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get rich with crypto

It is fairly easy to earn crypto and to make crypto payments now. The crypto gateways and crypto wallets have made the process easy. The question has therefore now shifted to this one: how exactly can I get mighty rich from cryptocurrency?

Getting rich is not as easy as accepting Bitcoin as payment. But, rich Bitcoin investors are a living proof that the process is not that difficult either.

The term bitcoin billionaire is gaining momentum over the past few years. In 2018, Forbes published its first-ever list of bitcoin billionaires. The worth of the crypto billionaires on the list was somewhere between $17 billion and $24 billion. This list indicates that getting rich with bitcoin is not an absurd proposition anymore. In this article, we will list the best ways to get rich with bitcoin.

Long-term Investments

To get rich off cryptocurrency, it’s always better to start with a long-term vision

To get rich off cryptocurrency, it’s always better to start with a long-term vision. It’s the same as investing in the stocks of companies that are credible and perform consistently. Buy currencies that are safe and well-known. Also, ensure that they have a high trading volume. Keep them in your wallet. Study the returns they have earned for the investors over a while. Sell them when you think the currency has achieved its utmost potential.

To follow this strategy, it is always better to go with currencies that are known. Such currencies include BTC, LTC, and XRP. There are examples of bitcoin-rich people who bought their coins way back in 2011 or 2012 and kept them in their wallets for a long time. There came a time when bitcoin equaled US$8,000. Think of the profit they must’ve made by selling their coins at the right time.

Day Trading

Long-term investments require patience. Like in any market, there are investors in the crypto-world who want to quickly get rich by trading Bitcoin. In this pursuit, they often invest in currencies that are newly launched and promise a high return. However, most of these crypto coins go off the market quickly.

The way to strike a balance between quick returns and guaranteed returns is to adopt day trading. The prices of the existing coins fluctuate a lot during the day. The volatile nature of Bitcoin and other similar options provides this opportunity to buy at a lower price and sell at a higher price-point during the day. However, it requires an understanding of the market and experience of trading. If you are determined to get rich with bitcoin, open a practice account.

Several platforms provide demo accounts to practice day trading. You can practice in an environment that exactly mimics the real market before you plunge into the real one

Crypto Mining

Can I get rich from cryptocurrency by mining?

You must’ve heard of rich bitcoin miners.  Suppose, you complete blocks of verified transactions on the blockchain. The same way you add the missing parts to solve a puzzle. In return, you get bitcoins as a reward. Essentially, you are getting to earn cryptocurrency, bitcoin in this case, without having to pay for it. This is called crypto mining. 

To earn cryptocurrency through crypto mining, you need to have a graphic processor unit or an ASIC, application-specific integrated circuit. You also need crypto wallets and a lot of electricity. To avail of cheap electricity, miners often use warehouses. Although mining is a complicated endeavor, it rewards the miners with high earning potential.

Gaming

You can earn bitcoin playing games! Yes, you’ve heard it right. There are crypto faucets where you get to earn small volumes of cryptocurrency each time you complete some tasks suggested on the website. Similarly, there are newly released games that use bitcoins as a reward-incentive. 

To earn bitcoin easily, all you need to do is download these games and play them. The objective of the games is to become popular. However, to become a bitcoin-rich man this way, you need to spend a lot of time on these tasks and games.

Arbitrage

To get rich off bitcoin and other cryptocurrencies, people often take advantage of the same currency being traded at different exchanges at different prices. People buy bitcoin or crypto coins at a lower rate at one exchange and sell them off at another exchange at a higher rate. With significant differences in prices spotted at the right time, this is a way to earn big in less time.

With the popularisation of the cryptocurrency payment system, a lot of companies are now leveraging crypto payment gateways. This makes holding crypto to go for a guaranteed and robust return in the long run profitable. In case of a financial emergency, you can pay with cryptocurrency and convert them to fiat using cryptocurrency payment processors.

Bottom Line

Therefore, to get rich with bitcoin and altcoins, treat them as your conventional long-term asset. Choose the correct crypto, observe the market, and sell them at the right exchange at the right time.

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Post Author: Nowpayments.io