Over the past few months, the cryptocurrency world has seen a large influx of new Bitcoin enthusiasts. What attracted this sudden surge of interest? One big factor is the mass media publishing news stories about the rising price of coins and the profiles on each new Bitcoin millionaire.
Anybody Can Become a Bitcoin Millionaire
One of the most appealing aspects of the cryptocurrency market is that it’s open to anybody who wants to participate. To purchase Bitcoin, you don’t need to own any certifications or complete any official training. All you need is an internet connection (or even just access to a Bitcoin ATM machine) and a little money to get started.
Bitcoin is a technology that is available – and impactful – for everyone. One of the most important ideas about Bitcoin is that the coin is “decentralized.” This means that no government organization or financial institution owns control over the technology. It is legal to own Bitcoin in almost every single country! No matter where you live or who you are, it is possible to benefit from owning Bitcoin.
One of the most popular Bitcoin news stories lately is a perfect example of this. Erik Finman is an 18-year-old Bitcoin millionaire. Erik started with investing just $1000 USD into Bitcoin when he was just 12 years old. If a young adult can figure out how to invest in Bitcoin, so can you!
Two Different Ways to Become a Bitcoin Millionaire
Although Bitcoin is available to everyone, it is important to remember that each person’s financial goals and circumstances are different.
Maybe you are like 18-year-old Erik, and have just a small amount of money to get started. That’s okay – I have friends who have started investing in Bitcoin with as little as $50 USD!
Or you might be a more established financial investor. Some people have even chosen to start looking at investing in Bitcoin as a retirement investing strategy. These people may choose to invest a larger amount of their money in order to reach their long-term goals.
What’s important to remember, though, is to find that right strategy that works for YOU!
Regardless of how much money you decide to put into Bitcoin, there are two different strategies that you might choose between if you want to become a Bitcoin millionaire:
- Short-term cryptocurrency arbitrage: Like day trading with stocks or fiat currencies, it’s possible to start making money quickly by actively trading. The market fluctuates each day. A smart trader is able to identify the best times to buy low and sell high.
- Long-term holding: You don’t have to spend hours trading Bitcoin each day. It’s possible to “set it and forget it” – just make sure you don’t lose access to your Bitcoin wallet! There is a limited supply of Bitcoin in the world. As interest continues to grow, the value of your Bitcoin will rise.
Decide which one of these two strategies you feel most comfortable with. If you want to become a Bitcoin millionaire quickly, you will likely have to participate in cryptocurrency arbitrage to start making money immediately. It takes a lot of learning and a little luck, but there are many examples of success stories out there!
Remember to Protect Your Bitcoin Investment
When 18-year-old Erik Finman became a Bitcoin millionaire, he immediately became very paranoid about his new fortune. With all of the media attention, he was worried that all of this new attention would make him a popular target to have his Bitcoin stolen.
Realizing that now he had a target on his back, Finman made sure his Bitcoin investment was “spread out across multiple wallets and multiple machines.” How can you protect your Bitcoin investment?
Here are a few recommendations that will help keep your money safe:
- Use a physical Bitcoin wallet to store most of your coins offline
- Spread your Bitcoins across many different wallets and accounts (if one wallet is compromised, you will only lose one part of your investment)
- Set up double-authentication on all of your cryptocurrency exchange accounts to make it more difficult for hackers to access your account
- Keep an eye out for phishing attempts where hackers may attempt to steal your personal information
Are You Ready to Get Started?
If you are a regular reader of our blog, then you are already most likely an owner of some Bitcoin. However, if you haven’t yet begun your journey to become a Bitcoin millionaire, what is keeping you from getting started?
Anybody can investment in Bitcoin. It doesn’t take much money to get started. You can find the investment strategy that works best for your goals and personal preferences. Keep your investment protected – you’ll be excited for what the future has in store!