Your chances of becoming a
crypto millionaire are almost zero.
The reason is most people look
for the easiest path possible.
If that's what you're looking for, you're
better off watching a different video.
But if you're truly looking to capitalize on
the next wave of technology before it's too late,
then this video is for you.
As new and exciting the crypto business is,
it's just that, business.
So let's look at lessons from the past
to find the best path to crypto millions.
So the crypto scene has been compared
to everything from Tulip mania in the
17th century to the more recent .com bubble.
When I started looking at the many
possible ways of becoming a crypto millionaire,
a different image floated into my mind.
I pictured gold rush miners hitting
California in the 1840s and 50s.
Hundreds of thousands of miners arrived from all
over the planet, hoping to scoop up on
giant gold nuggets and become instant millionaires.
But the vast majority of them went home
as poor as before or even poorer.
So who made money during this time
of frenzied speculation and high hopes?
In general terms, it was the people
who looked at the situation differently.
Either they found out things that others didn't know and
took a smarter approach, or they left the mining to
other people and sold the essentials like food, tools and
clothing to miners at a huge markup.
How can you use these same principles to avoid
pitfalls that have stopped so many people from making
millions in Web 3, let's find out by looking
at the most popular ways of making money in
this space and what exactly they involve.
The crypto startup scene is hot.
Funding is flowing into the space like never before.
There's almost limitless possibilities.
So where do you start?
The best place to start is by searching for
an existing need, finding that gap in the market.
This could be like acquainting when they realize that
crypto users need a simple, largely automated way of
tracking the tax on their crypto transactions.
They saw an existing need, and they filled it.
The blockchain has been around for more than a decade
already, but it still feels so fresh and new.
There's still opportunities that no one has thought
of yet, or that could be done better.
Think about the sticking point.
What is overly frustrating or complex for you?
For me, I'd say getting money into DeFi in the
issue of scams are the very top of my list.
These are clear problems.
The next step is to find out
why they haven't been solved yet.
Or you can look at the data.
What are the key problems that
crypto owners currently suffer from?
Well, 40% of traders mention
security as their key concern.
Others mention high fees and poor customer support.
Solve a problem that currently exists and you've
got a great basis for a profitable business.
So what does it take to make a million dollars here?
Current crypto on ramps charge between
$2 and $5 per transaction.
At $2, you'd need around 20.000 customers
making just two transactions a month to
generate a million dollars in one year.
Or maybe get into the scam detection business and
start auditing crypto projects for $5,000 a pop.
Find 200 customers and that million is yours.
Of course, this isn't without some risk.
It's such a fluid and fast
moving industry that can change overnight.
Imagine if new regulations were introduced and made
your company obsolete, or if cutting edge technology meant
your services were no longer needed.
It's impossible to think of every future outcome in
this industry, so all you can do is make
a plan with the information available and just start.
The crypto business I run
is on information and research.
I created a membership that will get you access
to coaching every single day, trade signals, research reports,
and a community to help answer any questions you
might have in the entire space.
Members will tell you there's nothing like
this on the Internet for the price.
And I did that for a very specific reason.
I saw that groups of comparable quality were charging hundreds of
dollars a month, and I wanted to see if it was
possible to do the same thing for as little as $10.
And guess what? I discovered,
a gap that wasn't being filled.
That will be linked in the description
if you're looking to check it out.
Now, when people think about making a million in
crypto, they're typically thinking about investing or mining.
Because we've heard the stories. At the start of 2021,
it was estimated that the number of Bitcoin millionaires rose
from 25,000 to 100,000 in just three months.
So what did professional investors do to try
and maximize the chance of making money
when investing in cryptocurrencies? They stick to the
same basic principles used in traditional investments.
First, they diversify, buying a few tokens
they can closely follow, rather than pinning
all their hopes on one single project.
Truly understanding all of the news events of a crypto
can give you a massive advantage over other investors.
Second, they invest in cryptos that serve a purpose.
There are thousands of crypto projects.
If you're investing in one, you better
choose one that actually solves a problem.
A good question is, how much do you need to
invest in Bitcoin to make a million in the future?
If you invested just $10 in Bitcoin at the start of
2011, you'd made more than a million dollars by 2022.
If you join in 2018, you'd need
about $450,000 to have a million.
Now, the price of Bitcoin in
five years is anyone's guess.
However, you'll likely need a few hundred grand
invested to hit that million dollar mark in
a relatively short period of time.
Now how about mining?
Is it still worth the effort to mine a cryptocurrency?
Now there are a few variables that you
have to consider when getting into mining.
The price and hash rate of your rig which
is basically how fast the rig runs, electricity costs
and the price of the crypto that you're mining,
the variables mean that your profits can swing wildly.
Right now, using a popular Bitcoin mining rate with
average US electricity costs, it would actually take several
years just to make your money back.
This isn't to say that mining couldn't be a good
long term business, but it's unlikely to make you a
million in one year without a massive upfront investment.
NFTs have had quite the year, we went from NFTs
being this kind of obscure term to every single artist,
college kid and their mother trying to sell them.
It seems so easy.
Pay someone on Fiverr like $2,500 to generate
some images and then sell them for millions.
That's it, right?
Well, it certainly has happened.
It's become too easy.
You need to be a little bit more creative.
But before we talk about how to be creative,
I want to cover how you won't likely become an NFT
millionaire, and that's by playing games where you earn NFT.
Players in these games typically only manage
to grind their way to small earnings.
Sure, it's possible to get in early on a game and
see crazy price appreciation, but that's not the kind of luck
that you want to bank your financial future on.
Now, it's possible to trade NFTs and make some serious
money, but this does come with a major caveat.
It is a lot of work.
Everyone I know who is consistently successful at NFT
trading looks at it like a full time job.
They're spending 8 to 10 hours a day in discord
servers and sweet talking discord mods to get them on
waitlist, it's possible, but it's not something easily
done by spending 30 minutes a day.
And then there's building your own NFTs
again, it's very doable to make money
here, but you need to be creative.
No one wants your 10.000 JPEG
penguins just because they're for sale.
You want to check at least one of these boxes first.
Real world value.
What can you attach to your NFTs? A membership? A pass?
A key of some sort?
How can you build a legitimate
community that others aren't building?
Two, Legit art
If you're an actual artist creating pieces with
meaning and you can communicate that effectively, you'll
have a much easier time finding fans,
a promising future that you can actually make happen.
We see many NFT projects looking to build
their own Metaverse or do something huge and
exciting, but maybe have no programming experience.
This can be exciting, but we need to be realistic.
that you actually have a chance of achieving?
Let's look at a few examples of people
who have made fortunes creating and selling NFTs.
Nyla Hayes has sold digital art
worth almost $7 million to date.
Her images of women with elongated necks
have struck a chord with the public.
She made use of unique artwork, but it's not
just art that's used as the basis of NFTs.
Irene is an Instagram influencer from Singapore.
She decided to sell her photos as NFTs
rather than post them on social media.
This has earned her more than $5 million.
She made use of her large following.
Next, we have this strange case of Sultan.
This student has been taking selfies every day since
2017 for a reason that he hasn't revealed.
But then he began listing them as
NFTs and people began buying them.
Prices were initially $3 each because who couldn't
resist buying one of these guys random selfies?
This eventually made him a millionaire when his
collection went viral and the price of each
selfie rose to nearly one ETH.
The problem is, he doesn't know why people are buying
his selfies, but I can tell you exactly why.
It's because it's unique, creative,
and it feels authentic.
It doesn't feel like a cash grab.
So it's possible to make a million from selling NFTs.
But in order to do so, you have to use what
you have and think outside of what's already being done.
Copying will only ever make you a watered
down version of whatever the original is.
If you're interested in purchasing NFTs or other
digital assets, check out my channel sponsor, FTX.
There, you can buy digital assets
for as much as 85% cheaper.
Imagine that NFTs that don't have insane gas fees.
And whenever you make a trade over $10 on
FTX, you get paid back in free crypto.
The more you trade, the more you earn,
that will be linked down below.
Now, millions of people all over
the planet are fascinated by cryptocurrencies.
They all want to know more.
But there's a major problem.
It's overwhelming, and there's a
ton of bad information.
Could you make your crypto million from educating
others on certain aspects of the industry?
The answer is yes.
But what if you're not already a finance expert?
How can you teach people?
It's actually fairly simple.
I've seen this done very successfully.
You take people along with you.
Let's say you're a beginner in the space.
You get the basics of what a
crypto is, and that's about it.
There are literally millions of people in
the exact same vote as you.
So start there. It's relatable.
Start with the honesty that you don't know
everything, but you're working to learn more.
We all are.
None of us know everything.
And start with the basic fundamentals.
What is a blockchain?
What are the various cryptos?
Become fluent in Vitalik memes.
Learn everything you can about each basic
piece until you can explain it simply.
Again, positioning yourself as someone
who is also still learning.
Taking others along with you on this exciting ride.
Newbies actually have an advantage because
you remember what it's like to
not know something experts often don't.
That's why you often see a scientist who can't really
explain very well what they're working on and then write
about it, make videos or speak on the subject.
Another method would be to become
an expert in something very specific.
Maybe that's crypto startups, technical analysis, trading strategies
or NFT waifus, aim to know as much
as you possibly can about one area and
this will allow you to find insights that
others simply don't see in this niche.
On YouTube, you can earn about $14 per1000 views,
conservatively.
At that rate, you'd need to rack up
about 72 million views to make $1 million.
But realistically, you can make a million
with more like 30 million views.
Considering sponsors and affiliates, that's still a lot of
views, but we're talking about a million dollars.
My biggest piece of advice when it comes to content Is
to just start. It's going to be bad at first.
You might as well just get the crap out of the way.
Go watch an old video of mine
if you want to cringe.
Now, fun fact: As much as 20% of all
Bitcoin has been lost since the cryptocurrency began.
It sounds weird now when a single Bitcoin is
expensive, but we need to bear in mind that
for several years, these things were virtually worthless.
I personally have several thousand dollars in Bitcoin from
2013 locked away that I will never get access to,
but this isn't the case for everyone.
Of the more than $100 billion in lost
Bitcoin, It's estimated that as much as
$4 billion is totally recoverable and people are getting
paid big bucks for this service.
Typically how it works is some
will have a specialized computer.
Surprisingly, not all that different
from a Bitcoin mining rig.
They then use that computer to crack
Bitcoin wallets with brute force and this
is actually feasible, especially if the owner
remembers any part of their lost password.
Now, as much as half of the cracked
wallets end up having no Bitcoin in them.
But others have multiple millions of dollars.
So if you can crack one, you can get
a healthy share of the reward and go ahead
and celebrate with a pizza or two.
There are literally hundreds of ways to become
a millionaire in this exciting, growing space.
And if you want to increase the odds
of that next millionaire being you, you have
to be willing to think outside the box.
How can you solve a problem, be new
and creative, and help others achieve their goals?
If you can do this, you will be successful.
Now the question is where can you go to
find out more about the fundamentals of cryptocurrencies?
For that, I recommend checking out this video
where I put everything you need to know
in an easy to digest format.