Howdy there,
This is my very first article right here so hopefully this gets approved, I am going to share some points about bitcoin and blockchain.
For these 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 could be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin anyplace in this world without much fees, you might be 100% nameless while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you could ask, well let me let you know when it first launched it has absolutely no worth but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular progress is not it?.
So how does this thing grow you may ask, well let me let you know the right way to sustain a blockchain there must be something called a ledger where all of the transaction needs to be noted and to change into a block in a blockchain a hashing operate needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing operate 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 individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals change into part of this blockchain its value will increase.
so how can I make money with bitcoin, there are two ways
1.you can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are millions of them)
2.you’ll be able to mine them on your own
Both of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable one day it may be worth 10,000$ and the following day it could drop to a hundred$. Trading essentially means shopping for bitcoin for real money 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 find yourself shedding money moderately than making any profit.
Or you might choose to mine bitcoins, however here’s what you must consider, mining hardware is super costly and mining requires a number of electricity,additionally mining issue is getting higher day by 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 cash when you know what you’re doing.
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