VBit Review: Adapting to the New Normal – Diversification Using Bitcoin
Disclosure: This article is part of VBit Technologies’ mission to break down the current world affairs and their impact on Bitcoin in an easy-to-understand manner.
After every period of financial turmoil, there are always lessons to learn.
Normalcy is a double-edged sword. Having a stable life and being financially liberated is great. However, it can come back to haunt a person who is not prepared for a change. Think of people who were left redundant when technology reduced the need for humans at assembly lines. Those jobs were the backbone of America’s working class for decades, and many people are now left with uncertain financial futures.
Coronavirus was another one of those systemic shocks that left many people in the workforce displaced. The fundamental difference was that Covid shutdowns caused immediate supply chain shocks that had immediate ramifications for workers. Even though most industries are recovering, not everyone is out of the woods.
During this global pandemic, the vast majority of us have transitioned to a new normal, spending an unprecedented amount of our working lives at home. With millions working from home, and many out of work entirely, it is appropriate to draw some lessons from this once-in-a-generation Pandemic.
The Need to Diversify Revenue Sources
A fundamental lesson from the Pandemic-induced crisis is the need to have genuine financial security. There is no better way to achieve this than to diversify your financial streams. This means that a person has the ability to reduce the reliance on one job or gig, which this crisis has proven can be a vulnerable situation.
As such, the need to diversify revenue sources has been thrust into the public conscience. The year 2020 will go into infamy for the serious economic disruptions brought by the Pandemic. The need to adapt to a challenging financial climate is a lesson everyone can learn from this period.
Some people who had built some small businesses for years had to close shop for good. The sudden cutting of the only means of livelihood can make you helpless. Another trend that emerged during this period is that digital and technological startups thrived. This could be an indicator of where the value lies in the modern economy.
News of vaccine progress is a welcome relief for people globally. However, it is not clear when the vaccines will get mass distribution as they undergo further approval tests. In the meantime, the financial ramifications of this crisis will still be evident probably till the end of next year.
Bitcoin mining can be used for diversification especially if one gets the logistics right. However, this is not to say there won’t be challenges considering the multi-faceted nature of mining and fluctuating nature of the Bitcoin network.
Established Institutions Embracing Bitcoin
One of the many surprises of 2020 has been cryptocurrency’s unthinkable breakthrough into the corporate marketplace.
Even two years ago, predicting the now successfully globalized evolution of Bitcoin was somewhat of a far stretch.
Yet, with a changing economic landscape due to the pandemic and fresh news of PayPal’s partnership with the crypto giant, this bold embrace signifies a global transition and acceptance of a completely decentralized currency.
PayPal is one of the largest online financial platforms in the world. The fact that they have allowed their hundreds of millions of users to purchase and hold Bitcoin is a massive bonus.
MicroStrategy, a NASDAQ-listed business intelligence company, has also bought Bitcoin worth at least $450 million. Coinbase recently crossed $20 Billion in Crypto under Custody. This is an indication of the escalated interest from institutions in Bitcoin and cryptocurrencies.
Institutions like MicroStrategy are not adding Bitcoin to their holdings for show. These companies have the finest minds crunching numbers and making projections on all manner of financial topics. The embrace by PayPal and other established companies is a ringing endorsement for the future of Bitcoin as a currency and a store of value assets.
Bitcoin Mining: One Way of Diversifying
Mining Bitcoin relies exclusively on computers. It is one of those things you could participate in while doing your day job just fine. Bitcoin is back in the news, for the right reasons. However, getting too excited over prices in the short term can blur the real opportunity.
Bitcoin mining allows a person to, essentially, earn Bitcoin by confirming transactions. The logistics are the issue because one needs a powerful computer and cheap power. Mining equipment consumes high amounts of electricity and produces heat. It is for this reason that hosting services such as VBit Mining exist.
The qualms people had with crypto in times past seem to have been soothed by the substantial leaps and bounds by Bitcoin over the past year. Coupled with not only the political happenings of the last few years but also the uncertainty of our future global economy from the pandemic, people are more and more interested in involving themselves in Bitcoin.
Bitcoin is not as complex a concept as some would suggest. With professional hosting companies anyone can partake in mining Bitcoin without worrying about the logistics. This coin is accessible worldwide and is bringing unprecedented opportunities to the world of finance.
An equipment reseller like VBit Technologies gives ordinary people the chance to mine Bitcoin as one way of diversifying their earnings upon buying equipment.
The logistics of mining can seem daunting. Luckily, a professional hosting service will have arrangements in place for cooling and cheap power. Without these intangibles, Bitcoin mining is difficult to sustain.
Without a doubt, if we hadn’t been exposed to debit and credit cards, and the slew of groundbreaking technology of the past fifty years, perhaps this idea of cryptocurrency would seem far too abstract for us to even comprehend. Half a century ago, the very idea of intangible money didn’t even exist.
Yet, with so much of our lives turning digital and our widespread acceptance of virtual technology, it comes as no surprise that this would become our next evolutionary step. So, by teaming up with a company like VBit, you can easily become a part of this exciting transition to a new global currency.
This Pandemic has taught people tough lessons. Those who learn the need to diversify might just be better prepared for the next supply chain shock. The combination of digitization and value of cryptocurrency makes Bitcoin mining an excellent option for anyone.
Hosting Bitcoin Mining Gear with VBit
To mine Bitcoin successfully, the two logistical considerations of power costs and cooling are vital.
VBit Mining provides hosting data centers in areas with natural cooling and renewable power. With these boxes ticked, your Bitcoin mining experience attains a level of stability you could never achieve mining solo. Besides, the mining equipment you purchase is yours, and the hosting service is only to make it more successful.
Wondering what the next steps are? Want to get involved but don’t know where to start? Don’t hesitate to reach out to us as VBit Mining for information on our mining packages, a free initial consultation, and everything else you need to know about mining Bitcoin.
Check us out online and get started in Bitcoin mining today!