This is my very first article here so hopefully this gets approved, I am going to share some points 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 cannot be managed by any bank or any government, it is basically a virtual currency and could 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 might be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this chances are you’ll ask, well let me let you know when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that’s some pretty impressive progress is not it?.
So how does this thing grow you could ask, well let me inform you find out how to maintain a blockchain there should be something called a ledger where all of the transaction must be noted and to turn 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 however as time passed by bitcoin bought more troublesome to mine and dedicated hardware called ASIC miners have 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 worth will increase.
so how can I make money with bitcoin, there are ways
1.you can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are thousands of them)
2.you’ll be able to mine them on your own
Each of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable in the future it can be worth 10,000$ and the subsequent day it could 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 could be very risky and you might end up losing money quite than making any profit.
Or you would possibly choose to mine bitcoins, however here is what it is best to consider, mining hardware is super costly and mining requires numerous electricity,additionally mining issue is getting higher every day so that 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 if you know what you might be doing.
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