A majority of the people who became millionaires because of bitcoin and other cryptocurrencies did so because they were early adopters when bitcoin was still new and cheap. When bitcoin increased a thousand-fold this early adopters became overnight millionaires during the major bitcoin bull runs, with 2017 December being the biggest bitcoin bull run to date (Bitcoin reaching almost $20000 in value). The same could be said of bitcoin miners, those who got involved early made a killing as it was easier to get involved, by this I mean the difficulty levels were lower and the rewards were bigger. The more people that got involved the harder it became to mine. Essentially crypto rewards early adopters, those who became involved by the time bitcoin was already popular joined in too late to make crazy profits. However just because you missed out on previous bull runs does not mean you cannot still make money from cryptocurrency. Crypto may not be as profitable as it once was but there are still ways to make money in 2020.
How to make money with cryptocurrency in 2020
Trading cryptocurrency (similar to forex trading)
Cryptocurrency trading is about industry knowledge, skill, self-discipline and a bit of luck as you gather all the information possible so you can trade using techniques such as technical analysis and market sentiment analysis to see which direction the markets are likely to move in and when. The more volatility the higher the risks and rewards as you either stand a chance to make big profits or big losses depending on the trading choices you make. At the end it’s like gambling, timing is everything. After the 2017 bull run and the subsequent crypto winter in 2018, there was a mini bull run in the first half of 2019 which provided an opportunity for those who bought low in 2018 to make massive profits.