Bitcoin and Easy methods to Make Cash With It

Howdy 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 could be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to switch bitcoin anyplace in this world without much fees, you can be one 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 tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that’s some pretty spectacular development is not it?.

So how does this thing develop you might ask, well let me tell you how to maintain a blockchain there have to be something called a ledger where all of the transaction has to be noted and to develop into a block in a blockchain a hashing function needs to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.

To solve the hashing operate typically individuals used graphics cards but as time passed by bitcoin got more tough to mine and dedicated hardware called ASIC miners have been introduced.

So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals turn into 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, yes there are thousands of them)

2.you may 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 one day it may be worth 10,000$ and the next day it might drop to a hundred$. 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 could be very risky and you may find yourself shedding cash rather than making any profit.

Or you would possibly select to mine bitcoins, but here’s what you need to consider, mining hardware is super costly and mining requires plenty of electricity,additionally mining issue is getting higher every 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 cash if you happen to know what you’re doing.

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