How to Make a Million Dollars by Investing in Cryptocurrency

Developed in 2009 by an anonymous programmer or group of programmers, Bitcoin was the first cryptocurrency to ever be created. Since then, hundreds of similar currencies have come into existence, such as Ethereum and Litecoin. Each has its own unique benefits and drawbacks and each one appeals to different types of investors and entrepreneurs. Cryptocurrency investing can seem like a daunting task if you’ve never done it before, but learning how to invest in cryptocurrency can be incredibly valuable to your future financial success as well as the prosperity of the entire cryptocurrency market.

What are you waiting for?

If you’re seriously considering investing any kind of money in cryptocurrency, what are you waiting for? Buy some Bitcoin and Ethereum now!

Which crypto coin should you start with ?

There are hundreds of cryptocurrencies out there, but only a handful will have an impact on your life in ten years’ time. Bitcoin and Ethereum have established themselves as market leaders, but if you’re looking for niche opportunities where regular folk can make extraordinary gains, here are five of your best bets.

1 - Get started with Bitcoin, Ethereum or both

The best place to get started with buying bitcoin is on Coinbase, since they allow you to purchase cryptocurrency using US dollars and are one of the most reputable exchanges. Alternatively, you can try Gemini or GDAX if you’re feeling adventurous. If you live outside of Canada or Europe, I highly recommend following a similar path when purchasing Bitcoin or Ethereum because it's much easier (and faster) than purchasing these cryptocurrencies directly from exchanges that deal in your local currency.

2 - Exchange fiat currency into crypto coins

To invest in cryptocurrency, you need to acquire it. This requires you to exchange your traditional currency (dollars, euros, etc.) for Bitcoin or Ethereum using an exchange that accepts your fiat currency. Coinbase is one of the most reputable sites for doing so and is simple enough for those with little tech know-how. After confirming a bank account, credit card or debit card deposit and completing some verification steps on Coinbase, you can start buying coins on your new exchange!

3 - Place your bets on altcoins (smaller coins)

While Bitcoin and Ethereum have grabbed most of the market share and attention, those who do their research will find that there are literally thousands of other cryptocurrencies (or altcoins) out there. Also known as alternative coins or tokens, these serve many different purposes and enable you to use them for different functions. For example, Steem is designed as a platform for building new websites on top of, while Augur is a token for betting on future events.

4 - What are safe withdrawal rates from cryptocurrency investments

Before making any investment, ask yourself whether you can really afford to lose that money. Not having enough money saved up for a rainy day is no fun, and it's not only bad for your finances; it's also detrimental to your mental health. People who have savings feel more secure and satisfied with their lives, Lisa Abend, certified financial planner, president of Alive Financial LLC and author of Younger Next Year, has told in Business Insider. Consider whether your short-term financial goals are more important than taking risks with your investments.

5. Which cryptocurrency is highest in world?

There are over 800 cryptocurrencies on CoinMarketCap, ranging from Bitcoin and Ethereum to smaller currencies like Bitcoin, which is currently at $205.28 per token. But if you want a chance of becoming a millionaire (and even billionaire) in crypto, you can’t just buy anyone—or even two or three—cryptos and hope for massive returns. You need to invest your money wisely so that it can multiply as much as possible with minimal risk.