Bitcoin Forum

I am not sure about the millionaire status. But you can make a good amount of money depending on how intelligently and how dedicatedly you trade or invest in crypto. I have heard that people have gained a lot with the rise of Bitcoin because they invested in it at the right time. So, you need great timing, learning, and strategy to gain profits in cryptocurrency. Maybe one day, the millionaire status will come true for every crypto investor.

You also need a lot of luck.

Take Doge and Shiba Inu for example. Those who invested in these meme coins or tokens early had been lucky there are still a lot of people chasing the hype even though their use cases aren't unique.

This won't happen. Not with the current gambling mindset of investors.

I tend to agree, those who invested hype coins or tokens are totally gambled their money because they want to earn in a short period of time which is though it is risky but if you will a little bit lucky you will be able to earn a profit, but over all isn't safe at all.

You have heard those who've gained but how about those who'd lose their money because they are trapped investing in a high price but suddenly have dropped.  Not all cryptocurrencies will make you rich especially in altcoins, if you're a Bitcoin holder and purchase for about 5 years ago for sure your profit was there, not the short term or hype coins/tokens.

Remember: A few millionaires and many indebted :)

Just yesterday, my friend bought a hyped coin called SDOG (on Avalanche) that made a literal pump and dump. And that was not just a random shitcoin, since it got quite a bit of attention from known crypto guys on "crypto-twitter". Everyone rushed to the end and a couple of people got out with a couple of millions (someone went from $500k to $18m), while the rest of their community got rekt.

Even rekt.news made a post about this: https://rekt.news/snowdog-rekt/

Taking into account that getting the first dollars is much harder than the last ones and, therefore, the less you have, the more they are worth to you, the quoted was a very timely appreciation.

Answering the OPs question, there is no doubt that crypto is making new millionaires every day. There are plenty of examples, with hundreds of coins. But let's not forget that this is a zero sum game, and that there are losers too.

Is cryptocurrency making new bankrupts every day? The answer is also affirmative.

It may not be as complicated as you think. You don't even have to be that intelligent. As a matter of fact, those who believe they are intelligent and endeavored to do beyond simply the HODLing boring thing are more prone to failure and loss.

I guess it has been proven time and again that the most profitable people in the history of Bitcoin are the HODLers. They're probably not the traders, crypto investors, and those who are too focused on the tiny details, created strategies, analyzed the perfect timing, and so on.

The keywords are Bitcoin, now, and HODL. Those are enough.

This is sure, in my country, many young people who never imagined themselves to be in the millionaire status are now there, cryptocurrency has made more youths millionaires in my country faster than even the career they studied in school. Apart from luck, intelligence and strategy, Information is also key in gaining the most from crypto. Being at the forefront of information guarantees you to make the best profits from crypto.

@OP you're confusing between Bitcoin and cryptocurrency (altcoins) since both of them are different. You could become a millionaire in a single day by investing on altcoins (pump & dump) it's all depend on your luck to choose 1/10000 coins out there of the chance is 0.01%. If you invest in Bitcoin you can't become a millionaire in a single day since it won't pump 100-1000x in short time (expect you're early adopter), but it's the safest investment IMO.

There are many paths one can take to become a millionaire, crypto is just an adequate tool to be used globally and accepted as something of value which many companies/services have adopted (not about legality).

It's not just an investment tool, if you use it in gambling, it's impossible for you to earn hundreds of times. And lately, digital artists are benefiting from the presence of NFT technology. It just depends on where you want to be in the crypto field, if you are consistent then you will enjoy the results one day.

As long as you can select the right project for your investment, you can expect to become the next millionaire someday.
But you should not expect to make big money in a night because there is a process that you should follow and the project where you invest in will not lift the price in just one night.
But we admit that some projects can lift the price quickly, but that is rare to happen to many projects.
So only research will give you the chance to make big money.

It is not. Crypto market is another place where we are joining in a zero-sum money game. It means there are winners and losers in the same game and money flows from losers' addresses to winners' ones.

The Pareto Principle (https://en.wikipedia.org/wiki/Pareto_principle) is true in all aspects of our society so sure it is true in crypto market. It means we can assume that 80% of participants in the market (traders, investors) end with losses, and around 20% of them end with profit. How many of them are millionaires, we can not estimate it but I believe only a few of them are millionaires or billionaires.

• Pareto principle and Bitcoin owners (https://bitcointalk.org/index.php?topic=5354317.0)
• Willy Woo's tweet about Bitcoin distribution (https://twitter.com/woonomic/status/1425743947142373378)
• Trends in income and wealth inequality (https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality/) (Pew Research Center)

Majority of those who get involved in altcoin trading lose a large amount of bitcoin specially since they all hang around too long. For example during 2017 we had a large surge of newcomers who bought a lot of different altcoins because they saw them pumping every day. But they didn't know that it was a "pump" and though it is "growth" so they ended up bag holding until they all lost a lot of money and some lost as much as 98% of their initial investment (left with only 2% of it).
If you want to see them, just search for topics talking about "having patience" during 2018 :D

This is what happens when you blindly invest in these coins just because they are rising insanely just for temporary period of time under some influence but people tend to ignore these facts and just put their life savings on these altcoins which are shitcoins at most and gradually end up losing them all.

In the past few days we saw shiba inu insane rally and whales buying billion worth of coins but what happened when it reached at high prices? The exchange server crashed and people were not able to liquidate their holdings as you could not sell them and then prices crahed.So what's the fun of holding these coins?

Second case of Squid game token which was giving 1000% returns in single day and people rushed to invest in it and later on it crashed 100% to zero because of rug pull and the holders lost all the funds in one go and the owners scammed people with million dollars and ran away.This is what you want to happen with you also by investing in these coins?

This is the misconception among newbies and many others that crypto is shortcut to become millionaire easily of which scammers and shit token owners took advantage and first pump the coins with fake projects background and once people start investing they dump the coins and cash out their profits and latter one is left with 3-4% of initial investment as you said.On the other side they ignore btc just because it's out of reach and having sats is not possible at all(excuse) but they ignore how safe and best btc is and those who have hold it for years are actually millionaires now what they want but this is not how they are looking towards it.

Everyday I do not think so, because markets are not always posting positive numbers like it is right now...so we cant literally be getting millionaires everyday , if it was the case we would have been seeing lambos everywhere .And tbh I do not think in todays investors we have many people that invest in cryptos to secure a load full that will make them millionaires. But were we have a high possibility of getting millionaires is when we get into a bull run phase  and the hodlers portfolio grows in  value chances are high of getting a few millionaires here.

Close to a week ago, I saw someone posted his profit of over $500 million just by chucking $500 into SHIB during its early days.

Jelly.

Crypto trading is currently one of the biggest means to earn income, but not everyone is making it big, this still isnt as a result of the dip or unfair market situation but the fact that so many persons lack the appropriate strategy and signal to use.

In as much as you can select the right approach for your trading and you're consistent in it, then you can make millions from crypto, maybe not immediately but definitely.

I agree with your point, but also remember that as you are gaining, people are loosing too. So it's also a very risky process that involves alot of talent, knowledge, dedication and luck, yes I said Luck. It's not everyone that invest will gain even if appropriate measures were taking, but if you are lucky, you can start today and make it today.

Coming from personal experience, I know a few people who have done really well with crypto. They were early(ish), they traded, worked with crypto projects, bought the dip, sold the high, hodl, you name it they did it, and they god a lot from it, but they ain't millionaires. And I am not sure that's even that important. If it can bulk up your budget then it was more than worth it. I'll live the millionaire dreaming to someone who has the time for dreaming.

Your not necessary to be intelligent you just need some guidance and style when it comes efficient to that. Does being millionaire means you had some experience or great background? No right? Sometime a lucky airdrop could do it for you already or some good bounty you joined or a good bought on uniswap like shiba, anything like that could do it.

Cryptocurrencies have already made a lot of people millionaires, but I wouldn’t say it happens every day.
It is almost certain that the people who joined crypto in the period 2009-2012 have already become millionaires, provided they didn't sell their crypto funds too soon.
Today it is much harder to become a crypto millionaire because there are so many interesting crypto projects that it is very difficult to guess which will be the best and bring the biggest return on investment.
Crypto trading is very risky today and it is very difficult to become a crypto millionaire that way.

This is the major issue with chasing after instant gains, rather than organic growth. Those who seek pump groups always fall victims of this while the group owners and his few selected friends smile their way to a bank. At a time, I followed a dude who ran such a group and bought a token he picked – Polyplay. The token pumped but got dumped. Till this day (at least the last time I checked) it was abandoned. I was lucky to have got out with minimal loss, anyway.

May I tell you my opinion? since a couple of years ago, when certain trends happened like DeFi, NFTs, and now Metaverse, there's an anomaly in the crypto world. Some of the altcoins are independent. They're not depending again on the bear or bull run of bitcoin. It means the domination of bitcoin wasn't absolute anymore. IMHO, being a millionaire is possible when you have a combination of good observation/analytics, good instinct, good emotion control, a risk-taker, and the most important thing is good luck. People who can see a chance and use it well may have success in the crypto world. 

I honestly haven't seen any change in the altcoin market so far. Things are exactly the same.

* Majority of altcoins most of the times are dumping each time bitcoin goes either up or down.
* They have good pumping times when bitcoin price is stable.
* At any time a handful of altcoins are being pumped regardless of what bitcoin is doing. Then they get dumped after some time depending on the altcoin.

The altcoin market has been exactly like this ever since 2014 that I entered this world.

It could be crytocurrency is making new millionaires everyday. This maybe people who knows the right coin to manage, and this categories  of people they do not become a millionaire overnight, they have followed in the right part and have been investing before now. Becoming a millionaire through crytocurrency is not spontaneously, but consistently.

People think that crypto is a place to become quick rich. You enter with little money and exit with bags of money but in reality it's a wild west. The story of SDOG is not new such pumps and dumps are integral part of crypto. But not many pay attention to the point that never buy a coin that is already pumped as its ready for dump.

You need to learn a lot, and may need some luck, but don't trust it. Increasing your knowledge is the way to go, Follow new projects, follow older projects, stay up to date, read forums etc. Trade a bit, hold more, and always follow your holdings :) But becoming millionaire with cryptos requires now serious risk taking... as it required earlier. I think if that's the goal, the best way is to sit down and plan some useful project and launch it... 2nd best way would be double DYOR and buy in at presale stage on a few promising projects, and just hold. my two cents!

It has been proven that way, but it could have been proven the contrary as well. Don't fall in the trap of thinking that those who HODLed are more intelligent, or those who trade aren't, because it might suppose falling in the confirmation bias.

Don't get me wrong: HODLing is the strategy I follow myself (I'm too lazy to follow any other). But even if I have had good luck following it, I am very aware that it could've been the other way round too, and that we don't have a crystal ball and we could lose it all if (sorry to mention Taleb) a black swan event proves that Bitcoin is not as anti-fragile as we suppose it is.

Like in the Big Short, where everybody thought that "hodling real estate" (sorry for the blasphemy) was the only reasonable thing to do, until everything went down all of a sudden.

No exactly, except that every they are professional traders with big amount of capital so that they can also get big profits. Moreover if they also know the nature and the right strategy for trading, in every kind of market condition.
So, it doesn't mean much. There will be only few people who can really make it. And not everyday will be coming tot his condition.
I personally believe that many people can earn money and get profits from trading and also crypto investment.
But, Exactly, this will only happen in some certain people.
But so far, many people new coming in crypto is based on the hype community, hype projects, and also fake investment. So, many also become poor very easily.

Don't always see something from one side, because there will be always two sides point of views.

Whales can make a huge profit everyday but may not a million a day. We have investors with huge capital as said above and yes they might get turn over bit more than normal traders with less investment and that too thay are into a day trading. People often make a huge profit when they go for a long term. But yes there are so many here who became a millionaire in crypto by investing huge amount.

Timing and capital help a lot, plus applying a good strategy to grow your investment/trades completely make you more profitable than normal people here. But, we haven't thought that was very easy. No, you can't, especially if you are too emotional and have no deep knowledge about the market.
Rich people can do possibly make more money here. They have a lot of money in the first place and they can afford to put millions as capital for the investment which we could surely think that it gains millions as well.

Hopefully we are be one of those millionaire soon. 🙏

People outside crypto think that crypto trading is everyone jobs and its very simple thing. But as soon as you enter this market, you find it a wild west.
You don't need to be rich to enter crypto market and make profits. Capital is secondary thing, the primary thing is your mind. Even with small capital you can made huge gains, it all depends on your knowledge and skills about crypto.

That's not gambling most people who get rich in crypto are dumb, jobless or trying to do nothing then they found crypto.
You can't comparing it with gambling, gambling need too much awareness.

Definitely sure, but you just have to start working towards  to be a millionaire,  becoming a millionaire through  crytocurrency is not just immediately you start Investing in cryptocurrency.  More people are becoming millionaire daily just because  of what they do consistently.

In fact, many people have become millionaires in the crypto world because they believed in this project from the beginning, got involved early, didn't sell their crypto assets and their faith and patience were rewarded.
Today, it is much harder to become a crypto millionaire in this way, but it is not impossible, provided that a good crypto project is chosen at the very beginning of development.
Of course, there are other ways for someone to become a crypto millionaire, but it takes a lot more knowledge and experience, for example through crypto trading.

I got to know crypto in 2015. Next I continue to learn to trade with crypto. I think what the author said could have been, those with big capital have more opportunities to make millions of dollars, but that's worth the risk.
Indeed the crypto trend continues to grow and change, if we do not want to learn and survive then we will die. Choosing a good project is certainly very difficult, it takes thoroughness, patience and is ready to lose money and time.

I wouldn't say everyday but every year. It's not rocket science though.  The number of millionaires are increasing every year because the amount of money in global economy is increasing every year.
Talking particularly about crypto millionaires I think crypto millionaires are increasing every year too because the number of people investing in crypto are increasing every year.
The crypto marketcap is also increasing every year which means more money is flowing into crypto every year making new crypto millionaires every year.

I have seen a tweet recently that earlier this year if someone have invested $1000 in Shiba Inu, they would have been a billionaire. Is that true? I have not checked it myself but the way shib raised, I think it's true. I was not able to pick it earlier, nor I did now as I don’t like memecoin much nowadays but it was one single offer in a lifetime  :D Yeah, crypto will make you millionaire and sometime the poorest one too.

it doesn't have to be $1000, even $100 you can become a millionaire when you buy a shiba inu coin when it first appears and hold it up to yesterday's ATH price. But the challenge is, are you strong enough to hold it when the price is high in your opinion, even an increase of up to thousands of percent, it's very crazy. The crypto world is a world where people can suddenly become very rich, but also very poor in just a minute. All have risks

Yes, but not from a zero assets/capital, but for those who already have thousands of $$$ portfolio and trying to pursue a million profit/net worth from trading or investing.

Well, obviously, many crypto people become millionaires already, it's just a matter of knowledge and smart work (smart choice of coin to invest) and etc.

Cryptos has made a lot of persons millionaires today and has also bankrupted a lot of others. In a way, it tests your investing skills and how you manage your funds or income.

In seconds, minutes, hours, days, weeks, months or years as time counts, you can buy or invest in a good coin, hodl and watch it flourish beyond your imagination then boom, your an instant millionaire. Just like that, for choosing a good coin and possibly a good time to invest plus, with the right amount too.
Another way is, one can get into a good trade, your consistency at winning on the trades also could play a role that ends in millions to your portfolio.

As much as these results could be made, so also can you loose for making a bad investment, bad trades and poor monetary management. So, endeavor to study and do it right when you must.

No opa, I remember well the saying: get sick first and have fun later.
So, if this meaning is associated with the cryptocurrency industry then there is no such thing as an overnight multi-millionaire. regardless of the perception, it might be worth considering the risks first before hoping to make a profit.

Really your concept is a welcomed development actually, but getting the advantages of rich towards cryptocurrency investment is base on luck and the project of the particular coin, you can invest on a coin and after period of time the coin run out of the market due to bad reputation of the coin, so therefore i will agree with you about timing for the coin that has values already and newly listed coin's are good for investment, so those species of coins are the one that turns an investor to billionaire.

The choice of coin is the top most priority which will determine your networth in the future like i personally believe btc is best suitable for me considering all the factors like security,fees and profits if i look at both the prospective of payment processing decentralised crypto giving freedom of funds and long term financial asset which will give me profits in long run.

But the problem with people is they don't tend to understand the crypto market and see it as tool to become rich in short span of time which is why many get attracted towards these fake altcoins which only make big promises and those who don't have knowledge and just want profits blindly get trapped in this circle and face difficulties later on.If you have invested $1000 only in bitcoin 5-6 years back you would have lot of funds now but people want shortcut and crypto market have so many such coins that will make millionaires but there is catch in this and that is only the owners of these shitcoins and whales become millionaire not investors.

Make the right choice with your knowledge and give it some time and you will reach your desired goal but you need to work for that and it will come with time and experience only.

I’m in support, crypto currency has made a lot of millionaires despite the economic breakdown and the fight against the covic 19, A lot of persons lost their business and work due to the pandemic and it’s still fighting to recover from it while those who where able to trade online made a lot of profits sitting in their comfort zone without stress, this process tends to teach value of crypto and it’s important to the society at large.

In fact, in the beginning, it didn't take much capital to get rich on bitcoin.
All you had to do was trust something completely new and revolutionary, invest some minimal amount of money and then be patient and wait.
Everyone who did this in the first few years of bitcoin development, until 2012 or 2013, and had the patience and discipline not to sell their bitcoin, has already gotten rich without having to do anything or trade.
Now it is much harder to achieve something like that, but it is not impossible, you just need to know how to choose the right project and wait as long as necessary.

I am not sure everyday. But there are people whose lives have changed after investing in cryptocurrencies. It is possible to become a millionaire from cryptocurrencies if you take the right steps and are consistent. Since crypto is a speculation market and is new, traders need to step in with calculated risks.

I doubt of 'every crypto investor' but yeah comparatively to traditional markets it's bit easy. Also i'd say, in crypto it's more important to retain the gained money than to make it.