Many people have a vague understanding of what constitutes success when it comes to cryptocurrency. The primary criterion is the use of cryptocurrencies on my editech house in commercial transactions. Tesla, for example, accepts bitcoin today. But beyond the safe haven role and use in payment systems, cryptocurrencies have other value propositions. This article will explore some of these value propositions.
19 billionaires made their fortunes from cryptocurrency
The crypto space has produced a number of billionaires, some of whom are well-known, while others are obscure. The 19 billionaires below made their fortunes through investments in cryptocurrency. The founders of FTX, Coinbase, and Litecoin are just a few of the companies making up the crypto rich list. These companies offer a range of products, including sophisticated derivatives and digital tokens of physical stock.
Binance's founder and CEO “CZ” has become the 19th richest person in the world. He owns roughly 70 percent of Binance, a global platform for trading digital currencies. In 2017, the company facilitated two-thirds of all trading volume and earned revenue estimated at more than $16 billion. CZ also has a small stake in Bitcoin and a large amount of its native token. Upon the company's public listing on Forbes, he plans to invest the proceeds of the IPO into its parent company.
Average age of cryptocurrency investors
Cryptocurrency investors are on average 38 years old, which is significantly younger than the average age of stock market investors. They also have more varied backgrounds and educational levels. In fact, crypto investors are more likely to be people of color and women than men. While the average investor is male, women make up the largest percentage of crypto investors. Over one-third of cryptocurrency investors have incomes under $60k per year.
The wealthiest cryptocurrency investors include the Winklevoss brothers and Vitalik Buterin. According to a recent survey conducted by Wealth-X, 92.9% of crypto millionaires are male and younger than the general population. Interestingly, a majority of these individuals have a higher interest in tech than in investing, and a number of them have more money than average.
Investing in cryptocurrencies
Investing in cryptocurrencies can be profitable for experienced investors, but it's also risky. The prices of cryptocurrencies fluctuate wildly, and there's no guarantee you'll make a profit. Before investing, make sure you do your research. While stocks are linked to a specific company and their product, cryptocurrencies have less regulated markets. This means that it can be more difficult to differentiate between viable projects. Fortunately, there are many resources available to help you make a smart decision.
The most important step in investing in cryptocurrencies is to read the fine print. While there are numerous online forums and community discussions devoted to the topic, you should always read the project's prospectus and white paper. This will give you peace of mind, and a better understanding of the project's security.
Taking calculated risks
The success of someone is largely dependent on his or her ability to make the right decision at the right time. If you read a biography of a successful person, you'll notice that they have made many important decisions in their lives that ultimately lead to a profitable outcome. Warren Buffet has said that he only needs to make four or five good decisions in his life to make him rich. Likewise, you can grow your startup or business by taking calculated risks.
For example, Andrew Maegaard, who is 22 years old, decided to invest a few thousand dollars in 2013 on Animixplays after reading an article on the BBC about Bitcoin. He believed in the technology behind the cryptocurrency's underlying blockchain, which is a distributed public ledger.
