Dispelling Some Myths About Cryptocurrency

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Bitcoin and other cryptocurrencies have had an interesting time recent history. A couple of years ago, the chatter all surrounded the inexorable rise of the digital currency. In fact, the late part of 2017 bore witness to the height of the bitcoin craze: In August 2017, one Bitcoin was worth $4,764.87. By December 2017, one Bitcoin was worth $13,860.14. Today, a single Bitcoin is worth just over $7,000 (£5,000 approx.).

It’s difficult, however, to get a balanced assessment of what Bitcoin offers to investors. Commentators were quick to shout about a “Bitcoin Bubble” after the price declined at the end of last year. Spooked by the volatility, some early supporters of Bitcoin like Steam decided to remove it as a payment option from its site.

Bitcoin here to stay

Here’s the thing though – Bitcoin and other cryptocurrencies are probably here to stay for the long term. There might be some hiccups as the concept begins to take hold, but that is just a normal part of any new idea. In a way, the critics of cryptocurrency are similar to those who believed websites that didn’t sell physical products couldn’t make money after the “Dot.com Bubble” at the end of the 20th Century. Today, investors in Google, Facebook, Twitter, Snapchat and Instagram would beg to differ.

But there is, of course, a truth in that the lines did not point upwards infinitely for Bitcoin. However, one must also be aware that it is still worth 10 times more today than it was two years ago: In August 2016, one Bitcoin traded at $608.44. As a comparison, Apple’s stock, seen as a real winner on the NASDAQ, has doubled in value in that time: 26th August 2016, Apple was at $106, whereas today it is valued at $216.

Bloomberg committed to covering Cryptocurrency news

It is also worth mentioning that serious financial institutions are not decrying cryptocurrencies as a flash as a pan. Bloomberg, for example, has now launched a dedicated part of its site to digital currencies – Bloomberg Crypto.

But the question remains – how to make money from cryptocurrencies, especially in an era when there is some volatility in the market? Increasingly, individuals are thinking, not about investing in Bitcoin, but actually mining for it.

Drilling equipment sites booming

Sites like https://cryptodrilling.com/ have seen a huge rise in popularity, as investors try to make money from the still highly valuable cryptocurrencies. Cryptomining equipment is actually a lot cheaper than you think, even when it comes to the big ‘brands’ like Bitmain and Obelisk. Moreover, experts like those at the Crypto Drilling site will also provide other equipment like coolers and silencers.

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In fact, the industry behind creating Cryptomining tools is booming at the moment, especially in places like Hong Kong and China where some companies have had successful IPOs recently. As with every technology, it gets better over time. So, you’ll find that the process of mining is getting cheaper than ever before.

Drilling may be better than investing

The bottom line is that while cryptocurrencies have been cited for volatility recently, despite the fact that Bitcoin has been fairly stable in 2018, mining for those cryptocurrencies can still be much more profitable than actually investing in them. If you spend a lot of time on computers, it is definitely worth checking out.

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