How to become Bitcoin millionaire
Who does not want to become Bitcoin millionaire? Its answer is quite simple i.e. almost everyone.
I can’t guarantee that you will surely become Bitcoin millionaire by this post. But this article will guide you to be possibly one of them.
When it comes to Bitcoin there are many reasons to believe that the cryptocurrency has the power to create massive wealth.
Even small amounts of Bitcoin have made people incredibly wealthy. There are countless examples of Bitcoin millionaires which have occurred within the last 5-7 years.
Bitcoin is gaining momentum as a legitimate currency – and people are now starting to consider it as an investment – and as a viable alternative to cash!
It’s changing the way businesses, governments and regular people think about money.
Some legitimate vendors have taken to Bitcoin, allowing customers to purchase real products and services with the digital currency. Richard Branson of the Virgin Group has even decided to accept Bitcoins through his Virgin Galactic.
Reddit allows you to use Bitcoin to buy Reddit Gold. Yes, you can’t buy your everyday groceries with Bitcoins, but you can buy a trip to space. While some everyday vendors have looked into accepting Bitcoins, and in future Amazon an (E-commerce giant) planning to accept Bitcoin as the payment method.
One of the biggest companies in the world is betting on virtual currencies. IBM has announced a variety of partnerships and initiatives related to the blockchain. According to an IBM study, 15% of the banks surveyed plan to use blockchain by 2017 while 91% of them are already investing in blockchain for deposit-taking.
Finance isn’t the only opportunity IBM sees with blockchain. The company believes that the technology could revolutionize the world.
However, IBM isn’t the only big company interested in blockchain technology. Microsoft doubled down on Ethereum with a new blockchain product, the Ethereum Consortium Blockchain Network, a project that aims at helping industries work together to build increasingly complex consortia that would leverage the network effects of shared, immutable ledgers.
Simply put, this consortium will allow groups of companies to deploy a private Ethereum Network with a single click.
Bitcoin has been flying high recently, making many investors who poured money into the digital currency when it was trading at a tiny fraction of its current price are millionaires now. That’s what happened to this man from Oslo USA
Back in 2009, Christopher Koch learned about Bitcoin while working on a thesis paper about encryption. The entire system fascinated him, so he decided to invest 27$ for 5000 Bitcoins.
After investing in Bitcoin he even forgot that he own Bitcoins. Four years later when Bitcoin price started popping up in the news. So, he checked his Bitcoin wallet to find that he owns 888000$ worth Bitcoins. Let us fast forward to today and Kristoffer’s investment would be worth $4,749,550.
There is another guy named Erik Finman, who invested $1,000 in Bitcoin in 2011 when it was valued at $12. Feinman now holds 403 Bitcoins which is worth $1.07 million and Erik Finman is only 18 years old.
Unfortunately, not all of us are as lucky as Koch or Erik Finman. But, that doesn’t mean you can’t possibly become Bitcoin millionaire now by investing in virtual currency. You just need to understand how they work so that you can maximize your profits.
This is last 1-year analysis done by yahoo finance to compare the return on investment(ROI) between two assets (Gold & Bitcoin). Results are astonishing shown below.
SPDR Gold Shares (GLD)
Bitcoin Investment Trust Shares (GBTC)
Source: Finance.yahoo.com 6/6/2017
First, understand the Bitcoin, its feasibility, history, and characteristics
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or a third party like the bank. Bitcoin is open so that anyone can benefit from it.
You might think that the lack of control could mean chaos, but that’s not true at all. That’s because Blockchain, the technology behind Bitcoin is one of the most accurate and secure systems ever created.
In other words, it has no limits of any kind. You can send it to anyone across the world with no condition. Bitcoin is globally distributed across thousands of nodes with no single point of failure, the system can’t be shut down.
Unlike fiat currency that can be reversed even months after they were initiated, a Bitcoin transaction can’t be turned around by the sender.
No matter the size of the transaction, you only pay very low fees in comparison to fiat currency transaction.
You don’t need to provide any personal information when paying with Bitcoin. The only information required is the bitcoin address and the amount you’re sending.
The Bitcoin network is cryptographic. So, when you make a payment, you don’t risk having your identity stolen since the system doesn’t send any sensitive information to the network.
Bitcoin transactions are public, everyone can see them. So, due to this transparency, operations can’t be manipulated and it can’t be used for the illegal purpose, unlike fiat currency.
Then, there’s a growing mistrust of national currencies, following a number of government policies that have pushed more investors to Bitcoin. It is not even prone to inflation, unlike fiat currency.
Another great thing about Bitcoin is that it’s censorship resistant. Your Bitcoin transactions can’t be blocked, censored or altered by anyone even if they disagree with what you’re doing. Moreover, no one can prevent you from interacting with the bitcoin network.
Unlike other currencies, you own Bitcoin. In other words, you can’t wake up one day only to discover that your accounts have been frozen. Bitcoin is the only electronic cash system in which your account is entirely yours.
Take PayPal as an example. If the company decides, for some reason, that your account has been misused, it has the power to freeze all of the assets held in the account without consulting you.
But, because no one else controls your Bitcoin account except you, the platform protects your wealth against third parties. Thus, central governments can’t take it away as it can happen with standard currencies.
Here’s the perfect example to illustrate the fragility of the traditional bank system.
The 2012-2013 Cypriot crisis when the government froze and seized assets in response to a bailout deal with the European Union (EU) left many questioning the safety of the banking system.
The interest in Bitcoin skyrocketed as soon as Cyprus began discussing tapping deposits as part of the bailout. Investors and regular people alike quickly realized that a decentralized money system is the best way to keep their assets secure.
Bitcoin Is Limited in Supply like Gold Most people still have a difficult time understanding what Bitcoin is or why it has value. A good way to look at it is to compare it to gold.
Just like gold, the cryptocurrency has a limited supply. The total number of Bitcoins that will ever be produced is set at 21,000,000 coins. It might not sound like much, but it’s quite enough.
To date, there are already 11 million Bitcoins, but it’s estimated that it will take more than 100 years before all 21 million coins will be mined out.
Because all Bitcoins are created and handed out in a predictable manner, the risk of inflation is almost nonexistent.
One of the things most people get wrong about Bitcoin is that they assume that since there’s a finite amount of coins that can ever exist, then the currency has limitations. But, that’s not true at all since all transactions can be denominated in smaller sub-units of bitcoin. Think about them as bits. One bitcoin contains 1,000,000 bits.
You can divide a bitcoin up to eight decimal places – that is 0.00000001. You can go even lower than that if there’s ever the need.
Another policy is the efforts of governments in emerging markets to get rid of old currency notes, as was the case with India and Venezuela a few months ago – a move which coincided with the beginning of the recent Bitcoin rally.
Wouldn’t you rather hold Bitcoins rather than U.S.Dollar, Ruble or Yuan-denominated debt? Apparently, some investors think so.
These reasons give the Bitcoin a better option and appealing proposition over fiat currency or Gold investment.
If we follow the trends of Bitcoin price since its launch then this is what we get
BITCOIN IS NOW OVER $8200 DOLLARS EACH!
If we go according to Bitcoin price past trends (above graph). It shows that Bitcoin’s price graph is parabolic. And it’s not a rocket science to predict that Bitcoin price will keep increasing in coming Years.
Imagine if you had taken the risk and bought $100 worth of Bitcoin in 2010 at $0.33 per Bitcoin. Now it would be worth $2899,600 at $8200 per Bitcoin.
While you can’t turn back time and, just like Christopher Koch, who spend mere 100$ on Bitcoin and find that he is sitting on $4,749,550 nest six years later.
Is it really possible to become Bitcoin millionaire now?
Yes, you can still become Bitcoin millionaire investing in cryptocurrencies. But now you need large capital to invest in with a proper strategy. As shown above, Bitcoin price graph is parabolic so I can guarantee its price will keep increasing in future.
You also have other options: mining or trading. By mining for Bitcoins, as long as the markets remain active you can basically make money for nothing. But the problem is, mining is such a tough gig now that it is hardly worth it.
Turning your computer into a miner will likely make it noisy and heat up. It would likely take you a long time to even mine a single Bitcoin, by which time you probably would have spent more on electricity. However, if you have access to some serious computing power and you don’t have to pay the bills, you could make some easy money here.
As I suggest above becoming Bitcoin millionaire today is probably still possible, but you will need some capital. Bitcoins can fluctuate many percentage points every day (on September 14, 2017, the price jumped up 10%). Day trading Bitcoins is going to be the best option due to Bitcoin volatility, and where there is volatility there is an opportunity.
There are other options too. Invest in an ETF through your broker, check out the ETF ARKW (Ark ETF Trust). This trust owns another investment, which owns Bitcoin.
The great thing about this ETF is that you can buy it through a discount brokerage like TD Ameritrade. We like TD Ameritrade because of their no minimum, low-cost IRA.Remember, you could also invest in Litecoin, Ethereum, Ripple, and other promising cryptocurrencies as well.
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A cryptocurrency expert Wences Casares, founder of Xapo wallet, an internet service provider, a video game company, and a bank, plus he sits on the board of PayPal.
Wences Casares has been called the “patient zero” of bitcoin among Silicon Valley’s elite. He got Bill Gates, Reid Hoffman, and countless other luminaries into bitcoin at gatherings of the rich and famous in Sun Valley and elsewhere. At the dinner organized by the cryptocurrency policy group Coin Center in New York, Casares delivered the keynote speech, including the advice he doles out to people who ask him how to get into bitcoin.
The formula, according to Casares? Take 1% or less of what you own, buy bitcoin with it, and then forget about it for at least the next five years; ideally the next decade. “You either lose one percent of your net worth, which most people can take, or you become Bitcoin millionaire or Billionaire,”
This is what prominent personalities (industry giants) have to say about Bitcoin
The exponential growth of Bitcoin also compelled some incredibly successful and intelligent people to make these bold claims:
John McAfee (founder of McAfee antivirus) made a call recently that Bitcoin will easily reach $500,000 by the end of 2020.
Kay Van-Petersen ( a financial analyst who predicted Bitcoin of hitting $2000 in 2017) predicts the value will rise to $10,000 each within the next year.
Jeremy Liew (first investor of Snapchat) predicts Bitcoin will reach $500,000 by 2030.
Dominik Zynis, Advisor to Wings.ai, “100 BTC will be $1M before 2020 ends. I made this prediction in 2011.”
Peter Smith (CEO of Blockchain) joined Jeremy Liew’s prediction and said Bitcoin will reach $500,000 by 2030.
Fran Strajnar of BraveNewCoin.com says: “There’s a 50/50 chance that 100 BTC will be worth $1 million USD within 35 years.” 100 BTC is nearly worth $95,000.
Wences Casares (CEO of Xapo and Paypal Board Member) recently said Bitcoin will reach $1,000,000 per coin within 5-10 years.