Hey 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 may be purchased on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin wherever in this world without a lot charges, you can be a 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 tell you when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that’s some fairly spectacular growth is not it?.
So how does this thing develop you could ask, well let me tell you how you can maintain a blockchain there should be something called a ledger where all the transaction must be noted and to grow to be a block in a blockchain a hashing operate must be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing function typically folks used graphics cards but as time passed by bitcoin received more difficult 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 turn into part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you may trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are thousands of them)
2.you can mine them in your own
Both of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable someday it may be worth 10,000$ and the subsequent day it may drop to 100$. Trading essentially means shopping for bitcoin for real money and praying that its price will go up and selling it when it has gone up.This approach could be very risky and you may find yourself dropping money relatively than making any profit.
Otherwise you might select to mine bitcoins, but here’s what you must consider, mining hardware is super expensive and mining requires numerous electricity,also mining difficulty 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 good ways to make money if you happen to know what you’re doing.
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