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Bitcoin and How to Make Money With It

Hello there,

This is my very first article here so hopefully this gets approved, I am 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 can’t be controlled by any bank or any authorities, it is basically a virtual currency and can be bought on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin anyplace in this world without a lot charges, you can be a hundred% nameless 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 completely no value but now 1 bitcoin = 6,689.35 $ that’s some fairly impressive progress isn’t it?.

So how does this thing grow you could ask, well let me tell you how to sustain a blockchain there should be something called a ledger where 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 resolve the hashing operate typically folks 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 time and money to mine bitcoin will be rewarded in bitcoins and as more and more people turn out to be part of this blockchain its value will increase.

so how can I make cash with bitcoin, there are two ways

1.you may trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are thousands of them)

2.you possibly can mine them in your own

Both of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable someday it will be worth 10,000$ and the next 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 chances are you’ll find yourself dropping money somewhat than making any profit.

Or you may select to mine bitcoins, however here is what it is best to consider, mining hardware is super costly and mining requires lots of electricity,also mining difficulty is getting higher each 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 cash when you know what you might be doing.

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