How to Get Rich with Bitcoin

Getting Rich off Bitcoin
By 
Coin Cloud Team
, published on 
October 5, 2020
How to Get Rich with Bitcoin

Last week we talked about how to make money with cryptocurrency. But more and more, we find people asking, not just how to make money, but how to get RICH with Bitcoin.

The challenge is that, while you’ve undoubtedly heard about Bitcoin millionaires and wealthy crypto entrepreneurs, it’s harder and harder to strike it rich. You can make money (or lose money) … but as for becoming rich, we want to make sure you take a realistic look at the chances.

Early Bitcoin Millionaires

When Bitcoin was first launched in early 2009, only a relatively few people were mining. They didn’t need special super-fast computers because there wasn’t much competition to solve blocks on the blockchain, and they got a 50 BTC reward for each one.

To put that in perspective, just ONE blockchain reward back then would be worth approximately $500,000 today. Since most early bitcoin miners were cranking out the blocks, day in and day out, it’s easy to see how the millions racked up.

Unfortunately for them, a lot of Bitcoin pioneers spent their stash when it was still worth relatively little, so they never reached millionaire status. But many other millionaires were made.

Bitcoin Miners Today

Today, as we’ve talked about before, it’s hard to make money as a bitcoin miner. The machines have grown substantially in power and price, and the high cost makes profit minimal.

The mining reward has been halved three times, so it’s currently only 6.25 BTC. Besides that, there’s so much competition that your average miner just can’t win. This one is best left for the huge mining farms with millions of dollars invested in their computing rigs.

Investment and Trading Potential

The most popular way to make money with Bitcoin today is by purchasing it as an investment and hoping the price goes up. Of course, this is a long-term play and not even remotely a get-rich-quick scheme. The price of bitcoin goes up and down by a few hundred or a few thousand every day, and with the right timing you could make some money … but unless you have the funds to purchase a lot, and the patience to wait for years, the windfall might be relatively small.

If you get into day trading, you might be able to profit from crypto volatility by swapping high-priced digital currencies for lower-priced ones on a shorter-term basis. But it’s not easy and requires great skill, attention, and a bit of luck.

Hodling Strategy

While there is always the chance that you could get rich with Bitcoin, there are definitely no guarantees. If you’d like to try the “hodling” strategy (buying bitcoin now and holding it with the expectation that the price will continue to increase over the long haul), we invite you to trade cash for crypto at your nearest Coin Cloud Bitcoin ATM.

Just don’t buy more than you’re comfortable losing, because unless you have a functioning crystal ball, you never know for sure how this story will play out.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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