@clarissayuz
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Registered: 2 years, 3 months ago
Bitcoin and The right way to Make Money With It
Good day there,
This is my very first article right 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 can't be controlled by any bank or any government, it is basically a virtual currency and can be purchased online utilizing real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anyplace in this world without a lot charges, you might be 100% 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 inform you when it first launched it has completely no worth however now 1 bitcoin = 6,689.35 $ that's some pretty impressive development isn't it?.
So how does this thing develop you might ask, well let me inform you learn how to sustain a blockchain there must be something called a ledger where all the transaction must be noted and to change into a block in a blockchain a hashing function needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To unravel the hashing function typically folks used graphics cards however as time passed by bitcoin got more tough 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 cash with bitcoin, there are two ways
1.you may trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, sure there are thousands of them)
2.you can mine them on your own
Both of those strategies have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable at some point it could be price 10,000$ and the subsequent day it may drop to one hundred$. Trading essentially means shopping for bitcoin for real money and praying that its price will go up and selling it when it has gone up.This approach could be very risky and chances are you'll find yourself losing cash slightly than making any profit.
Otherwise you might select to mine bitcoins, however here's what you must consider, mining hardware is super costly and mining requires plenty of electricity,also mining difficulty is getting higher every 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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