A Beginner’s Guide to Owning a Bitcoin Cryptocurrency

Bitcoin cryptocurrency is buzzing all over the world, whether you are on the internet or other media. This is one of the most exciting and crazy things that has happened in the last few years. More importantly, you can earn a great return by trading bitcoins or you can keep it for the long term.

You may have heard of stocks, commodities, Forex, and now a new currency called bitcoin trading that is having a big impact on our lives. In this beginner’s guide to bitcoin cryptocurrency you will learn about the bitcoin alphabet.

About the cryptocurrency bitcoin

The emergence of bitcoin is not yet known, but in October 2008 a document was published under the pseudonym Satoshi Nakamoto, held by Japan. His identity is still unknown and it is estimated that there are approximately one million bitcoins worth over $ 6 billion as of September 2017.

Bitcoin is a digital currency 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 confuse you and make it a little difficult to understand. However, I will help you dig deeper and how you can do your first bitcoin trade safely.

Bitcoin cryptocurrency runs on blockchain technology, which is a digital public book and is shared by everyone around the world. Here you will find your transactions whenever you trade bitcoin and everyone can use the book to check it. 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 on the Internet.

Key terms related to bitcoin cryptocurrency

Before you are ready to own your first bitcoin, it is better to know the basic 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 bitcoins, some other alternative cryptocurrencies have evolved. These 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 are usually abbreviated to bitcoin. Mining is another term used a lot and is actually a process performed by computer hardware for bitcoin networks.

Things you can do with bitcoin

You will be able to trade, make transactions, accept and store bitcoins. You can send it to your friends, ask a friend and store it in your digital wallet. Even now you can recharge your mobile / DTH directly by paying with bitcoin.

Transaction costs are low compared to PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy, which may leak online while you use credit cards. He is extremely secure and no one can confiscate or steal coins. Due to its transparency in the system, it is also not possible to manipulate due to the shared public book. You can confirm the transaction anywhere and anytime.

Demand is likely to increase, as total bitcoin production will be limited to just 21 million. Japan is already legalizing it and other countries may follow suit soon and the price may rise even more.

I will tell you more about bitcoins in detail in the coming days, where you will learn great things about the bitcoin trade. You can comment on your opinions and ask anything related to bitcoins.

If you find this Bitcoin cryptocurrency beginner’s guide useful, then share it and enjoy it on social media.