How to Become a Bitcoin Millionaire
Despite the recent fall in Bitcoin price, there are still a large number of people out there claiming to have made millions buying into Bitcoin. This may make you envious, and you may be thinking that you need to buy in so that you can make your millions. Before you go out and buy in, or if you already have and you are contemplating selling out because of the recent fall, read this simple explanation on how to become a Bitcoin Millionaire.
Recently there has been a lot of trading and the price of Bitcoin, and other cryptocurrencies have been down significantly. Many of the Bitcoin pessimists are cheering and pointing saying “I told you, I told you it was a bubble.” This, often overwhelming, cheer may make you doubt your original feelings, and you may be thinking “Well, there is no way for me to become a millionaire now, better sell out while I can.” At this point it is crucial to understand how the Bitcoin millionaires became millionaires.
People who have made millions in cryptocurrency and Bitcoin all have one thing in common, hands of steel. What I mean by that is they have held their coins through thick and thin. When you are new to cryptocurrency, and you haven’t experienced a dip in price it is easy to think that this is all over and you got in too late. If you look at the people that have made millions they brought in between 2 and 10 years ago. Let that sink in for a moment, YEARS not months. They have seen many 30% and 40% drops in price but held anyways, if they hadn’t, they would not be millionaires.
This is the secret, and it is a hard thing to wrap your head around. If you want to make millions in this game you have to hold and hold strong. There seems to be this false idea floating around that the people making money are making it fast, and nothing could be further from the truth. Yes, there probably are a few day traders that have done it, but they are a lucky few, not the majority of the millionaires.
Here are a few tips to help you hold strong and make the most of your cryptocurrency:
1. Take several precautions to make sure that your private keys are safe and that you will be able to recover them in the future if needed. You don’t want to be one of the people telling the story of their millions of dollars that they can never retrieve because they forgot a password or their private key.
2. Do not check the price every day, the most frequent I would check is every week, and even that is too much. Paying close attention to the daily ups and downs may be tempting, but it makes holding strong harder everytime you check.
3. Keep it to yourself. The more value cryptocurrencies gain, the more of a target you become. If you go around bragging about how much you have bought when the price skyrockets in the future you will have made yourself a target. Not just to criminals, but also to family and friends. Everyone wants a free hand out when they think you have plenty to spare.
4. Watch out for scams, and phishing schemes. This is a new and exciting technology which means there are people out that are trying to take advantage of nieve new investors that think this is a fast way to make a million dollars.
This technology is going places, and if you can capture the vision of what this can become and its utility to the world, then there is no reason not to buy, hold, and use in the future. Who knows, in 10 years you may be the Bitcoin millionaire everyone is talking about.
DISCLAIMER: This is not financial advice, buy and sell at your own risk. The author does have a position in Bitcoin and other cryptocurrencies.
