It’s possible to become a crypto billionaire, but it takes too much time, effort, and long waiting for things to turn on your side. Knowing that this year, Bitcoins reached their highest rate in history, since their existence, there are surely some people who made some profit of it. We all remember the story of the guy who had his digital wallet full of Bitcoins, but he forgot his keys and can’t unlock it, to exchange and trade them through the most popular trading platforms. It’s so unfortunate because he would be at least a millionaire right now.
If you haven’t heard about the trading platforms, that are helping these people make a profit from their crypto savings, you can click here and see what are we talking about. Bitcoins are still the most popular and most profitable cryptocurrency in the world. You probably have heard for it, but it’s worth repeating that it’s a decentralized currency that is based on cryptography. They can be found in the blockchain, a network consisted of “blocks” that contain Bitcoins, that you can get as a reward for your mining, as you receive a proof-of-work, to know how much of them you have.
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But, is it possible to become rich of them?
If you invested a few dollars when the rates were low, and you kept them in your digital wallet until now, then you can become rich. As we know, Bitcoin’s value is changing over the time, and if it was only $2 in November 2011 (the lowest price in the history, for now), on 8 February 2023, its price is more than $43,000 for one coin – so you can do the math for yourself. That means, if you invested $100 back then, and you were patiently waiting for today, then you would have 50 Bitcoins and plenty of dollars for you.
Is it hard to accomplish that?
We won’t lie – it is. Because even if you invested $2 back in 2011, no one can guarantee that once it hit $10,000 for one coin, you could wait for better times. Some people often forget they own some amount, and it wouldn’t change their lives a lot if they miss some peak. But, can you imagine exchanging them for $20,000 per one, and owning none today? Surely it’s frustrating and requires a lot of time and patience, but there is always a chance that the times will get either better or worse. The predictions are that maybe until the end of 2023 it will reach a value of $100,000 per one Bitcoin, but we can’t predict what will happen around. We all remember that the market was doing pretty well last year in February, but then in March, the World Health Organization declared a pandemic, which led to a finance crisis. Because of that, most of the popular cryptocurrencies faced bad times and low values.
The history is telling nothing
Many people and experts tried to find some pattern, that will help them predict the possible changes through the time. We all know that cryptocurrencies are having good and bad periods. There were times when one coin was worth less than $10, and now we are facing a huge peak for more than $40,000 per coin. Just in January 2023 there was a price drop worth $10,000 when we compare 9 January and 27 January. Can this help us predict what will happen until the end of February 2023? Surely not. All the expectations are based on personal predictions, and another crisis will lead to price drop. Even though Bitcoins are not tied to fiat currencies, the global economic events are anyway affecting it in many ways.
In so many things in our life we can hold on our past experience. But, remember that the crypto market is relatively new, and many people are skeptical over it. Also, there is always a chance for all the cryptocurrencies to disappear over the night. Can you think about having some of them, and one day you wake up, and there is nothing left? This fact is again telling us that becoming a billionaire just from cryptocurrencies is possible, but very hard too.
How to earn Bitcoins?
We will give just a brief explanation on this topic. You can become a miner, which means you will have to invest in a powerful computer and unlimited power supply, because the blockchain consumes a lot of energy for the cryptography tasks. Once you solve one block, you are getting a reward in Bitcoins. Since this is difficult and not everyone can afford it, the people who already have them can offer the crypto coins for trading and exchanging, and that makes them accessible for those who are ready to spend some money to have them. Also, sometimes you can get paid with cryptocurrencies for your freelance work, or some other service.
So, mining and trading are the only two ways to become rich by crypto money. For everyday people trading is a more realistic way to earn cryptocurrencies. The fluctuations are risky, and of course, no one will buy Bitcoins now, as they are expensive. Those who already had them before the highest peak maybe are now rich, if they exchanged, but also they can wait for better times.
We all must be careful with that, because, without regulations, the whole crypto market is a limited bubble that one day can simply pop, without a sign it ever existed in the past.
As a conclusion to this story, with a few sentences, we can say that becoming rich by trading cryptos is possible, but it’s pretty risky at the same time. We can only hope that the whole world will embrace this market soon, and we will all be able to own and spend crypto coins, just the same way we are doing it with the fiat currencies. Until then, be very careful, and follow your intuition, because the raw knowledge is not enough for this.