This is my very first article right here so hopefully this gets approved, I am going to share some points about bitcoin and blockchain.
For these 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 can be bought on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin anyplace in this world without a lot fees, you will be 100% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you could ask, well let me inform you when it first launched it has completely no worth but now 1 bitcoin = 6,689.35 $ that is some fairly impressive progress isn’t it?.
So how does this thing grow you might ask, well let me inform you methods to sustain a blockchain there must be something called a ledger where all of the transaction must be noted and to grow to be a block in a blockchain a hashing operate needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing function typically people used graphics cards but as time passed by bitcoin acquired more difficult to mine and dedicated hardware called ASIC miners were introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more folks grow to be part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are ways
1.you can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are millions of them)
2.you can mine them on your own
Both of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it can be worth 10,000$ and the following day it may drop to one 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 could be very risky and you might find yourself shedding money rather than making any profit.
Otherwise you might select to mine bitcoins, however here is what you need to consider, mining hardware is super costly and mining requires a number 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 money if you know what you’re doing.
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