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Bitcoin and The 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 those of you who do not know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be controlled by any bank or any authorities, it is basically a virtual currency and will be purchased on-line using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin wherever in this world without a lot fees, you will be a hundred% anonymous while doing transactions thanks to a technology called blockchain.So then what's the big thing about this chances are you'll ask, well let me let you know when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that's some fairly spectacular growth is not it?.

 

 

So how does this thing develop it's possible you'll ask, well let me let you know how one can maintain a blockchain there should be something called a ledger the place all of the transaction needs to be noted and to change into a block in a blockchain a hashing function has to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.

 

 

To solve the hashing operate typically people used graphics cards however as time passed by bitcoin obtained more troublesome to mine and dedicated hardware called ASIC miners have been introduced.

 

 

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

 

 

so how can I make money 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 millions of them)

 

 

2.you'll be able to mine them on your own

 

 

Each of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extraordinarily unreliable in the future it will be price 10,000$ and the subsequent day it may drop to a hundred$. Trading essentially means buying bitcoin for real money and praying that its value will go up and selling it when it has gone up.This approach could be very risky and you may find yourself losing cash rather than making any profit.

 

 

Otherwise you would possibly choose to mine bitcoins, but here is what you must consider, mining hardware is super costly and mining requires lots of electricity,additionally mining difficulty is getting higher every 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 when you know what you are doing.

 

 

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