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 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 will be purchased online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you possibly can 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 could ask, well let me tell you when it first launched it has absolutely no worth however now 1 bitcoin = 6,689.35 $ that is some fairly spectacular progress is not it?.
So how does this thing develop you may ask, well let me inform you how you can maintain a blockchain there have to be something called a ledger where all the transaction needs to be noted and to become a block in a blockchain a hashing function must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing perform typically people used graphics cards but as time passed by bitcoin obtained more difficult to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks become part of this blockchain its value will increase.
so how can I make money with bitcoin, there are ways
1.you possibly 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
Each of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable in the future it might be value 10,000$ and the subsequent day it may drop to one hundred$. Trading essentially means shopping for bitcoin for real money and praying that its price will go up and selling it when it has gone up.This approach is very risky and you may find yourself losing cash relatively than making any profit.
Otherwise you would possibly select to mine bitcoins, however here is what you should consider, mining hardware is super costly and mining requires lots of electricity,also mining difficulty is getting higher day-after-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 cash for those who know what you might be doing.
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