Good day 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 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 may be bought on-line using 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 much fees, you will be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this chances are you'll ask, well let me tell you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that's some fairly spectacular progress isn't it?.
So how does this thing grow you may ask, well let me let you know how one can maintain a blockchain there should be something called a ledger where all the transaction must be noted and to develop into a block in a blockchain a hashing operate needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing operate typically folks used graphics cards however as time passed by bitcoin got more difficult to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals develop into part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are literally thousands of them)
2.you can mine them in your own
Both of those methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable someday it may be price 10,000$ and the next day it could drop to a 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 is very risky and you could end up shedding money reasonably than making any profit.
Otherwise you might choose to mine bitcoins, however here's what it's best to consider, mining hardware is super costly and mining requires lots of electricity,additionally 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 cash should you know what you're doing.
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