Hi there there,
This is my very first article right 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 can’t be controlled by any bank or any authorities, it is basically a virtual currency and can be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin wherever in this world without a lot fees, you could be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you could ask, well let me inform you when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that is some fairly spectacular progress isn’t it?.
So how does this thing grow it’s possible you’ll ask, well let me inform you learn how to maintain a blockchain there have to be something called a ledger the place all of the transaction needs to be noted and to change into a block in a blockchain a hashing perform must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing function typically folks used graphics cards however as time passed by bitcoin got more difficult to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more individuals grow to be 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 apart from bitcoin is called altcoin, yes there are millions of them)
2.you can mine them in your own
Both of those strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable one day it could be price 10,000$ and the subsequent day it might drop to 100$. Trading essentially means shopping for 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 may end up dropping cash somewhat than making any profit.
Otherwise 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 difficulty 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 two good ways to make money should you know what you might be doing.
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