Howdy 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 cannot be controlled by any bank or any authorities, it is basically a virtual currency and will be purchased 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 charges, you could 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 tell you when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that is some pretty spectacular progress is not it?.
So how does this thing grow it’s possible you’ll ask, well let me tell you find out how to 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 function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing function typically individuals used graphics cards but as time passed by bitcoin acquired more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more people turn into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are ways
1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are literally thousands 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 managed by nobody it is extraordinarily unreliable in the future it can be value 10,000$ and the next day it may drop to one 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 could be very risky and you might find yourself dropping cash moderately than making any profit.
Otherwise you might choose to mine bitcoins, but here’s what you must consider, mining hardware is super costly and mining requires numerous electricity,also mining difficulty 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 in case you know what you are doing.
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