This is my first article here so hopefully it will be approved, I am going to share some points Bitcoin And Blockchain.
What for those of you who don’t know Bitcoin Let me put it this way, Bitcoin A currency that no bank or government can control, it is basically a virtual currency and can be bought online using real money. So what is the advantage of being a decentralized currency, you can transfer. Bitcoin You can be 100% anonymous while transacting anywhere in the world, without paying too much Blockchain.Then you might ask what’s the big deal about this, well let me tell you it wasn’t worth it when it was first launched but now 1 bitcoin = 6,689.35 $ which is some pretty impressive increase isn’t it?
So you can ask how this thing grows, well I tell you how to sustain a blockchain there has to be something called a ledger where all transactions have to be noted and a hashing function has to be solved if there is to be a block in the blockchain. And creating bitcoin by solving hashes is called mining bitcoin.
People usually used graphics cards to solve hashing functions but with the passage of time Bitcoin became more difficult to mine and dedicated hardware called ASIC Minor was introduced.
So those who spend their time and money to mine bitcoin will be rewarded with bitcoin and the more people who are part of this blockchain the more its value will increase.
Then how can I make money Bitcoin, There are two ways
1. You can trade Bitcoin / Altcoin (any cryptocurrency other than Bitcoin is called Altcoin, yes there are thousands)
2. You can mine them on your own
Both of these methods have their own advantages and disadvantages, as Bitcoin is not controlled by anyone. It is highly unreliable. One day it may cost 10,000 10,000 and the next day it may drop to $ 100. Basically trading means buying bitcoin for real money and praying that its price will go up and when it goes up it will be sold. This method is very risky and you can lose money without any profit.
Or you can choose bitcoin mining, but here’s what you should consider, mining hardware is very expensive and requires a lot of power for mining, also mining difficulty is increasing every day so you will not be able to get some profit without high initial investment
Bitcoin trading and mining are said to be two of the best ways to make money if you know what you are doing.