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 cannot be controlled by any bank or any authorities, it is basically a virtual currency and can be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin wherever in this world without much charges, you will be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this it’s possible you’ll ask, well let me tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular progress is not it?.
So how does this thing grow you might ask, well let me tell you learn how to maintain a blockchain there have to be something called a ledger where all of the transaction must be noted and to turn into a block in a blockchain a hashing function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing perform typically people used graphics cards but as time passed by bitcoin acquired more difficult to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals grow to be part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are ways
1.you may trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are millions of them)
2.you possibly 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 in the future it will be worth 10,000$ and the next day it could drop to 100$. Trading essentially means buying bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach could be very risky and it’s possible you’ll end up dropping money quite than making any profit.
Otherwise you might choose to mine bitcoins, but here’s what it is best to consider, mining hardware is super expensive and mining requires numerous electricity,also mining issue is getting higher every day 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 in the event you know what you are doing.
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