In this blog post, we’re going to show you how to leverage Bitcoin and other cryptocurrencies to make $1,000,000 in just one year. It’s simple but it’s not easy. You’ll need some experience in trading, patience and a lot of money. There are no shortcuts here! The vast numbers of electrons in a coin don’t fly off the surface because? Let’s begin…
You should read this blog post if:
– A huge amount of money is your dream job or hobby!
– You are looking for ideas on how to earn an extra income from home.
– Your dream is becoming a millionaire trading Bitcoin thanks in large part to your own efforts.
1. A $10,000 Investment in Bitcoin Could Turn Into $1,000,000
The below chart from coinmarketcap.com perfectly illustrates the outrageous growth potential of Bitcoin and other cryptocurrencies.
The rise of Bitcoin from nearly nothing to its all-time highs is one of the greatest market events ever . Every investor out there is watching it carefully. This means that your investment could grow much faster than if you were to invest in a regular fund or think about working for someone else’s dream job.
You can see that the price at which you buy a cryptocurrency matters. If you had bought $100 worth of Bitcoin in 2012 when it was worth a few cents then you’d be sitting on more than a million dollars right now (wow!).
2. Buying Bitcoin at $10,000 Could Be Worth $160,000 Today
How do you determine how much Bitcoin has grown and how much it is worth right now? Coinmarketcap.com is a great source of information as they show up-to-date info on almost all cryptocurrencies.
The three main sites that we use to buy Bitcoins are Coinbase, Cex.io and Localbitcoins. The last one is the most popular by far but it’s also easier to use for buying smaller amounts of Bitcoin because you can buy from people nearby (us!).
Coinbase has a flat fee of 3.99% for buying and selling Bitcoin but you can save 1.5% on that by using our referral link here .
Cex.io charges a flat fee of 10% regardless of the amount you invest (although if your investment is $500 then your fee will be $5). The upside here is that the exchange works in all countries (we’ve found it to be really easy to use) and it’s very safe as it uses SSL encryption for all web traffic.
Your investment in Bitcoin could be worth much more than you paid for it, especially if you buy at slightly higher prices or not below the mid-point of the day’s trading range.
3. How to Earn an Extra Income from Trading Bitcoin
Now you’ve got some Bitcoin, it’s time to think about what you can do with your money. You can either hold onto it hoping that its price will keep going up and up or you can use your coins to become a trader.
We’ve talked about the first option in our previous blog posts ( here and here ). The second option is where the fun begins. You might be able to make much more money from trading than investing as it requires less effort .
There are two main ways of doing this: trading cryptocurrencies directly or using CFDs (contracts for difference). We’ll show you how to use both methods in order but first let’s quickly explain what they are.
Doing This Legally Requires Some Effort
First, let’s talk about legal matters. If you’re serious about doing this then you need to know that it requires a bit more effort than just buying some Bitcoin. Some of the methods we’re about to show you might be considered illegal in your country. They most certainly are not regulated by your national government and there is always a risk that the broker will go bust without returning the money that was deposited .
Before starting out, do some research into how Bitcoin works and how cryptocurrencies (or stock exchanges) are regulated in your country. The more you know before you start, the safer your trading will be.
Trading on Cryptocurrency Exchanges
Cryptocurrencies can be bought on cryptocurrency exchanges that are regulated by your national government (or it could be a foreign exchange). The exchange has to register in your country and it has to comply with all national regulations (like AML/CFT). There is a small fee for each transaction but this is much lower than broker fees if they go bust.
The most popular of such exchanges are Binance (from the company based in Hong Kong) and Coinbase (from the company based in San Francisco). You can buy Bitcoin through these two companies but you cannot sell it to anyone else. Coinbase has the added advantage that you can also buy Bitcoin through their app and skip the sign-up process.
You might want to consider buying on a broker like eToro which operates in all countries. You can deposit a currency like Euros or Dollars and exchange it for Bitcoin instantly through eToro’s online platform which is available in different languages (including Arabic, Chinese and Russian). You will get a small commission when you decide to buy Bitcoin through eToro but they do not charge an extra fee when you sell it back (although they do when you place a short order).