Know More About Bitcoin and Make more Money
Now!!! ๐
Bitcoin is a currency that cannot be controlled by any bank or Government, it's basically a virtual currency and can be bought online with real money.
Image by digital designer from Pixabay
Aside from being a decentralized currency, what are its advantages?
Well, you can transfer bitcoins anywhere in the world without paying a lot of fees. Thanks to a technology called blockchain, you can remain 100% anonymous in transactions.
So what's the big benefit of this? Well, let me tell you when it was first released is absolutely worthless, but now 1 bitcoin = $6689.35, that's pretty impressive growth, isn't it? So how does this grow? You may be wondering, let me tell you how to maintain a blockchain.
https://www.youtube.com/watch?v=41JCpzvnn_0 video by 99Bitcoins
There needs to be something called a ledger where all transactions need to be noted and turned into a block on a blockchain. the hash function needs to be solved and the production of bitcoin by solving hashes is called bitcoin mining.
To solve the hash function, people usually used graphics cards, but over time, bitcoin became more and more difficult to mine, and special hardware called ASIC miners was introduced. So people who spend their time and money mining bitcoins are rewarded with bitcoins, and more and more people are becoming Part of its blockchain, and its value will increase.
So how can I make money with Bitcoin? There are possibilities ๐
You can mine them yourself 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 be worth $100 $ or less.
Trading essentially means buying bitcoins with real money, praying that their price will go up, and selling them when they go 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 keep in mind the following:
Mining hardware is very expensive and requires a lot of power, besides, the mining difficulty is increasing every day, so you can't get a profit without heavy initial investments.
Nevertheless, bitcoin trading and mining are two good ways to make money if you know what you are doing.
Resources
https://www.newscientist.com/definition/bitcoin/
https://www.statista.com/statistics/326707/bitcoin-price-index/
https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency
https://www.forbes.com/advisor/investing/cryptocurrency/top-10-cryptocurrencies/
https://www.nerdwallet.com/article/investing/what-is-bitcoin
