Bitcoin and How to Make Money With It
This is my very first article here so hopefully this gets approved, I'm going to share some points 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 controlled by any bank or any government, it is basically a virtual currency and might be purchased on-line using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anywhere in this world without a lot fees, you might be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what's the big thing about this you could ask, well let me inform you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that is some pretty spectacular progress is not it?.
So how does this thing grow it's possible you'll ask, well let me let you know how to sustain a blockchain there have to be something called a ledger where all the transaction has to be noted and to grow 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 perform typically folks used graphics cards however as time passed by bitcoin received more difficult 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 money with bitcoin, there are ways
1.you'll be able to trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are literally thousands of them)
2.you can mine them on your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it can be value 10,000$ and the subsequent day it might drop to 100$. 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 may be very risky and it's possible you'll find yourself dropping money moderately than making any profit.
Otherwise you may choose to mine bitcoins, but here is what it's best to consider, mining hardware is super expensive and mining requires numerous 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 two good ways to make cash if you happen to know what you are doing.
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