Explained: Can Cryptocurrency Make You Rich?

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Most of the people involved in the digital currency market dream of becoming a millionaire out of cryptocurrency, or even better. If Bitcoin and Cryptocurrency continue to rise in the next few years, there will undoubtedly be many people who will become rich millionaires – small investments in real coins will generate huge profits in the future, just as it did to the early investors.

 

 

Cryptocurrency Millionaire

You’ll never know who remembers buying 100 bitcoin in 2010 and can use it to work out your current value – we recommend you stay under the radar, you’re responsible for your own cryptocurrency security and there’s a growing number or burglary.

People believe that investing in digital currencies is one of the best and fastest ways for young people to make money. A safe way to make money in cryptocurrency is to buy good cryptocurrencies that have a basic use case and keep them until they have a fair market share.

Cryptocurrencies and blockchains will change human lives in an incredible way and people are getting the opportunity to understand the new ecosystem so that they can use it to their advantage. Cryptography is mainly a retail investment sector, and most people who invest in cryptocurrency today did so in Q4 2017, with the aim of becoming rich quickly.

Cryptocurrencies are now ghost cities that have to deal with the issue of illegal security trading, and the existing pocket wallets are increasingly hurting with every new landfill. Bitcoin ( or another decentralized, investable currency ) becomes the host of a DApp or other use case that we all use every day.

Note: just because everyone is now using bitcoin ( or tomatoes for the sake of payment ) as a payment method does not mean that you are magically gifted bitcoin at birth and you don’t have to take out debts to build a business.

 

Use Case of Some Cryptocurrencies:

Factom enables companies to create an unchangeable database and store the database in their own blockchain, hash such data and store it in the bitcoin blockchain.

Golem’s goal is to finally have Smartphones, massive data centers, laptops and everything in between to contribute to the ever-increasing range of computing power, and with increasing computing power, investing in Golem is a must for investors.

Zcash was founded by Zooko Wilcox in October 2016 and is the result of a continuous effort by developers to create cryptographic protocols that provide more privacy.

The IOTA focuses on being useful for the burgeoning machine – to – machine ( m2m ) economy of the Internet of Things ( IoT ), data integrity, micropayment and other applications where a scalable decentralized system is justified.

The above-mentioned cryptocurrencies do have a use-case but you as an investor need to carefully examine the use case yourself and check whether you find the particular use case really needed for the future or not.

 

Be Careful with cryptocurrency investment

Be interested only in those cryptocurrency platforms and protocols that are aimed at solving basic problems with current blockchain technology, which needs to be overcome if the blockchain is to solve real problems rather than just a speculative investment. But what you want to take away here is that coins that do not have strong foundations ( and real use outside the money – grabbing ) will collapse when crypto madness is coming to an end and people start to evaluate crypto based on real applications.

Investing in cryptocurrencies is quite a risky investment as the market is highly volatile. The investors should carefully examine the type of cryptocurrency they are going to make their investment in and only then move forward. It is however recommended to invest only in such platforms that have a purpose behind it and are totally decentralized such as bitcoin. Investing in scam projects and useless coins can only be profitable for a short term as in the long term they are surely going to collapse hard.

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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