Bitcoin and How one can Make Money With It
This is my very first article here so hopefully this gets approved, I am going to share some factors about bitcoin and blockchain.
For those of you who don’t 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 will be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin wherever in this world without much 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 let you know when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that is some pretty impressive development is not it?.
So how does this thing grow you might ask, well let me let you know methods to maintain a blockchain there have to be something called a ledger where all the transaction must be noted and to turn out to be a block in a blockchain a hashing operate must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To resolve the hashing perform typically people used graphics cards however as time passed by bitcoin acquired more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more folks become part of this blockchain its worth 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 other than bitcoin is called altcoin, sure there are millions of them)
2.you may mine them in your own
Each of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable one day it could be value 10,000$ and the next day it might drop to a 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 may be very risky and it’s possible you’ll end up losing cash rather than making any profit.
Or you would possibly select to mine bitcoins, however here is what you should consider, mining hardware is super costly and mining requires a lot of electricity,also mining problem is getting higher each 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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