Bitcoin And How One Can Make Cash With It
Good day there,
This is my very first article here so hopefully this gets approved, I'm going to share some factors about bitcoin and blockchain.
For these of you who do not 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 on-line using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin wherever in this world without a lot fees, you will be 100% nameless while doing transactions thanks to a technology called blockchain.So then what's the big thing about this you may 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 impressive development is not it?.
So how does this thing grow you may ask, well let me let you know methods to maintain a blockchain there have to be something called a ledger the place all the transaction needs to be noted and to change into a block in a blockchain a hashing function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To resolve the hashing operate typically folks used graphics cards however as time passed by bitcoin acquired more difficult to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more individuals become part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are ways
1.you can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are thousands of them)
2.you may mine them on your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable someday it might 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 value will go up and selling it when it has gone up.This approach may be very risky and you could end up dropping cash rather than making any profit.
Otherwise you would possibly choose to mine bitcoins, but here's what you need to consider, mining hardware is super expensive and mining requires lots of electricity,also mining problem is getting higher daily 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 when you know what you're doing.
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