This is my very first article here so hopefully this gets approved, I’m going to share some factors 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 controlled by any bank or any authorities, it is basically a virtual currency and can be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can transfer bitcoin anywhere in this world without much charges, you can be 100% 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 worth but now 1 bitcoin = 6,689.35 $ that’s some fairly impressive progress is not it?.
So how does this thing develop you might ask, well let me inform you the best way to sustain a blockchain there have to be something called a ledger the place all of the transaction needs to be noted and to turn into a block in a blockchain a hashing perform needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing function typically individuals used graphics cards however as time passed by bitcoin obtained more difficult to mine and dedicated hardware called ASIC miners were introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks develop 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 apart from bitcoin is called altcoin, yes there are literally thousands of them)
2.you’ll be able to mine them on your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable in the future it might be price 10,000$ and the following day it might drop to one hundred$. Trading essentially means buying bitcoin for real money and praying that its worth will go up and selling it when it has gone up.This approach may be very risky and it’s possible you’ll end up losing cash rather than making any profit.
Otherwise you would possibly choose to mine bitcoins, however here is what you must consider, mining hardware is super expensive and mining requires a number of electricity,also mining issue is getting higher day-after-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 money if you know what you’re doing.
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