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Everybody dreams of being a millionaire. It is perhaps the most valid reason why you clicked this article. But, the point is, can you actually become a millionaire or is it just clickbait? Well, why not? Cryptos hold great potential, and investing in them properly can open up the gates of the treasure for you.
Cryptocurrencies are relatively new investment options and provide a promise to change the entire world.
Do you think it’s easier to become a millionaire? Can you become a millionaire overnight? The answer is, No. The rule is pretty simple. You need to plan the investment for the long term. It is a lot harder to pick the correct crypto and get rich out of it. The market is flooded with altcoins, and there are tons of currencies to choose from. There are many such cryptos mined every day, which you haven’t even heard of.
Cryptos are now everywhere. Everybody is considering cryptocurrencies to be rich. But, when it comes to the number of cryptocurrencies, there are more than 5000 cryptos listed on coinmarketcap. So, to help you choose out of those digital assets, we consider three alternative coins that can provide you huge profits in 2021.
Ethereum- The first cryptocurrency that tops the list is ETH, a decentralized platform for smart contracts and DApps. Ethereum aims to provide peer-to-peer networking, banking access to every individual, internet privacy and commerce guarantee. Compared to Bitcoin, Ethereum is indeed a better investment because of its improved transaction speed and reduced energy costs.
Polygon (MATIC)- Compared to other mainstream cryptos, MATIC is an excellent investment. Now, if you want to know why MATIC is on our list, then Polygon is quite an innovative technology that is here to change the way of scaling blockchain technology. It has introduced layer 2 scaling to scale DApps efficiently. It can prove to be a good option to make you rich in future.
Polkadot (DOT)- Polkadot indeed offers a robust platform for innovation, scalability and security, which make it a great option to consider. It aims to allow interoperability between blockchains that can enable cross-blockchain transfers. Developers can create their blockchains using Polkadot. Also, it provides the holders with complete control over the protocol.
Now, the critical point is that your timing to invest should be correct. For instance, let us take the example of Bitcoin. The market price of Bitcoin during January 2017 was $902, and its market price at the current moment is around $39,000. So, considering that you bought BTC in 2017, you have made a profit of nearly $38,098 on one BTC token. Well, this was just an example. Correct timing can make you a millionaire, too, considering you are not in a hurry.
The second most crucial thing towards being a millionaire is to understand the risks involved in cryptos. It is indeed an excellent investment option if you are a risk-taking person. Your risk will be worth it when you earn massive profit out of it. So, don't be scared of taking risks, but understand the risk versus reward because cryptocurrencies are highly speculative, and the past rewards never guarantee future returns.
Timing is crucial while investing in cryptocurrencies. Many investors have made considerable profit out of this shiny investment. But, not to forget that losses are also there. So, overall it's a risky investment. But, investing in the correct crypto at the correct time can indeed make you a millionaire.