Can You Still Get Rich on Bitcoin? Paxful Co-Founder Gives His Advice
Is it smart to trade Bitcoin? Can you make a living from trading? How do you even get started? If you’ve asked yourself these questions, you’re in luck. Bitsonline got to sit down with an industry veteran to figure out if the average person can make money trading bitcoin.
Bitsonline spoke with Artur Schaback, Paxful co-founder and bitcoin millionaire. Schaback shared some of his experience, as well as gave tips on how to get involved in bitcoin trading — and how to do it safely.
EF: Can you share a bit about how you became involved in cryptocurrency, how you became a successful investor, and how you ended up joining the Paxful team?
AS: In 2013, Bitcoin’s first wave of mainstream attention peaked my curiosity. Back then, it was very complicated to buy and store it securely, and only the most bullish believers or cryptography enthusiasts were buying it, with a few speculators sprinkled in too.
While the process of buying bitcoin now is much easier than it used to be, it is still a complicated and slow process to turn fiat currency into bitcoin. Conventional exchanges and brokerages only allow people with bank accounts and credit cards to purchase easily. We founded Paxful in 2015 when we saw a real need in the market for the unbanked to be able to buy bitcoin.
Peer-to-peer marketplaces provide a cryptocurrency escrow service that allows people to buy bitcoin directly from other people with any payment method imaginable. Our statistics show that people want to buy bitcoin fast as it is sometimes an impulsive purchase. Gift cards, cash deposits to banks or Western Union turned out to be the most popular ways people buy bitcoin outside conventional methods and in developing countries.
EF: Is your cryptocurrency investment journey atypical, or could other people replicate your success?
AS: While I’ve had ups and downs in regards to various cryptocurrency investments, after founding Paxful, I started to hold cryptocurrencies and became less focused on trading.
EF: What advice would you give to beginner investors looking to get into cryptocurrency?
AS: Always have a plan and know at which price point you want to sell. If you stick to this plan, you won’t be panicked into selling or buying.
Investing in cryptocurrency is not just trading. Depending on the focus, you can start building trading bots with your own trading strategies. You could start selling bitcoin to your social circle and start a brokerage in your local area. Finding really promising early stage cryptocurrencies or even pre-ICO tokens where you get up to 100% bonus of tokens is a no-brainer.
EF: Is cryptocurrency investing a valid option for income? Could an average person do it as their main source of money, or should it be done strictly as a side gig to mitigate risk?
AS: It is a gradual transition. It took me more than two years before my investments became more stable and the cryptocurrency industry became my full time job.
Bitsonline would like to thank Artur Schaback for taking the time to answer our questions. Hopefully, this insight will help beginner traders get their foot in the door of the cryptocurrency world.
What advice would you give to beginner traders? Let us know in the comments section.
Images via Pixabay, Artur Schaback