Bitcoin and How you can Make Money With It

Good day there,

This is my very first article right 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 can’t be managed by any bank or any government, it is basically a virtual currency and might 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 anyplace in this world without a lot fees, you will be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you may ask, well let me let you know when it first launched it has completely no worth however now 1 bitcoin = 6,689.35 $ that is some fairly impressive growth isn’t it?.

So how does this thing grow you may ask, well let me inform you the best way to maintain a blockchain there must be something called a ledger where all 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 unravel the hashing operate typically people used graphics cards however as time passed by bitcoin got more tough to mine and dedicated hardware called ASIC miners had been introduced.

So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more folks turn into part of this blockchain its value will increase.

so how can I make cash with bitcoin, there are ways

1.you may trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)

2.you can mine them on your own

Both of these strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it will be price 10,000$ and the following day it may 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 could be very risky and it’s possible you’ll end up losing money moderately than making any profit.

Or you would possibly choose to mine bitcoins, but here’s what it is best to consider, mining hardware is super costly and mining requires a lot of electricity,also mining difficulty is getting higher day by day so 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 in the event you know what you’re doing.

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