This is my very first article here so hopefully this gets approv, 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 controll by any bank or any government. It is basically a virtual currency and can bought online using real money.
So then apart from being a decentralized Bitcoin currency what are its advantages.
Well you can transfer bitcoin anywhere in this world without much fees. You can be 100% anonymous while doing transactions thanks to a technology called blockchain. Then what is the big thing about this you may ask, well let me tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some pretty impressive growth isn’t it?.
So how does this thing grow you may ask. Well let me tell you how to sustain a blockchain there must something called a ledger. Where all the transaction has to noted and to become a block in a blockchain. A hashing function to solve and producing bitcoin by solving hashes are calling Mining.
To solve the hashing Bitcoin function:
Typically people used graphics cards but as time passed by bitcoin got more difficult. To mine and dedicated hardware call ASIC miners introduced. So people who spend their time and money to mine will reward in bitcoins. As more and more people become part of this blockchain its value will increase.
so how can I make money with bitcoin, there are two ways
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1.you can trade /altcoin(any cryptocurrency other than called altcoin, yes there are thousands of them)
2.you can mine them on your own
Both of these methods have their own advantages and disadvantages:
Because bitcoin is controlling nobody it is extremely unreliable one day it can worth 10,000$. And the next day it may drop to 100$. Trading essentially means buying for real money and praying. That its price will go up and selling it when it has gone up.This approach is very risky and you may end up losing money rather than making any profit.
Or you might choose to mine Bitcoin:
But here is what you should consider, mining hardware is super expensive and mining requires lots of electricity,also 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 two good ways to make money if you know what you are doing. Hey if you enjoyed this article I will put a link down below where you can get some good graphics cards for mining.
