Bitcoin and how to make money with it

This is my first article here, so I hope it is accepted. I'll talk about bitcoin and blockchain.

For those of you who are not familiar with Bitcoin, let me explain: Bitcoin is a currency that can not be controlled by any bank or government; It is essentially a virtual currency that can be bought online with real money. So, besides being a decentralized currency, what are the benefits of bitcoin? Well, you can send bitcoin anywhere in the world without paying any fees, and you can be completely anonymous when making transactions due to a technology called blockchain. So, what's the point of this you might be asking? Well, when it first started it had no value at all, but today 1 bitcoin equals $ 6,689.35 USD, which is pretty amazing growth, right?

So, how does this thing grow? Well, to support a blockchain, there must be something called a ledger where all transactions must be recorded, and to become a blockchain in a blockchain, a hash function must be solved, and creating bitcoin by solving hash is known as mining bitcoin.

People used graphics cards to solve the hash function in the beginning, but over time, bitcoin became harder to break and specialized hardware known as ASIC miners was manufactured.

People who invest their time and money in mining bitcoin will get paid in bitcoins, and as more people join this network, its value will rise.

So how can I make money with bitcoin, there are two ways

1.You can exchange bitcoins and altcoins (all cryptocurrencies other than bitcoin are called altcoin, yes there are thousands of them)

2. You can break them yourself.

Both of these techniques have advantages and problems. Since bitcoin is not controlled by anyone, it is incredibly volatile; one day it may be worth $ 10,000 and the next day it may be worth $ 100. Trading simply means buying bitcoin for real money, hoping for a price increase and then selling it after the price has risen. This strategy is extremely dangerous and you could lose money instead of making money.

You can also mine bitcoins, but remember that mining hardware is very expensive and mining consumes a lot of electricity, and mining difficulties increase every day, so you will not be able to make much money without a large initial investment.

That being said, if you know what you are doing, bitcoin trading and mining are two solid ways to generate money.

Hi, if you liked this essay, I will include a link below where you can get some great looking graphics cards for bitcoin mining.