Whats up there,
This is my very first article here so hopefully this gets approved, I am 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 government, it is basically a virtual currency and will be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anyplace in this world without much 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 tell you when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that is some pretty spectacular development is not it?.
So how does this thing develop you may ask, well let me inform you the right way to sustain a blockchain there should be something called a ledger the place all 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 solve the hashing function typically people used graphics cards but as time passed by bitcoin obtained more tough 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 folks turn out to be part of this blockchain its value will increase.
so how can I make money with bitcoin, there are two ways
1.you can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, yes there are millions of them)
2.you possibly can mine them in your own
Each of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable sooner or later it might be value 10,000$ and the subsequent day it could drop to one 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 you might end up dropping cash moderately than making any profit.
Or you might choose to mine bitcoins, but here’s what you should consider, mining hardware is super costly and mining requires a number of electricity,also mining problem is getting higher daily so 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 money in case you know what you are doing.
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