Things To Learn From Cryptocurrency Millionaires

Cryptocurrencies are gaining ground in the market at a very alarming rate. When they were first introduced, back when we only had Bitcoins only, many people thought that it was going to flop. However, things turned out in a very different way and now here we are. There are a lot of people who have become millionaires because of cryptocurrencies.

 We have Jeremy Gardner who is a self-made millionaire who dedicated his entire life to Bitcoins and the blockchain technology. He invested in cryptocurrency in 2013, and now his story is all over the place. He is known as a visionary investor. 

Look at Erik Finman who is about to turn 19 years old but is already a millionaire. He never liked school that much. So he made a bet with his parents that if he becomes a millionaire before he turned 18 years, he will get to choose whether to go to college or not. Looking at his life, we can all agree that the bet was a success. He is officially a school drop out making millions and the one managing the family’s bitcoin investments.

There is also the Winklevoss twins that sued Mark Zuckerberg for stealing their Facebook idea. At least they managed to get $35 million after a real court struggle. When bitcoins were still ‘young,’ they invested around $11 million in the market. They got an excellent harvest from their investment, and it earned them a net worth of around $400 million.

These are some of the millionaires that we have, and many more are still rising. They are people that have invested in cryptocurrencies and have seen the best side of the trade. Therefore, there is a lot that everyone can learn from them so that we can also get our millions from cryptocurrencies.

What Everyone Can Learn From Them

It Takes Some Time To Get To Millions

Cryptocurrencies are growing at high speed. However, this does not mean that you are going to make your millions tomorrow. It sometimes takes for people to increase their investments. Take an example of Kristoffer Koch who bought bitcoins in 2009 and forgot them. He purchased around 5,000 bitcoins and remembered them in 2013 when the Bitcoins hit the market. By that time the worth of the bitcoins were $886,000. This only shows us the patience that is needed. When you get your cryptos, do not trade them anyhow. Give them some time for the value to grow and then sell them.

Never Rely On One Strategy To Determine The Winning Currency

One thing to remember is that it is challenging to identify the coin that is going to win and be 100% sure about their chances. Some cryptos enthusiasts and analysts know a lot about cryptos and can identify promising coins. Even so, they can never be so sure that their returns are going to be substantial.

There is also the Millionth of Supply Passive Index strategy that helps in knowing the top coins depending on their market cap and trading volume in a day. One has to use all the available sources of information that can help them determine the currency with higher chances.

Follow the market’s swings will significantly help investors. Once you have identified the coin that investors favor, invest as soon as you can when the opportunity to make good returns is still available.

Have a Hot And Cold Wallet

Everyone that is involved with cryptos needs to have wallets where they keep their cryptos. Typically the investors have to keep the cryptos in a wallet that they have full control over and no one else can access them. Have you ever heard of hackers? These crooks are as real as the air we breathe. They can hack into the system and steal your cryptos. That is if they are in your hot wallet. The hot wallet is connected to the internet. The cold wallet is not connected to the internet, and so no one can get to them. The majority share of your crypto assets needs to be in the cold wallet. Leave a few of the assets on the hot wallet; the ones you are regularly using.

Buy Your Cryptos And Hold On To Most Of Them

There is a rule in trading that insists that investors should buy their investment and hold on to them. The same applies here. You can trade in a few coins once in a while. But have the majority of the coins safely put away in your cold wallet. This is a future investment when the value of the coins has multiplied a couple of times. Look at it this way, the value of bitcoins grew to be eight times more from 2016. When you buy bitcoins and give them two years max, the value will have multiplied again. You will stand to make a lot more than what you would have made if you traded them early. Remember; trade some part of the coins when the market shoots up. But preserve a majority of the coins.

Never Trade Blindly

If you are an investor and you want to join the cryptocurrency wagon, you have to be wise. Do not be the person that invests on a cryptocurrency because your friends told you that the coin is doing excellently well. Get some background knowledge and do some research. You may be able to identify better opportunities than what they are offering you. Maybe the first time they may advise you and it works, will you keep going back to them for more information? Have your understanding of how the cryptos function so that you can make decisions for yourself excellently.

Cryptos Are Worth It

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Ten years may be too much but give cryptos a couple of years, and you will be amazed at what you will see. They may end up being the ‘in-thing’ all over the world. Trading with cryptocurrencies will be an excellent competition for the fiat currency. Let us watch and see.

Conclusion

Cryptocurrency investment is a worthy investment that can earn you a lot of money. The millionaires we have today as a result of cryptocurrencies are a great example of what commitment to the cryptocurrency trend can make you. Therefore do not lose heart.

About the Author Carl Gresk

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