Whether you are on the Internet or in any media, Bitcoin cryptocurrency is buzzing around the world. In the past few years alone, this has been one of the most exciting and craziest things. More importantly, you can get a decent return through Bitcoin transactions, or you can keep it for a long time.
You may have heard of stocks, commodities, foreign exchange, and the new currency now called Bitcoin trading, which has a great influence on our lives. In this beginner’s guide to Bitcoin cryptocurrency, you will learn about Bitcoin’s ABC.
About Bitcoin cryptocurrency
The emergence of Bitcoin is still unknown, but in October 2008 a paper was published under the name of Satoshi Nakamoto in Japan. As of September 2017, his identity is still unknown, and it is believed that he owns approximately one million bitcoins worth more than $6 billion.
Bitcoin is a digital currency, usually called a cryptocurrency, without any geographic boundaries. It is not regulated by any government, all you need is an internet connection. As a newbie, Bitcoin technology may confuse you and know nothing about it. However, I will help you study it in more depth and how to easily make your first Bitcoin transaction.
Bitcoin Cryptocurrency uses blockchain technology, which is a digital public ledger that is shared by anyone in the world. Whenever you make any Bitcoin transaction, you will find your transaction here, and anyone can use the ledger to verify it. The completed transaction will be completely transparent and verified by the blockchain. Bitcoin and other cryptocurrencies are part of the blockchain, a great technology that only runs on the Internet.
Key terms related to Bitcoin cryptocurrency
Before preparing to own your first Bitcoin, it is best to understand the key terms related to Bitcoin. It is also called BTC. It is part of Bitcoin. 1 Bitcoin is equal to 1 million bits. With the advent of Bitcoin, other alternative cryptocurrencies have also evolved. They are usually called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), etc.
XBT and BTC are the same thing and are usually short for Bitcoin. Mining is a frequently used term and is actually a process performed by computer hardware for the Bitcoin network.
Things you can do with Bitcoin
You will be able to trade, trade, accept and store Bitcoin. You can send it to your friends, make requests to them, and store them in your digital wallet. Even, now you can directly recharge your phone/DTH via Bitcoin payment.
Compared with PayPal, credit cards and other online intermediaries, transaction costs are low. In addition, it can also protect your privacy, which may be leaked on the Internet when using a credit card. It is very safe, no one can grab or steal coins. Because of its transparency in the system, and because of the shared public ledger, it cannot be operated. You can verify transactions anytime, anywhere.
Demand may rise because the total output of Bitcoin will be limited to 21 million. Japan has legalized it, other countries may follow suit soon, and prices may rise further.
In the next few days, I will introduce Bitcoin in detail, and you will learn a lot about Bitcoin transactions. You can post your opinion and ask about anything related to Bitcoin.
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