Hi there there,
This is my very first article right here so hopefully this gets approved, I am 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 can’t be controlled by any bank or any government, it is basically a virtual currency and can be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anyplace in this world without much fees, you can be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you could 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 pretty spectacular progress is not it?.
So how does this thing grow you could ask, well let me tell you the right way to sustain a blockchain there have to be something called a ledger the place all the transaction must be noted and to develop into a block in a blockchain a hashing operate must be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing perform typically individuals used graphics cards however as time passed by bitcoin acquired more troublesome 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 individuals grow to be part of this blockchain its value will increase.
so how can I make money with bitcoin, there are ways
1.you can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are thousands of them)
2.you’ll be able to mine them in your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable one day it will be price 10,000$ and the following day it might drop to 100$. Trading essentially means buying bitcoin for real cash and praying that its price will go up and selling it when it has gone up.This approach could be very risky and you could end up shedding money somewhat than making any profit.
Otherwise you may select to mine bitcoins, but here’s what it is best to consider, mining hardware is super costly and mining requires a number of electricity,additionally mining problem 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 two good ways to make cash if you happen to know what you are doing.
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