Becoming 21 million bitcoins (BTC) rich, really?

Fredrick Awino
30.04.2022
204 Views

Bitcoin today occupies the minds of so many, whether those interested in doing something with crypto or just have information about them for the sake. New people entering into cryptocurrency trading first consider bitcoin and hope to mint billions from it. Like any go getters, a person venturing into bitcoin investing today hopes to rise to the league of dollar billionaires like Warren Buffet, Elon Musk, Jeff Bezos — you can name them on…

At some point, you just feel the urge to start trading in bitcoin because there is so much positive information praising how many earned fortunes from it. I guess so many like myself have wondered why they are not yet dollar billionaires yet bitcoin is out there making people richer every other day. No worries lets know how to be over 21 million bitcoins rich.

On your way to bitcoin riches

Without being fancy and cheeky, the reason why anyone may feel enticed to invest in crypto is the need to make money, big money. The social media and mainstream media are littered with spiced up information about how bitcoin has made overnight billionaires. Honestly, I will not hesitate even for a second to mint such billions and possibly overtake leaders on the Bloomberg Billionaires Index . Yes, the dream can be real and very valid.

Early bitcoin investors including Tyler Winklevoss, Michael Saylor, Matthew Roszak and many more traded their way to billionaires. Today, cryptos’ richest person, Changpeng Zhao smiles all the way to the top list from taking the risk and reaping rewards. So, anyone thinking of making it big in the crypto investment, the path is already well beaten by those who came before.

Already, information available to everyone who cares to know is that investing in bitcoin is open. Likewise, whatever the bitcoin richest in the world does with it, you can also do. Look here, when Changpeng Zhao decides to convert his bitcoin into another crypto or divests to other assets, you can as well do it. The billionaire mindset is open and free to all.

It is possible if not clear and real that people can make millions of dollars from bitcoin investment. But remember some unlucky people also lose crazy sums in the bitcoin investments. Just for memories, the people who invested in the Japan-based cryptocurrency exchange, Mt. Gox lost a lot of money. So as you are yearning to make it to the billionaires list, play smart financial games through and through.

How much bitcoins can you own?

The journey to bitcoin riches is best defined as bitter-sweet. On the one hand, you will make fortunes but lose it all in the next moment. There is not much difference between bitcoin trading and any other gamble. Yes, you are able to always set the monitors and metrices at the crypto exchange to avoid losses. But things can sometimes go awry.

You always have a chance to accumulate as much bitcoins as your risk appetite allows . At the moment, all the available bitcoins are open to all as there is no legal limit for it. What then does it mean? Simple, you can be millions of bitcoins rich if risking more is something for you. Sometimes, your country may impose an artificial limit for you, for god knows why. Without such limits which crypto creators had sought to avoid, you have the free hand to invest as much as possible in bitcoins.

Why you can not own up to 21 million bitcoins

As a growing or starting bitcoin investor, it is expected that the ambition is to reach the pinnacle. It would be a great achievement when you grow through the ladder of bitcoin investments to the top. Maybe you know one or two people who diligently followed proper channels and made it big, that’s inspiring.

As ambitious and forward looking as you are with your bitcoin investment, there is unfortunately a limit to how much you can own. Remember, at the moment it is cryptocurrency mining that is the only way that the digital currencies come to be. So, you have no other way to own more bitcoin than waiting until the miners make them available so that the exchanges allow investors to access them.

So technically, your sheer excitement to accumulate a lot of bitcoins can ignore the reality that the currency minors determine its availability. As opposed to the paper or metal money which is minted and printed by various institutions depending on demand, cryptocurrency mining is an extremely arduous process. To make a cryptocurrency available, the minors have to scratch their heads, set up a complex blockchain and solve out of this world mathematics.

This many Bitcoins you should own:

Halving of bitcoins

Bitcoins are not your ordinary currencies which the central bank or government easily influence availability. The developers of bitcoin were very deliberate and particular in their innovation from the word go. Bitcoin was not intended to be an investment like any of the stocks listed in the stock exchanges. Instead, it was meant to make it easy for people to buy goods, especially online. In short, bitcoin developers did not have your plans to accumulate the currency as an investment at the top of their mind.

So what is bitcoin halving ? The name may cheat someone to believe its about dividing bitcoin into two… aah. Sorry. So this is the point — the developers wanted to regulate how much of the currency can be made available at maximum. The reasoning behind capping the bitcoin in circulation may be well know only to its developers.

Bitcoin halving is when the amount of currency circulation is cut by half. It means that the rewards for any new mining ceases. The effect of this cessation in producing any new bitcoins at specified intervals creates an artificial scarcity of it. In the event that the currency sustains high demand or even experiences increased demand in the markets, the prices will soar at such times.

Bitcoin is expected to tip at 21 million bitcoins. In short, the highest amount of bitcoins which will be available as per the plan currently is 21 million. This means that nobody may be able to grow his bitcoin portfolio beyond what is available in the market.

Basically, bitcoin blockchain consists of several computers with individuals behind them who verify a transaction. When let’s say a transaction is initiated on the blockchain, people with access to the blockchain solve complex calculations from which they get regarded for their work using the currency. So in halving bitcoin, the rewards that nodes (computers able to authenticate transactions) get are cut down by half. Read more about bitcoin halving here.

Will you be over 21 million bitcoins rich?

As much as everybody has equal chances at bitcoin investment and grow with it. There are just so much that you can gain from getting involved in the bitcoin spheres. For example, you can grow your crypto as opportunities allow provided you properly time selling-buying dynamics.

Yes, you have a chance to be a couple of bitcoins rich. This is most people’s dreams of scaling the heights to riches. But the bad news is that bitcoin is capped at 21 million. So you may not be logically able to own up to 21 million bitcoins all by yourself.

Author Fredrick Awino