This is my very first article right here so hopefully this gets approved, I'm going to share some factors 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 can't be managed by any bank or any authorities, it is basically a virtual currency and could be purchased on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin anywhere in this world without much charges, you may 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 inform you when it first launched it has completely no value however now 1 bitcoin = 6,689.35 $ that's some pretty impressive progress is not it?.
So how does this thing grow it's possible you'll ask, well let me tell you learn how to sustain a blockchain there should be something called a ledger the place all the transaction must be noted and to turn into a block in a blockchain a hashing perform must 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 difficult to mine and dedicated hardware called ASIC miners were introduced.
So people who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more people develop into part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are two ways
1.you may 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
Each of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extremely unreliable in the future it might be worth 10,000$ and the following day it could drop to one hundred$. 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 relatively than making any profit.
Otherwise you may choose to mine bitcoins, however here is what you must consider, mining hardware is super expensive and mining requires lots of electricity,also mining issue is getting higher on daily basis 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 cash when you know what you might be doing.
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