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 can’t be managed by any bank or any government, it is basically a virtual currency and can be bought 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 charges, you could be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this it’s possible you’ll ask, well let me inform you when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that’s some fairly impressive progress isn’t it?.
So how does this thing develop you may ask, well let me let you know the right way to sustain a blockchain there should be something called a ledger where all of the transaction needs to be noted and to turn out to be 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 function typically folks used graphics cards however as time passed by bitcoin received more difficult to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more people develop into part of this blockchain its value will increase.
so how can I make money with bitcoin, there are 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 these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable one day it may be value 10,000$ and the subsequent day it may drop to one hundred$. Trading essentially means shopping for 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 it’s possible you’ll end up losing money relatively than making any profit.
Or you may select to mine bitcoins, but here is what you should consider, mining hardware is super expensive and mining requires a number of electricity,additionally mining difficulty is getting higher every 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 money should you know what you are doing.
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