Is cryptocurrency making new millionaires every day?

[CryptocurencyKing]

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.

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[kelonmusk]

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.

[GeorgeJohn]

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.

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.

[aysg76]

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.

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.

[Ethan151]

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.

[Daniel91]

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.

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.

[SteveHankse]

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.

[libert19]

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.