Hello there,
This is my very first article right here so hopefully this gets approved, I am going to share some factors 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 cannot be managed by any bank or any government, it is basically a virtual currency and will be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin anywhere in this world without much charges, you will be one hundred% 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 tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some fairly spectacular growth is not it?.
So how does this thing develop it’s possible you’ll ask, well let me tell you the right way to maintain a blockchain there have to 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 function has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To resolve the hashing function typically people used graphics cards however as time passed by bitcoin got more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more people turn out to be part of this blockchain its value 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, yes there are millions of them)
2.you’ll be able to mine them in your own
Each of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable someday it could be worth 10,000$ and the next day it may drop to 100$. Trading essentially means buying bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach may be very risky and you could find yourself dropping cash somewhat than making any profit.
Or you would possibly select to mine bitcoins, but here is what you should consider, mining hardware is super expensive and mining requires plenty of electricity,additionally mining difficulty is getting higher every 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 money if you know what you’re doing.
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