Bitcoin News: Millionaires

Everybody loves to read Bitcoin news stories about ordinary people who made the right choices at the right time and became millionaires! It is uplifting and gratifying to feel that the same could happen to us. The link below gives details on a few who succeeded in a big way by investing in cryptocurrency.

Bitcoin Millionaires

While many have realized amazing profits investing in cryptocurrency, there is a growing list of the “crypto-rich” that just became ultra-wealthy winners in the space. From Winklevoss Twins to Tim Draper, the link below will clue you in to “who’s who” in the Bitcoin news these days.

Who’s Who in Bitcoin

Bitcoin NewsBitcoin News: Opportunity

Reading the Bitcoin news articles referenced above, one might feel the “ship has sailed” for them when it comes to capitalizing on the cryptocurrency movement. Nothing could be further from the truth! While the cryptomarket has experienced astonishing growth over the last 9 years since the creation of Bitcoin, this party is just getting started and plenty of opportunities exist.

While day trading is popular, it can be stressful and market volatility confuses even the most hardened crypto investors – so one can have as many losses as wins without some serious education and experience. If trading is not your calling, there are still many business opportunities to investigate that will help move crypto adoption along and put some coins in your wallet.

Bitcoin Merchandise

The demand for Bitcoin-related merchandise is growing and demand is sure to rise for all things sporting the famous BTC logo. If you’re inclined to seek product-based business options, then look for ways to incorporate the Bitcoin logo – which is under no copyright restrictions – in your product offering.

Bitcoin ATM

Investment in a BTM (Bitcoin transaction machine) is probably a wise move during this time of growth and awareness. The units are not overly expensive and there is a serious profit to be realized by giving users the ability to purchase bitcoin from a kiosk at their local convenience store. Currently, most States in the USA do not permit BTMs from handling fiat currency withdrawals, so there is no concern about a need to fill the machines with cash.

Bitcoin Merchant Payment Processors

Any online merchant can contact a webmaster to add a Bitcoin payment processor to their website. Accepting cryptocurrency has become very popular in the last year and online customers are asking for it more and more. The best payment processors allow you to choose between withdrawing your funds in Bitcoin or fiat currency. Merchants who need to convert cryptocurrency to fiat immediately to avoid loss of funds due to market fluctuations can do so. Those in a position to HODL the cryptocurrency received in payment for goods and services might see this option as a great way to acquire Bitcoin. Since there will only ever be 21 million Bitcoin mined and there are already 17 million in circulation – that might be a smart move.

Bitcoin Investment Groups

Investors looking to join likeminded cryptocurrency enthusiasts are joining forces to meet, discuss developments, study the market and invest together. Organizing an investment group can be an inexpensive way to meet lifelong business partners, and help educate those hesitant to trust in their own instincts. Of course, the organizer should spend the time needed to become knowledgeable on the subject, but since all members of the group would contribute input – it could be a great way to get started.

These are just a few ideas, and creative individuals are starting to get wise to the idea that cryptocurrency is here to stay and there is money to be made supporting the crypto enthusiasts!

Bitcoin News: Scams

Cryptocurrency has certainly seen its share of scams exposed for what they are in 2018. As the price rises, so does the risk – and that means looking out for those looking to take advantage. Potential for misuse is a big challenge faced by the crypto-space, but that is true of any new technology. Individuals should educate themselves and do their own due diligence before making any investment.

Bitcoin is an unregulated form of currency and there is no middleman from which to demand recourse when one is scammed out of their funds. While there are sure to be countless other ingenious ways to scam pop up in the future, 2018 has seen these frauds make the list as the worst Bitcoin scams so far.

  1. ICO Scam – Initial coin offerings dupe users out of their money by getting them to invest in what are, essentially, fake websites using faulty wallets. Warnings have been issued by the SEC (U.S. Securities and Exchange Commission) about these faux investment opportunities that have even been promoted by celebrities.
  2. PONZI Scam – Ponzi schemes promise to provide investors with daily ROI’s in exchange for an original investment and pay a commission for getting others to invest using a binary compensation plan. Typically being privately registered, these websites mushroomed in 2017-2018 and scammed countless investors out of millions of dollars.
  3. FAKE BITCOIN Scam – My Big Coin was essentially a site that sold fake bitcoin to the tune of an alleged $6 million that was eventually sued by the U.S. Commodity Futures Trading Commission.
  4. FAKE EXCHANGE Scam – Scammers will sink to any level which includes posing as a legitimate, affiliate branch of a respectable, legit organization. For example, BitKRX was a South Korean fraudulent exchange for buying and trading Bitcoin. By using “KRX” from the real Korean Exchange, people were scammed out of their money by this poser.
  5. PUMP & DUMP Scam – While certainly not exclusive to the cryptomarket, this scam is much more dangerous on the Internet. Investors buy a cheap altcoin, then shill or “pump” it using websites, blogs, Reddit, Twitter, Facebook, etc., to the point it goes viral. The price skyrockets in value as people buy the cheap coin they think is the “next big thing“. At which point the original investors sell or “dump” their coins onto these naïve investors and walk away having made a killing. Soon after, the scheme loses steam and the price plummets.

Crypto scams always headline Bitcoin news and it is becoming increasingly important to be aware of how scams operate and how to avoid them. Educating yourself is the best way to avoid being scammed – read, learn, double-check, triple-check – before making an investment. Knowledge is power.

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