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Bitcoin and The right way to Make Cash 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 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 online using real money.So then apart from being a decentralized currency what are its advantages, well you can switch bitcoin anyplace in this world without a lot fees, you will be one hundred% nameless 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 inform you when it first launched it has completely no value but now 1 bitcoin = 6,689.35 $ that is some fairly spectacular progress is not it?.

 

 

So how does this thing develop chances are you'll ask, well let me let you know how one can sustain a blockchain there have to be something called a ledger where all of the transaction must be noted and to change into a block in a blockchain a hashing perform must be solved and producing bitcoin by solving hashes are called Mining Bitcoin.

 

 

To resolve the hashing function typically individuals used graphics cards however as time passed by bitcoin got more tough 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 individuals become part of this blockchain its worth 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, yes there are thousands of them)

 

 

2.you may 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 sooner or later it will be price 10,000$ and the next day it may drop to one hundred$. Trading essentially means shopping for bitcoin for real cash 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 find yourself dropping money somewhat than making any profit.

 

 

Otherwise you may select to mine bitcoins, however here is what it's best to consider, mining hardware is super expensive and mining requires a lot of electricity,also mining problem is getting higher day-after-day so that 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 if you know what you might be doing.

 

 

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