Although cryptocurrencies like Bitcoin are already a decade old, they were mostly forgotten until recently in the last two years. While they had a slow start after their resurgence, it didn’t take long for the likes of Bitcoin and Ethereum to start changing the world money was handled online.
Despite their massive growth in popularity, many countries and companies alike have started denouncing cryptocurrency, making it harder for people to both mine and use the digital currencies.
It’s a movement that has been mostly shrouded in mystery, and much like other industries, such as American, Canadian, or Australian sports betting and online casino gambling, cryptocurrencies have mostly been viewed as something better suited to shadowy online groups; it hasn’t been a movement that has affected the general public as a whole, for the most part.
For others, it’s been the forefront of huge losses of money, incredible increases in the prices of certain commodities, and the rise of new and powerful software that might eventually overshadow cryptocurrencies.
The Price of Mining
We’ve all heard of cryptocurrency mining, but for most people, there’s little understanding of what it is. The premise of mining for cryptocurrencies starts with graphics cards, the pieces of tech in computers that allow us to play video games.
But, instead of being used to render visuals, graphics cards became the key to mining operations, using special programs designed to mine the currencies bit by bit. The more these operations expanded, the more the prices of graphics cards rose, to the point where some were more than double what they were just a few years prior.
We’ve seen the prices come down dramatically thanks to the sanctions on cryptocurrencies, but it will still be a while yet before PC GPUs are at a more reasonable asking price.
The Fall of Bitcoin
Bitcoin was the currency that started it all, and it’s also now the currency that may just lead to the total devastation of cryptocurrency in general. While there are at least a dozen other currencies on the market, none has quite reached the heights of Bitcoin.
And while it was, briefly, becoming a new, international contender in the digital currencies market, its recent sanctions have left it all but useless. Bitcoin was first denounced by such companies as Microsoft and Google, and this was enough to make the value of a single Bitcoin plummet like never. Whether they recover is yet to be seen, but it’s doubtful we’ll ever see it reach those heights again.
The Rise of Blockchain
If there’s one, true positive that came from cryptocurrencies, it’s blockchain. Simply put, blockchain is a new type of security for digital assets, which are made up of “blocks.” These blocks are locked away using cryptography.
While it’s still got some room for improvement, many believe that blockchain will provide the average person with a safe, secure environment for all online transactions in the future, and will mean a safer world when making digital marketplace purchases.