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Virtual Coins: A Virtual Goldmine.

Virtual Coins: A Virtual Goldmine.

Back in 2009 when the first virtual coin, Bitcoin, came on the scene, very few people knew what to make of this new currency. Some said it was the wave of the future, while others said it would never catch on.

The person who allegedly created the Bitcoin, Satoshi Nakamoto said (shortly after its release), “It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.”

Not only did this new virtual currency catch on, but it spread like wildfire. Within five years of its release, over 31 million transactions had taken place, with over 25 million people using the currency. Even though few people really understood the programming behind this virtual currency, the fact that it could be traded, bought and sold just like any other currency, made bitcoin an exciting prospect for early traders.

Within seven years of its release, many merchants jumped on the bitcoin wagon, including Fiverr.com, Overstock.com, and many other online merchants. Even some bars and restaurants are now accepting bitcoins! As a matter of fact, you can buy just about anything with bitcoin. You can even make purchases from Amazon and Ebay by using All4btc, which is a kind of go-between that lets you order from practically anywhere on the web.

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Mining Bitcoins

What really makes Bitcoin so popular, however, is the fact that anyone can create their own Bitcoins. The only drawback is that mining – the process of creating bitcoins – requires a significant amount of computer power. Many bitcoin miners, however, will work with other users to create “mining pools.” This allows them to collectively create new blocks and then split the Bitcoins.

Another thing that makes bitcoins so exciting is the ever-fluctuating value of the bitcoin. When bitcoin was first released, it was valued at 1BTC (Bitcoin) = 1USD (U.S. Dollar). As its popularity grew, the value of Bitcoin rose until, at one time, 1BTC was worth almost as much as 1oz of Gold! This meant, if you bought Bitcoins from the beginning, you would have seen a 1000% return on our investment. Bitcoin values, however, have decreased over time and seem to have steadied themselves at 1BTC = around 600USD. At the time of this writing, according to Preev.com, the exact value of 1BTC is 603.2 USD.

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How to know which virtual coins will catch on

While most investors don’t foresee any dramatic movement in the Bitcoin market, that doesn’t mean that you’ve missed the boat if you didn’t purchase Bitcoins when they were cheaper. Fortunately, new virtual currencies are being created just about every day. Most of these coins may never see any action, but there are a few notable ones. The likes of Litecoin (created by Charles Lee in 2011); Peercoin (created by Scott Nadal and Sunny King in 2012); or OneCoin, created by Dr. Ruja Ignatova in 2014 may be as much of a virtual goldmine as Bitcoin was in the first few years of its existence!

The trick is to find the “movers,” or the virtual coins that seem to be catching on. You don’t want to buy them when they have already reached their peak value, however. One of the best ways to find newer virtual coin markets that show signs of movement is by watching the market, through sites like coinmarketcap.com, which tracks virtual currency movements and display them via graphs. You can also keep an eye out for new virtual currencies, by going to Reddit, which has its community of users that discuss new Cryptocurrencies every day!

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If you have your eye on the market and you keep your ear out for new opportunities, you are bound to find some new virtual coin that may just be the goldmine you’ve been looking for. All you have to do is find them and mine them! Happy Mining!

Featured photo credit: quifinanza via quifinanza.files.wordpress.com

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Erick Clifford

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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