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About Bitcoin and Tips on how to Make Cash With It

 

This is my very first article here so hopefully this gets approved, I am 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 government, it is basically a virtual currency and might be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anywhere in this world without much charges, you can be 100% nameless while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you could ask, well let me tell you when it first launched it has absolutely no worth but now 1 bitcoin = 6,689.35 $ that is some fairly impressive progress isn't it?.

 

 

So how does this thing grow chances are you'll ask, well let me let you know how one can maintain a blockchain there must be something called a ledger where all the transaction must be noted and to become a block in a blockchain a hashing function needs to be solved and producing bitcoin by solving hashes are called Mining Bitcoin.

 

 

To solve the hashing operate typically individuals used graphics cards but as time passed by bitcoin got more difficult to mine and dedicated hardware called ASIC miners had 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 worth will increase.

 

 

so how can I make money with bitcoin, there are two ways

 

 

1.you can trade bitcoin/altcoin(any cryptocurrency aside from bitcoin is called altcoin, sure there are millions of them)

 

 

2.you may mine them on your own

 

 

Both of those methods have their own advantages and disadvantages, because bitcoin is managed by nobody it is extraordinarily unreliable in the future it could be price 10,000$ and the following day it could drop to 100$. 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 may be very risky and you could end up losing cash rather than making any profit.

 

 

Or you might choose to mine bitcoins, but here's what you should consider, mining hardware is super costly and mining requires a lot of electricity,also mining issue is getting higher day-after-day so you won't be able to get some profits without high initial investment.

 

 

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