Good day there,
This is my very first article right here so hopefully this gets approved, I am going to share some factors 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 cannot be managed by any bank or any government, it is basically a virtual currency and will be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can transfer bitcoin anyplace in this world without much fees, you could be 100% 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 tell you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular growth isn’t it?.
So how does this thing grow chances are you’ll ask, well let me inform you methods to sustain a blockchain there must be something called a ledger the place all of the transaction must be noted and to turn out to be a block in a blockchain a hashing operate needs to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To resolve the hashing function typically individuals used graphics cards but as time passed by bitcoin obtained more troublesome 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 people change into part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are ways
1.you may trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are millions of them)
2.you can mine them on your own
Each of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable someday it could be price 10,000$ and the subsequent day it might drop to a hundred$. Trading essentially means buying 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 could find yourself losing money somewhat than making any profit.
Or you might select to mine bitcoins, but here’s what you must consider, mining hardware is super costly and mining requires a number of electricity,also mining difficulty is getting higher on daily basis 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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