This is my first article here so hopefully it will be approved, I will share some points about bitcoin and blockchain.
For those of you who don’t know what Bitcoin let me put it like this, Bitcoin is a currency that cannot be controlled by any bank or any government, it is basically a virtual currency and can be purchased online using real money.So then apart from a decentralized currency what is his advantages, well you can transfer bitcoin anywhere in this world without a lot of fees, you can be 100% anonymous while doing transactions thanks to a technology called blockchain.So what is the great thing about this you might ask, well let me tell you when it first launched it was worthless but now 1 bitcoin = 6,689.35 $ which is some pretty impressive growth isn’t it ?.
So how does this thing grow you may be asking, I’m good at telling you how to maintain a blockchain you really need to have something called a ledger where all the transactions should be noted and in order to be a block in a blockchain a hashing function needs to be resolved. and making bitcoin by solving hashes is called Mining Bitcoin.
To solve the hashing function people usually use graphics cards but over time bitcoin has become more difficult to mine and dedicated hardware called ASIC miners have been introduced.
That’s why people who spend their time and money mining and bitcoin will be rewarded with bitcoins and as more and more people become part of this blockchain its value will increase.
so how can I make money bitcoin, there are two ways
1.you can sell 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 own advantages and disadvantages, because bitcoin is controlled by anyone it is so unreliable that one day it could cost 10,000 $ and the next day it could fall into 100 $. Trading actually means buying bitcoin for real money and praying that its price will go up and selling it when it does go up. This method is very risky and you may lose more money than you make a profit.
Or you can choose to mine bitcoins, but here’s what you need to keep in mind, mining hardware is more expensive and mining requires a lot of electricity, as well as the difficulty of mining is increasing every day so you don’t get profits without long initials. investment.
The said bitcoin trading and mining are two great ways to make money if you know what you are doing.