This is my very first article right here so hopefully this gets approved, I am 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 can’t be controlled by any bank or any government, it is basically a virtual currency and may be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may transfer bitcoin anywhere in this world without much fees, you will be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you may ask, well let me tell you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that is some fairly spectacular growth is not it?.
So how does this thing grow you may ask, well let me inform you the right way to maintain a blockchain there must be something called a ledger where all the transaction must be noted and to grow to be a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing operate typically folks used graphics cards however as time passed by bitcoin got 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 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 can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are millions of them)
2.you can mine them in your own
Both of these strategies 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 following day it could drop to 100$. Trading essentially means shopping for bitcoin for real money 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 find yourself shedding cash quite than making any profit.
Or you might choose to mine bitcoins, but here’s what it is best to consider, mining hardware is super expensive and mining requires plenty of electricity,additionally mining issue is getting higher day-after-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 in case you know what you’re doing.
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