This is my very first article right here so hopefully this gets approved, I’m going to share some factors about bitcoin and blockchain.
For these of you who don’t know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be controlled by any bank or any authorities, it is basically a virtual currency and could be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin anywhere in this world without a lot charges, you may be a hundred% 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 tell you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that is some pretty impressive development is not it?.
So how does this thing grow you might ask, well let me inform you easy methods to sustain a blockchain there have to be something called a ledger where all the transaction has to be noted and to become a block in a blockchain a hashing function must be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing operate typically individuals used graphics cards however as time passed by bitcoin bought more difficult to mine and dedicated hardware called ASIC miners had been introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more individuals turn out to be part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you may trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are literally thousands of them)
2.you may mine them in your own
Each of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it could be price 10,000$ and the subsequent day it could drop to a hundred$. Trading essentially means shopping for bitcoin for real cash and praying that its price will go up and selling it when it has gone up.This approach may be very risky and chances are you’ll find yourself losing money relatively than making any profit.
Or you may select to mine bitcoins, but here is 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 if you know what you are doing.
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