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Bitcoin and Find out how to Make Cash With It
Howdy 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 those of you who do not know what Bitcoin is let me put it this way, Bitcoin is a currency which can't be managed by any bank or any authorities, it is basically a virtual currency and can be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you may switch bitcoin anywhere in this world without a lot charges, you might be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what's the big thing about this it's possible you'll ask, well let me let you know when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that's some fairly spectacular development is not it?.
So how does this thing develop you might ask, well let me tell you learn how to sustain a blockchain there have to 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 needs to be solved and producing bitcoin by fixing hashes are called Mining Bitcoin.
To solve the hashing function typically people used graphics cards but as time passed by bitcoin received more tough to mine and dedicated hardware called ASIC miners have been introduced.
So individuals who spend their money and time to mine bitcoin will be rewarded in bitcoins and as more and more individuals turn out to be part of this blockchain its value will increase.
so how can I make cash with bitcoin, there are two ways
1.you can trade bitcoin/altcoin(any cryptocurrency apart from bitcoin is called altcoin, sure there are millions of them)
2.you can mine them in your own
Each of these strategies have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable at some point it may be price 10,000$ and the next day it might drop to one hundred$. Trading essentially means shopping for 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 it's possible you'll end up losing cash rather than making any profit.
Otherwise you would possibly choose to mine bitcoins, but here is what it is best to consider, mining hardware is super costly and mining requires numerous electricity,also mining problem 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 two good ways to make money for those who know what you might be doing.
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