{"id":126679,"date":"2018-05-14T07:13:36","date_gmt":"2018-05-14T11:13:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=126679"},"modified":"2018-06-01T15:39:47","modified_gmt":"2018-06-01T15:39:47","slug":"fast-money-speed-is-everything-in-the-cryptocurrency-mania","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/05\/fast-money-speed-is-everything-in-the-cryptocurrency-mania\/","title":{"rendered":"Fast Money: Speed is Everything in the Cryptocurrency Mania"},"content":{"rendered":"
May 14, 2018<\/div>
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By\u00a0Amram<\/span>\u00a0Margalit<\/span>\u00a0– Leverate<\/strong><\/p>\n

Speed matters a lot in the world of cryptocurrency. Why? Because cryptocurrencies are volatile and allow investors to quickly make billion-dollar fortunes. Consider how Bitcoin\u2019s value, at one point, quickly went from $830 to $19,300. Digital currencies have enabled a lot of people to make a lot of money, one of them reaching a $60 billion net worth overnight!<\/p>\n

There is plenty of interesting and engaging content to read on the current crypto hype, so you can find out what it takes to make a quick buck with this investment.<\/p>\n

But what does it take to become a crypto billionaire?<\/p>\n

Speed and Digital Currency<\/b><\/strong><\/p>\n

For starters, you have to be fast. Take founder and CEO of Binance, a cryptocurrency exchange, Changpeng Zhao (CZ), who proved to be the fastest by creating the largest crypto exchange in the world in under 180 days. The coder runs Binance in closet-sized offices in Tokyo to process 1.4 million transactions in a second. In January, CZ\u2019s Binance peaked by processing 3.5 billion new trades, cancels, and orders. His BNB virtual coin capped a $1.3 billion in the market. Through Binance, CZ\u2019s net worth has reached the $2 billion mark.<\/p>

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Up until now, speed has been the factor that has worked for Zhao, as he ranks second among the world\u2019s crypto billionaires. For others, however, broad ties to finance is what gives them an edge. This is the case for top crypto billionaire Chris Larsen, Founder of Ripple, whose virtual coin XRP skyrocketed one season, making his net worth rise to $60 billion overnight.<\/p>\n

Just as quickly as fortunes are made though, they can be lost. A drop in the value of cryptocurrencies has cut Larsen\u2019s fortune down to $7.5 billion. It still puts Larsen ahead on the crypto billionaire\u2019s list, but he is a living testament to the volatility of these instruments.<\/p>\n

The Crypto Billionaire Boys Club<\/b><\/strong><\/p>\n

Who else is on this list? It\u2019s a mixed bag of the young and the wild, financing world heavyweights and internet entrepreneurs. You\u2019ll find banking heir Matthew Mellon alongside the now famous Winklevoss twins, Bitcoin Foundation chairman Brock Pierce, and a string of other already wealthy men made even wealthier by cryptocurrencies.<\/p>\n

Then there are the unknowns: the college dropouts and young professionals who seemed to have hit the digital lottery, with all the degenerate effects accompanying such sudden wealth.<\/p>\n

Is this a Mirage?<\/b><\/strong><\/p>\n

So is this alleged wealth \u201creal\u201d, or is this a fleeting glimpse of fortune that will soon slip away from all hands involved? It is important to note that Forbes magazine, who\u2019s known for its annual \u201cBillionaires List\u201d, published its first crypto billionaires ranking last February, a list which might be completely out-of-date in time for next year\u2019s list. But if this is a seal of universal financial recognition in the validity of these assets, then the crypto world has finally earned it.<\/p>\n

From the early attempts at making secure online currencies, through the rise, the fall, and the rise again of Bitcoin, the appearance of competing altcoins, the emergence of Ethereum and the ICOs, and all the way to last year\u2019s boom, it seems like the crypto world has been through a lot, and is finally able to shake off the embarrassments of the past and look forward to a unanimous legitimacy.<\/p>\n

It\u2019s no wonder Zhao\u2019s convinced that crypto is the future.<\/p>\n

About the Author:<\/strong><\/em><\/p>\n

Amram<\/span>\u00a0Margalit<\/span>\u00a0is a professional writer who has worked in a wide range of settings, including technology companies, nonprofits, and the entertainment industry. Within these positions,\u00a0Amram<\/span>\u00a0has provided quality content and advertising services and is currently the Content Manager at Leverate<\/a>.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Amram\u00a0Margalit\u00a0– Leverate Speed matters a lot in the world of cryptocurrency. Why? Because cryptocurrencies are volatile and allow investors to quickly make billion-dollar fortunes. Consider how Bitcoin\u2019s value, at one point, quickly went from $830 to $19,300. Digital currencies have enabled a lot of people to make a lot of money, one of them reaching […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-126679","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/126679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=126679"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/126679\/revisions"}],"predecessor-version":[{"id":126680,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/126679\/revisions\/126680"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=126679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=126679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=126679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}