Bitcoin- How To Make Money With Currency 2023?
Bitcoin is a currency that cannot be controlled by any bank or government, it is basically a virtual currency and can be bought online with real money. So apart from being a decentralized currency, what are its benefits, you can transfer this currency anywhere In this world without huge fees, you can be 100% anonymous in your transactions thanks to the technology called blockchain. So you may ask what’s so important about it, I’ll tell you when it first launched it had absolutely no value, but now 1 bitcoin = $6,689.35, that’s quite an impressive growth right?.
Is Bitcoin is a good investment?
So you may ask how does this thing grow, let me tell you how to maintain a blockchain, there must be something called a ledger where all transactions need to be recorded, and to become a block in the blockchain, a hash must be solved the function and production of bitcoins by solving hashes is called bitcoin mining.
People usually used graphics cards to solve the hashing function, but over time it’s became more difficult to mine and specialized hardware called ASIC miners were introduced.
So people who spend their time and money mining bitcoins will be rewarded in it and as more and more people become part of this blockchain, its value will increase.
So how can I earn money with this currency there are two ways
- you can trade altcoins (any cryptocurrency other than bitcoin is called an altcoin, yes there are thousands of them)
- you can mine them yourself
Advantages And Disadvantages
Both of these methods have their 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 drop to $100. Trading basically means buying this currency with real money and praying for its price to go up and selling it when it does. This approach is very risky and you may end up losing money rather than making a profit.
Is Bitcoin Expensive? How to make money with it?
Or you can choose to mine bitcoins, but here is what you should consider, mining hardware is super expensive and mining requires a lot of electricity, also the difficulty of mining is increasing every day, so you won’t be able to get any profits without a high initial investment.
That being said, it’s trading and mining are two good ways to make money if you know what you’re doing.
Hi, if you liked this article, I will give a link below where you can get some good video cards for it’s mining.