This is my first article here, so I hope it will be approved, I will share some points bitcoin and blockchain.
For those of you who don’t know what bitcoin 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 purchased online with real money. So in addition to being a decentralized currency, what are its advantages, you can transfer bitcoin anywhere in the world without many fees, you can be 100% anonymous while making transactions thanks to a technology called blockchain.So what’s the big thing in this, you may ask, let me tell you, when it first launched, it had absolutely no value, but now 1 bitcoin = $ 6,689.35, which is quite an impressive growth, right ?.
So how does this thing grow, you may ask, let me tell you how to maintain a blockchain, there has to be something called a register where the whole transaction has to be noted and in order to turn a block into a blockchain, a hash has to be solved -The function and production of bitcoin by solving hashes is called Mining Bitcoin.
People usually used graphics cards to solve the hash function, but over time bitcoin became more difficult to dig and special hardware called ASIC miners was introduced.
So people who spend their time and money digging for bitcoins will be rewarded with bitcoins, and as 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 trade bitcoin / altcoin (any cryptocurrency other than bitcoin is called altcoin, yes, there are thousands of them)
2. you can dig them yourself
Both methods have their advantages and disadvantages, as bitcoin is not controlled by anyone, it is extremely unreliable, one day it can cost $ 10,000, and the next day it can fall to $ 100. Trading essentially means buying bitcoin for real money and praying for its price to go up and selling it when it goes up. This approach is very risky and you may end up losing money instead of winning.
Or you can choose to dig bitcoins, but here’s what to keep in mind, digging hardware is super expensive and extraction requires a lot of electricity, and the difficulty of digging is getting higher every day, so you won’t be able to make some profit. without a high initial investment.
Given that bitcoin trading and digging are two good ways to make money if you know what you’re doing.