This is my first article here, so I hope you will accept this, I will share some points about it bitcoin and block chain.
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 government, it is basically a virtual currency and can be bought online using real money. So what are its advantages besides being a decentralized currency, you can transfer it well. bitcoin With no high fees anywhere in the world, you can be 100% anonymous while transacting thanks to a technology called block chain.So what’s the biggest thing about this you might ask, I’ll tell you that when it first launched it had absolutely no value, but now 1 bitcoin = $6,689.35 that’s pretty impressive growth, right?.
So you may ask how this thing grows, well I’ll tell you how the blockchain is sustained; there must be something called a ledger where all transactions must be noted and the hashing function to convert a block into a block must be solved. and producing bitcoin by solving hashes are called Mining Bitcoin.
Usually people used graphics cards to solve the hashing function, but as time went on bitcoins became harder to mine and dedicated hardware called ASIC miners came into play.
So people who spend their time and money in bitcoin mining will be rewarded in bitcoins and as more and more people become part of this blockchain its value will increase.
so how can i earn money bitcoin, there are two ways
1. you can trade bitcoin/altcoin (any cryptocurrency other than bitcoin is called altcoin, yes there are thousands of them)
2. you can mine them yourself
Both of these methods have their advantages and disadvantages because bitcoin is not controlled by anyone, it is very reliable one day it can be worth $10,000 and the next day it can drop to $100. Trading basically means buying bitcoin with real money and praying for its price to go up and selling when it does. This approach is very risky and you may lose money instead of winning.
Or you can choose to mine bitcoins, but here’s what you need to consider, mining hardware is very expensive and mining requires a lot of electricity, also the mining difficulty is increasing every day, so you won’t be able to make some profits without a high initial investment. the investment
That said, bitcoin trading and mining are two good ways to make money if you know what you’re doing.