Bitcoin, an electronic currency that has been introduced in back 2009, works on his own blockchain ecosystem. Bitcoin has gained huge popularity and described as a decentralized cryptocurrency, which sometimes refers to digital gold, and it can be used in a digital wallet.
Commonly, the most popular clash people hear as to why people should invest in Bitcoin today is because if you invested $1000 in Bitcoin in back 2010, the value would increase up to two hundred million dollars today. So, you don’t want to miss out on this opportunity while that’s absolutely nuts that have already happened; we can’t go back in time.
Can you still get rich with Bitcoin?
Many people have this misconception that you need to own one whole Bitcoin in order to achieve Getting rich with cryptocurrency (Bitcoin) is still possible because the blockchain technology is improving every day, and it is a digital currency rather than a paper one.
The technology used in Bitcoin is improving each minute, and one can improve their understanding and knowledge in cryptocurrency, especially Bitcoin, by keeping up an eye on the daily updates on the news portal.
Historically lots of people like to buy bitcoin right before a fork happens. Besides, Bitcoin was created with a cap originally, and you can only have 21 million bitcoins inexistence once the bitcoin number is created or mined, which is a technical term that you cannot create any more bitcoins. So, if the requirement for something goes up when you only have a limited supply of it the price will naturally rise
How to get rich with Bitcoin?
The value of Bitcoin keeps rises or falls so, the answer is a little subjective and trickier, but it varies.
Back in 2010, it was far easier to get rich with Bitcoin than it is now. Initially, during the period of 2008 to 2017, and after people started to invest in Bitcoins and the price of cryptocurrency risen.
From 2017 to 2020, Bitcoin has taken the digital asset to a revolutionary stage, and it becomes a precious commodity like gold or any other thing around the globe.
So, a person who gets little to no time, you should consider investing a little amount in cryptocurrency like Bitcoin and hold it on your wallet till you get handsome returns.
Understanding the Value of Bitcoin
Bitcoin acts like digital currency, but why? We know the working mechanics of Bitcoin, it’s an open public protocol, but do you know what influences the value?
There are a few specific qualities that determine if something can be a reliable form of money, certain qualities that show why something is better than others. It is just a more reliable store of value.
So, the first trait for currency is that it is got to be durable, meaning it should be able to transact or hold value through time. So the value can’t deteriorate now; this may be obvious to you, but this has been tested and retested throughout history. Bitcoins can be used in thousands of trillion pieces and transmit it at such insignificant amounts as gold.
Additionally, it should be portable and transaction able across space. Bitcoin can be sent around the world within a few minutes; it’s borderless and permissionless; this is what makes Bitcoin valuable
4 Ways to Get Rich
With Bitcoin, you understood all the local laws and regulations and risks that govern investing. The previous performance of something does not predict its future performance.
So remember that you buy Bitcoin today and not back in 2010, nobody could predict if Bitcoin is going to the moon or come back crashing to earth because Bitcoin is unpredictable, it’s very volatile in nature, meaning it can rise rapidly as we saw in the past and drop at the same speed.
Cryptocurrency is the decentralized worldwide digital currency that means bitcoin is not controlled or regulated by the government. It’s not controlled or regulated by private entities nor controlled or regulated by big banks.
This means these entities cannot manipulate the value of Bitcoin like they can are fiat money by just printing more of it. So after understanding these factors, you can choose any of the methods to earn Bitcoin.
- Micro Jobs
Similar to Fiverr or Microworkers, there are a bunch of micro job sites available on the internet that pays you little Bitcoin for completing various tiny tasks such as looking on the web, solving the captcha, commenting on videos, or even completing surveys.
Bitcoinget, Bitadviser, and Cointasker are the major players in the market, which pays you a few bitcoins for completing per task; among some of them pays higher Bitcoins while others pay slight lesser.
- Mining Bitcoin
Previously in 2009, mining Bitcoin was relatively effortless, even a normal CPU could mine thousands of Bitcoins, but now, this is not the case.
The Bitcoin producer invests in building high configuration computers to compete in solving complex algorithms that required high processing power and electricity. The miner, who is able to solve the complex algorithm, first will be pleased with a few Bitcoins generated by the system.
- Bitcoin Trading
Bitcoin trader means one would respectively focus on short, instead of long term profit; one would pay for a cryptocurrency and exploit the instability of the market to sell in and out of the trade. Basically, it goes down to the buy low sell high, kind of a mixture of both whiles concerning about the fluctuation. For trading, head over to a bitcoin trading platform, Coinbase, Kraken, Binance, or any of your choice and sign up for an account.
Next, go through a verification process to authenticate the identity by adding personal information, link the bank account, and you are ready to trade Cryptocurrencies.
- Bitcoin Faucets & PTC
To earn Bitcoins, faucets, and PTC (pay to click) sites are great as they pay in Bitcoins. Basically, the user just has to look at a few ads or answer product-related surveys for various companies.
These faucets and PTC sites earn revenue from the advertisement which presents on their website, and by watching ads or answering a question in a survey, you are eligible to earn a segment of their revenue in Bitcoin. Popular PTC sites pay around 25 to 100 Satoshi (smallest piece of Bitcoin) per click depends on the type of service you are providing to them.
With time, Bitcoin does up and or down. If you think it’s a first-class business opportunity, dip it, and whether it rises or falls you get to see benefit from the continued hold. Look, due to the high volatile rate, the future of Bitcoin is undecided. So act smartly, and you should not believe in rumors.
So, don’t believe somebody that tells; otherwise, you may end up losing your precious savings in the crypto game. One point before you go historically in any asset class, the people that have been burned the most were the ones who believed that nothing could go wrong. Seek advice, research, and predict and then invest in it.