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Cryptocurrency is being known as the future with newer technology. The advancement of its development makes it easier than ever to mine. It gains more mainstream appeal making a lot of people aware and interested in it.
There are a lot of myths and misinformation about crypto so we will be discussing those things here.
The truth about cryptocurrency 2020
1. Easy to buy, hard to mine.
There are a lot of websites where you can buy cryptocurrency. They allow multiple forms of payments including bank transfers and PayPal. While this is an easy method, there is another which claims to be easy and accessible to everyone. They call this mining. Mining is the term given to the act of using your own computer to process transactions of the Bitcoin blockchain.
There are many tutorials out there about how to mine cryptocurrency, specifically Bitcoin. Though it may seem like an easy way to make money, it is actually very time consuming and high maintenance.
2. Newer technology is better for mining.
As GPU technology gets better, it's expected that crypto mining will become more accessible and more efficient. This is why when a new GPU comes out, it's expected to be the best for mining. This year, we saw the release of the GeForce RTX 3080 series. People have suspected it would be best, but in fact it isn't. The best GPU for mining is the Nvidia GeForce RTX 2070 Super which was released in July of last year.
3. You can make a living with it.
This is a question that is often asked. Can it be your source of income? and the answer is yes. However, just like stock trading, it requires a wealth of knowledge and time to really gain any kind of substantial profit. You will need to monitor the market like a hawk in order to capitalize on any dips and spikes that happen throughout the day.
If you do commit a lot of time and effort into cryptocurrency investment, then you could give you a decent living. But, there is no guarantee so always do adequate research into it before going all in.
4. Cryptocurrency will see another spike.
This statement is true if you believe the most recent Crypto Research Report (CRR). They predicted that all major cryptocurrencies will rise in value over the next 5-10 years. Bitcoin is expected to rise to almost $400,000 USD before 2030. Bitcoins price is $15,758 AUD at the time of writing. So, if you believe the report, then we will see cryptocurrency climb in value which will be music to all crypto investors ears.
Cryptocurrency is an exciting and fast-moving investment opportunity which offers people the chance to trade with almost no experience from the comfort and safety of their own home. Still, just like with any investments, it does come with risks so always be aware of it.
- You could once buy Bitcoin for 8 cents in 2010.
Bitcoin is the oldest form of cryptocurrency.
You want to learn more? Check out this video from The Top Coins Youtube: