When it comes to cryptocurrency selection, the burning questions of, how do you know how to pick a winner, how do you know which coins or tokens are going to succeed, reside! The answer is you don’t, the world of crypto is a volatile and unpredictable space and no one can predict exactly what will happen in 6–8–12 months down the line!
Of course, you can follow in the industry closely, analyse the market and make an educated judgement from this, you can follow renowned and successful advisors and base your selection on this, but ultimately it comes down to taking a risk that you believe in!
While not every coin or token will be an ultimate success, there many that will and if you don’t take a chance, you will simply never know! That is exactly what five ordinary people did back when most of us haven’t even heard of the word cryptocurrency or Bitcoin, and today they are self-made crypto millionaires, each with their own intriguing stories!
In 2009, Kristoffer Koch decided to invest 150 Krone ($26.60) in 5,000 Bitcoins. At the time he was an electrical engineer student and had learned about currency when he was writing a thesis on it as part of his coursework. What is particularly intriguing about this story is that due to the fact that the investment was relatively small, and that he had misplaced his wallet key, the Norwegian student went about his daily life, forgetting all about it. Then Four years later when the Bitcoin hype began, he accessed his wallet to find that his investment was worth $ 890,000 almost of 3 million Krone— not bad for a forgotten windfall! We would, however, advise potential investors to always keep a close eye on your investment and to make sure that you store your wallet, key and password in a safe place!
Back in 2011 when Bitcoin’s value was just $12, American teenager Erik Finman invested a $1000 gift from his grandmother into Bitcoin! By 2013 it was worth a staggering $100,000. It is often reported that Erik opposed the education system and had made a deal with his parents that if he was a millionaire by the time he was 18 then he would be exempt from having to attend college — lucky for him the odds were in his favour. And so, just after making this profit, the high school student decided to leave school and start his own business venture with the profits he had made, a peer to peer tutoring service. By 2015 he sold the business for 300 Bitcoin and by 2017 Erik Finman became a millionaire at just 18 years old, making him one of the youngest cryptocurrency success stories to date!
Finman strongly believes that there is still a lot of potential in cryptocurrency and his advice is that investors shouldn’t worry too much about sudden lows or bubbles, in his words ‘If you don’t become a millionaire in 10 years, it’s your own fault!’ While we don’t advise dropping out of school or college, his story does give students something to think about — what are the education options available to you within the blockchain space? If you have an interest in cryptocurrency, are there modules available to you in your area? The key to any investment opportunity is research and education on the subject/market.
Some of you might have heard of Jeremy Gardner, the early adopter that placed his name on the Bitcoin map in 2013 when a friend offered him some bitcoin in exchange for some fiat cash! At that time Bitcoin was worth just $200 but Gardner was intrigued by the digital currency and made the decision to invest, even if it was risky! In this case, the risk was worth it and today at age 25 he is a self-made cryptocurrency millionaire. Jeremy has since become immersed in the cryptocurrency space and he is now the owner of Blockchain Education Network, one of the largest cryptocurrency education networks in the world. He is also the owner of ‘Crypto Castle, a three- bedroom house in Silicon Valley, which has now become a top landing pad and networking space for millennials working in crypto related industries when they visit San Francisco.
“If you’re not indulging in this “bear market,” you’re doing crypto wrong. Use this period to focus and build, without everyone asking you what coins to buy. Nothing has changed about the tech. Blockchains aren’t going anywhere (which couldn’t be said in the first crypto winter)” — Jeremy Garner -
The 26 year old has a different kind of crypto success story, in 2013 he started working for a cryptocurrency startup company called Coinbase, at this time Bitcoin was only worth $20, however Carlson Wee believed in the potential and so he took a chance and struck up a deal with his new employer to pay his wages in Bitcoin rather than fiat currency. This was a very brave decision at the time, as Bitcoin had not yet started to create momentum and most people haven’t even heard of it. But it was a decision that turned out to be the right choice as it was this very decision that made Olaf-Carlson a cryptocurrency millionaire. Coinbase went on to become one of the most renowned cryptocurrency exchange platforms in the world to date. It certainly gives those that are currently working in cryptocurrency startups something to think about!
“I view Bitcoin as the more democratic version of money and value transfer because no one controls it… I expect the Internet to be around longer than any nation-state, so a nation-state-backed currency is actually less safe than an Internet currency in my mind.” -Olaf-Carlson Wee-
Referring to himself as the Wolf of Crypto street, Eddy Zillan invested all of his savings into cryptocurrency when he was just 15 years old, an investment that has made him a millionaire by the age of 18! Inspired by the lack of cryptocurrency education resources on the market at the time, Eddy went on to start his own Cryptocurrency advise business, Coin alert. which offers tips, guides and explainers on the cryptoworld and for those that are willing to pay for it, he also offers his skills as a cryptocurrency investment guru!
“At this current rate, I wouldn’t be surprised if ethereum in the next couple years hits the mark bitcoin is at, meaning it would go up 20–30 times its current value. Bitcoin is just the first to break past a thousand, there will be many more to do the same over time” — Eddy Zillan-
The above are just a few examples of Bitcoin success stories, while all of them were the result of early adopters, they all portray the same narrative, that sometimes it is really worth taking the risk. Today we are seeing more and more cryptocurrencies enter the space and it is only a matter of time before crypto will become so relevant that they might wipe out the need for fiat currency around the globe.
We are sure to see more stories like these hitting the headlines in the not too distant future. If you have one of your own cryptocurrency success story, please feel free to share it with us below, no matter how big or small, we want to hear about it.
Remember that you should never invest what you can’t afford to lose, if you are thinking of investing in cryptocurrency for the first time, it might be an idea to find an investment platform that acts as a personal wealth manager, that allows you to invest small amount regularly, set yourself an investment goal and top up as and when you can.