@lizettemolino09
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Registered: 3 years, 10 months ago
Bitcoin and The way to Make Money With It
Hello there,
This is my very first article here so hopefully this gets approved, I am 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 cannot be controlled by any bank or any authorities, it is basically a virtual currency and can be purchased online using real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin wherever in this world without much fees, you might 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 tell you when it first launched it has absolutely no worth but now 1 bitcoin = 6,689.35 $ that's some fairly impressive progress is not it?.
So how does this thing develop you could ask, well let me let you know methods to maintain a blockchain there must be something called a ledger the place all of the transaction has to be noted and to change into a block in a blockchain a hashing function must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.
To solve the hashing perform typically folks used graphics cards but as time passed by bitcoin acquired 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 grow to be part of this blockchain its worth will increase.
so how can I make cash with bitcoin, there are ways
1.you possibly can trade bitcoin/altcoin(any cryptocurrency other than bitcoin is called altcoin, yes there are millions of them)
2.you'll be able to mine them in your own
Both of those methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable someday it can be worth 10,000$ and the following day it could drop to a hundred$. Trading essentially means shopping for bitcoin for real money and praying that its value will go up and selling it when it has gone up.This approach is very risky and it's possible you'll find yourself shedding money rather than making any profit.
Or you would possibly choose to mine bitcoins, however here's what it is best to consider, mining hardware is super expensive and mining requires a number of electricity,additionally mining difficulty is getting higher each 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 are doing.
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