This is my first article here, so I hope this is okay, I have to share some points bitcoin and blockchain.
For those of you who don’t know Bitcoin let me put it this way, Bitcoin it is a currency that cannot be controlled by any bank or any government, it is basically a virtual currency and can be bought online with real money. So, apart from being a decentralized currency, what are its advantages, well you can transfer. bitcoin anywhere in this world without many fees, you can be 100% anonymous while making transactions thanks to a technology called blockchain.So what is the big thing about this you may ask, well what will I tell you when the first launch has absolutely no value, but now 1 bitcoin = 6,689.35 $ which is quite an impressive growth isn’t it?.
So, how to grow this thing, you may ask, well let me tell you how to support 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 must be solved. and produce bitcoin resolved hashes are called Mining Bitcoin.
To solve the hashing function typically people used graphics cards, but as time went by bitcoin became more difficult to mine and a dedicated hardware called ASIC miners was introduced.
So people who spend their time and money to mine bitcoin will be rewarded in bitcoins and 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
1.you can exchange bitcoin/altcoin (any cryptocurrency other than bitcoin is called altcoin, yes there are thousands)
2.you can mine them on your own
Both methods have their advantages and disadvantages, because bitcoin is controlled by no one, it is extremely unreliable one day it can be worth 10,000$ and the next day it can fall to 100$. Trading essentially means buying bitcoin for real money and praying that its price goes up and sell when it went up.This approach is very risky and you can end up losing money instead of making a profit.
Or you can choose to mine bitcoins, but here is what you should consider, the mining hardware is super expensive and mining requires a lot of electricity, also the mining difficulty is getting higher every day, so you won’t be able to get some profit without initial high. investment
That said, bitcoin trading and mining are two good ways to make money if you know what you’re doing.