Beginner’s Guide to Owning Bitcoin Cryptocurrency

Bitcoin is boiling around the world, whether you’re on the Internet or in any other medium. It’s one of the most exciting and crazy things that has happened just in the last few years. More importantly, you can make an incredible profit by trading bitcoin or you can keep it for a long time.

You may have heard of stocks, commodities, currencies, and now a new currency called Bitcoin trading that greatly affects our lives. In this beginner’s guide to Bitcoin cryptocurrency, you’ll learn about the ABCs of Bitcoin.

About Bitcoin Cryptocurrency

The emergence of Bitcoin is not yet known, but in October 2008 an article was published under the pseudonym Satoshi Nakamoto, which he had from Japan. His identity is still unknown and he is believed to have had approximately one million bitcoins valued at more than $ 6 billion as of September 2017.

Bitcoin is a digital currency popularly known as cryptocurrency and is free of any geographical boundaries. It is not regulated by any government and only requires an internet connection. As a beginner, Bitcoin technology can confuse you, and it’s a little hard to know. However, I will help you deepen it and how you can also do your first Bitcoin trading with ease.

Bitcoin Cryptocurrency works with blockchain technology, which is a public digital record 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 made will be completely transparent and will be verified by blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are a fantastic technology that only works on the Internet.

Key terms related to Bitcoin cryptocurrency

Before you are ready to have your first Bitcoin, it is best to know the key terms related to bitcoins. Also called BTC, which is part of bitcoin and 1 bitcoin is equivalent to 1 million bits. With the advent of bitcoins, some other alternative cryptocurrencies also evolved. They are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many more.

XBT and BTC are the same thing and commonly abbreviated for bitcoin. Mining is another term that is widely used and is actually a process done by computer hardware for Bitcoin networks.

Things you can do with Bitcoin

You will be able to trade, transact, accept and store bitcoins. You can send it to your friends, request it from a friend, and store it in your digital wallet. You can even top up your mobile / DTH directly by paying by bitcoin.

The transaction cost is low compared to PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy from being leaked to the internet while using credit cards. It is extremely secure and no one can capture 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 verify the transaction from anywhere at any time.

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

I will cover more details about Bitcoins in the coming days where you will learn great things about bitcoin trading. You can comment on your opinions and ask anything relevant about bitcoins.

If you found this beginner’s guide to Bitcoin Cryptocurrency useful, please share it and like it on social media.