Hey 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 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 might be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin wherever in this world without a lot fees, you might be 100% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you may 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 fairly spectacular development isn’t it?.
So how does this thing develop you could ask, well let me tell you tips on how to maintain a blockchain there must 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 function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing operate typically folks used graphics cards but as time passed by bitcoin obtained more tough 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 folks grow to be part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are two ways
1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)
2.you possibly can mine them on your own
Both of those methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable someday it might be price 10,000$ and the following day it could drop to a hundred$. Trading essentially means buying bitcoin for real cash and praying that its worth will go up and selling it when it has gone up.This approach could be very risky and you may find yourself losing cash rather than making any profit.
Or you may choose to mine bitcoins, however here is what it’s best to consider, mining hardware is super costly and mining requires lots of electricity,also mining issue 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 money in the event you know what you are doing.
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