Is it true that “bitcoin trading can be a billionaire“? Explaining the exchanges that were used after that: It is said that in the “virtual currency boom” that occurred from 2017 to 2018, many “billionaires” who realized assets of 100 million INR by investing in virtual currency were born.
And, due to the soaring Bitcoin price that occurred from the end of 2020 to the beginning of 2021, it seems that there are voices again saying, “I think we can become a billionaire by investing in virtual currencies.”
This time, I will explain about the people who were called “billionaires” in 2018 and the exchanges that were used.
What is a “billionaire” by investing in Bitcoin?
Millionaire” is a term that generally refers to a person who has built up assets of 100 million INR or more with stocks, FX, and recently virtual currencies.
As mentioned above, it is said that a large number of “billionaires” were born due to the significant price increase of virtual currencies from 2017 to 2018.
In addition to Bitcoin, which is a representative of virtual currencies, there were many other virtual currencies (so-called altcoins) whose prices soared. With such investment in cryptocurrencies, people called “100 million people” have appeared in the world of cryptocurrency investment.
It’s often misunderstood that even if you build an asset of 100 million INR or more by investing in cryptocurrencies, you don’t get 100 million INR in your pocket. Part of the profit must be paid as tax, and of course, a final tax return is also required.
If you want to build more than 100 million INR in assets just by investing in cryptocurrencies, you will need double the gain of 200 million or more.
Looking back on the Bitcoin turmoil at the time of 2017
Bitcoin, which is a crypto asset, has attractive features such as “low payment costs”, “speedy transactions”, and “high anonymity”.
These points were evaluated mainly by the IT industry, and the prices of many virtual currencies including Bitcoin soared. However, it is the issue of exchange security that has been exposed to cold water.
One of the most representative cases is the case where the virtual currency exchange Coincheck leaked about 58 billion INR of virtual currency “NEM”.
It was January 26, 2018, that Coincheck noticed something unusual. The reason was that the person in charge discovered that it had decreased abnormally while checking the balance of NEM. Due to the turmoil, NEM’s stocks suffered a crash.
An urgent press conference was also held at midnight of the day, and the president and CCO revealed that the virtual currency worth 58 billion INR had been stolen.
Moreover, the people concerned are shocked that the sender of the virtual currency was the main wallet of Coincheck.
It is a coin check turmoil that the anonymity of virtual currency has become a nuisance, but since the timing of remittance was too unnatural, isn’t it the work of the people concerned? There was also a suspicion that.
At that time, the laws and regulations related to virtual currencies were not yet sufficient, and these incidents gradually reduced investment in virtual currencies.
After the person who became a millionaire
The bubble of cryptocurrencies created many millions in 2017, but the burst of the bubble in 2018 caused the prices of cryptocurrencies such as Bitcoin to drop significantly.
It is a billionaire who has made more than 100 million INR, but it seems that not all of them have been doing well since then.
The profit from investing in cryptocurrencies is subject to a large amount of tax compared to general stock investment. Therefore, it is said that there were cases where the timing of the sale was missed and there was an unrealized loss or a large amount of tax was suffered.
What is the exchange used by 100 million people?
At that time, people who became “billionaires” in investing in cryptocurrencies were using cryptocurrency exchanges. You can trade multiple cryptocurrencies on the cryptocurrency exchange.
Currently, there are the following exchanges that can trade virtual currencies such as Bitcoin in India.
Also, it seems that some people used overseas virtual currency exchanges to trade minor virtual currencies, so-called grass coins. Since it is difficult to obtain information on overseas services due to language problems, it is necessary to pay attention to security and other problems when using them.
Can I still be a millionaire with virtual currency?
Bitcoin once burst the bubble, but can we still aim to become a “billionaire” by investing in virtual currencies?
Although the price of Bitcoin has been sluggish since 2018, the price has risen significantly from the end of last year to this year, and at one point the price of 1 BTC exceeded 7 million. Therefore, some say that there is still room for growth.
However, since virtual currencies are extremely volatile investment targets, it is important to “invest with surplus funds,” “always keep an antenna on information,” and “have the mental power to remain stable even with price fluctuations.”
Establish an investment style by including investment in grass coins as an option
“Grass coin” is a term that refers to a coin that has a low market capitalization and is highly speculative compared to other virtual currencies. With a history of 10,000 times increase, it can be said that it is a “dreamy” investment target in a sense with high risk and high return.
However, as a matter of course, the disadvantage is that the price may drop and you may lose money. Also, because it is a minor, it has the disadvantage that it is not handled by domestic exchanges.
Since the risk and volatility of grass coins are greater than Bitcoin, I understand that investing in grass coins is for “those who want to reverse one-shot”, “those who are familiar with virtual currency information” and “those who are good at English”.
Let’s keep it. On the contrary, grass coins are not suitable for those who are not good at analyzing virtual currencies or who do not want to take risks.
It is also important to understand that grass coins are riskier than Bitcoin and do not invest easily.
If you want to become a millionaire by investing in cryptocurrencies, you should also consider investing in grass coins, collect information firmly, and have a strong mental power that will not be overwhelmed by price fluctuations.
It is important to have. Also, for both grass coins and bitcoins, when choosing an exchange, you should be careful about “whether the server is stable”, “whether margins will be generated”, and “what is the maximum leverage”.
I have introduced the aftermath of a person who was called a “billionaire” in Bitcoin investment.
Cryptographic assets and virtual currencies represented by Bitcoin are investment targets with a dream of becoming a “billionaire”. However, on the other hand, there are also disadvantages such as large taxes and large price movements. If you want to realize your dream of “one catch,” you need to take some risks.
If you are aiming to become a “billionaire” in trading virtual currencies such as Bitcoin, you should fully understand such risks and trade with surplus funds.
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