Yes. There’s the answer. No need to read on, right? Yes, you can still get rich with bitcoin.
But of course, the real question is …. how?
There are far more in-depth resources to learning the answer to – is bitcoin a good investment?
In this article, we’ll be brief and cover the basics.
Why Can You Still Get Rich With Bitcoin?
You can still get rich with bitcoin because it’s based on a technology — blockchain — and that technology is always improving.
If you keep up with good crypto news sites then you’ll learn how blockchain, especially the one Bitcoin is built on, is improving year after year.
A few years ago the main problem with Bitcoin was transaction sizes and the cost of these transactions. Many solutions were proposed. One of them that was ultimately adopted was Segregated Witness (Segwit).
“Bitcoin developer Dr. Pieter Wuille suggests that the digital signature needs to be segregated from the transaction data. This process is known as Segregated Witness or SegWit. Digital signature accounts for 65% of the space in a given transaction. SegWit attempts to ignore the data attached to a signature by stripping off the signature from within the input and moving it to a structure towards the end of a transaction. This would increase the 1 MB limit for block sizes to a little under 4 MB. In addition to slightly increasing the capacity size of blocks, SegWit also solves the problem where a receiver could intercept and modify the sender’s transaction ID in a bid to get more coins from the sender. Since the digital signature would be detached from the input, the unscrupulous party would have no way of changing the transaction ID without also nullifying the digital signature.”
Cutting through all this technical jargon and understanding it isn’t necessary to understand why you can become rich with Bitcoin in 2020 and beyond. The only thing you really need to take from this — and the reason the quote is included in full — is to show that some incredibly intelligent programmers are developing Bitcoin to become faster, better, and cheaper.
This type of brainpower carried momentum. And that momentum enables more businesses and people to adopt Bitcoin. And as anyone knows, the more demand there is for something — the more the price will rise.
This is only one of the many answers to ‘why’ — but it’s a powerful one because it’s grounded in the technology that brings value to people through Bitcoin.
How Can You Get Rich with Bitcoin?
The answer here is a bit trickier than most. That’s because the answer is highly subjective … not to me .. but to you!
Making money from bitcoin and getting rich in 2020 is far more than what it was in 2010. Back then you had to either buy and hold it or be a programmer developing businesses and use cases.
These days the way to make money from bitcoin is far more varied.
- Fulfill people’s amazon orders using Purse.io and get Bitcoin for it
- Put your bitcoin on a DeFi platform and earn interest from it
- Buy and sell crypto collectibles to turn a profit
- Start a business in the crypto space
- And of course…buy and hold
Bitcoin is fast becoming the digital version of physical assets such as gold, precious metals, and other hedges. In fact, many hedge funds (such as Greyscale) are buying up bitcoin just to hold it and therefore offer exposure to it for their many investors.
So, if you’re the type of person who is very busy with other things in life then consider buying a bit of bitcoin and holding onto it until your retirement.
If you’re the type who enjoys setting up businesses and running them, then there are plenty of opportunities to meet the needs of this growing business sector.
If you’re really loaded with time and looking for a career or career change – you could consider learning how to program Solidity – the language of the Ethereum blockchain, or another crypto language and starting projects from scratch.
As with all growing technologies, there are plenty of opportunities to find the niche that will align with your capabilities and time – and help you get rich.
Dig deeper and find it!
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