Howdy 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 those of you who do not 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 could be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anywhere in this world without much charges, you might be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you could ask, well let me let you know when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some fairly impressive progress isn’t it?.
So how does this thing grow it’s possible you’ll ask, well let me inform you tips on how to maintain a blockchain there have to be something called a ledger where all of the transaction needs to be noted and to become a block in a blockchain a hashing perform must be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing function typically individuals used graphics cards however as time passed by bitcoin got more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more folks become part of this blockchain its value will increase.
so how can I make money with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, yes there are thousands of them)
2.you possibly can mine them on your own
Both of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable someday it can be value 10,000$ and the subsequent day it could drop to 100$. 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 could end up shedding cash relatively than making any profit.
Or you might choose to mine bitcoins, but here is what you need to consider, mining hardware is super costly and mining requires lots of 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 should you know what you might be doing.
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