Hello Folks,
For those of you who have no idea what Bitcoin is, consider it, Bitcoin is cash that cannot be restricted by any bank or administration, it is basically virtual cash and can be purchased on the web with real money. .
So apart from being a decentralized cash, what are its benefits, you can move bitcoins anywhere in this world without much expense, you can be 100 percent anonymous when making an exchange thanks to an innovation called blockchain. So the thing is you might be asking this, let me know when it was sent before, it certainly has no value except now 1 bitcoin = $6,689.35 which is really a great development.
So as this thing evolves you can ask very let me know how to support the blockchain there should be something that many call a record where all the exchange has to be recorded and to hash the block in the blockchain The ability needs to be addressed and delivering bitcoins by settling hashes is called mining bitcoins.
Individuals commonly used suggestion cards to solve the hashing ability, but as Bitcoin time went on, Bitcoin mining became more difficult and equipment called ASIC diggers were introduced.
So individuals who invest their energy and cash into bitcoin mining will be compensated in bitcoins and as more and more individuals become part of this blockchain, its value will increase.
so how can i bring cash using bitcoins there are two different ways
- 1. you can exchange bitcoin/altcoin (any crypto money other than bitcoin is called altcoin, yes there are a lot of them)
- 2.you can mine them yourself
Both of these strategies have their advantages and disadvantages, since Bitcoin is not limited by anyone, it is very problematic that one day it tends to be worth $10,000 and the next day it can drop to $100.
Basically, an exchange is buying bitcoins with real cash and asking them to go up in price and selling when they go up. This approach is extremely dangerous and you may end up losing cash instead of making a profit.
Or on the other hand, you could choose to mine bitcoins, but this is a thing you should consider, the mining equipment is really expensive and mining requires a lot of electricity, the mining problems are also constantly increasing, so you won't be able to get several benefits without speculating on beginning
That being said, Bitcoin exchange and mining are two great ways to get cash provided you understand what you are doing.
Thanks for reading i hope you learned something new, see you in the next article. Have a good day : )
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