Whats up there,
This is my very first article right here so hopefully this gets approved, I’m going to share some factors 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 controlled by any bank or any authorities, it is basically a virtual currency and could be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin wherever in this world without much fees, you could 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 value but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular development isn’t it?.
So how does this thing develop you might ask, well let me inform you how to maintain a blockchain there must be something called a ledger where all the transaction has to 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 people used graphics cards but as time passed by bitcoin received 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 folks become part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you may trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are literally thousands of them)
2.you may mine them on 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 may be value 10,000$ and the following day it could drop to 100$. Trading essentially means buying 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 it’s possible you’ll end up dropping cash slightly than making any profit.
Or you may select to mine bitcoins, but here’s what you must consider, mining hardware is super expensive and mining requires lots of electricity,additionally mining problem is getting higher every 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 money in the event you know what you are doing.
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