Home Finance How to own Bitcoin Cryptocurrency – The Beginner’s Guide

How to own Bitcoin Cryptocurrency – The Beginner’s Guide

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These days, more and more people are attracted to digital form of cryptocurrencies and more specially ‘Bitcoins’, which is considered to be the most popular one and the first to be introduced. It is also regarded to be the most craziest and exciting thing to take place in the financial market. It allows the investors to earn excellent returns through trading or retain it for a longer term period without any hassle attached.

It is quite natural for a good number of investors all over the world to have heard about Forex, Commodities and Stocks. Bitcoin trading is the new currency that has impacted immensely on people’s lives.

What to know about Bitcoin Cryptocurrency?

The exact date of the emergence of this cryptocurrency is not known. However, it appeared in a publishment through a paper in October 2008 in Japan by an unknown person, who had the pseudonym ‘Satoshi Nakamoto’. As on September 2017, Satoshi is believed to own around 1 million Bitcoins with value of $6+ billion USD.

This digital currency is also popularly called cryptocurency. The significant feature of this cryptocurrency is that it is not government agency supervised or regulated and also free from all geographical boundaries. What the person needs to start owning and trading with it is a secured internet connection and a computer. It is quite natural for every newbie to get confused with this term and about what this kind of digital currency entails to. Doing some research is of extreme importance, so that mining Bitcoins becomes easier and the returns on it much better.

How does Bitcoins work?

According to the experts, Bitcoin crypto currency tends to work upon blockchain technology. The latter is regarded to be a kind of digital public ledger, shared by any person across the globe. Individual transactions can be found here whenever Bitcoin trading is carried out. At the same time, any person can avail the ledger for verification purpose. The completed transaction will be transparent and verified by the blockchain. Other cryptocurrencies including Bitcoin are parts of blockchain and considered to be an awesome technology which runs only on the internet.

What are the key terms associated with Bitcoin Cryptocurrency?

Prior to starting investing in Bitcoins, it will be essential to understand the key terms associated with this cryptocurrency. This digital currency is also termed as BTC, being part of Bitcoin, with 1 Bitcoin equaling to 1 Million bits. There also have evolved other cryptocurrencies after the advent of Bitcoins. They are termed popularly as Altcoins and tend to include LTC (Litecoin), ETH (Ethereum), XMR (Monero), XRP (Ripple) and others.

BTC and XBT are similar and abbreviated commonly for Bitcoin. The other termed that is used commonly is ‘Mining’. It is a process that is carried out by the computer hardware especially for Bitcoin networks.

Why to invest in Bitcoin crypto trading platform?

The fact is that Bitcoin investment does demand the person to have some basic understanding of this currency. However, it comes with own share of risks just like the stock market. It is entirely upon the individual to decide whether to go ahead with the investment or not. the industry experts do opine investing in this digital currency, since right from its inception, Bitcoin is found to be growing at a tremendous pace. However, there has been witnessed till date one significant boom as well as bust period. The next decade however, is predicted to be a better future for cryptocurrencies as it is likely to continue increasing in value.

Bitcoin perhaps is the most popular and the biggest and is indeed a wonderful place to begin with when investments in digital currency are concerned with. It is also a safe bet. Even though, short term investment is regarded to be volatile, it can definitely provide more profits when compared to other ventures.

Things that can be achieved with Bitcoins

It is possible for the potential investor to accept, store, transact and trade this digital currency. It can also be sent to friends, requested from anyone and also be stored in digital wallet. Presently, payment through Bitcoin is allowed to top up DTH/mobile phone, etc.

Furthermore, transaction cost is much lower when compared to using Credit cards, PayPal, along with other online intermediaries. Besides this, the individual’s privacy is also protected, which otherwise gets leaked over the web when using credit cards, debit cards, etc. This form of currency can be termed to be extremely secure and it is simply not possible for anyone to steal or seize the coins. Since the system offers greater transparency, manipulation is simply not possible due to shared public ledger. Transactions can be verified at any point of time and from anywhere. It is for this reason, the demand for crypto currencies like Bitcoins is on the rise and already it has been legalized by Japan.

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