Who among you does not know Bitcoin?
For those of you who do not know what Bitcoin is, let me put it this way .
Bitcoin is a currency which cannot be controlled by any bank or any government .It is basically a virtual currency and can be bought online using real money.
So then, apart from being a decentralized currency, what are its advantages?
Well, you can transfer bitcoin anywhere in this world without many fees, you can be 100% anonymous while doing transactions thanks to a technology called blockchain.
So then what is the big thing about this? You let me tell you when it first launched it had absolutely no value.
but now 1 bitcoin = 6,689.35 $ That is some pretty impressive growth, isn't it? So, how does this thing grow?Let me tell you how to sustain a blockchain .
There must be something called a ledger where all the transactions have to be noted and to become a block in a blockchain, a hashing function has to be solved and producing bitcoin by solving hashes is called Mining Bitcoin.
To solve the hashing function, typically people used graphics cards, but as time passed by, bitcoin got more difficult to mine and dedicated hardware called ASIC miners were introduced.
So, people who spend their time and money mining bitcoins will be rewarded in bitcoins and, as more and more people become part of this blockchain, its value will increase.
So how can I make money with bitcoin? There are two ways .
You can trade bitcoin / halting(any cryptocurrency other than bitcoin is called dalton, there are thousands of them).
2 You can mine them on your own. Both of these methods have their own advantages and disadvantages, because bitcoin is controlled by nobody it is extremely unreliable .
One day it can be worth $10,000 and the next day it may drop to 100$.
Trading is essentially buying bitcoin with real money, hoping the price goes up, and selling when it goes up.
This approach is very risky and can result in you losing money instead of making a profit. or you choose me