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 these of you who do not know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be managed by any bank or any authorities, it is basically a virtual currency and will be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anywhere in this world without a lot fees, you may be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this chances are you’ll ask, well let me let you know when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that’s some fairly impressive development is not it?.
So how does this thing grow chances are you’ll ask, well let me let you know learn how to maintain a blockchain there have to be something called a ledger where all of the transaction needs to be noted and to grow to be a block in a blockchain a hashing perform needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing perform typically people used graphics cards however as time passed by bitcoin got more difficult 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 individuals develop into part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are ways
1.you can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are millions of them)
2.you may mine them on your own
Both of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable at some point it will be worth 10,000$ and the subsequent day it could drop to one hundred$. Trading essentially means buying 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 might end up losing money rather than making any profit.
Or you would possibly select to mine bitcoins, however here is what you should consider, mining hardware is super costly and mining requires a number of electricity,additionally mining problem is getting higher every single 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 money in the event you know what you’re doing.
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