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Bitcoin and How you can Make Money With It
Good day there,
This is my very first article here so hopefully this gets approved, I am going to share some factors about bitcoin and blockchain.
For these of you who don't know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be controlled by any bank or any government, it is basically a virtual currency and could be bought on-line using real money.So then apart from being a decentralized currency what are its advantages, well you possibly can transfer bitcoin wherever in this world without a lot fees, you will be one hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what's the big thing about this you could ask, well let me tell you when it first launched it has absolutely no value however now 1 bitcoin = 6,689.35 $ that is some pretty spectacular development is not it?.
So how does this thing grow you could ask, well let me inform you how you can maintain a blockchain there have to be something called a ledger the place all the transaction needs to be noted and to develop into a block in a blockchain a hashing function has to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To unravel the hashing function typically folks used graphics cards but as time passed by bitcoin got 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 folks turn out to be part of this blockchain its value will increase.
so how can I make money with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, yes there are thousands of them)
2.you can mine them on your own
Each of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable one day it can be price 10,000$ and the next day it might 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 could be very risky and chances are you'll find yourself shedding cash slightly than making any profit.
Otherwise you might choose to mine bitcoins, but here's what it is best to consider, mining hardware is super expensive and mining requires a number of electricity,additionally mining problem is getting higher daily 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 if you know what you're doing.
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