Nowadays, cryptocurrencies have become very popular in the modern investing cultures. There are many different terms associated with cryptocurrencies such as Bitcoin and Ripple which have become more or less mainstream over the past few years.
Almost every cryptocurrency investor has a clue about what a blockchain is and everyone knows about Bitcoin.
However, Initial Coin Offerings or ICOs have been gaining a lot of attention.
ICOs has managed to raise over $1.3 billion for start-ups which are blockchain based. With it, the era of ICO millionaires was born.
A lot of people have different opinions about it with some calling it revolutionary while others refer to it as a pyramid or Ponzi scheme.
Let’s take a look at what people are actually saying about ICO millionaires.
Who Are The Cryptocurrency Or ICO Millionaires?
In the world of cryptocurrency, millionaires and billionaires can be made overnight.
In the month of February, Forbes compiled a list of crypto millionaires and billionaires in an article titled “The Richest People in Cryptocurrency“.
This list featured 19 people, in which the first two is Ripple and Ethereum co-founders Chris Larsen and Joseph Lubin, who each have a crypto net worth of $7.5 – $8 billion and $1 – $5billion.
Other names on the list that you’ve most probably heard of are Cameron and Tyler Winklevoss. The Winklevoss twins are Harvard educated who gained a lot of popularity when they sued Facebook founder Mark Zuckerberg over stealing their idea.
Here’s a video of the some of the top and youngest crypto millionaires.
Are ICOs And Cryptocurrencies Legitimate?
When you are investing in new and unfamiliar territories, it is normal to be suspicious. You could even doubt whether it’s real or just another scheme that’s looking to grab your money and give no returns.
However, the process of buying into an ICO is completely real. ICOs are inspired by regular IPOs but in practice, they work in a completely different manner.
The process itself consists of crowdfunding on top of a blockchain. Investors purchase tokens that are meant to be a vital part of the application that the startup is looking to build.
Is It Too Late To Make A Fortune On ICOs And Cryptocurrencies?
Short answer, no, it’s not too late to become an ICO or Cryptocurrency millionaire. Investing in ICOs may seem very risky currently.
However, if you stop to think about it, you will discover that unlike investment opportunities in the past, ICOs provide you with the option of investing in a disruptive business during its early stages.
ICOs allow someone who doesn’t have the minimum amount required for an investment project before its IPO, in order to invest in the project’s next startup blockchain at pre-IPO prices.
Watch this video below to find out how one person made this happen.
Ethereum is a good example. Ethereum launched an ICO in 2014 which managed to raise approximately $18 million on a pre-sale of Ether. Ether was issued in exchange for Bitcoin which by then was valued at $0.30.
Although it was still new, users and investors began to see the value in it. This led to an increase in demand that led to the price hike and at all-time highs was more than $1000 per coin.
Let’s imagine that you decided to take the risk and bought at least $2000 worth of Ethereum tokens in 2014 at $0.30 per Ether. Your initial investment would currently be worth a lot.
Even if you didn’t have enough money and only invested $10 worth of Ether, you’d have still come out with a sizeable return on your investment.
More investing information and tips: https://www.forbes.com/sites/kenrapoza/2018/02/08/is-it-too-late-to-make-your-fortune-in-cryptocurrency-icos/#117dfbadfa5f
ICOs are not in any way perfect. They remain beyond the reach of most traditional legal frameworks and there aren’t a lot of regulations that can protect or help you if you get scammed.
However, the good thing is that ICOs themselves can’t work if the contributors don’t trust them.
Therefore, more start-ups are beginning to implement self-imposed regulations that will allow investors to spot scammers easily.
At the end of the day, you still need to research a project to determine whether you should invest in it. The same is true for any type of investment regardless of it being an IPO, ICO, or crowdfunding.
The unique thing about an ICO is that it can let you bypass the venture capital ecosystem and maybe even become an ICO millionaire fast. This post will help you determine the best ones to invest in.