Hello 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 those of you who don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be managed by any bank or any government, it is basically a virtual currency and could be bought online using 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 may be 100% nameless while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you could ask, well let me let you know when it first launched it has absolutely no worth however now 1 bitcoin = 6,689.35 $ that is some fairly spectacular growth isn’t it?.
So how does this thing grow chances are you’ll ask, well let me tell you tips on how to sustain a blockchain there have to be something called a ledger the place all of the transaction must be noted and to turn 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 individuals used graphics cards but as time passed by bitcoin received more troublesome to mine and dedicated hardware called ASIC miners were 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 ways
1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are thousands of them)
2.you possibly can mine them on your own
Both of those methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable sooner or later it might be price 10,000$ and the subsequent day it may drop to a hundred$. 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 chances are you’ll find yourself shedding cash reasonably than making any profit.
Or you would possibly choose to mine bitcoins, but here is what you must consider, mining hardware is super expensive and mining requires lots of electricity,also mining problem is getting higher day-after-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 in case you know what you might be doing.
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