Bitcoin and Methods to Make Money With It

Whats up 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 these of you who do not 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 will be bought online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you possibly can switch bitcoin wherever in this world without much fees, you will be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you might ask, well let me tell you when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that is some pretty impressive growth is not it?.

So how does this thing develop you might ask, well let me tell you how you can sustain a blockchain there should be something called a ledger the place all of the transaction must be noted and to become a block in a blockchain a hashing operate has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.

To resolve 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 have been introduced.

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

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

1.you can 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 on your own

Both of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable one day it can be worth 10,000$ and the following day it might 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 you could find yourself dropping money relatively than making any profit.

Or you may choose to mine bitcoins, but here’s what it is best to consider, mining hardware is super expensive and mining requires numerous electricity,also mining difficulty is getting higher day by day 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 money for those who know what you might be doing.

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