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 you can keep it for a long time.
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You may have heard about stocks, commodities, Forex, and now about a new currency called bitcoin trading that is having a big impact on our lives. In this guide for beginners on the cryptocurrency Bitcoin you will get acquainted with the alphabet of bitcoin.
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About the cryptocurrency Bitcoin
The emergence of bitcoin is still unknown, but in October 2008 a work was published under the pseudonym Satoshi Nakamoto from Japan. His identity is still unknown, and as of September 2017, he is believed to have had about one million bitcoins worth more than $ 6 billion.
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Bitcoin is a digital currency, widely known as a cryptocurrency, and 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 you will find it a little difficult to know about it. However, I will help you dig deeper and how you can easily make your first bitcoin trade.
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The cryptocurrency Bitcoin works on blockchain technology, which is a digital public book used by everyone in the world. You’ll find your transactions here every time you trade bitcoins, and everyone can use the book to check it out. 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 conditions associated with the cryptocurrency Bitcoin
Before you are ready to own your first Bitcoin, it is better 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 came some other alternative cryptocurrencies. They are popularly called altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many more.
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XBT and BTC are the same thing and are usually abbreviated for bitcoin. Mining is another term that is often used, and it is actually a process performed by computer hardware for Bitcoin networks.
What you can do with bitcoins
You will be able to trade, make transactions, accept and store bitcoins. You can send it to your friends, ask a friend and save in your digital wallet. Even now you can top up your mobile / DTH directly by paying via bitcoin.
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The cost of transactions is low compared to PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy, which can get 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 follow suit soon, and the price could rise even more.
In the coming days I will talk in detail about bitcoin, where you will learn the wonderful materials of bitcoin trading. You can comment on your opinions and ask everything about bitcoins.
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