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If you ask people whether if they believe cryptocurrency is a good currency or not, chances are you’re going to get mixed answers. Many still question the value of cryptocurrency, and many more don’t know of its existence. But, on the other hand, some people make a livelihood working with this kind of currency, and some believe it should be the only standard of currency we should have today.

Regardless of what you believe in, there is still a lot of controversy surrounding cryptocurrency. For example, countries like the US have willingly accepted cryptocurrency in its economy. But countries like China are known to ban such unstable currency in their economic system. When politics are involved, that’s when you know something is significant.

But how did the notoriety and fame of cryptocurrency start? Moreover, how can you get started in dealing with cryptocurrencies?

Bitcoin and the Cryptocurrency Boom

The cryptocurrency boom started in 2017 when only one cryptocurrency was in town: Bitcoin. Bitcoin has been around for quite some time, with its roots beginning as early as 2008. However, it was used by only a handful of people back then, and it was only in 2009 when it gained some traction as it was used as an open-source currency on the internet.

Back then, people used Bitcoin sparingly, but its value rose steadily throughout the years through Bitcoin mining. Essentially, Bitcoin is found in billions and trillions of data on the internet. So to get a piece or generate a value of Bitcoin, you’ll have to process that data. However, there’s a good chance that someone might have already done it. So efficiency and speed are critical to Bitcoin mining.

There are two prime reasons why the cryptocurrency boom started. The first reason is related to Bitcoin mining.

Bitcoin Mining and NVIDIA

There’s a good chance you might have heard of the company NVIDIA, even if you’re not into computers. This particular company has gained much traction throughout the years, but it only gained the funding it needed in 2017.

When Bitcoin received a staggering value of $19,000 per Bitcoin in 2017, everyone wanted a piece of it. But to do so, they need to do some mining. So people started to invest in high-quality processors and GPUs to mine Bitcoin efficiently. This led to shortages, and NVIDIA dictated the prices of their GPU in the market. Interestingly enough, no matter how high the prices were, miners still bought the GPUs, knowing that they’d get their money back anyway.

Investors

As more people noticed Bitcoin and its miners, more investors joined the field. These investors funded miners to get a piece of the currency for themselves. However, some invested in the currency itself. These investors made it possible for the currency to be part of the economy. It’s as simple as circulating Bitcoin in the open market as if it was cash.

The Fall of Bitcoin

Eventually, the bubble was going to pop. As more and more people mine and invest, the more chances that the value of the currency would fall and fall it did by 2018. It’s still valued quite high nowadays, reaching a staggering $60,000 this year per coin. However, it’s no longer as hyped as it used to be. Many people lost their investments during the fall of Bitcoin, and many other cryptocurrencies have joined the market.

So how do you get started in making a living out of cryptocurrency? Well, there are three known ways to do this. The first and the riskiest but also the most rewarding option is to mine Bitcoin.

Bitcoin Mining

Bitcoin mining is still popular nowadays, but because of the increasing regulations for mining, your machine would cost more. Essentially, you need to be the first miner to reach the coin, so you need a very efficient machine.

Currently, there are dedicated Bitcoin mining machines out there. Moreover, with some research, you can build a mining rig on any PC-building website. They have some of the best GPUs for sale, and you’ll certainly need that to start this career.

Investing on Cryptos

Another option is for you to start investing in all manners of cryptocurrencies that exist right now. There are many investment sites right now that put money into cryptos. However, take caution in investing. Unlike the stock market, cryptos aren’t regulated very well, and the market fluctuates like crazy. So get ready to lose some money before gaining them.

Play-to-earn

One new aspect of earning cryptos is through play-to-earn games like Axie Infinity. These are games that generate cryptos the more you play them. Moreover, it’s an open trade arena, where you can use cryptos to play the game or trade with others. Of course, it’s not the most reliable investment option in the world, but at least you’re playing while earning cryptocurrencies.

So there you have it. Everything you need to know about the cryptocurrency boom and how to get started in it. Try the play-to-earn option first because that’s the most streamlined way to get into cryptos. If it didn’t work out for you, there’s a decent chance that the other options won’t work for you either.

Meta title: How Cryptocurrencies Affected Computers
meta desc: Gaming can be expensive at times, but how do gamers cope with it? How do they find the necessary cash to fund such a hobby, even though they’re broke?

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