Hello there,
This is my very first article here so hopefully this gets approved, I am going to share some factors about bitcoin and blockchain.
For those of you who don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which can’t be controlled by any bank or any government, it is basically a virtual currency and can be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anyplace in this world without much fees, you can be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this chances are you’ll 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 pretty spectacular development isn’t it?.
So how does this thing grow you may ask, well let me let you know how one can maintain a blockchain there should be something called a ledger where all of the transaction must be noted and to become a block in a blockchain a hashing perform needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing function typically people used graphics cards but as time passed by bitcoin bought more troublesome to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more folks turn into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)
2.you can mine them on your own
Both of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable in the future it might be price 10,000$ and the following day it could drop to 100$. Trading essentially means shopping for bitcoin for real money and praying that its price will go up and selling it when it has gone up.This approach is very risky and it’s possible you’ll find yourself shedding cash slightly than making any profit.
Otherwise you might choose to mine bitcoins, however here’s what it is best to consider, mining hardware is super expensive and mining requires a lot of electricity,additionally mining problem is getting higher day-after-day so that you won’t be able to get some profits without high initial investment.
That being said bitcoin trading and mining are good ways to make cash when you know what you’re doing.
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