Bitcoin is the king of cryptocurrency and one of the most valuable entities in the financial world. The currency is truly taking a place among economies worldwide. This has led everyone wanting to know about the tycoons of the industry.
By tycoons, we mean the people that have reached the millionaire club in the bitcoin world. They did not do it overnight, it took them years of planning, investment, trading, purchasing, and mining the cryptocurrency.
The actual number of bitcoin millionaires is unknown. This is because the crypto is stored in virtual wallets. While these wallets and the amount contained within is public knowledge, the people who own them are protected. Besides, a single bitcoin user can own multiple wallets, so it is impossible to determine the actual number of users of Bitcoin.
List of Top Bitcoin Millionaires:
Here are the top 5 Bitcoin Millionaires.
The first ever purchase of Jared Kenna was a batch of $0.20 apiece. He later sold them for $258 apiece. Smart move! In 2010, he also lost $200k in Bitcoin but that did not stand in the way of him to continue his Bitcoin adventure. Jared Kenna is considered to be the richest but he refuses to disclose his real worth.
The Winklevoss twins, who are also Facebook litigants joined the Bitcoin millionaire club long before the crypto was popular. According to the New York times, the twins have racked up around 11 million from their investments and are one of the top Bitcoin investors out there.
Charlie Shrem came across Bitcoin in 2011. His first purchase was a batch that cost $3-4 apiece. He later went on to buy a thousand more when they hit $20 apiece. Charlie Shrem also owns a company ‘BitInstant’ that allows people to buy Bitcoin in a physical store.
Ver started investing in bitcoin in 2011. His first ever investment was in Charlie Shrem’s BitInstant. The investment enabled the company to hire their first programmer and a designer. The other significant investments of Roger Ver are:
Yifu Guo made his first bitcoin investment when he was a student at the New York University. Then he went on to form Avalon – a company which is responsible for building necessary gear required for bitcoin mining. Guo’s goal is to raise awareness among the common folk about bitcoin and ensure network availability over the long period of time.
These are some top millionaires of Bitcoin world. There are more, but mentioning them all is out of bounds. This is because some choose not to disclose their identity while the others – their assets. So, it’s extremely hard to compile a full fledge list.
Bitcoin ATMs are nothing much unlike than the traditional ATMs that almost all of us are very familiar with. The main difference is the usage of Bitcoins for transactions rather than the debit cards. In a traditional ATM, you insert a debit card to receive the cash you require; Bitcoin ATM helps you exchange cash for Bitcoin or vice versa. These Bitcoin ATMs allow you to dispense in fiat currencies too just like the traditional ATMs.
Keeping the true essence alive, these ATMs also allow you to perform the transaction anonymously as well. For Bitcoin ATM users this privacy comes with some privacy though. These ATMs charge about 7-10% for the sale and purchase of these Bitcoins per transaction. Which may be a good amount for some of the coin holders to pay. But it may be a price worth paying for some.
Some of these Bitcoin ATMs also aid other cryptocurrencies, like Ethereum and Litecoin.
A Bitcoin ATM near you
With the increasing acceptance and interest of people in Bitcoin around the world, there are now successfully 1700 Bitcoin ATMs installed in across 58 countries. So finding a Bitcoin ATM installed near or closest to you is easy. There are specific Bitcoin ATM maps designed, where you enter your location and you get a list of ATMs in your area. It’s more of a radar service that also connects you to the live worldwide Bitcoin ATM map. You will be surprised to see the number of ATMs emergence in the map.
Once you get to choose the suitable ATM, you can click for more details about certain specs and particularization of the particular ATM.
Though there are around 40,000 different service providers to help you exchange cash for Bitcoin and Bitcoin for cash. So why use Bitcoin ATM?
At most, these ATMs, at least most of them don’t really require a lot of information from your end. These machines don’t require your personal information. Bitcoin wallets or their addresses and the cash is all that is required.
Inserting your cash and acquiring the subsequent number of Bitcoins in return in a few seconds is a very simple and easy process. Out of all the other services available, this is the easiest, quickest and most cloaked form of the transaction of this digital currency.
So, basically, most of these ATMs work more or less the same way. But a few may vary from the others in few ways and steps. For instance, a few places, you can only acquire Bitcoins and cannot sell the coins. These ways may also vary depending on the manufacturing formation of some brands and types, depending on their set limits and verifications.
- Bitcoin deposit address
- Insert cash
- Confirm operation
These are the general processes following all the Bitcoin ATM processes throughout. Two of the world’s biggest Bitcoin ATM companies that have laid hands in the manufacturing of this vastly spreading industry is Genesis Coin and General Bytes. These companies offer different models and types of Bitcoin ATMs specific to the needs and for the relevant business nature, they are required for. These machines are also exported by General Bytes to other countries around the world.
Bitcoin ATM- Process
The basic process for the usage of these ATMs is the same but it may vary due to a number of specific reasons. The process to exchange Bitcoin for cash is very similar to the following process.
- The ATM will require you to scan your Bitcoin address first. If you want to receive Bitcoin, open your wallet in your smart device and scan the QR code to the specified screen on the ATM.
- The ATM will then require you to insert a bill. Your choice entirely. You can calculate the exchange rates on your smart device.
- After inserting the cash, the ATM will pop a screen showing the equivalent number of Bitcoins according to the cash you inserted. You can choose to SEND Bitcoins once you are done inserting the cash.
- Under a minute you will be able to receive the number of coins in your wallet.
In order to receive the cash, the process is pretty much identical.
- You can choose the option for ‘CASH’ from the main screen of the ATM.
- The screen will allow you to choose the amount of cash required.
- It will generate a QR code which you will scan on your smart device, showing the number of Coins being transacted during the process.
- Hit ‘Send’ from your device and confirm it.
In less than a minute you will receive your cash, just like the ATM.
According to the latest Initial Coin Offering news, ICO scams have increased scepticism and suspicion in few recent campaigns. This distrust is somehow defensible with plenty of legitimate projects that act as a ‘front’ for fast money-making-schemes. Though, there are still many genuine and reliable initial coin offerings being launched.
How to Treat Your ICO?
- Before you launch an initial coin offering, you should fulfil certain requirements and standards, including the publication of a whitepaper.
- The main thing is to identify that your attempt to attract an investment in an ICO must have to be in your own way and through more traditional means.
- Make sure that you have provided enough information in order to be transparent and reliable. Likewise, it is worth being cognizant that a typical ICO whitepaper has almost 20 pages, however, a prospectus of a stock market investment can be of almost hundreds of pages.
Determine the Problem
- If you can evidently present an issue in a given industry, and clearly explain how you can solve that problem, you will definitely attract contributors.
- Many companies have claimed that their novelty/solution is firm to change any given industry, as they can be seen in many ICO schedules.
- On the other hand, winners will be those, who’d offer the finest solution; as well as those who are new to the market.
- If you want to make sure that whether your proposed ICO is going to attract the potential participants or not, you’ll have to evidently demonstrate the value that you add to your service.
Determine Why blockchain is the best solution
- The solutions provided by the blockchain technology are definitely worth the hype. Though, in your proposed offering, it’s imperative to demonstrate how and why a blockchain-solution is the finest course of the act for the problem that you are attempting to re
- It is often due to an existing/growing network of contributors that can actually profit from the blockchain network primers as well as tokenization to advance the service/product.
- It is imperative to have the ability to explain how you will attract people to the network that is created by you and how it will be monetized.
Robust Corporate Governance
- Contributors that are potential to your business will always do a good research on the team and explore the idea behind your company.
- Ensure to clearly explain the knowledge and involvement you have behind your company as it’s good to prove that your idea was analyzed and developed already.
- Also, you should form a corporate governance structure that is matched with present structures.
- There are ways to promote your ICO campaign without using Google and other social media platforms – Google, which has already banned advertisements related to ICOs.
- Ensure that you are utilizing each and every tool in your clearance to make the exposure.
- Online presence across cryptocurrency calendar websites, other information portals, and cryptocurrency apps is also quite imperative.
- You can find advisers and agencies that are specializing in ICOs so that they can assist you well, however, pick them wisely before using your budget for extra support.
- Make sure that your diary is full of meet-ups and conferences.
- It is a hard slog to get your name to be known, but still, it is more important that you are ‘far and wide.’
- Inducing a renowned investment entity will also verify the success and failure of the ICO.
- The comfort through which potential contributors can get information about the token sale development and the whitepaper matters a lot, as it demonstrates that you didn’t hide anything.
- A genuine ICO can be tracked through the token sale address, while a fake ICO will try its best to hide how its sale progress is surging through numerous individual contribution addresses.
- This doesn’t only disguise how far the live sale of the ICO will go, but also the accurate amount.
If any of these factors are difficult to find, it is a sign that something is wrong and potential participants should look somewhere else.
We all know that our beloved miners are the ones that keep the Bitcoin network spinning. Using complex computers to mine a block on which the transactions are made. According to data collected from blockchain.info, the value of transaction fees paid to miners has gone as high as $2.3 million. Woah!
Miners solve complicated mathematical equations to mine a block. As a reward, they get 12.5 bitcoins for unlocking the block. Along with that, they are let to keep the transaction fees users pay when the payment is made with the cryptocurrency.
Back in the days, miners only got a couple of dollars in Bitcoin transaction fees, however, on Wednesday, miners received an enormous $2.3 million.
“That’s on top of the millions of dollars they received in their bitcoin rewards,” said Aaron Lasher, the chief marketing officer at Breadwallet. He made an estimation that miners were rewarded a total of 1,800 bitcoins or $7 million.
Transaction fees dropped from $1.7 million on June 6 to $205,000 on July 31st. Aaron explained that the reason behind the dip was likely dude to a decline in bitcoin transactions nearing the fork date.
Related: Bitcoin Hard Fork Explained
“Once the fork completed on August 1, people began using bitcoin again,” Lasher said. “But now that Segwit has activated, we should see some easing over the coming weeks and months.”
News Credit: businessinsider.com