Hiya there,
This is my very first article right 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 can’t be managed by any bank or any authorities, it is basically a virtual currency and will be bought 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 will be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this it’s possible you’ll ask, well let me inform you when it first launched it has absolutely no worth but now 1 bitcoin = 6,689.35 $ that’s some fairly spectacular progress isn’t it?.
So how does this thing develop you could ask, well let me inform you easy methods to maintain a blockchain there must be something called a ledger where all of the transaction needs to be noted and to change into a block in a blockchain a hashing function has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing function typically individuals used graphics cards however as time passed by bitcoin bought more difficult to mine and dedicated hardware called ASIC miners were introduced.
So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals develop into part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are millions of them)
2.you may mine them in your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it will be worth 10,000$ and the next day it may drop to 100$. Trading essentially means shopping for bitcoin for real cash 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 shedding money relatively than making any profit.
Otherwise you may choose to mine bitcoins, however here is what it is best to consider, mining hardware is super costly and mining requires a number of electricity,also mining difficulty is getting higher on daily basis 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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