to have about 1 million bitcoins worth more than $6 billion as of September 2017.
Bitcoin is a digital currency popularly known as cryptocurrency and free of any geographical limit. It’s not regulated by the government and all you need is an Internet connection. As a newcomer, Bitcoin technology can confuse you and it’s hard to tell. However, it will help you deepen and as you can also do your first Bitcoin trade at your own pace.
Bitcoin Cryptocurrency works on blockchain, a major digital public book shared by everyone in the world. You can find your transactions here when trading Bitcoin and anyone can use the ledger to verify it. The executed transaction will be completely transparent and verified through blockchain. Bitcoin and other cryptocurrencies are blockchain components and are a great technology that only works online.
Key terms and conditions on bitcoin cryptocurrency
Before you get your first Bitcoin, it’s best to know the main bitcoin terms. It is also called BTC, which is part of Bitcoin and 1 bitcoin equivalent to 1 million bits. As Bitcoin surged, some other alternative cryptocurrencies evolved as well. Altcoins are popularly called and include ethereum (ETH), Lightcoin (LTC), Ripple (XRP), Monero (XMR) and many more.
XBT and BTC are the same things and are often shortened to Bitcoin. Mining is another widely used term which is actually a process made of computers for Bitcoin networks.
Things you can do with Bitcoin
You can trade, trade, accept and store Bitcoin. You can send them to your friends, ask a friend and save them in your digital wallet. Yet you can get your mobile/DTH credit paid directly through Bitcoin.
Transaction fees are low compared to PayPal, credit cards and other online brokers. It also protects your filterable privacy while using credit cards online. It’s very safe and no one can confiscate or steal coins. Due to transparency in the system, it is also not possible to process because of the shared ledger. You can check the transaction from anywhere, at any time.
Demand is likely to increase because total Bitcoin production will be limited to just 21 million. Japan has already legalized it and other countries can follow it soon and the price could rise even further.