Whats up there,
This is my very first article here so hopefully this gets approved, I am going to share some points 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 managed by any bank or any government, it is basically a virtual currency and may be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can transfer bitcoin wherever in this world without much charges, you will be a hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you could ask, well let me tell you when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that’s some fairly impressive progress is not it?.
So how does this thing develop you could ask, well let me let you know the right way to maintain a blockchain there have to be something called a ledger where all of the transaction has to be noted and to grow to be a block in a blockchain a hashing operate needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve 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 money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals develop into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)
2.you’ll be able to 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 one day it can be price 10,000$ and the next day it could drop to one hundred$. Trading essentially means buying bitcoin for real money and praying that its value will go up and selling it when it has gone up.This approach could be very risky and you might find yourself dropping money quite than making any profit.
Otherwise you might 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 each 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 if you know what you’re doing.
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