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 might be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin anywhere in this world without much fees, you may be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this chances are you’ll ask, well let me tell you when it first launched it has absolutely no worth but now 1 bitcoin = 6,689.35 $ that is some pretty spectacular progress is not it?.
So how does this thing develop you could ask, well let me inform you the way to maintain a blockchain there should be something called a ledger the place all the transaction must be noted and to become a block in a blockchain a hashing perform has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing function typically folks used graphics cards however as time passed by bitcoin bought more tough to mine and dedicated hardware called ASIC miners had been introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more people develop into part of this blockchain its value will increase.
so how can I make money with bitcoin, there are ways
1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are literally thousands of them)
2.you possibly can 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 in the future it can be worth 10,000$ and the next day it may drop to one hundred$. Trading essentially means shopping for bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach could be very risky and chances are you’ll find yourself losing cash relatively than making any profit.
Otherwise you would possibly choose to mine bitcoins, however here is what you should consider, mining hardware is super expensive and mining requires a lot of electricity,also mining issue is getting higher on daily basis so 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 in case you know what you’re doing.
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