Hi there there,
This is my very first article here so hopefully this gets approved, I am 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 government, it is basically a virtual currency and will be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin anyplace in this world without a lot fees, you may be one 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 let you know when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that’s some fairly impressive progress is not it?.
So how does this thing develop it’s possible you’ll ask, well let me let you know how one can sustain a blockchain there must be something called a ledger where all of the transaction must be noted and to change into a block in a blockchain a hashing function has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing function 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 time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks turn out to be part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are 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 on your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable one day it may be worth 10,000$ and the following day it could drop to one hundred$. Trading essentially means buying bitcoin for real money and praying that its value will go up and selling it when it has gone up.This approach could be very risky and chances are you’ll find yourself losing money fairly than making any profit.
Otherwise you would possibly choose to mine bitcoins, however here is what it’s best to consider, mining hardware is super expensive and mining requires numerous electricity,additionally mining problem is getting higher every 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 when you know what you are doing.
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