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Top 3 Crypto Millionaires

They bought only 100$ worth of crypto and became millionaires. Everyone is talking about these millionaire’s success stories. It is time to make money fast with cryptocurrencies in 2020. You could be the next crypto-millionaire.

Get inspired by these people:

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1. Changpeng " CZ" Zhao, CEO of Binance whose crypto is currently estimated to be between $1.1 billion-$2 billion. Two years ago, his company and his cryptocurrency BNB did not even exist. Now the value of a Binance token BNB has gone from about 10 cents to $13, giving it a market capitalization of $1.3 billion. CZ, who was born in China but raised in Vancouver, Canada, always had a passion for technology. In the dawn of the cryptocurrencies, he sold his property in Shanghai. In 2014 he invested everything in Bitcoins. The investment proved to be profitable, as now CZ is the founder of his cryptocurrency. His Binance token is one of the most reliable in the market and the trade is also one of the safest.

2. Erik Finman, a 12-year-old boy who is 2011, spent his 1000$ birthday check only on Bitcoins. Two years later his investment grew to 100,000$, and he became a millionaire. At 15 years, he started his own company, a P2P tutoring service which he sold in 2015. At 18 years old he was the youngest millionaire in the cryptocurrency industry.

3. Jeremy Gardner, a twice college drop-out who bought a few Bitcoins in 2013 out of interest. He launched Augur, a prediction market protocol basing on the blockchain. He created the Blockchain Education Network. This aims to educate people all around the world on the way that cryptocurrencies work. At only 25 he became a millionaire with an estimated value of $300 million.

How are cryptocurrencies different from other currencies?

Bitcoin and other cryptocurrencies are decentralized. Cryptocurrencies do not need third parties to record the transactions. Instead, they all record and confirm the transactions at the same time. Payments that are scams and intend to trick the community are rejected. Cryptocurrencies are immune to imposed transaction fees by governments, institutions, or individuals. This makes it easier and cheaper to make payments and transfers all around the world.

Until 2016 Bitcoin was the only cryptocurrency. Today there are countless of them. The most famous ones are Bitcoin, Bitcoin Cash, Litecoin, Ethereum, IOTA, Dash, and so on. Anyone can buy them, and they can be transferred without fees or limits to anyone in the world. Transactions and exchanges are verified. Legal platforms are supported in every country in the world.

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What factors should you consider if you are set on investing in cryptocurrencies?

Getting involved with cryptocurrencies is very attractive. This time technology and digitalization are considered to be the way forward. Buying a digital currency may even seem like a way to get rich fast. Sometimes it can be. Yet, the value of cryptocurrencies is volatile, and their market value can drop in a very short period. So, there are first a few things to be considered:

Do not invest in cryptocurrencies if you do not understand the way they work.

Ask yourself, am I able to explain what a cryptocurrency is and how it works to an eight-year-old? If the answer is no, then instead of rushing into it, take some time to do your research. Articles and videos are available that aims to explain the concept of cryptocurrencies.

Never invest capital that you can’t afford to lose. If the amount of capital you are thinking of investing, would affect your finances if lost, do not invest it. You have to take into account that nothing is sure when it comes to cryptocurrencies. The probability of making money is high, but so is that of loosing.

Be careful about which cryptocurrency you choose to invest in. Since 2016, many cryptocurrencies are circulating, and many of them are scams. So before buying, research. Read and look up the people who developed these currencies. Some of these cryptocurrencies may have endless growth potential while others will fade. Make sure you have researched every angle of the cryptocurrency that you choose to invest in.

Remember the golden rule of investing. Never invest all your money in the same place. The same applies when deciding to buy cryptocurrencies. Once you have decided upon the safer ones, do not spend your money only on one kind of cryptocurrency. Buy a few that you deem to be safe. That way, if the value of one cryptocurrency decreases, you will not lose all your invested money.

Investing in cryptocurrencies can prove to make you money if done. Never has there been a way of conducting financial transactions in such a limitless and easy way. Cryptocurrencies hold the probability of making huge profits within a year. Cryptocurrencies represent the future of financial investments in a world. The industry of cryptos is looking to expand its role in the online investing world.

How are cryptocurrencies different from other currencies?

Bitcoin and other cryptocurrencies are decentralized. Cryptocurrencies do not need third parties to record the transactions. Instead, they all record and confirm the transactions at the same time. Payments that are scams and intend to trick the community are rejected. Cryptocurrencies are immune to imposed transaction fees by governments, institutions, or individuals. This makes it easier and cheaper to make payments and transfers all around the world.