This is my very first article right here so hopefully this gets approved, I’m going to share some points 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 will be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin anyplace in this world without much 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 you could ask, well let me let you know when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that is some fairly impressive growth is not it?.
So how does this thing grow you may ask, well let me tell you methods to maintain a blockchain there must be something called a ledger the place all the transaction has to be noted and to become a block in a blockchain a hashing perform needs to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing operate typically individuals used graphics cards but as time passed by bitcoin bought more tough to mine and dedicated hardware called ASIC miners were introduced.
So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more people grow to be 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 millions of them)
2.you’ll be able to mine them on your own
Both of these strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable someday it could be value 10,000$ and the subsequent day it may drop to one hundred$. 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 may be very risky and you could end up shedding money quite than making any profit.
Or you would possibly select to mine bitcoins, but here is what it is best to consider, mining hardware is super expensive and mining requires plenty of electricity,additionally mining difficulty is getting higher each day so that you won’t be able to get some profits without high initial investment.
That being said bitcoin trading and mining are good ways to make cash if you know what you are doing.
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