Hi there there,

This is my very first article right here so hopefully this gets approved, I’m 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 can’t be managed by any bank or any authorities, it is basically a virtual currency and can be purchased online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin anyplace in this world without a lot charges, you will be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this chances are you’ll ask, well let me let you know 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 chances are you’ll ask, well let me inform you methods to maintain a blockchain there must be something called a ledger the place all the transaction must be noted and to become a block in a blockchain a hashing function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.

To unravel the hashing operate typically folks used graphics cards however as time passed by bitcoin received more troublesome to mine and dedicated hardware called ASIC miners had been introduced.

So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals turn into part of this blockchain its value will increase.

so how can I make money with bitcoin, there are two ways

1.you may trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are thousands of them)

2.you may mine them on your own

Each of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable one day it can be worth 10,000$ and the subsequent day it may drop to a hundred$. Trading essentially means shopping for bitcoin for real money and praying that its worth will go up and selling it when it has gone up.This approach is very risky and you might find yourself dropping money rather than making any profit.

Otherwise you may select to mine bitcoins, however here is what it is best to consider, mining hardware is super expensive and mining requires numerous electricity,additionally mining difficulty 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 should you know what you might be doing.

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