Good day 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 don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which can’t be controlled by any bank or any government, it is basically a virtual currency and might be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anyplace in this world without a lot fees, you will be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is 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 fairly spectacular growth is not it?.
So how does this thing grow it’s possible you’ll ask, well let me let you know methods to sustain a blockchain there must be something called a ledger the place all the transaction has to be noted and to turn out to be a block in a blockchain a hashing operate must be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing operate typically folks used graphics cards however as time passed by bitcoin got more tough 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 individuals develop into part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are literally thousands of them)
2.you may mine them in your own
Each of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable someday it could be value 10,000$ and the following day it could drop to a hundred$. Trading essentially means buying bitcoin for real cash and praying that its worth will go up and selling it when it has gone up.This approach could be very risky and you might find yourself losing cash somewhat than making any profit.
Or you might choose to mine bitcoins, however here’s what you should consider, mining hardware is super expensive and mining requires lots of electricity,additionally mining problem is getting higher on daily basis 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 when you know what you are doing.
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