Bitcoin and Methods to Make Cash With It

Hey 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 managed by any bank or any authorities, it is basically a virtual currency and might be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you’ll be able to transfer bitcoin wherever in this world without a lot charges, 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 may ask, well let me let you know when it first launched it has completely no worth however now 1 bitcoin = 6,689.35 $ that is 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 must be something called a ledger the place all the transaction needs to be noted and to turn out to be a block in a blockchain a hashing perform needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.

To unravel the hashing function typically folks used graphics cards but as time passed by bitcoin received more difficult to mine and dedicated hardware called ASIC miners were introduced.

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

so how can I make cash with bitcoin, there are ways

1.you’ll be able to trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are thousands of them)

2.you possibly can 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 will be worth 10,000$ and the next day it may drop to a hundred$. Trading essentially means buying bitcoin for real money and praying that its worth will go up and selling it when it has gone up.This approach is very risky and chances are you’ll end up shedding money rather than making any profit.

Or you might select to mine bitcoins, but here is what you must consider, mining hardware is super expensive and mining requires lots of electricity,also mining difficulty is getting higher daily 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’re doing.

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