Investing in cryptocurrencies: profitable or not? How many people have become rich thanks to digital currencies, and how many have failed?
Let’s look at some bright examples to see if the game is worth the candle!
Due to the unreal growth of the value of cryptocurrencies, particularly Bitcoin, some especially lucky people were able to get rich, and someone was able to break a fortune. To give a lucky example, Changpeng Zhao can be remembered.
Changpeng Zhao, Head of Binance
In one year, Changpeng Zhao managed to go from an ordinary citizen of the Middle Kingdom to the richest man in China who made his fortune from cryptocurrencies. In 2018, Forbes estimated his capital at $1–2 billion. To get that kind of money, Zhao had to sell his house in 2014. With the proceeds, the future founder of the largest cryptocurrency exchange bought BTC at $600, which was an extremely profitable investment given the digital coin’s 3233% growth in value over the next three years, to $20,000.
But Zhao wasn’t just a lucky guy who drew the winning lottery ticket. Before that, he had graduated in computer science from McGill University in Canada, after which he worked at the Tokyo Stock Exchange and became chief technology officer at Bloomberg Corporation. In 2005, he moved to Shanghai and founded Fusion Systems, which offered high-frequency trading systems for brokers. It was shut down when Chinese regulators banned algorithmic trading.
Later, in 2013, he became one of the core team members of the famous Blockchain.info wallet, and after that he worked as chief technical officer at OKEx for more than a year. It’s only at this point that you can go back to selling your house to buy Bitcoin (doesn’t the story look like a beautiful fairy tale anymore?).
So the creator of Binance, the largest exchange with multibillion-dollar trading volumes, is by no means an ordinary guy who got rich on cryptocurrency. And this once again confirms the tired idea that you can’t sell assets or take out loans to invest in digital money. Unless, of course, you are Changpeng Zhao.
But what can you do without falling and losing money during periods of volatility in most cryptocurrencies? Consider a few notable examples.
The Polkastarter Project (POLS) token sale on the Uniswap exchange took place at the end of September. This is a decentralized platform where anyone can add cryptocurrency.
Also one of the latest examples of large losses was the story of a user named “John Doe.” He lost over $240,000 in cryptocurrency in 24 hours. It happened after he connected to DeFi service.
When users interact with such platforms for the first time, they have to give permission to withdraw funds from their personal local wallet. This is a common procedure for the DeFi sphere. But John Doe tapped into a fraudulent platform that requested permission to not only withdraw coins, but to access them at any time. As a result, while “John Doe” was sleeping, 36,000 UNI tokens worth $240,000 were withdrawn from his account.
And to keep you out of such unpleasant situations and be among those who became rich thanks to the crypto-sphere, the unique J2TX service is working for you and actively improving it. The site will not only provide you with coins at the best rates, but also interesting articles and answers to important questions.
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