A Beginner’s Guide to Owning a Bitcoin Cryptocurrency

Bitcoin cryptocurrency is buzzing all over the world, whether you are online or any medium. It’s one of the most exciting and craziest things to happen in just the last few years. More importantly, you can earn a great yield by trading bitcoins or you can keep it for the long term.

You may hear about stocks, commodities, Forex, and now a new currency called Bitcoin trading that is greatly affecting our lives. In this guide for beginners on Bitcoin cryptocurrency, you will get to know ABC Bitcoin.

About Bitcoin cryptocurrency

The emergence of Bitcoin is still unknown, but in October 2008, a paper was published under the pseudonym Satoshi Nakamoto from Japan. His identity is still unknown and he is believed to have about a million bitcoins worth more than $ 6 billion as of September 2017.

Bitcoin is a digital currency popularly known as a cryptocurrency and is free of any geographical boundaries. It is not regulated by any government and all you need is an internet connection. As a beginner, Bitcoin technology can be confusing and difficult to know. However, I will help you to delve deeper and how you can easily do your first Bitcoin trading.

Bitcoin cryptocurrency is working on blockchain technology which is a digital public book shared by everyone in the world. Here you will find your transactions whenever you trade Bitcoin and anyone can use the book to check it out. The completed transaction will be completely transparent and verified by the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are a great technology that only works online.

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 part of bitcoin and 1 bitcoin is equal to 1 million bits. With the advent of bitcoin, some other alternative cryptocurrencies have 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 usually abbreviated for bitcoin. Mining is another term that is often used and it is actually a process that performs computer hardware for Bitcoin networks.

Things you can do with Bitcoin

You will be able to trade, make transactions, accept and store bitcoin. You can send it to friends, request it from a friend and store it in your digital wallet. Even now you can directly top up your mobile / DTH by paying via bitcoin.

Transaction costs are low compared to PayPal, credit cards and other online intermediaries. Furthermore, it protects your privacy that can leak to the internet while you use credit cards. It is extremely safe and no one can seize or steal coins. Due to its transparency in the system, it is also not possible to manipulate due to the common public book. You can confirm the transaction from anywhere and at any time.

Demand is likely to grow as total bitcoin production is limited to just 21 million. Japan has already legalized it, and it could soon be followed by other countries, and the price could rise further.

In the coming days I will cover more about Bitcoins where you will learn great things about bitcoin trading. You can comment on your views and ask anything relevant to bitcoin.

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