When you think of investing in the Bitcoin somewhere at the back of your mind you will be wondering whether you can actually start earning millions. Becoming a Bitcoin millionaire is not something that is unheard of; incidentally, there are many young Bitcoin investors who have actually turned millionaires in a short span of time.
- To become a Bitcoin millionaire you have to buy-and-hold the coins. The Bitcoin value had doubled in 2016 from the month of January to December; this shows why people would be so keen to make a million by investing in the crypto coin. But for people to hold onto the coins is a challenge because they are likely to feel tempted to draw profits every now and then. Ideally if you can hold onto most of your Bitcoins you can enjoy the rewards later. So, for people who want to make serious money, it is necessary to forget what your investments had been. On the other hand, using automated trading bots like bitcoin era increases the speed of trade and yields higher profit.
- Once you have Bitcoins in possession, you have to learn how to keep these secure. You must not keep the assets on exchanges as these can be hacked. It is important to store coins in a wallet for which you have the private keys. This way you are in complete control of the coins. It is safest to keep coins in hardware wallets. You should have some trustworthy individual with power to access the Bitcoins in case something happens to you. You must not lose your coins because when the Bitcoin rises in value you have a higher chance of becoming a victim of larceny.
- You have to become an owner of a private key. You can view blockchain addresses containing the highest number of crypto coins. This data is reliable and legitimate because Bitcoin transactions are transparent and the crypto asset has an open nature.
- You can create a virtual currency, write the program codes for it and then request your friends to participate in this project. While your friends are trying to grasp the structure and algorithm, you can start mining some coins on your own computer. Even with a regular desktop you can hope to achieve some blocks.
- Selling items like pizzas can fetch you a good amount of Bitcoins. While you will not turn a millionaire overnight, you can continue earning small successes. People will also recommend your name to others when the pizzas are good and deliveries fast.
- You need to establish a network of good and trustworthy friends who are equally passionate about the crypto world. If you have someone with whom you could develop a miner you can become successful. You can then sell these miners and increase your capital.
A realistic way of becoming a Bitcoin millionaire is to trade Bitcoins on prominent exchanges. You should have ideally bought the coins when these were priced low. That way you would have easily turned into a millionaire by now. However, even today you can become a Bitcoin millionaire when you have some money to start off with. Day-trading may prove to be a tad risky but there is always a chance when there is volatility. When you are willing to wait for a long period, you are sure to earn serious money. If however you are convinced that prices will nose-dive, you can try to short sell the coins. This is equally risky but at least you get to make money when the bubble bursts.