How To Become a Bitcoin Millionaire
- 2012/01/08 02:58
- Author None
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The exchange way
Buy 10,000 BTC which is $30,000 when 1BTC = $3 and sell it the next day when 1BTC = $3.2
that means $2000 profit, but sometimes it raises more for example if BTC is $4 your profit will be $10,000
nobody is going to steal your BTC as long as you are keeping them on your computer and not on an online wallet.
but a bit transaction like that takes time, so be patient, this is an example you can actually do it for 10 bucks and grow all the way up, I started by mining, and now I have decent amount of BTC, I just keep re-investing it and watching the market, but DUH that's all the exchange dudes are doing everyday.
recommended markets are tradehill.com and mtgox.com or just exchange with people on forums but it could be danger, you could possibly lose your life savings so I prefer the markets.
Selling stuff online for BTC and the risks
You can be selling stuff online for BTC, buying them cheap and selling them for people who prefer to stay anonymous on the web, like buying domain names and selling them for BTC and filling the info that the registered client asked, but just an example there is thousands of things to sell specially virtual items.
and make sure you have a trust plan, something to guarantee people that you are not ripping them off, start a thread about it in bitcointalk forum for example so if you rip someone off they speak out there about it, but instead people will be thanking your great service bringing you more clients.
And now, how the bad guys do it, remember again, this article is to educate people to protect them selves, we do not encourage this, but spreading the word about this article will get more people to know about scams and avoid them in the future, the above ways are the good ones, the following are just to warn you.
The scam way
The most famous way to make fast BTC, is by attracting greedy people, telling them that they would win the Bitcoin jackpot if they forward to that address, once 100 people join each sending 1BTC they can't get their BTC back because they already took it, it's kinda like physical dollars.
scams are stupid, and only few fall for them, thanks god you did read this so you wont be one of them.
The double / matrix way
Starting a small website with unknown identity in an china web hosting company, running the bitcoin daemon and promising people to double their BTC once someone after them deposit, pay the first line for like 1 month and after that shift everything and don't pay the last 300 people for example.
after a while people will start talking about it and it dies.
everybody fall for this because people are greedy, but once you get cough you go to jail.
Start an online BTC casino
Yep, casinos are bad, some win, some lose but the greatest winner is the Casino owners, just hire a programmer to manage this for you, or do it for your self if you have programming skills.
Make a fake investment website
A place where people invest their BTC and wait for profit after 90 days, 180 days or even a year, the longer they wait the more profit your promise like offering them 200% payback after 90 days and 500% after 180 days, after 180 days you will pay the people from the money of the investors that came after them, just to make them trust the website, after a few months and when you have a large amount you just disappear.
After this get to jail, and don't ever lie on your stomach there.
seriously this is general info that happen with every currency, and when we start to see scams like that it means that BTC started to get pupolar and the more danger it is the more it will improve to become better and better, the idea here is not to make BTC secure, people own bitcoin, people run it, people mine it, so people must learn how to protect it and create new ways to prevent scam .
This was how to become a bitcoin millionaire thanks for reading.
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