Cryptocurrency has made millionaires and billionaires out of once struggling or unknown businessmen. Forbes listed 19 men who made it big by investing in or engaging with digital currencies or any businesses related to it. Their sheer number – and the list may still be growing – suggests the relative ease in which cryptocurrency could bring promising boom to anyone who knows how to play their cards right.
Since money or fortune could be made from cryptocurrency via bonds and stocks, investors have taken this route to increase their wealth. Some have used their extra money to invest in a market that has no brokers who charge exorbitant fees. However, for one to effectively do crypto trading, one needs to be fairly knowledgeable on different businesses as well as the current flow of economic trading as it offers one an advantage over the rest.
Tech junkie Ryan Peter from limevpn suggests that would-be investors looking to make a fortune on crypto should buy bitcoin. The idea is to purchase fractions of bitcoins instead of the entire unit. Then, look for an exchange that has a history of performing well. Doing research on which cryptocurrencies to trade can help you predict which coin would be a good investment in the short or long term.
Other ways to make it rich in cryptocurrency, according to online invoicing platform and payment service site Due.com, is to start accepting crypto payments. Having a digital wallet is a necessity as payments received in the wallet can be used to pay for other products, or be kept until its value increases and profit is made. Mining your own cryptocurrency is also possible as long as you have the necessary hardware and tech equipment. You can follow the above mentioned ways to make money in crypto or be inspired by how these three people listed below made their own fortune via digital currency.
1 The Winklevoss Twins
36-year olds Cameron and Tyler were underdogs who famously accused Facebook founder Mark Zuckerberg of stealing their idea for a social network. Now, they have a crypto net worth of $900 million to $1 billion thanks to their investing into bitcoin back in 2012. Apparently, the twins used the $65 million settlement given to them by Facebook to heavily invest in cryptocurrency. Now, they are reaping the rewards. The Winklevoss brothers created Gemini, a New York-based crypto exchange where digital currencies are bought and sold by investors. Gemini currently handles $300 million transactions per day and is said to hold more long-term value than the Winklevoss’s currency holdings.
2 China-born Changpeng ” CZ” Zhao
Zhao was born in China, immigrated to Canada with his family during the 80’s, and flipped burgers in McDonald’s when he was in his teens. Now, at 41, his crypto net worth is $2 billion and he is the CEO of Binance – the largest crypto-exchange in the world. Binance was non-existent seven months ago. Currently, it has 6 million users and is able to process 1.4 million transactions per second. Zhao claims that “No decentralized exchange today can handle our volume, and none are as secure as we are.”
Zhao studied computer science in McGill University, Montreal. He developed software for futures trading for the Tokyo Stock Exchange and Bloomberg’s Tradebook. Despite being promoted three times in less than two years, he quit his job in 2005 and started his own company called Fusion Systems in Shanghai – a company popular for creating high-frequency trading systems for brokers. Zhao’s Binance now works with more than a hundred wallets, supports 120 coins, and 240 trading pairs. He is proud of the fact that his team solely welcomes projects which have powerful credibility, liquidity, and user base.
3 Russian-Canadian Vitalik Buterin
24-year old Buterin, the creator of Ethereum, has a current crypto net worth of $500 million. Compared to the above two crypto-rich, Buterin started early. He launched Bitcoin Magazine when he was a teenager, accepted a Thiel Fellowship and dropped out of college, and started travelling using his bitcoin. It was during his travels when he decided to write a white paper on Ethereum where he proposed an “open source platform for more complex financial instruments aimed at the economically marginalized rather than just a currency like Bitcoin.”
Now, Ethereum has the most number of developers than any blockchain community. Despite his youth, Buterin is level-headed in his view of cryptcurrency and believes it is not better than traditional currency. He explains, “If crypto succeeds, it’s not because it empowers better people. It’s because it empowers better institutions.”