This is my very first article 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 can’t be controlled by any bank or any government, it is basically a virtual currency and can be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anyplace in this world without a lot charges, you may be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you may ask, well let me inform you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular development isn’t it?.
So how does this thing develop you may ask, well let me inform you how one can maintain a blockchain there must be something called a ledger the place all the transaction must be noted and to become a block in a blockchain a hashing perform must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing function typically individuals used graphics cards however as time passed by bitcoin acquired more troublesome to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals turn out to be part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, yes there are literally thousands of them)
2.you may mine them in your own
Each of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable sooner or later it may be value 10,000$ and the subsequent day it may drop to 100$. 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 could be very risky and you may find yourself dropping money reasonably than making any profit.
Or you would possibly select to mine bitcoins, however here’s what you need to consider, mining hardware is super expensive and mining requires numerous electricity,also mining problem 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 good ways to make money should you know what you are doing.
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