Hiya 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 those 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 government, it is basically a virtual currency and may be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anywhere in this world without much fees, you might be 100% nameless 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 completely no value however now 1 bitcoin = 6,689.35 $ that is some pretty impressive growth is not it?.
So how does this thing develop you may ask, well let me let you know how to maintain a blockchain there must be something called a ledger where all the transaction has to be noted and to change into a block in a blockchain a hashing function has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing function typically folks used graphics cards but as time passed by bitcoin bought 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 become part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you may trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are millions of them)
2.you’ll be able to mine them in your own
Each of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable in the future it might be value 10,000$ and the next day it may drop to 100$. Trading essentially means shopping for bitcoin for real cash and praying that its price will go up and selling it when it has gone up.This approach is very risky and it’s possible you’ll end up losing cash somewhat than making any profit.
Otherwise you might select to mine bitcoins, but here is what you need to consider, mining hardware is super expensive and mining requires plenty of electricity,also mining problem is getting higher daily so 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 in the event you know what you might be doing.
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