Good day there,
This is my very first article here so hopefully this gets approved, I’m going to share some points about bitcoin and blockchain.
For those 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 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’ll be able to transfer bitcoin anyplace in this world without much fees, you might be a hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you could ask, well let me let you know when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some fairly spectacular progress is not it?.
So how does this thing grow it’s possible you’ll ask, well let me tell you the way to maintain a blockchain there must be something called a ledger the place all the transaction needs to be noted and to develop into 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 got more tough to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more people turn out to be 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 can mine them on your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it could be price 10,000$ and the following day it might 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 is very risky and it’s possible you’ll find yourself shedding cash reasonably than making any profit.
Or you would possibly choose to mine bitcoins, however here’s what it’s best to consider, mining hardware is super expensive and mining requires numerous electricity,also mining issue is getting higher each day 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 cash when you know what you’re doing.
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