Building Bitcoin Fortunes – What You Need to Know
By Nick Anderson 4 minutes
Most people think about commodities, bonds, stocks, and real estate when they have extra money to invest. However, a new breed of investors is building Bitcoin fortunes. Bitcoin, the premier digital currency, has drawn significant attention from investors globally. This computer-generated cryptocurrency runs on the blockchain, creating a transparent and decentralized system that eliminates double spending and acts as a hedge against inflation.
While Satoshi Nakamoto envisioned Bitcoin as a peer-to-peer payment system, it’s become a digital asset that people buy and hold to sell at higher prices eventually. More people are flocking to platforms like Quantum Pay Group to purchase Bitcoin and use it as a store of value for long-term monetary gains.
Why Build Bitcoin Fortunes?
Thousands of investors and ordinary people are looking for ways to protect their savings from fiat money’s fluctuation. Fiat currency loses its value over time. For example, the US dollar has lost over 95% of its value since 1913. Conventional investments, like stocks, have shown they are unreliable when you want to safeguard your wealth. Therefore, many people want to diversify how they amass wealth.
During the COVID-19 pandemic, Bitcoin performed impressively while most investments were plummeting. This prompted many people to rethink their perception of this cryptocurrency. Furthermore, Bitcoin is a hedge against inflation because of its fixed supply and value-accumulating effects.
After the recent turmoil in 2020, people are looking for ways to protect themselves against future pandemics, unemployment, and advanced technologies that may take over their jobs. Bitcoin is a speculative investment that has already given some investors better returns than real estate, gold, and the best stocks on the market. Unsurprisingly, entrepreneurs like Paul Tudor Jones and Jack Dorsey believe that Bitcoin will initiate the next revolution in wealth acquisition.
Amassing Wealth with Bitcoin
Determining the amount of money you can make from trading or investing in Bitcoin is challenging. That’s because its price can fluctuate significantly within a short period. However, some people have amassed wealth by investing in Bitcoin. For instance, somebody who bought Bitcoin ten or 12 years ago can sell it at a much higher price than they acquired it. At the same time, some have made good money trading Bitcoin via crypto exchanges by speculating about its value.
Many Hollywood stars, billionaire investors, and tech entrepreneurs have invested millions of dollars in Bitcoin. Partly because they have noticed its growing adoption, while others believe it may eventually become the global reserve currency. Moreover, others have noticed that Bitcoin’s value has increased significantly since its introduction to the world in 2009.
Nothing feels better than growing your wealth or savings by holding Bitcoins in cold storage. Besides doing nothing about your investment, no single entity like a bank or government can confiscate your Bitcoins.
This cryptocurrency’s decentralization means nobody or government can control or manipulate it. Demand and supply are the primary market forces dictating Bitcoin’s value. Therefore, you can hold your Bitcoins as long as you want and eventually sell or use them to acquire other assets.
Ordinary People Are Also Building Bitcoin Fortunes
You can build your Bitcoin fortunes with limited capital. Initially, people acquired Bitcoin through the mining process. However, Bitcoin mining is complicated due to the increasing number of miners, which has increased the mining difficulty.
Trading or investing in Bitcoin via crypto exchanges is the more realistic way of building Bitcoin fortunes for ordinary people. These platforms allow interested investors to register and buy Bitcoin with fiat money. After purchasing Bitcoins, you can move them to cold storage for safe holding, wait for the price to increase, and sell them at a higher price.
Bitcoin presents an innovative way to invest and amass wealth. While this cryptocurrency remains volatile, you can use it to build fortunes if you’re patient enough to withstand its rapid price movements. Also, take appropriate safety measures to safeguard Bitcoins after acquiring them. Additionally, only invest what you can potentially lose, and your life goes as if nothing happened.