Bitcoin and How you can Make Money With It

Good day 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 these of you who do not know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be controlled by any bank or any authorities, it is basically a virtual currency and can be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you may transfer bitcoin anywhere in this world without a lot fees, you can be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what’s the big thing about this you may ask, well let me tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some pretty impressive progress isn’t it?.

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

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

So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks turn out to be 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 other than bitcoin is called altcoin, yes there are millions of them)

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

Both of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable in the future it might be value 10,000$ and the following day it may drop to 100$. Trading essentially means buying bitcoin for real cash and praying that its price will go up and selling it when it has gone up.This approach may be very risky and you may find yourself shedding cash moderately than making any profit.

Otherwise you might select to mine bitcoins, but here’s what it is best to consider, mining hardware is super expensive and mining requires a number of electricity,also mining difficulty is getting higher every single day 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 cash for those who know what you are doing.

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