Hi there there,
This is my very first article right here so hopefully this gets approved, I’m 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 government, it is basically a virtual currency and could be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anywhere in this world without much charges, you could be 100% anonymous 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 completely no value however now 1 bitcoin = 6,689.35 $ that’s some pretty impressive progress is not it?.
So how does this thing develop you may ask, well let me tell you how one can maintain a blockchain there must be something called a ledger the place all of the transaction must be noted and to change into a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing perform typically people used graphics cards however as time passed by bitcoin got more troublesome to mine and dedicated hardware called ASIC miners were introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more people turn into part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two 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’ll be able to mine them in your own
Both of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable one day it will be worth 10,000$ and the next day it may drop to a hundred$. Trading essentially means shopping for 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 chances are you’ll end up shedding money rather than making any profit.
Or you may select to mine bitcoins, however here’s what you should consider, mining hardware is super expensive and mining requires a number of electricity,additionally mining issue is getting higher daily 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 in case you know what you are doing.
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