Hey there,
This is my very first article here so hopefully this gets approved, I’m 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 cannot be managed by any bank or any government, it is basically a virtual currency and can be purchased on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may transfer bitcoin wherever in this world without a lot charges, you might be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you could ask, well let me let you know when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some pretty impressive growth isn’t it?.
So how does this thing grow chances are you’ll ask, well let me inform you how to sustain a blockchain there have to be something called a ledger where all of the transaction has to be noted and to turn out to be a block in a blockchain a hashing operate must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing perform typically people used graphics cards however as time passed by bitcoin obtained more troublesome 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 people change into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are ways
1.you can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are literally thousands of them)
2.you’ll be able to mine them in your own
Each 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 value 10,000$ and the subsequent day it might drop to a 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 may be very risky and you might find yourself losing cash relatively than making any profit.
Or you may choose to mine bitcoins, but here is what it is best to consider, mining hardware is super expensive and mining requires a lot of electricity,also mining issue is getting higher each 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 for those who know what you might be doing.
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