by Norman GrothHiya there,
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 can’t be managed by any bank or any government, it is basically a virtual currency and might be bought on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin anywhere in this world without a lot fees, you could be one hundred% nameless 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 tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular growth is not it?.
So how does this thing grow you could ask, well let me let you know methods to sustain a blockchain there should be something called a ledger the place all the transaction must be noted and to change into a block in a blockchain a hashing function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing perform typically folks used graphics cards but as time passed by bitcoin bought more troublesome to mine and dedicated hardware called ASIC miners had been introduced.
So people who spend their money and time 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 other than bitcoin is called altcoin, yes there are literally thousands of them)
2.you can mine them on your own
Both of those methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable sooner or later it might be price 10,000$ and the next day it could drop to one hundred$. Trading essentially means shopping for bitcoin for real money and praying that its value will go up and selling it when it has gone up.This approach is very risky and you may end up losing cash quite than making any profit.
Otherwise you may select to mine bitcoins, however here’s what you need to consider, mining hardware is super costly and mining requires plenty of electricity,also mining issue is getting higher each day 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 cash should you know what you are doing.
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