Good day there,
This is my very first article right here so hopefully this gets approved, I’m going to share some points 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 can’t be managed by any bank or any government, it is basically a virtual currency and may be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin wherever in this world without much fees, you can be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this chances are you’ll ask, well let me let you know when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that is some pretty spectacular growth is not it?.
So how does this thing develop it’s possible you’ll ask, well let me tell 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 grow to be a block in a blockchain a hashing perform must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing function typically folks used graphics cards but as time passed by bitcoin got more difficult to mine and dedicated hardware called ASIC miners have been introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more individuals become part of this blockchain its value 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, sure there are thousands of them)
2.you possibly can mine them on your own
Both of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable in the future it may be worth 10,000$ and the following day it might 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 is very risky and you may end up dropping cash fairly than making any profit.
Otherwise you might choose to mine bitcoins, but here’s what you should consider, mining hardware is super expensive and mining requires lots of electricity,also mining problem is getting higher day-after-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 for those who know what you might be doing.
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