This is my very first article here so hopefully this gets approved, I am going to share some points 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 controlled by any bank or any authorities, it is basically a virtual currency and will be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anyplace in this world without a lot fees, you could be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you may ask, well let me let you know when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that is some fairly impressive progress isn’t it?.
So how does this thing develop you may ask, well let me inform you how you can maintain a blockchain there must be something called a ledger where all of the transaction has to be noted and to turn into a block in a blockchain a hashing operate must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To resolve the hashing operate typically individuals used graphics cards but as time passed by bitcoin received more difficult to mine and dedicated hardware called ASIC miners had 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 may 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 controlled by nobody it is extremely unreliable in the future it may be price 10,000$ and the following day it may drop to one hundred$. Trading essentially means buying bitcoin for real cash and praying that its price will go up and selling it when it has gone up.This approach could be very risky and it’s possible you’ll find yourself shedding money moderately than making any profit.
Otherwise you might select to mine bitcoins, however here is what it’s best to consider, mining hardware is super costly and mining requires plenty of electricity,additionally mining difficulty is getting higher every single 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 happen to know what you are doing.
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