Bitcoin

5 things to do apart from worrying about the corona virus and the price of Bitcoin

Let’s face it, whether you’re an avid cryptocurrency enthusiast or are little interested in this emerging industry, You’ve probably read, seen, or heard more stories about the corona virus and Bitcoin (BTC) bisection than you probably want.

To be fair, the corona virus has made the world agree to a break in an unprecedented way. The fact that a global pandemic coincides with the major event in the cryptocurrency industry means coverage is expected. Full media, 24/7.

However, sometimes people just need a break from the constant flood of dark news and Bitcoin halving techniques Here are five things you can do that are not related to the corona virus and Bitcoin halving.

Get your hands dirty and build a mining rig

5 things to do apart from worrying about the corona virus and the price of Bitcoin
5 things to do apart from worrying about the corona virus and the price of Bitcoin

Most hobbies are expensive, and mining is no exception, especially when it comes to buying the necessary materials. Sure, it’s not an easy effort, and even he doesLow budget options cost a person a few hundred dollars as well as an increase in their monthly utility bill. But if all conditions are coordinated, the fans can make a profit.

In this case, a computer based on a graphics processing unit is useful because Bitcoin mining ASIC equipment requires a more serious investment.

There are a large number of guides that They explain what hardware to buy, how to mount it and what software to run. Getting and assembling the components is easy, especially for those who have experience assembling a PC.

Those with a good game setup can even start mining right away. If the results are positive, The miner can add more graphics cards as needed.

When it comes to mining profitability, some variables are involved It is a good idea to run a simulation with a mining calculator. Potential miners also need to familiarize themselves with the power of hashing, the difficulties of network mining, the price of electricity in their country and the price of the currency itself.

Learn more about options and margin trading

Both options and margin trading are systematically described as some of the most complex and difficult to understand trading forms. Everyone falls into the high risk / high reward categorywhat makes them the most interesting to study.

An option contract is defined as a contract that gives the holder the right to buy and sell an asset within a certain period of time at a fixed price. Basically, it gives the buyer the opportunity to bet on the price of an asset at a certain point in time and to buy call or put options on an asset if the buyer believes that it will go up or down.

Margin trading enables everyone to take out a loan on their available balance and trade with more advantages and disadvantages. This means that traders can multiply their profits, but can also lose their overall balance in an instant.

For example, if an investor decides to use a $ 1,000 balance with a ten times higher margin, it is as if that person is investing $ 10,000 without having them in their account. If the operator makes the right decision, the profit is multiplied by ten, but if the market moves in the opposite direction, The slightest loss will liquidate the account.

Decentralize the system by running a Bitcoin node

Put simply, Bitcoin nodes are the backbone of the network. While Miners process transactions and “create” new blocks. Nodes maintain a common blockchain record. While miners were originally supposed to act as nodes, mining pools have changed this dynamic.

Running a node is useful to maintain the Bitcoin network as the nodes check that all transactions are legitimate. Using a web-based wallet or thin client leaves no choice but to trust the node through which transactions are performed and Third-party transaction issuers have access to some user data.

For those who value privacy, operating a node This allows you to take control of your own transactions, improve privacy and security, and eliminate the need to trust a third-party service.

Running a node is not really difficult and does not require extensive knowledge, since even a Raspberry Pi! can do it. However It takes up a lot of space since the Bitcoin blockchain occupies about 275 gigabytes at the time of this writing.

Diversify by researching other interesting high-tech industries

Cryptocurrencies are one of the most futuristic or modern investments that a person can make, however There are other marginal sectors to watch out for. The rapids Developments in the areas of artificial intelligence, genetic data mining and asteroid mining These are just a few of the emerging areas that will blow most cryptocurrency investors away

Use Bitcoin to donate to COVID-19 related causes

The mandatory closings caused by the coronavirus pandemic have changed everyone’s daily lives, but the impact is unimaginable for those directly affected by the virus.

Readers can’t do much, but they stick to the rules and stay at home, but those who have a few satoshis left can make a real difference. The Italian Red Cross started a fundraiser for Bitcoin in early March, and the goal was reached in just three days.

A new goal was set and the funds raised in the first campaign were used to build an emergency medical center. There are currently many new active fundraisers and those considering donating to help those in need.

Just keep busy and think positive

These are just a few of the things people can do to forget about the upcoming halving and coronavirus pandemic, but the possibilities are endless. If you have a suggestion, feel free to leave one Tweet and tell us what constructive things you are doing while waiting for the orders to stay home to get ready.

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