Hey there,
This is my very first article here so hopefully this gets approved, I’m going to share some points 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 controlled by any bank or any government, it is basically a virtual currency and could be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin wherever in this world without much charges, you can be 100% nameless while doing transactions thanks to a technology called blockchain.So then what is 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 is some pretty impressive progress is not it?.
So how does this thing grow it’s possible you’ll ask, well let me let you know how one can sustain a blockchain there have to be something called a ledger where all the transaction has to be noted and to develop into a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To resolve the hashing function typically people used graphics cards however as time passed by bitcoin got more tough to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more people grow to be part of this blockchain its value 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 apart from bitcoin is called altcoin, yes there are thousands of them)
2.you possibly 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 sooner or later it could be worth 10,000$ and the following day it might drop to 100$. Trading essentially means buying bitcoin for real money and praying that its price will go up and selling it when it has gone up.This approach could be very risky and you could end up losing money moderately than making any profit.
Or you would possibly choose to mine bitcoins, but here’s what you need to consider, mining hardware is super costly and mining requires lots of electricity,also mining difficulty is getting higher every single day so 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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