This is my first article here so I hope it gets approved, I am going to share some points about bitcoin and blockchain.
For those of you who don’t know what Bitcoin is, let me put it this way, Bitcoin is a currency that cannot be controlled by any bank or 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 bitcoins anywhere in the world without much fees, you can be 100% anonymous while transacting thanks to a technology called blockchain. So what is the big advantage of this? you may ask, well let me tell you when it was first released it was worth absolutely no value but now 1 bitcoin = $6,689.35, that’s pretty impressive growth isn’t it?
So how does this grow? You may ask, well let me tell you how to maintain a blockchain. There must be something called a ledger where all transactions must be noted down and in order to become a block in a blockchain, a hash function must be solved. and the production of bitcoin by solving hashes is called Bitcoin Mining.
To solve the hash function, normally people used graphics cards, but as time went on Bitcoin became more difficult to mine and dedicated hardware called ASIC miners were introduced.
Therefore, people who spend their time and money mining bitcoins will be rewarded in bitcoins and as more and more people become a part of this blockchain, its value will increase.
So how can I make money with bitcoin? There are two ways.
1.You can trade bitcoin/altcoin (any cryptocurrency other than bitcoin is called an altcoin, yes there are thousands of them)
2.You can mine them on your own
Both methods have their own advantages and disadvantages, because bitcoin is not controlled by anyone, it is extremely unreliable, one day it can be worth $10,000 and the next day it can drop to $100. Trading essentially means buying bitcoin with real money and praying for its price to go up and selling it when it has gone up. This approach is very risky and you may end up losing money instead of making a profit.
Or you can choose to mine bitcoins, but this is what you need to consider, mining hardware is very expensive and mining requires a lot of electricity, moreover, the difficulty of mining increases every day, so you will not be able to get some profit without an initial high. investment.
With that said, bitcoin trading and mining are two good ways to make money if you know what you’re doing.
hey if you enjoyed this article i will put a link below where you can get some good graphics cards to mine bitcoin.