The advent of cryptocurrencies has played a key role in modernizing the global finance system. It has finally limited certain powers of regulatory authorities and transferred that power to the hands of the general people.
Following the launch of Bitcoin in 2009, we have all heard many stories about people becoming crypto millionaires in just a matter of weeks. So naturally, this ignited a widespread urge among people to get rich quickly with Bitcoin or any other cryptocurrency.
Unfortunately, making fortunes with Bitcoin is more challenging than one might imagine. These things require a lot of factors to work in your favour until you finally become a Bitcoin millionaire. So let’s dive in to understand this matter better and clarify any existing doubts.
Bitcoin: How The Token Came Into Existence?
Unless you are someone who has been living under a rock, it is almost certain you have heard of Bitcoins by now. Being the first cryptocurrency to exist, Bitcoin is the most valuable cryptocurrency in the market. The token came into existence in 2009, introducing the world to the potential of blockchain technology for the very first time.
Ever since numerous people have invested in Bitcoin and made a lot of fortunes. However, it is worth noting that despite the prevalence of Bitcoin, it remains under the influence of more significant factors in the market.
For instance, the war between Russia and Ukraine or even the collapse of FTX has negatively impacted Bitcoin prices.
People can either invest in Bitcoin directly through different crypto exchanges or rely on Bitcoin mining to realize their goals. However, no matter how you acquire your Bitcoins, it remains vulnerable to the market’s volatility.
So it is essential to keep a tab on all the market developments and make informed decisions regarding these investments.
Bitcoin reached its all-time high value of almost $69,000 in November 2021, but the token’s value has succumbed to the bearish market. As of now, one BTC is worth 17,844 with a staggering market cap of $343 billion and a trading volume of $25.1 billion.
Becoming A Bitcoin Millionaire: Can It Be Done?
There is an old joke that goes on in the airline industry. People ask how one can become a millionaire in the airline business, and the punchline states that people should start with an investment of two million dollars. The same analogy fits Bitcoin investment as well.
Of course, this only applies to people who have invested in Bitcoin in its initial days, i.e., in the 2010s. If you are one of those early investors, you are probably already a Bitcoin millionaire without hard work.
So becoming a Bitcoin millionaire today means you already need a significant investment. For instance, if you were someone who invested $10 in Bitcoin at the start of 2011, your investment would amount to $1.2 million by 2022.
While Bitcoin has had a relatively turbulent history, its valuations mostly stayed the same over the years. Instead, Bitcoin is the only token that has the potential to set different trends in the market. The prices generally go up with a bullish run but fall back down with the onset of bearish sentiment.
But that does not mean there is no way you can still make money with Bitcoin. On the contrary, there are several ways you can amplify your investment returns with Bitcoin. That said, let’s dive into the following section.
Making Quick Money With Bitcoin: Is It Possible?
At this point, you are certainly one of many people asking how to get rich quick with Bitcoin. But, of course, many have asked this before you, and the same will also happen. So let’s check out some practical ways to make money with Bitcoin.
1. Investing:
Of course, investing in Bitcoin is one of the most straightforward ways to make money with Bitcoin. While the token has been performing poorly since the start of this year, things will undoubtedly change for good given enough time. Investors must make the most of this bearish run to buy BTC tokens at lower prices and trade them later as the value increases.
2. Bitcoin Mining:
The number of Bitcoin miners has skyrocketed since the onset of the past decade. When people talk about mining, it does not mean going to a mine to find Bitcoins. Instead, Bitcoin mining is a complex process where people use highly advanced computers to solve complex math problems. As people solve these problems, they validate a transaction and are rewarded with Bitcoin (BTC). This is still one of the most effective ways to make money with Bitcoin. To put things in perspective, Bitcoin miners currently get 6.25 BTC for validating a single transaction block. This adds up to a sum of $1,11.500 at current BTC prices.
3. Bitcoin Payments:
If Bitcoin mining seems too much work for Bitcoin investments seem too risky, there is another way you can make money with Bitcoin. If you are a business or a service provider, you have the option of accepting payments in BTC.
This gives you access to BTC tokens which you can wish to store for the long term, invest in other spaces, or trade with other cryptocurrencies. Moreover, given the current bearish prices of BTC, accepting them as payments can help you get better returns as the market sentiments change for good.
Are There Any Risks In This Endeavor?
Every cryptocurrency comes with certain risk factors, given the volatile nature of the crypto market. This became evident, considering Bitcoin reached over $65,000 in November 2021 and plummeted to a two-year low in November 2022.
This shows that things can go wrong in the crypto market anytime. But smart traders and investors will make efforts to keep up with market developments and base their investment decisions accordingly. Research and due diligence is the best way to avoid risks in this volatile environment.
Final Thoughts
Cryptocurrencies will come and go, but Bitcoin will always remain a remarkable technological achievement for humankind. Therefore, people must focus less on becoming crypto millionaires and instead on strengthening the market further. This will simultaneously ensure a secure future for the industry and your Bitcoin investments.
However, you must understand there’s no ‘invest soon, get rich’ quick scheme for BTC or any other crypto. Instead, invest wisely and only after you’ve researched your token properly.
