Good day there,
This is my very first article right here so hopefully this gets approved, I am going to share some points 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 government, it is basically a virtual currency and can be bought on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may transfer bitcoin wherever in this world without a lot charges, you can be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this it’s possible you’ll ask, well let me let you know when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that’s some fairly impressive progress isn’t it?.
So how does this thing grow you could ask, well let me inform you how to maintain a blockchain there have to be something called a ledger where all the transaction needs to be noted and to turn into a block in a blockchain a hashing perform needs to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing function typically people used graphics cards however as time passed by bitcoin got more tough to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more individuals develop into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are millions of them)
2.you can mine them in your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable sooner or later it might be price 10,000$ and the following day it could drop to a hundred$. Trading essentially means shopping for bitcoin for real money and praying that its worth will go up and selling it when it has gone up.This approach may be very risky and you may end up losing money relatively than making any profit.
Or you would possibly choose to mine bitcoins, but here’s what you should consider, mining hardware is super costly and mining requires lots of electricity,also mining difficulty is getting higher every single 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 cash if you happen to know what you’re doing.
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