Hi there there,
This is my very first article right here so hopefully this gets approved, I am going to share some factors about bitcoin and blockchain.
For these of you who don’t 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 will 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 much charges, you might be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you might ask, well let me inform you when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that’s some pretty impressive growth is not it?.
So how does this thing grow chances are you’ll ask, well let me inform you find out how to maintain a blockchain there should be something called a ledger where all of the transaction needs to be noted and to grow to be a block in a blockchain a hashing function must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing operate typically people used graphics cards but as time passed by bitcoin bought more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more people turn into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you may 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 in 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 may be value 10,000$ and the next day it could drop to one hundred$. Trading essentially means buying bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach may be very risky and you could find yourself losing cash fairly than making any profit.
Otherwise you may 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 issue 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 should you know what you might be doing.
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