Hey there,
This is my very first article right here so hopefully this gets approved, I’m going to share some points 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 government, it is basically a virtual currency and might be bought 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 a lot charges, you might be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you might ask, well let me let you know when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular development is not it?.
So how does this thing develop you may ask, well let me inform you the right way to maintain a blockchain there must be something called a ledger where all the transaction has to be noted and to change into a block in a blockchain a hashing perform has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing operate typically individuals used graphics cards but as time passed by bitcoin obtained more tough to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more people become part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, yes there are millions of them)
2.you’ll be able to mine them in your own
Each of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable sooner or later it will be value 10,000$ and the next day it may 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 it’s possible you’ll find yourself losing money moderately than making any profit.
Or you may select to mine bitcoins, but here is what you should consider, mining hardware is super costly and mining requires plenty of electricity,also mining difficulty is getting higher daily so that 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 cash if you know what you are doing.
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