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From Rags To Riches with Bitcoin

Is it still possible to go from rags to riches with Bitcoin?

Well, it certainly won't be as easy as it was for those first few pioneers who mined hundreds or even thousands of coins on a home computer, or who bought in for pennies per coin and now find themselves sitting on a rather large fortune. But that doesn't mean its not possible. In my humble opinion Bitcoin is still a great investment which stands an excellent chance of going up in value by many orders of magnitude over the coming years. So even just a few dollars worth of coins - the kind of amounts you can get by visiting faucet websites like this one, could be a significant haul in the future.

But if you really want to make sure that you strike it truly rich when Bitcoin's price rises - and make a nice profit in the mean time even with a stable or falling BTC price - then you will have to be a bit more proactive about it. Fortunately there are many great places to go to get advice, and this is one of them. So here is my own step by step guide to going from rags to riches with Bitcoin

Step One: How To Get As Many Free Coins as Possible

The first thing you have to realize is that even if you are super speedy at completing captchas, there are now more bitcoin faucets on the internet than you can possibly get around to visiting. So Be picky about the ones you go to. Keep a check on which ones pay the best and make sure that you are visiting them as often as they will allow. You can find a list of some of the best paying faucets which I've put together on this site - they will appear underneath the captcha after you make a claim on this site, which pays pretty well, I like to think ;).

But you can go one further than that too: you can get free coins every day without even needing to do anything. One way to get free coins without occupying your time is referrals - many faucets have a referral link you can use to get a percentage of the free coins given to anyone who finds the website through you; you will need to make use of referrals to really boost your daily earnings beyond the fairly small amount you can get by visiting these sites yourself.

Picking the right wallet helps too - for example XAPO not only pays you thousands of Satoshi just to open a wallet with them, they also pay you very generous referral commissions for introducing other people.

Step Two: Multiply Your Coins Passively

Once you have some hard earned bitcoin, no matter how small an amount, treat it like an investment - and that means you want to put it in a place where you can see it grow. One way to do this is to store your coins in an exchange like Bter, which uses them for trading as a market maker and pays you a daily interest rate on any balance you have with them (either in bitcoin or in a wide range of alt coins).

Step Three: Multiply Your Coins Through Active Trading

Cryptocurrency is an emerging financial market, and one in which there are many opportunities for ordinary people to get involved in trading. You can trade Bitcoin for fiat, or get involved in the wild west world of alternative digital currencies or altcoins. Trading is very exciting and although there is a lot of risk, it can also be extremely profitable - just make sure that you put some time into learning what you are doing before you start and only trade with coins you can afford to lose (never bet your rent!). You can start your journey to learning more about this subject here: < ahref="" target="_blank">Make Money Trading Bitcoin.

Step Four: Profitable Mining Is Still Possible

It really is - I know you don't believe me but it is. You aren't going to be able to mine btc on some old second hand laptop, of course, but you can certainly mine other coins on it - and then just exchange them straight to the big B⃦ if that is what you want. Check out this article on our sister site Cryptorials for more information: How to Mine Crypto on Any Computer

Step Five: Earn More Bitcoin Through Automated Trading

Anyone can do this, even if you have no technical skills and don't know anything about financial markets - there are some excellent tools out there which will take care of all that for you. Check out the navigation bar along the top for more information about automated trading!