If you want to invest in bitcoin, the best way is to use a bitcoin investing platform like the bitcoin revolution app.
Here are short lists of young crypto millionaire :
Erik Finman, who is 20 years old, is the list’s youngest Bitcoin millionaire. His grandmother gave him a $1,000 gift in 2011 to help him start saving for college. Finman purchased $1000 worth of bitcoin when it was priced at about $10 — $12 per coin, rather than using the money for its intended purpose. According to BusinessInsider.com, he had 446 BTC as of August 2019. If that is still so today, Finman has a net worth of $22.7 million.
Charlie Shrem is a native of Brooklyn, New York, where I grew up. Shrem’s plan appeared to be to buy bitcoin in chunks. He was able to purchase a significant amount of Bitcoin when the price was between $3 and $4 per coin, implying that it was November 2011. When bitcoin was selling at $20 per coin, he purchased another batch, suggesting that it was most likely January 2013.The companies he’s started and the bitcoin he owns lead to him having a $450 million net worth.
How to Become a Crypto Millionaire
You will have noticed from our examples of bitcoin millionaires, there are only two ways to become wealthy through cryptocurrency. You can either mine crypto or trade crypto. Each has its benefits and drawbacks.
Mining cryptocurrency necessitates either owning a powerful machine known as a mining rig or investing in the mining activity of another business. The first choice entails purchasing extremely powerful computers that will be used to mine cryptocurrency either part-time or full-time. At Walmart, you can get some of the cheapest mining rigs for $85. Some of the most costly will cost upwards of $10,000.These mining rigs are both expensive to buy and to operate. Forbes.com informs that the cost of electricity to mine 1 BTC averages about $8206.64
Cryptocurrency trading is strikingly similar to currency trading on a foreign exchange. Real-world currencies such as the dollar, pound, euro, and others are often referred to as fiat money. Fiat currency, according to Investopedia, is money that is not backed by a tangible asset such as gold or silver. It is simply released by the government of that nation.
It is very easy to exchange fiat currency for cryptocurrency. The safety and security of your newly acquired digital asset should be paramount. You’ll require a trusted exchange like either Coinbase or Robinhood. I personally use both, but I prefer trading crypto on Robinhood simply for convenience. I find Robinhood to be a more beginner-friendly platform for the trading cryptocurrency than Coinbase. Robinhood allows me to buy stock and trade seven different cryptocurrencies including Bitcoin, Ethereum, and Litecoin all from one app with no fees.
Other Ways to Invest in Crypto
Cryptocurrency is already a viable way to create wealth in 2020, and it will be in 2021 and beyond. You can use the same strategy as previous crypto millionaires: buy low, keep, sell big, and reinvest. Most crypto millionaires made their money through trading, but if your cost is low and your production is high, you can mine your way to riches.