Bitcoin and Methods to Make Money With It

Whats up there,

This is my very first article here so hopefully this gets approved, I’m 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 cannot be managed by any bank or any government, it is basically a virtual currency and could 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 switch bitcoin anyplace in this world without much charges, you can be one hundred% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this it’s possible you’ll 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 impressive development isn’t it?.

So how does this thing develop chances are you’ll ask, well let me tell you easy methods to sustain a blockchain there have to be something called a ledger where all the transaction has to be noted and to change into a block in a blockchain a hashing perform has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.

To solve the hashing function typically people used graphics cards however as time passed by bitcoin got more difficult 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 turn into 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 literally thousands of them)

2.you possibly can mine them in your own

Both of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable at some point it can be value 10,000$ and the following day it may drop to a 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 it’s possible you’ll end up losing money quite than making any profit.

Otherwise you may choose to mine bitcoins, but here’s what it’s best to consider, mining hardware is super costly and mining requires plenty of electricity,also mining issue 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 two good ways to make money should you know what you are doing.

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