Hello there,
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 don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which can’t be managed by any bank or any authorities, 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 anywhere in this world without a lot 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 completely no worth however now 1 bitcoin = 6,689.35 $ that’s some fairly impressive growth isn’t it?.
So how does this thing develop you may ask, well let me let you know methods to maintain a blockchain there must be something called a ledger the place all of the transaction has to be noted and to change into 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 function typically folks used graphics cards but as time passed by bitcoin got more difficult to mine and dedicated hardware called ASIC miners have been introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks turn out to be part of this blockchain its worth will increase.
so how can I make money 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 millions of them)
2.you can mine them on your own
Both of those strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable at some point it might be price 10,000$ and the next day it might 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 may be very risky and you may find yourself losing money slightly than making any profit.
Or you might select to mine bitcoins, but here’s what it is best to consider, mining hardware is super expensive and mining requires numerous electricity,also mining difficulty is getting higher daily so 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 money if you know what you’re doing.
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