If you are reading this then you must be invested in Bitcoin or atleast considering getting into the trade. Well let me not waste you time...
I think Bitcoin could potentially make you a millionaire if you possess a substantial amount and you are ready to HOLD your coins for the longterm. Bitcoin like most Crypto currencies has been having a pretty volatile leg recently, but overall it has been on an upward trend and I don't see that changing in the near future.
The coin is the pioneer among its peers and has done well to secure its leading position over the rest (altcoins). It has done so by maintaining a market cap larger than that alternative coins making it more liquid and hence a safer bet than all others which has attracted investment into the coin. It is also important to note Bitcoin has been in existence since 2009, a long period of nearly 10 years within which it has had no known major bugs, also showing it easily passes the test of time.
Lastly and most importantly, only a fixed amount of bitcoins i.e. 21,000,000 can ever be mined. This makes it a perfect candidate for storage of value as is the case with Gold where only a finite amount can ever exist meaning the supplier is fixed but demand could grow taking the price up with it.
Out of estimation, lets say that currently about 500M or less people in the world are aware about Crypto currency. Of this 500M, possibly less than half of them own any form of cryptocurrency. The more people get sold into cryptocurrency and blockchain tech, the more the market capitalization of the cryptomarket will grow increasing the value of all coins. With Bitcoin being at the forefront of crypto, it will definitely to receive a lot of attention effectively enabling it to remain the most sought after coin and pushing its price even higher than it currently is.
So if I were to take a really wild guess I would say holding Bitcoin could be a potentially good idea and who knows it might make you a millionaire.
Cheers!
Power to the Steemians!
** Disclaimer: The views expressed in the post are my personal opinion. **
This post received a 3.3% upvote from @randowhale thanks to @terminatordvp! For more information, click here!
Sometimes i wonder if a million will be the new 250,000. So many investors in bitcoin early on. Those who have 1,000 bitcoin today (which is more than 1,000), will be BILLIONAIRES.
So true...buying bitcoin even at this point to me still seems profitable
It still is yes. If you can swing the 3 grand. Another way to approach it is to buy the maximum you can afford, then taking about half (or whatever your comfortable taking out) and if the price plummets one day....bam. you can buy a lot more with the money you took out while it was high.
Or should the price go up, you just tell yourself im comfortable taking this much out with the understanding that it could go way up and i just cant get back in. If that makes any sense.
Yeah it makes sense...you mean to create stop loss orders that sell part of your coins when your profit reaches a certain level and anticipating for price to go down so you can repurchase the coins at the low price. Pretty smart
Yeah like a stop loss or taking the amount you're about to invest in "FOMO" emotion and maybe taking about 30% of that and NOT investing, but rather reserving it in your bank or coinbase wallet and then if the price crashes someday due to market panic, you can get a bit more. Andreas Antonopoulous himself said that could happen due to various reasons like network attacks, or technical issues. Price could crash considerably but youll have more to put in it since you didn't go totally all in
You said it...price is really unpredictable in crypto world...a network failure alone could cause major issues and its ripple would be felt even on the price. My only challenge is that I see opportunity in almost everything. It would be really hard for me to put aside 30% and not invest it in another coin with potential
upvote make sure follow me and upvote my post if you like
https://steemit.com/steemit/@vegeto/steemit-for-beginners-upvoting-strategy
Great! I've followed you
I am sure with the new segwit in August 1st making things faster, less expensive it will make things so much better, so I agree with points you are making and have already purchased some bitcoins so here is hoping :)
Cheers! One day you'll swim in the money when everyone else wants in...