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 controlled by any bank or any government, it is basically a virtual currency and may be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin anyplace in this world without a lot fees, you might be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you might ask, well let me inform you when it first launched it has completely no worth however now 1 bitcoin = 6,689.35 $ that is some fairly spectacular progress isn’t it?.
So how does this thing grow it’s possible you’ll ask, well let me tell you find out how to sustain a blockchain there should be something called a ledger the place all of the transaction must be noted and to grow to be a block in a blockchain a hashing function needs to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing function typically folks used graphics cards however as time passed by bitcoin acquired more tough 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 worth will increase.
so how can I make money with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are thousands of them)
2.you possibly can mine them in your own
Both of those methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable someday it may be price 10,000$ and the next day it might drop to a hundred$. Trading essentially means buying 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 chances are you’ll find yourself losing money rather than making any profit.
Otherwise you would possibly choose to mine bitcoins, but here’s what it’s best to consider, mining hardware is super expensive and mining requires numerous electricity,also mining problem is getting higher day by 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 cash in the event you know what you’re doing.
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