Howdy 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 those of you who don’t 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 will be purchased online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin anywhere in this world without a lot charges, you may be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you may ask, well let me inform you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some pretty impressive progress is not 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 the place all of the transaction needs to be noted and to turn out to be a block in a blockchain a hashing operate 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 received more tough to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more folks change into part of this blockchain its value will increase.
so how can I make money with bitcoin, there are ways
1.you’ll be able to 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 managed by nobody it is extraordinarily unreliable one day it can be price 10,000$ and the next day it could drop to one hundred$. Trading essentially means shopping for bitcoin for real cash and praying that its worth will go up and selling it when it has gone up.This approach may be very risky and you might end up dropping money relatively than making any profit.
Or you may choose to mine bitcoins, however here is what you should consider, mining hardware is super expensive and mining requires lots of electricity,additionally 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 good ways to make cash in case you know what you are doing.
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