Bitcoin Forum

There are many millionaires made out of bitcoin in the past 5 years...But now its entering mainstream adoption..

is the dream of becoming a cryptocurrency millionaire much hard to become real now?

Even if there are new blockchain technologies like (ethereum, counterparty, Ripple etc.) will they have the same trajectory as bitcoin had, because things are very different now.

in short will the opportunity in 2009 still available or come again in 2014 and beyond ?

If bitcoin becomes the world currency, a single bitcoin will be worth millions of dollars.

If bitcoin becomes a trusted savings mechanism on par with gold, a single bitcoin will be worth tens to hundreds of thousands of dollars.

With new payment systems and merchants coming on line constantly the demand will rise dramatically. We are still in the infancy stages of this grand experiment, opportunity is all around us.

I would not say the dream is over yet
With only 21 million Bitcoins and a divisible factor of 8
The value of 1 Bitcoin can be significantly large considering the innovation and infancy we are still in
There is a very good possibility of still becoming a millionaire if not making a few hundred grand
With around 15 to 20 Bitcoins :)

The boat sailed for Bitcoin.

In 2009 - you mined for (almost) free on any junk computer or bought when it was $0.005 cents.  $200 in 2009 = $24 million in 2014.  Those gains can't be repeated anymore.  Just to make a million dollars from $1000 today,  the capitalization has to hit $6 trillion which is almost no chance of happening (unless the US enters into hyperinflation and a Coca Cola costs $1200  ;D ).


There's easy money in some alternates.  The people who invested 1.5 BTC in NxT in September 2013 made $2+ million in 2014.  If NxT hits Bitcoin's valuation, these people will be worth $200+ million.  

Eventually these things all come home to roost, no?  It kinds of makes a lot of these coins look like ponzi schemes, since only a very small handful of people (always less than 30 big initial wallets) seem to possess everything and they bought in at nothing.

I think the chance of making millions of just bitcoin has gone away. There's still money to be made and price will go up but it's not
Going to be 10000% profit lol or return on investment

ATARI
pac man
https://www.youtube.com/watch?v=W1qO8gJZvb8

Rt news, BBC, CNN , and what not bitcoin is reported in all the channels and millions of viewers are aware of it...now its mainstream right

Mainstream but I don't know anyone who is lining up to buy them.  If I recalled they've opened that new ATM in Amsterdam and were surprised that, effectively, nobody was interested in using the machine.  I don't hear anyone in the mainstream talking about China - all their concerns, months ago, was MtGox and general skepticism about the technology.

Honestly if Bitcoin or any digital coin were to grow then it's reliant on educating people to use these coins over money transmitters like Western Union.

Well yes there is a great possibility of becoming a bitcoin millionaire in 2014 too, you can invest some huge amount of money in the btc at today's time and wait for 2016, the btc price will touch new height then ;D

It's more difficult to get rich off it now but it could still happen. I don't think 10k per coin is impossible so if you can get your hands on 100 it could happen eventually. Instead of trying to get rich off the currency itself look to invest in Bitcoin companies. If you could buy shares in the next Paypal or eBay for bitcoin you could make your money that way.

Agreed I do think the value will go up a lot more but smart investing is where the real gains are.

Well if potential scale is considered that is still a quite large return even if it's not as large percentage wise :)
https://bitcorati.com/wp-content/uploads/2013/10/bitcoin-investment-trust.jpg

The boat sailed for getting rich way too easy & a few rare alt coins will still have a huge gain (like you said already)
Now the best thing is to start a related business, but the number of people who can become multi-millionaires is obviously limited.


Edit: The "fast and easy Big Money dream" is a clear motivation for the continued alt coin "boom".

When* Bitcoin becomes a million dollars a coin it will make millionares out of people that recently bought/mined coins. The trick is patience, and when you think it's time to sell, Dont. Set goals for yourself and stick with them. Don't let emotion set it. Could you imagine people that bought coins at say $10 and then selling them all during a $40 peak? They needed plan, how many coins they wanted to keep and what percentage of a rake they would take at whatever levels of bitcoin price.


TLDR: Yes Bitcoins will still make millionares out of recent investors.

Million dollars per coin would be in the quintillions. . whereas the capitalization of the entire planet is around 30 trillion (Quintillion is 10,000 Trillion).  Bitcoin being worth quintillions would have to be reliant on $Fiat hyperinflation.

i think the dark devs instamine cud have made them millions at the price its at, so its still possible lol

The dream is well alive on the forum, to be a millonaire is pretty easy fomula:  amount x marketprice.
If the marketprice is $1000 per coin, you would need 1000 btc
If the marketprice is $10.000 per coin, you would need 100 btc
If market price is $100.000 per coin, you would need 10 btc
If market price is $1.000.000 per coin, you would need only 1 coin  :)


If alt coins are going to rise, say LTC is going to $100 per coin, you would need 10000 coins.

if people trust bitcoins as a good saving machine, then yes, I think it could be even better than in 2009 :) ;)

I would still consider this the early-adoption stage. So no, there's still a chance.

i'll be happy with 2000% ROI.

OFC its a thing of the past if you are buying now.

While I was reading this, the hourly timer on faucet I was using ran out in the other tab.  I switched tabs and it gave me the next captcha to fill in.  It pulled a "magic 8-ball" and the captcha text read:


Wish I'd taken a screenshot now.  ;D

I could see bitcoin going up over 20X in the next few years.  I am confident we will achieve at least $1K this year.  So my reply would be: will 20X your current investment make you a millionaire?

maybe

This chart puts a lot of things into perspective. I wonder how accurate it is. For instance, I think most people's default assumption is that 1 BTC would be worth more than stated, if the BTC market cap equalled that of Paypal...

I think the first wave of millionaires were just that, the first wave.

I believe the next wave will have made even more than the first wave have.  This was also the case of the internet.  The first companies who first took advantage of it made/make the most because they now have that trust factor; but they were also a rare occurence in the mid 90's...  again, computers were a thing for nerds and brainy people.  It is still possible to still make a killing with an online business but you'll have to pay a lot more to make a living from it if you start today.  It's really not to hard but you need motivation and self discipline.

Most who start without having an offline business will find it tough to break through without spending a sizable about of cash.  Same with BitCoin, the first who adopted it made the most EASY MONEY because they turned a passion to profits.  Same could e said about Gold mining, try to find a decent claim today for a reasonable cost, they're rare and few in between.  Doesn't mean that miners today don't make as much as the pioneers did, many do.

Back then,t hey had easy Gold but little to no technology.  Now Gold is tougher to find and extract but we have technology to help us.  For Bitcoin, the first wave did the best cash with the least investment, the second wave got screwed most, third time's a charm?  Perhaps, only time will tell but when you consider the cost to get into BitCoin right now is very reasonable...  however, many people don't get in and will be left out.

Those the smart ones of us who waited at the perfect time to get in.  Price is decent and didn't matter if it dropped.  Next financial castastrophe will shoot BTC through the roof because, look at last time it went over $1,000, it was only a scare, imagine once the dollar dies or the USD loses its world reserve status, or worst yet, an audit of Fort Knox gets done.  Either way, it's looking better for us daily.

No one wants a collapse but realize that the current financial system is hanging by a thread.  If you have a vivid imagination and investment money you can make a million overnight if you want but you'll have to spend a lot to get there and have an above average IQ [I'd say] to make it happen.  Last scare, we seen that BitCoin is the first ever "Last Minute Hedge" as it is more readily, faster and easier to gain access to than Gold, which is physical only.

I wouldn't count the dream out yet, anyone with a creative mind could create an unlimited about of wealth and never have to buy nor trade a BitCoin ever.

No, it's not a thing of the past but it's a little further away. If bitcoin goes mainstream we'll all make a pretty tidy profit.

This!

I never understand goldbugs. It is so obvious the mass will dive on bitcoin when the bank holidays are announced.
It is just way easier to transfer your inferior digital (fiat) money into bitcoin than into gold.

it won't be possible making x10000 profits, only x100.
put 10,000$ in bitcoin today and in 10 years you got yourself 1mil USD (in todays USD purchasing power).
bitcoin is nowhere near mainstream yet, it won't be until its accepted in as many businesses as visa/mastercard.

i doubt there will be a better investment opportunity than bitcoin in our lifetime, we live in a unique point in history where all of the currencies on earth are simultaneously fiat and are being debased all at the same time.
AND at the same time cryptocurrencies which are the best form of money humans ever possessed has been invented.
this unique set of circumstances will lead to bitcoin becoming very valuable very rapidly and will not return.

I don't think people should worry about becoming a millionaire from it. If you believe in it good things will surely come once overs realise this.

Just buy 100 coins and wait for 10k each. I think that's achievable.

I think invest slowly over time, $1000 a month or so, experiment with some altcoins and with a bit of luck you have a good chance.

I'd leave alt coins unless you can spot one with great potential.

I think to sum it up, the dream of becoming a millionaire from BTC is still possible, it just requires a significantly larger investment than it did a few years ago.

obviously it's more difficult to become a millionaire by spending $1,000 on bitcoin, but it's still possible to make $1 million on a much bigger investment. so yeah, it's more difficult for those who are dirt poor, but people with some money can still do well.

Actually it just requires time, patience and luck. Oh and balls of steel to make act upon decisions. You can always make a sack of coin by placing speculative buy/sell orders. You will be surprised how often they get filled in a flash crash/rise.

People will still become millionaire because of bitcoin I think, today you indeed need more money to invest in bitcoin.
That is a problem for new people that dont have alot of money, and want to buy a few bitcoins.
So it definitely became harder to become a millionaire, but at the same time we dont know how much bitcoin is going to be.
If it's going to 100k per bitcoin it will make alot of people millionaires.

This right here is so true. People got scared back when BTC dropped down to $60, and then it went up 20x its value to 1200 shortly after. The idea that we're "late" to the party is far from the truth. We have no idea when the next increase is going to be, but it could be a massive one (such that even those that bought at $1.2k would still be happy with their return).

being a cryptocurrency million is mis-interpretted

to be a "BITCOIN MILLIONAIRE" logically you need atlast 1 million bitcoins.... yes i said logically and ill explain why later

but you can easily and cheaply own millions of altcoins.
find any altcoin selling for less then 10satoshis and you can be a cryptocurrency millionaire because you hold more than 1 million altcoins.

now then, back to logic.

being a cryptocurrency millionaire does not mean that you are a FIAT millionaire.
being a FIAT millionaire does not mean that you are a BITCOIN millionaire.

the chances of you holding 1million bitcoins and being a bitcoin millionaire. are so small you should not even bother hoping to hold 1 million bitcoins.
as for being a USD FIAT millionaire due to the actions of bitcoin.. well 2222 bitcoins last month ($450) would make you a USD FIAT millionaire last month. holding 1724 bitcoins today will make you a USD FIAT millionaire today.

if the bitcoin price rises to $5k then you only need to be holding 200 bitcoins to be a USD FIAT millionaire

now then.. thats USD.. lets think about other countries..
to be a chinese Yuan millionaire today, yes today. you only need to own 275 bitcoins

You're taking things a bit too literal though. When people ask about being a Bitcoin millionaire, what they mean is that their value of coins is worth $1m USD at the current rates. More or less what they are trying to say is that the net worth of their holdings is 1mm+. Literal translations differ, of course, but this is the definition we use.

such a logic reply

there will certainly be alts that outperform BTC in the future (if only during BTC's bubbles), and there is a lot of money to be made there. question is, out of the billion of alts out there, which ones will they be? :P

No.

in inspiration of this topic

i helped 10 people become cryptocurrency millionaires in just 1 day,

it only cost me 1 bitcoin.

remember guys. bitcoin is not an american product. so when the words "bitcoin millionaire" and "cryptocurrency millionaire" terms are thrown around STOP automatically thinking of dollars.

as that is a limiting and naive thought. bitcoin is better then the dollar so stop thinking of it in terms of dollars. and if all you care about is getting enough bitcoin to sell to get back into dollars and spend those dollars, or simply bank those dollars. then maybe you truly have not embraced bitcoin, or understood the point and concept of bitcoin.

to be honest i wish the near future would bring a 'living cost" value to bitcoin.
EG
1bitcoin=1months rent for a 1bed apartment
1bitcoin=500 loaves of bread
1bitcoin=10 weeks of average car fuel spend.

where the entire world uses this calculation instead of comparing it to FIAT

I agree, however, saying "Bitcoin is better than the dollar" is roughly tantamount to saying "24 karat gold is better than monopoly money".

There is absolutely no comparison. The dollar is temporary local empire money; a passing fad; a bad joke where the punchline is needless murder and suffering.

I have no idea what you are talking about but it doesn't relate to the topic of this thread at all.

-B-

I think it is possible for those who invest 100 grand now. Buy enough bitcoin to manipulate markets and pump&dumps.

The small fish will have to scratch up whatever they can. Make a few bucks here and there. Might take a couple years to amass any kind of money safely.

You could say that about the entire history of mankind.

I think it is more empowering to see things as a natural progression.

We evolved from crude cavemen who
were beating each over the head with clubs into
gentlemen, able to express ourselves in complex
abstractions, and then further evolving into
global communicators interacting through cyberspace.

In the same way, we evolved from a crude bartering
system into trading precious metals, then into
modern global banking systems, and finally into
post-modern age of cryptocurrency.

Can I bump this?

Is it too late to become a FIAT millionaire via BTC now?

If each BTC becomes worth 100,000 USD I'll officially become a millionaire, I fear I invested way too late though.

5 BTC = millionaire within 8 years ($2,000 today)
50 BTC = millionaire within 4 years ($20,000 today)
250 BTC = millionaire within 2 years ($100k today)

I really hope this comes true. With the rise of Bitcoin, usually altcoins rise too.
For example look what happened to LTC (with a big delay though).


And since this thread is related to speculation and prediction of the future, I'd like to point out that whoever entered NXT with 1BTC from the start, is already a millionaire. So, I kinda believe that the dream is not a thing of the past, but it can be achieved by investing in altcoins too, eg. Qora and SIM (who are very promising and have great devs). Qora will also be the first who has Automated Transactions implemented, so there is a high chance that the pattern with huge ROI (and of course community build-up and usability cases) is repeated.

I think I'll be delighted if we reach 10,000 USD per BTC.
I'll make a life changing amount of money then.
I can't see 100,000 per BTC in my lifetime (late 20's).

No, the crypto millonaire or cryptonaire dream is alive. Many altcoins are being used and there is a huge market caps in various coins.

I think you dudes are dreamin a bit too much for those prices man.  I mean yeah it'd be wicked but doubt btc would go that high.  I think prob like up to $2000/each max, dreaming $5k each max haha.  Otherwise prob hover like 500-1500 each for a long time.

Why not $10k or $50k per coin? It could happen between now and 30 years.

I'll be old as **** in 30 years man.

the answer to your question is CANN, I will not be worth btc, but it will be worth investing in.

That has been true, and will continue to be true only up to a certain point. Remember, we are still in the infancy / innovation phase of crypto development. When Bitcoin takes its place as the currency of Earth, the altcoins will be left behind.

http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

The harsh reality is that when the "cryptocurrency moment" happens, there can only be one. And Bitcoin is the one. I suggest you pull your money out of the altcoins before the rocket departs, because there won't be any going back.

I totally agree, and that's why you still can become millionaire with 10 bitcoin.
Don't throw away your fiat into alts, be patient and most important:Believe!

I've been sharing this video because it really cuts to the heart of the matter for why Bitcoin's dominance is a matter of when rather than if.

https://www.youtube.com/watch?v=YIVAluSL9SU

What do you perceive as quick?

I can gladly hold all my coins for 20 years.

If BTC doesn't have a future of being great value one day then what is the point?

The USD GBP is never going to collapse, not in our lifetime.

There's no point other than hoping Bitcoin will become more valuable over time, thats why 99% in Bitcoin care about Bitcoin, the remaining 1% are nerds that find the technology fascinating, irrelevant for the success of something as for something to be successful, it needs to have mainstream appeal.

Unless each BTC ends up being worth a lot then it's useless to me.
Censor ship proof money transfers etc are only needed now if you're rich & trying to avoid high fees or taxes.
I've got a decent amount of BTC but I don't spend them, I am just holding in the hope that one day they will be worth a lot.

https://bitcointalk.org/index.php?topic=800004.0

Remember: Don’t invest more than you can afford to lose.

I think it is a thing of the past for the near future at least.   If you have a good sized holding, and everything keeps growing like it is...I would think in 10-15 years, people who bought enough in the $200-$400 range may have enough to have $1,000,000 worth.   Who knows how much $1,000,000 will even buy you in 10-15 years though...

Not to dredge up very old posts, but FYI your math is very wrong. $1 million per bitcoin = $21 trillion total. Much less quadrillion, much less quintillion. You're off by a factor of 1 million.

I think bitcoin is now too big to be forgotten about and is just going to continue to grow, forget all the other cryptocurrencies, they are junk/ cheap rip offs of bitcoin to the general public and will only be for the technically inclined. But bitcoins name is already out there in a big way and its only a matter of time before prices start sky rocketing and adoption picks up 10 fold. Especially as the older generations who grew up in a time without PC's die off, the younger generations who are as familiar with computers as anything, will start to see the real potential in bitcoin which could be come the new global reserve currency and could eventually be worth a million per coin.

So I'm just going to invest €400-600 in 2 bitcoins and leave them in cold storage for the next 20 years and see how it goes :)