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Bitcoin and How to Make Money With It
Hi there there,
This is my very first article right here so hopefully this gets approved, I am 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 can be bought 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 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 completely no value but now 1 bitcoin = 6,689.35 $ that is some pretty impressive progress is not it?.
So how does this thing develop chances are you'll ask, well let me tell you the best way to sustain a blockchain there should be something called a ledger where all of the transaction must be noted and to become a block in a blockchain a hashing function has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing perform typically people used graphics cards but as time passed by bitcoin obtained more difficult 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 become part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)
2.you possibly can mine them on your own
Both of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable one day it might be price 10,000$ and the next day it could drop to one hundred$. Trading essentially means buying bitcoin for real money and praying that its price will go up and selling it when it has gone up.This approach may be very risky and you could find yourself losing cash slightly than making any profit.
Or you would possibly select to mine bitcoins, however here is what you must consider, mining hardware is super costly and mining requires numerous electricity,also mining issue 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 in the event you know what you might be doing.
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