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This is my very first article here so hopefully this gets approved, I'm going to share some points 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 controlled by any bank or any authorities, it is basically a virtual currency and might be bought on-line utilizing real money.So then apart from being a decentralized currency what are its advantages, well you'll be able to switch bitcoin anywhere in this world without a lot charges, you will be one hundred% nameless 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 absolutely no worth however now 1 bitcoin = 6,689.35 $ that is some pretty impressive development isn't it?.
So how does this thing grow it's possible you'll ask, well let me let you know how one can sustain a blockchain there must be something called a ledger the place all the transaction has to be noted and to change 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 folks used graphics cards but as time passed by bitcoin got more troublesome to mine and dedicated hardware called ASIC miners have been introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and as more and more folks change into part of this blockchain its worth will increase.
so how can I make money with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are millions of them)
2.you'll be able to mine them in your own
Both of these methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable one day it could be worth 10,000$ and the next day it might drop to 100$. 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 is very risky and you could find yourself dropping money moderately than making any profit.
Otherwise you may choose to mine bitcoins, however here is what you should consider, mining hardware is super costly and mining requires a number of electricity,additionally mining problem is getting higher day by day so 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 in case you know what you might be doing.
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