Whats up there,
This is my very first article here so hopefully this gets approved, I am 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 can’t be managed by any bank or any authorities, it is basically a virtual currency and can be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin wherever in this world without a lot fees, you may 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 inform you when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular development isn’t it?.
So how does this thing grow you could ask, well let me tell you find out how to maintain a blockchain there have to be something called a ledger where all of the transaction needs to be noted and to grow to be a block in a blockchain a hashing function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing function typically folks used graphics cards however as time passed by bitcoin got more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So people 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 ways
1.you can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are thousands of them)
2.you may mine them in your own
Each of those strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable someday it will be value 10,000$ and the subsequent day it could drop to one hundred$. Trading essentially means buying bitcoin for real money and praying that its worth will go up and selling it when it has gone up.This approach is very risky and you might end up shedding cash quite than making any profit.
Or you would possibly choose to mine bitcoins, but here’s what you must consider, mining hardware is super costly and mining requires a number of electricity,additionally mining problem is getting higher daily 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 when you know what you’re doing.
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