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 can’t be managed by any bank or any government, it is basically a virtual currency and may be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can transfer bitcoin anyplace in this world without a lot charges, you can be 100% anonymous 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 is some fairly impressive progress is not it?.
So how does this thing develop you might ask, well let me tell you how one can maintain a blockchain there must be something called a ledger the place all the transaction needs to be noted and to turn out to be a block in a blockchain a hashing operate has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing operate typically folks used graphics cards however as time passed by bitcoin received more tough to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks change into part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are millions of them)
2.you can mine them on your own
Both of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable someday it may be value 10,000$ and the subsequent day it might 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 may be very risky and it’s possible you’ll find yourself losing money fairly than making any profit.
Or you might choose to mine bitcoins, however here’s what it’s best to consider, mining hardware is super expensive and mining requires a lot of electricity,also mining problem is getting higher day by day so 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 if you know what you’re doing.
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