Hiya there,

This is my very first article right here so hopefully this gets approved, I’m going to share some points 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 government, it is basically a virtual currency and could be purchased online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anyplace in this world without much fees, you might be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you might ask, well let me inform you when it first launched it has absolutely no worth however now 1 bitcoin = 6,689.35 $ that is some pretty spectacular development isn’t it?.

So how does this thing grow chances are you’ll ask, well let me let you know find out how to maintain a blockchain there must be something called a ledger where all of the transaction must be noted and to develop into a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.

To unravel the hashing perform typically individuals used graphics cards however as time passed by bitcoin acquired more tough 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 people become part of this blockchain its value will increase.

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

1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are millions of them)

2.you’ll be able to mine them in your own

Both of these methods 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 one hundred$. Trading essentially means shopping for bitcoin for real cash and praying that its value will go up and selling it when it has gone up.This approach is very risky and you could find yourself losing money relatively than making any profit.

Otherwise you would possibly select to mine bitcoins, but here is what you should consider, mining hardware is super expensive and mining requires a number of electricity,also mining problem 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 good ways to make cash should you know what you’re doing.

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