Howdy there,

This is my very first article here so hopefully this gets approved, I am 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 can’t be controlled by any bank or any authorities, it is basically a virtual currency and can be purchased online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin anyplace in this world without much charges, you might be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this chances are you’ll ask, well let me inform you when it first launched it has completely no worth however now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular progress isn’t it?.

So how does this thing develop chances are you’ll ask, well let me tell you the right way to sustain a blockchain there have to be something called a ledger the place all the transaction has to be noted and to turn out to be a block in a blockchain a hashing perform has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.

To unravel the hashing perform typically people used graphics cards but as time passed by bitcoin obtained more troublesome to mine and dedicated hardware called ASIC miners have been introduced.

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

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

1.you possibly can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are literally thousands of them)

2.you may mine them in your own

Each of those strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable sooner or later it will be price 10,000$ and the subsequent day it could drop to a hundred$. Trading essentially means buying bitcoin for real cash 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 shedding money relatively than making any profit.

Or 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,additionally mining difficulty is getting higher on daily basis 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 money if you know what you might be doing.

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