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 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 authorities, it is basically a virtual currency and can be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin anyplace in this world without much charges, you could 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 tell you when it first launched it has absolutely no worth but now 1 bitcoin = 6,689.35 $ that’s some fairly spectacular development is not it?.
So how does this thing develop it’s possible you’ll ask, well let me tell you how one can maintain a blockchain there should be something called a ledger the place all the transaction needs to be noted and to change into a block in a blockchain a hashing operate must be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing perform typically individuals used graphics cards but as time passed by bitcoin obtained more tough 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 individuals change into part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are two ways
1.you may trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)
2.you can mine them on your own
Both of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable in the future it will be price 10,000$ and the following day it may drop to one hundred$. Trading essentially means shopping for bitcoin for real cash and praying that its price will go up and selling it when it has gone up.This approach may be very risky and you may end up shedding cash rather than making any profit.
Otherwise you may select to mine bitcoins, but here’s what you must consider, mining hardware is super expensive and mining requires numerous electricity,also mining issue is getting higher day by 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 money in case you know what you might be doing.
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