Gone are the days when people had limited investment opportunities. These days the opportunities are so many. We’re humans and we would always want the quickest way to become rich. Cryptocurrencies are something that would come first into mind when it comes to quickest way to multiply your money. Thanks to Blockchain and Bitcoin, there’s not a single day where it wasn’t in news.
Previously, very limited people knew about Bitcoin and Altcoins. With the rapid growth in the prices, people have now started investing in them. However, now that Bitcoin and other cryptocurrencies have grown huge in the past year, would it still grow enough to make you a millionaire?
Can bitcoin still make you a millionaire?
Yes, Bitcoin can still make you a millionaire. You would have a question, The actual game here isn’t about the price rise, it’s about the percentage growth. However, the percentage of growth might vary a lot, it might increase at a fast pace or it might increase at a normal pace.
The pace is what matters here. The growth isn’t guaranteed, there are chances you might see DIPs and see the market fall.
Since it’s volatile and unpredictable, one can’t say much about the future pricing. However, most of them believe in the technology and with the increase in the usage of Blockchain technology, we might surely see a rise in the value of Bitcoin. But, how?
There are mainly two ways to become Millionaire by Bitcoin: Mining and Trading (Day Trade and Holding)
Mining will cost you a lot of money. In order to mine bitcoin, you will need to have Electricity 24*7 and ASIC miners or graphic cards which are powerful. Apart from this, you need a high configured device which is able to mine one bitcoin. You will have to spend a lot of money on Electricity. If you have market capital and you have money than you can do mining of Bitcoin till the markets remain active. However, the difficulty of mining doesn’t remain the same, the difficulty keeps rising and an hardware which is the best today might be the worst tomorrow, yes, it’s that fast!
Trade (Day Trading and Holding)
Another way is by trading on the popular Exchanges such Coinbase, Bittrex, Poloniex etc. Day trade requires you to understand the market demand, supply, emotions and make a decision. So, you can buy BTC at xyz and sell it for a higher price and buy it again when the price drops. However, without being able to analyze the graphs, it’s not easy to make a correct decision. The other way is to buy Bitcoin or other cryptocurrencies and hold it till you reach your target price.
Back in 2011, the price of one Bitcoin was just $10. Currently, the price of Bitcoin is around $8000. So someone who invested $100 in those days would be worth $800,000 right now. However, it did touch $18,000 in the last month and someone who might have bought 1 bitcoin when it was $18,000 might be in a loss above 50%. That’s why we say Bitcoin is volatile, However, just like God, it works on trust and till people believe in the technology, it will rise.
It is always a good idea to invest after making an informed decision, one of the best ways to make an informed decision about the coin is by knowing more about it. If you are someone new, then you can check CryptoCoinJudge, as the site provides valuable information about the coins and also has information which might be helpful for you to make an informed decision.
How to invest in Bitcoin?
One of the most effective and secure ways to invest in Bitcoin is to get a Bitcoin Wallet & then buy Bitcoin. For all the US People, Coinbase is the best place. On this platform, you can buy as well as sell Bitcoin. Apart from there are lot of other exchanges too. You can buy altcoins on these platforms.
Should I Invest in Bitcoin now?
As per the current market conditions, the price of bitcoin has been too much fluctuating. Trading Bitcoin on daily basis contains a lot of risk. Currently, if you are thinking that Bitcoin will be used for trading by popular foreign exchange dealers, market makers, and so on, then there is a far way to go.
If you are ready to take risks and ready even if the price falls, then you can surely invest in bitcoin. But then you have to understand how the trading works on daily basis. By then you will get to know how to invest, where to invest and when to invest in bitcoin.
In the upcoming few years, there are lot of chances that price of bitcoin will reach 1 million. Yes, bitcoin can bitcoin STILL make you millionaire. Remember one thing, when it comes to crypto, Only invest the amount you can afford to lose.