The rise of Bitcoin trading platforms has enabled common people to get a slice of the highly lucrative cryptocurrency market. If you had invested in 100 Bitcoins each worth $100 USD in 2010, in 2017, you might have sold all of them for more than $2 Million!
Investing in Bitcoins is a great decision. Compared to traditional fiat currencies, Bitcoin’s valuation is not subject to inflation. Being decentralized you never have to reveal your identity or pay commission and currency exchange fee.
In 2020, the famous Bitcoin Halving is going to take place. This is going to drive up the prices even further. In this article, we look at five great Bitcoin investment tips from Bitcoin millionaires. This will help you invest in the right manner, and become a part of the millionaires club in no time.
5 Great Bitcoin Investment Tips from Bitcoin Millionaires: The List
- Invest early and stay in it for the Long-Term-
According to the best investors, the true hallmark of a great Bitcoin Bull is early investing. People who have waited out at the sidelines have only themselves to blame. Bitcoin is different as it does not adhere to the wait and watch game.
The idea is to catch the wave early on and stay on it for as long as possible. The top investors also suggest that Bitcoin investing needs patience to succeed. If you are looking to bail out after winning your first $1000 USD, you should pick a different career.
2. Choose the right Cryptocurrency to invest in initially-
Bitcoin, Ethereum and Litecoin are examples of ‘Big Coins’ in the cryptocurrency world. Each have their own pros and cons. However, investors have a soft spot for Bitcoin as it was the first one to usher in the revolution. As a young investor, you should pick one crypto and stick to it.
They also point to the fact that Bitcoin is more than a decade old. It is also the most publicised, identifiable and the most highly valued cryptocurrency in the world. Bitcoin is also the one in which most national governments are taking the most interest in.
3. Have the Best Strategy in place for your Investments-
The top investors point out that ninety percent of the people who take up crypto investing fail because they do not have the right strategy. They work on multiple exchanges and trading platforms, dilute their investments and expose themselves to losses.
A good strategy is one, which is cohesive in nature and takes into account the time factor. You should invest in not more than one exchange and platform at one time. This will help you concentrate all your efforts in a specific direction.
4. Follow the latest tips and tricks of established Crypto Investors-
If you start thinking that you are better than anyone else is, you are sure to dig a pit for yourself. Do not make this mistake. Learn from people who have been there and done that. Follow them on their blogs, Twitter and exchange blogs.
Investors reveal the best times to invest buy and sell your crypto. They also catch the drift when it comes to global happenings that are going to affect the valuation. Keep yourself informed about the cryptocurrency ecosystem.
5. Invest your winnings into the Crypto Ecosystem-
If you casually look at all the biggest investors in the world, the key to their continued success is further investments. If you start winning, be sure to invest your winnings back into the ecosystem. This will help you multiply your winnings and establish a solid foundation.
It does not matter, if you are investing it in the same crypto or something else, but reinvestment is the surest road to success. The Winklewoss Twins invested all their earnings from Bitcoin into founding a Bitcoin exchange, Gemini. They are the world’s first Bitcoin Billionaires!
If you are looking to Become Billionaire with Bitcoin, this article is going to help you. By following the above tips from successful Bitcoin investors, you will be well on your way to earn your first million.