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 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 can be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can transfer bitcoin wherever in this world without a lot charges, you may be a hundred% nameless while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you might ask, well let me inform you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some fairly impressive development is not it?.
So how does this thing grow it’s possible you’ll ask, well let me inform you tips on how to maintain a blockchain there should be something called a ledger the place all the transaction has to be noted and to become a block in a blockchain a hashing operate must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing perform typically people used graphics cards however as time passed by bitcoin received more troublesome to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more individuals change into part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are two ways
1.you can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are thousands 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 one day 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 worth will go up and selling it when it has gone up.This approach is very risky and you might find yourself dropping money fairly than making any profit.
Or you would possibly select to mine bitcoins, but here’s what you should consider, mining hardware is super expensive and mining requires a lot of electricity,additionally mining problem is getting higher day by 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 might be doing.
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