Hi there 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 do not know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be managed by any bank or any authorities, it is basically a virtual currency and may be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may transfer bitcoin anyplace in this world without a lot fees, you can be a hundred% nameless while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you may ask, well let me inform you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some fairly impressive growth isn’t it?.
So how does this thing grow you could ask, well let me tell you how one can maintain a blockchain there should be something called a ledger where all the transaction needs to be noted and to become a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To resolve the hashing perform typically people used graphics cards however as time passed by bitcoin acquired more difficult to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks become 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, yes there are millions of them)
2.you’ll be able to mine them on your own
Each of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable sooner or later it could be value 10,000$ and the next day it might drop to a hundred$. 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 could be very risky and chances are you’ll end up shedding money quite than making any profit.
Otherwise you would possibly choose to mine bitcoins, however here is what you must consider, mining hardware is super costly and mining requires plenty of electricity,additionally 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 if you know what you are doing.
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