Skip to main content

Beginners' Guide to Own Bitcoin Cryptocurrency

Bitcoin Cryptocurrency is buzzing all over the world, whether you are on the internet or any media. It is one of the most exciting and craziest things happened that comes into existence in the last few years only. More importantly, you can earn an awesome return by bitcoins trading or you can keep it for a long term.

You may be heard about Stocks, Commodities, Forex, and now a new currency called Bitcoin trading that impacts greatly on our lives. In this beginner's guide to Bitcoin cryptocurrency, you will get to know 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 under 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 as of September 2017.

Bitcoin is a digital currency popularly known as cryptocurrency and is free from any geographical boundary. It is not regulated by any government and all you need is an internet connection. As a newbie, Bitcoin technology may confuse you and a little bit tough to know about it. However, I will help you dig it deeper and how you can also do your first Bitcoin trading at ease.

Bitcoin Cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone in the world. You will find your transactions here whenever you do any Bitcoin trading and anyone can use the ledger to verify it. The transaction done will be completely transparent and is verified by blockchain. Bitcoin and other cryptocurrency are the parts of blockchain and are an awesome technology that runs on the internet only.

Key Terms Related To Bitcoin Cryptocurrency

Before you ready 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, some 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 are the same things and commonly abbreviated for bitcoin. Mining is another term used a lot and it is actually a process done by computer hardware for the Bitcoin networks.

Things You Can Do With Bitcoin

You will be able to trade, transact, accept and store bitcoin. You can send it to your friends, request from a 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 as compared to PayPal, Credit cards, and other online intermediaries. Furthermore, it also protects your privacy that may get leaked on the internet 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 because of the shared public ledger. You can verify transaction from anywhere and at any time.

Demand is likely to rise as the total production of bitcoins is to be limited to 21 million only. Japan has already legalized it and other countries may follow it soon and the price may hike further.

I will be covering more on Bitcoins in detail in the upcoming days where you will learn great stuff of bitcoin trading. You can comment your views and ask anything relevant to bitcoins.

If you found this beginner's guide to Bitcoin Cryptocurrency useful, then do share and like it on social networks.




Source by Ratan Kumar
Labels:

Popular posts from this blog

Commoditizing the world

Let's discuss commodities; With the latest Enron situation, it is important to understand the way things work. A commodity is anything useful, especially a transportable agricultural product or mining product. This comes from the Latin word "commoditas" meaning roughly advantage, convenience. So then what is a commodity? Well we consider Gold, Silver, wheat, corn, pork bellies, coffee, etc all commodities. If you look in the back of the WSJ or Investors Business Daily you will see a listing of all the commodities traded on the commodities exchange. Enron made some errors no doubt, but let's not judge all commodity markets in haste. Commodity trading works best when there is a stable instrument of trade. Sometimes the instrument of trade is actually the commodity. If you looked most countries of the world today you would find that there are three basic instruments of trade; money, as in currency, precious metals and gems, drugs; like cocaine, opium, and
Read more

6 Incredible Benefits Of the Cryptocurrency

Over the past few years, people have been talking a lot about cryptocurrency. At first, this business sounded scary but people started developing trust in it. You may have heard of Ether and Bitcoin. They both are crypto currencies and use the Blockchain Technology for highest security possible. Nowadays, these currencies are available in several types. Let's know more about it. How Can cryptocurrency help you? As far as fraud is concerned, this type of currency can't be faked as it's in digital form and can't be reversed or counterfeited unlike the credit cards. Immediate settlement Buying real property involves third parties, such as lawyers and notary. So, delays can occur and extra costs may incur. On the other hand, Bitcoin contracts are designed and enforced in order to include or exclude third parties. The transactions are quick and settlements can be made instantly. Lower fees Typically, there is no transaction fee if you want to exchange Bitcoin or any other cu
Read more

Combining Forex Trading With Gold Trading

Combining forex trading with gold trading can be highly lucrative. If you have been following gold prices, you must know that gold prices have reached their historical peak in the recent times. Gold prices recently broke the historical barrier of $ 1,000 per ounce and now hovering around $ 1,150 per ounce. Market is anticipating a US Dollar depreciation. Whenever, the markets become jittery, investors start buying gold as a hedge against the US Dollar. Last year, after the stock market crash, many investors started investing in gold as a safe haven against the turmoil in the financial markets. Gold and US Dollar have an inverse correlation relationship. Gold and US Dollar are almost near perfect mirror image of each other. US Dollar depreciation during the global financial uncertainty has been the primary reason for the gold appreciation as it is viewed as the ultimate form of money. Gold is also seen as the primary safe haven commodity. Countries like China, Russia and I
Read more