Hello 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 don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be managed by any bank or any authorities, it is basically a virtual currency and can be purchased on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin anywhere in this world without a lot fees, you can 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 however now 1 bitcoin = 6,689.35 $ that’s some fairly impressive development isn’t it?.
So how does this thing grow you might ask, well let me tell you find out how to sustain a blockchain there must be something called a ledger where all of the transaction has to be noted and to turn 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 function typically folks used graphics cards however as time passed by bitcoin acquired more difficult 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 individuals become part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are thousands of them)
2.you possibly can mine them in your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable sooner or later it might be worth 10,000$ and the subsequent day it may drop to 100$. Trading essentially means shopping for bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach could be very risky and you may end up shedding money relatively than making any profit.
Or you might select to mine bitcoins, but here’s what it’s best to 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 two good ways to make money when you know what you might be doing.
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