This is my very first article here so hopefully this gets approved, I am 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 authorities, it is basically a virtual currency and might be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anywhere in this world without much fees, you might 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 inform you when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that's some fairly impressive development isn't it?.
So how does this thing grow chances are you'll ask, well let me inform you how you can sustain a blockchain there have to be something called a ledger the place all the transaction needs to be noted and to grow to be a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing operate typically individuals used graphics cards but as time passed by bitcoin obtained more difficult 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 folks turn into part of this blockchain its value will increase.
so how can I make money with bitcoin, there are two ways
1.you'll be able to trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are thousands of them)
2.you may mine them in your own
Both of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable sooner or later it can be value 10,000$ and the subsequent day it might drop to a 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 may be very risky and you could find yourself shedding money somewhat than making any profit.
Or you might select to mine bitcoins, however here is what it's best to consider, mining hardware is super expensive and mining requires a lot of electricity,also mining issue 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 are doing.
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