Howdy there,
This is my very first article here so hopefully this gets approved, I’m going to share some factors 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 cannot 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 wherever in this world without much charges, you can be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you might ask, well let me let you know when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some fairly spectacular development is not it?.
So how does this thing grow you may ask, well let me let you know tips on how to maintain a blockchain there must be something called a ledger the place all the transaction needs to be noted and to turn into a block in a blockchain a hashing perform must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing perform typically individuals used graphics cards however as time passed by bitcoin received more difficult 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 people change into part of this blockchain its value 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 other than bitcoin is called altcoin, yes there are thousands of them)
2.you can mine them in your own
Both of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable at some point it can be worth 10,000$ and the next day it might drop to one hundred$. Trading essentially means buying bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach could be very risky and you may find yourself losing cash relatively than making any profit.
Otherwise you may select to mine bitcoins, however here is what you need to consider, mining hardware is super expensive and mining requires numerous electricity,additionally mining difficulty is getting higher day by 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 when you know what you are doing.
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