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Get a bank loan. Buy a ton of frieghters. Find a profitable trade route (the most important part), and go back and forth and back and forth and the money just keeps rolling in. After paying off that loan get another loan, buy more ships. And after paying that off get another loan and more ships and it's an ever increasing earning capacity.
I doubt you can get to 1Billion credits with pirate hunting, but with trading it's certainly feasible I've gotten to 800Million just with trading on a route that was 2 jumps between 2 planets. Took about 4 hours or so. And there are probably much more efficient ways to do it because I'm not that good.
Best way is lotting Quarg ships. All the equipment worth 118M, and you can disable one every minute.
The technological Gods of the game.
120k shield, weapons with 3k of damage and that kind of ♥♥♥♥ xDD
Controlling planets gives you from 500 to 1000 credits per day, so for me it's not worth it.
That's nothing when you can steal from the Quarg.
I mean, it's not worth the effort.