Bitcoin cryptocurrency is buzzing around the world, whether you are online or in any media. This is one of the most exciting and insane things that has happened in just the last few years. More importantly, you can make amazing profits by trading bitcoins, or keep it for a long time.
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You may hear about stocks, commodities, forex, and now a new currency called Bitcoin trading that is having a big impact on our lives. In this Bitcoin cryptocurrency beginner’s guide you will be introduced to ABC Bitcoin.
About the cryptocurrency Bitcoin
The emergence of bitcoin is still unknown, but in October 2008 an article was published under the pseudonym Satoshi Nakamoto, which took place in Japan. His identity is still unknown, and it is estimated that as of September 2017, approximately one million bitcoins were worth more than $ 6 billion.
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Bitcoin is a digital currency, popularly called a cryptocurrency, and it has no 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 learn a little about it. However, I will help you dig deeper and learn about how you can easily make your first bitcoin trade.
The cryptocurrency Bitcoin runs on blockchain technology, which is a digital public book and is used by anyone in the world. Here you will find your transactions every time you trade bitcoins and anyone can use the book to verify it. The transaction will be completely transparent and verified by a blockchain. Bitcoin and other cryptocurrencies are part of the blockchain and are an amazing technology that only works online.
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The main terms associated with the cryptocurrency are bitcoins
Before you are ready to own your first bitcoin, it is best to know the key terms associated with bitcoins. It is also called BTC, which is part of bitcoin, and 1 bitcoin equals 1 million bits. With the advent of bitcoins, some other alternative cryptocurrencies have 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 things that are commonly abbreviated as bitcoin. Mining is another term that is often used, and in fact it is a process carried out by computer equipment for Bitcoin networks.
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What can be done with bitcoins
You will be able to trade, make transactions, accept and store bitcoins. You can send it to a friend, ask a friend and save it in a digital wallet. Even now you can top up your mobile / DTH directly by paying via bitcoin.
The cost of transactions is low compared to PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy, which can leak online while using credit cards. It is extremely safe and no one can grab or steal coins. Because of its transparency in the system it is also impossible to manipulate because of the general public book. You can check the transaction anywhere and anytime.
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Demand is likely to grow as total bitcoin production will be limited to just 21 million. Japan has already legalized it, and other countries may soon follow suit, and the price may increase further.
In the coming days I will talk in more detail about bitcoin where you will learn the wonderful things of bitcoin trading. You can comment on your opinions and ask anything that has to do with bitcoin.
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