Hiya there,
This is my very first article right here so hopefully this gets approved, I’m going to share some points about bitcoin and blockchain.
For these of you who don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which can’t be managed by any bank or any government, it is basically a virtual currency and could be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin anywhere in this world without much fees, you can be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you might ask, well let me tell you when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that is some fairly impressive growth isn’t it?.
So how does this thing grow you might ask, well let me inform you how to maintain a blockchain there have to be something called a ledger where all the transaction needs to be noted and to grow to be a block in a blockchain a hashing perform must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing function typically folks used graphics cards however as time passed by bitcoin got more difficult to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals become part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are millions of them)
2.you can mine them in your own
Both of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable someday it may be price 10,000$ and the following day it could drop to a hundred$. Trading essentially means buying bitcoin for real money and praying that its value will go up and selling it when it has gone up.This approach is very risky and you might find yourself shedding money slightly than making any profit.
Otherwise you might choose to mine bitcoins, however here is what it is best to consider, mining hardware is super expensive and mining requires lots of electricity,also mining difficulty is getting higher every day so that you won’t be able to get some profits without high initial investment.
That being said bitcoin trading and mining are two good ways to make cash for those who know what you are doing.
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