A pioneer and leader in cryptocurrency for a decade, Bitcoin has fueled more than one dream of wealth.
But are these dreams still achievable in 2020? Can we still earn money and get rich with Bitcoin BTC?
Bitcoin, a cryptocurrency that continues to surprise
What are the strengths of Bitcoin in 2020?
How do you make money and get rich from Bitcoin?
Bitcoin, a cryptocurrency that continues to surprise
When it first appeared in 2010, thanks to the work of “famous stranger” Satoshi Nakamoto, Bitcoin initially aroused a lot of disbelief, like any innovation.
But very quickly, notably using the Blockchain technology on which it is based (and which has proved useful to other sectors), and thanks to the stability of its mining system, it started to have more and more members.
Its credibility was further enhanced when platforms began to accept it for purchases, and when governments began to worry about their uncontrollability.
More and more investors then rushed for this new opportunity.
Along with real estate acquisitions, business start-ups or the stock market, Bitcoin quickly became one of the favorite investments, and buying Bitcoin was a way for many people to grow their money.
While other cryptocurrencies then gradually appeared (Ethereum, Ripple XRP, Litecoin, Link, Tezos, EOS, etc.), Bitcoin nevertheless always maintained its leadership, its price reaching in particular the historic peak of 19,511 US dollars on December 18, 2017 .
Initially, any computer with basic capabilities could mine Bitcoin; but today we need special equipment for efficient mining, equipment whose electricity consumption could supply entire districts, just that!
Flirting to date (July 2020) around 9,000 US dollars, Bitcoin has demonstrated its reliability over time.
Enough to still serve as a channel to get rich in 2020? The answer is yes.
What are the strengths of Bitcoin in 2020?
One of the strengths of Bitcoin is its liberal and realistic nature, combined with an excellent level of security.
Liberal, because it is a currency that is not controlled by any government or central bank.
These are independent people, with certain programming skills (and now, also having to have the appropriate equipment), who run the money printing press, or rather, the token engines.
Realistic, because the founder of Bitcoin from the start chose to start on the basis of limitation.
Thus, ultimately, only 21 million Bitcoins will be put into circulation.
And as the volume already in circulation increases, the issuance of new units becomes more and more complex.
Bitcoin BTC just had its halving in may 2020.
As a result, Bitcoin turns out to be an entity that has the potential to always be of value, like gold, since it can only be available in limited quantities.
And you all know one of the main principles of economics: the rarer the good, the more valuable it is.
Finally, since every transaction, whether it is a satoshi (SAT) or several Bitcoins, is strictly controlled, security is guaranteed.
How do you make money and get rich from Bitcoin?
At first, people who got rich with Bitcoin simply acquired a few units of this crypto currency, and then waited for a price hike to resell. But at the time, you could buy 1 Bitcoin for 1 dollar … Not for $9000!
So, is this model still profitable today?
Is it still worth investing in this cryptocurrency? Bitcoin is so unpredictable but after years in a downtrend, it will rise again and go back to its previous ATH (around $20,000).
It’s all about cycles, after reaching its previous ATH, demand will rise also, making its price go higher than its previous ATH.
2021 could see this new cycle happen, it’s all about waiting even though it can seem to be very slow.
Patience is rewarded for those who can wait, like Warren Buffett said:
“The stock market is a way to transfer money from the impatient to the patient”
Beware, investing in cryptocurrencies is not a simple game: getting rich is a laudable dream, but always be careful not to invest more money than you would be prepared to lose.