The idea of becoming a millionaire excites everyone. Who doesn’t want to live a life of luxury after all? While easy money making plans don’t always come by very often, Bitcoin happens to be one of those concepts that has transformed the lives of many investors. From teenagers to small business owners, many people have tasted Bitcoin success and enjoy a lavish life today.
Do you want to know how to become Bitcoin Millionaire?
We looked at Bitcoin success stories, analysed investment trends, and went through the changes in the value of Bitcoin to find out how can a person become a millionaire. Here’s what we found out:
Bitcoin is volatile, but people have earned big from it
When Bitcoin started in 2009, it had close to no value at all. By march 2010, the value increased to $0.003 and at the time of writing this article, the value of Bitcoin is $18,000. Can you imagine the amount of money early adopters of Bitcoin would have made?
When it started first, people liked the concept of a decentralized currency and invested in the idea of having a currency that is not chained to banks, countries or other financial organizations.
Today, Bitcoin has become lucrative because investors see it as a way of being able to make money. In its early years, investors did not know how big they would end up earning through the smallest of investments. At this time, aware ness about Bitcoin has increased and investors have realized the true potential of this digital currency.
With the Silk Route being closed down early this year by the FBI, the use of Bitcoin is no longer limited to the dark net. Business owners are beginning to accept Bitcoins in the form of payments especially in the later part of this year where Bitcoin is enjoying an unusual hike in its value.
But is all this making you think that the Bitcoin train has already left the station?
Think of an investor who may have invested in Bitcoin in November this year. On November 12, Bitcoin closed a little less than $6,000. Even if they would have bought one Bitcoin, their investment would have tripled in less than a month.
Where else could you find an investment that pays off so well? While there is a lot of success stories about early investors, know this, that relatively new investors are able to enjoy an equally amazing amount of success with their Bitcoin investments.
It is always time for investing in Bitcoin. If you haven’t done it yet, then you should before the price rises again and you regret not having invested early to enjoy the profits.
Let us now look at the two main principles of investing in Bitcoin to become a millionaire:
1. Hold on to your investment
A lot of people who sold off their coins too early realize how much they lost in future earnings. If they had only waited a little longer, they would have been able to earn huge profits. Take the early example of investing in Bitcoin in November this year. With the value of Bitcoin increasing three times, many investors may be itching to sell their coins and enjoy the profits. To a certain extent this may sound good, but imagine what they may end up losing if the value of Bitcoin rises even higher. To say five times or ten times of the value at which they bought?
There is a famous Bitcoin transaction that garnered a lot of media attention. It goes like this: In 2010, when Bitcoin was valued very meagrely, a Florida-based programmer by the name of Laszlo Hanyecz paid for a pizza using 10,000 Bitcoins that he had mined. Fast-forward today and that pizza would have been the most expensive pizza ever.
The amount of money spent on it was somewhere close to $20 then. But do the math now and the programmer may really be regretting the fact that he did not hold on to his coins.
So if you are going to invest in a Bitcoin for big money, then you have to let your investment grow. Continue to invest regularly but don’t spend your Bitcoin money. It will grow. Don’t worry yourself with the volatility of the market. In the long run, your investment will definitely pay off.
To think of it, Bitcoin is just a currency, and all that you are vouching on is that its value rises against the value of your native currency. You are simply buying money and holding on to it so that at a later time, when you exchange it for your native currency, the transaction will allow you to earn profits in millions.
2. Secure your coins
While holding on to your coins is important, it is also necessary that your coins are secured just the way you would secure a million bucks. We have come across people who lost money because it was kept in an exchange and the exchange was hacked.
Exchanges provide users with a hot wallet which is accessible online. Keeping a million bucks online where hackers can easily find a way to your money is the biggest mistake you could make.
So create a private wallet, move your money to it, and keep your private key in a hard wallet which is in the form of a USB stick or simply write it down on paper. Just make sure that the hard wallet is kept safely. You can use a locker or a safe to secure the private key.
An important thing to remember is that Altcoin wallets usually offer two-step verification procedures where you get a One Time Password on your mobile to verify the transaction. Doing this is a big mistake. Hackers will be able to hack into your phone, access your passwords and subsequently steal all your money in the wallet. Steer clear from these verification procedures.
3. Oh! And don’t lose your key
While there are lots of success stories which inspire people to invest in Bitcoin, there are people who invested early in Bitcoin and ended up losing their key. While hard wallets give you the option to recover your PIN, there is no way to recover your private key if it is lost. This is where you have to be very careful.
Make sure the key is not lost, make sure it does not get thrown away with your garbage (yes people have done it) and make sure that it does not get stolen. Even hard wallets can be taken away and hackers may find a way to get inside it. So remember to keep your private key as safely as possible.
Like we said earlier, this is your ticket to being a millionaire; you cannot afford to lose it.
So how do I get started?
Educate yourself about Bitcoin
The first step to earning returns in millions through a Bitcoin investment is to learn about it. There are endless sources online to help you with information on Bitcoin. The more you know about Bitcoin and the technology it harnesses, the more prepared you will be with your investments.
Many feel that Bitcoin is like a bubble that may soon burst.
But those who understand the concept behind it invest in the technology and not just the coin. At this time, Bitcoin is considered to be extremely volatile. This is partly because prices rise and plummet too quickly. This is one reason why many business owners do not want to transact in Bitcoins.
Make sure you understand it completely, before you venture into a Bitcoin investment.
Create a wallet
You will be required to create a wallet and register with an exchange. While the exchange may provide you with a wallet where you can store the coins, it makes better sense to keep the coins on a hard wallet which is offline so that hackers cannot easily get to your money.
Find an exchange
You will also be required to find the right exchange to invest in Bitcoin. You can look for reviews of different exchanges here from Crypto Coin Judge. It will help you compare different exchanges, and choose the one most suitable for you.
Once you register with an exchange, buy Bitcoins and move them to your hard wallet. Keep them safe and wait. The waiting period should ideally be 5 to 10 years for you to be able to convert a small sum of money into a huge amount like a million bucks.
Tap into the budding digital currency market for exciting returns
Bitcoin is not the only currency that can help you earn huge returns. There are lots of other Altcoins that you can explore, or you can start as an early adopter of a currency that hasn’t launched yet. You can do this by looking for ICOs and investing in an ICO that you think has the potential to grow. Visit ICO Token News for reliable information on upcoming ICOs and live token sales.