What is your plan to get rich with Bitcoin?

[MingLee]

Maybe if you invest big amount of money on bitcoin, that one has already a plan to get rich with bitcoin.
I didn't plan to get rich but just to get some profit out of it and earn extra to help pay some bills. This is very helpful as a side job.

too risky if you put a large sum of money in bitcoin. we do not know the future of bitcoin. but if for 1-2 years it is still very good to invest with huge money.

It's risky putting a large sum of money into anything, the difference is that there are more risks to some investments then others.

Bitcoin is definitely on the more riskier side of the spectrum, but I know a lot of other investments that are far more risky than Bitcoin to put your money in.

1-2 years sounds like a good time span for an investment in Bitcoin, but maybe, in my opinion, it would be wiser to pull out just after the halving.

[1715028011]

1715028011

[JayJuanGee]

Any visionary person has a dream. And everyone's dream is to become rich. I know there are several people who have made a fortune through bitcoins. I also feel that at one time I will be rich that is why i am dealing with bitcoins. My plan is to trade as much as people and see that I get a profit of atleast 0.2 bitcoins per day. i intend to continue until i will be getting profits of at least 1 bitcoin per day. Will I not be rich?

You cannot really plan profits per day when it comes to trading because you wouldn't likely be able to be consistent.  Of course, you make money on volatility, and some days are more volatile than others.

In essence you may be able to average a certain level of profits in trading, but in order to even earn .1BTC per day, you need a lot of skill, lots of capital or a lot of luck.  I personally would attempt to employ capital and skill, and hope for some luck, but do not rely on the luck part.

If you put the right kinds of systems in place and you stack your bets, some of the luck will come to you because you have prepared your BTC investment portfolio for the luck.

[Krayshock]

trading with bitcoins is the best or merely holding the coins is enough
tho im trying to do some ad related bitcoin businesses (maybe like faucets, etc)

[SanaButt]

Yes of course i have a plan to get rich with bitcoin, because now i m saving my bitcoin, in this time for halving, because when halving will come the price of bitcoins are increased, and also i will do trading with bitcoins, i have a plan in my mind how can i rich with bitcoins.   

[Krayshock]

Yes of course i have a plan to get rich with bitcoin, because now i m saving my bitcoin, in this time for halving, because when halving will come the price of bitcoins are increased, and also i will do trading with bitcoins, i have a plan in my mind how can i rich with bitcoins.   

so does it mean that the halving process is not just a speculation?

[JayJuanGee]

Yes of course i have a plan to get rich with bitcoin, because now i m saving my bitcoin, in this time for halving, because when halving will come the price of bitcoins are increased, and also i will do trading with bitcoins, i have a plan in my mind how can i rich with bitcoins.   

You only generally referred to your plan, but really, after reading several comments in this thread, I would like to mention dollar cost averaging. 

In essence, if our presumption is that bitcoin prices are going to appreciate in the long run, then we just need to consider a plan that allows us to invest on a regular basis, whether that be daily, weekly,  monthly or some other variation.  We can just have a set amount such as $10 or $20.. or whatever is affordable to our budget and invest it every week no matter what BTC's price at that moment.

Personally, I have been in bitcoin since November 2013, and I used a variation of the dollar cost average method in order to accumulate coins; however, starting in about October 2015, I considered that I would also begin to trade.  I've been trading since October 2015.  Actually, I could have started trading earlier; however, for me, trading did not make a lot of sense before that time because I had considered that I was still in my BTC "accumulation phase." 

Once i felt that I had accumulated enough coins, then I formulated a personalized trading plan that I considered would be good for me, and really accounted for the number of coins that I had accumulated over the previous almost 2 years.


Since I began trading, I did accumulate a few more coins through both trading and through continuing to throw some additional money into bitcoin (but really accumulation was less of my direct concern, even though I continued to consider that accumulating more coins was a good thing whether I earned them through trading or by buying a few more with some extra cash flow).

Surely, BTC price appreciation in the future will help my overall BTC profits, but my current state of affairs seems o.k. too, because trading helps to prepare a person's total BTC portfolio for both future upwards or downwards price movements. Currently, as I type, my total BTC investment portfolio is apportioned with about 92.5% BTC and about 7.5% fiat.  I'm feeling good about that and better than having a BTC portfolio that was 100% BTC (which was the case during my buy, HODL and accumulation phase).

[chaser15]

so does it mean that the halving process is not just a speculation?

It's not speculation because it will really happen.

The speculation here is the possible scenarios and outputs that will happen when halving happened and that will include the bitcoin price.

[delliaerd]

so does it mean that the halving process is not just a speculation?

It's not speculation because it will really happen.

The speculation here is the possible scenarios and outputs that will happen when halving happened and that will include the bitcoin price.

Absolutely right, the halving is really happen, it made big affect to bitcoin price and it was few times happen during 3 years ago.  So halving will give many profit to someone who hold their bitcoin and wait the price increases.

[romero121]

Being rich only with the bitcoin earning takes lot time. It's better to have a good job and then have bitcoin to make additional earning which supports your life to be rich.

[Pitchblackroom]

Probably just invest in it in little amounts over time and have the inflation from Bitcoin cause me to be rich in the future. It's value is going up faster than the inflation rate even with the up and down turns that it is still profitable to invest in Bitcoin.

Or invest in short term altcoins which will profit to Bitcoin

[thejaytiesto]

Sticking to a buy and hold long term plan is the only way to do it. All other methods will require too much luck involved, and will not be as consistent, so keep storing as much BTC as humanly possible and history will make you a winner. Of course, you can try to get some extra BTC off obvious pump and dumps like Ethereum which always have potential to get pumped again so keep an eye on some of those altcoins.

[diodio5]

Currently I am making hundred satoshi everyday and my goal for now is to make 1 btc with $600 value on it or more+++ and I will be happy to have that coin and just let it stay for a year or 2 and convert it to cash when price is up

I don’t think that this One coin will make you rich. And earning one coin in one year is much longer time, you have to increase your efforts, you will be able to earn about 1 bitcoin in one month after that you may have chances to become rich.

are you have not seen a person has more than 300 BTC bitcoin wallet? it proves that the guy has a lot of money from bitcoin. of course they become rich because bitcoin "just early speculation" but I often see someone make a profit of more than 10 BTC perweek of trade  do not hesitate to get rich in bitcoin

[JayJuanGee]

Currently I am making hundred satoshi everyday and my goal for now is to make 1 btc with $600 value on it or more+++ and I will be happy to have that coin and just let it stay for a year or 2 and convert it to cash when price is up

I don’t think that this One coin will make you rich. And earning one coin in one year is much longer time, you have to increase your efforts, you will be able to earn about 1 bitcoin in one month after that you may have chances to become rich.

are you have not seen a person has more than 300 BTC bitcoin wallet? it proves that the guy has a lot of money from bitcoin. of course they become rich because bitcoin "just early speculation" but I often see someone make a profit of more than 10 BTC perweek of trade  do not hesitate to get rich in bitcoin

How many bitcoin's do you think that a person needs to consistently make 10BTC per week (anywhere between 50BTC and 200BTC or more?)?

Do you believe that 10BTC is a steady amount of income or was the 10BTC a one-time fluke.. in other words, does the income vary?  What would be the weekly average of such a person over a 6 month or longer period of time, is it 10BTC or a considerably smaller number, something like 1 to 5 BTC?

Is this BTC trader person using automated trading, investing in alts and/or overall how many hours per week does it take this person to make 10BTC per week?  Skill level?

I have quite a few doubts about any "normal" person in these times being able to consistently make 10BTC per week..... even though on a fluke some persons may be able to once in a while earn that amount of bitcoin in a week.  Can we define a "normal" serious trader of bitcoin, who is attempting to make a living off of bitcoin, as someone who may be in the ball park of owning anywhere between 50 BTC and 200BTC or some combination of trading currencies of about that level of value?  or are you thinking of another kind of person?

[BitcoinPaw]

It's pretty easy, i want to make some money for start and than open my own gambling site and make it popular, it's so hard to bring it to life but i will try.

[prettybuds]

I'm already rich I just really like sending and receiving bitcoin transactions when I'm high
Everyone be thriving!

[Doms]

If you are starting from scratch, then it's a long road ahead. What I plan to do now is accumulate, hold, and wait for atleast 2 years. Now the unpredictability factor comes in, we are not sure whether the price will keep on soaring or if it is going to plummet. My due diligence would be very useful here.

[ronaldo40]

Maybe if you invest big amount of money on bitcoin, that one has already a plan to get rich with bitcoin.
I didn't plan to get rich but just to get some profit out of it and earn extra to help pay some bills. This is very helpful as a side job.

too risky if you put a large sum of money in bitcoin. we do not know the future of bitcoin. but if for 1-2 years it is still very good to invest with huge money.

It's risky putting a large sum of money into anything, the difference is that there are more risks to some investments then others.

Bitcoin is definitely on the more riskier side of the spectrum, but I know a lot of other investments that are far more risky than Bitcoin to put your money in.

1-2 years sounds like a good time span for an investment in Bitcoin, but maybe, in my opinion, it would be wiser to pull out just after the halving.

yes more investments are riskier than bitcoin out there, but the investment in bitcoin by simply buying and holding to say the risk is still small.
after halving the price is unlikely to be immediately increase, I will wait until the end of the year. but depending on the price itself, I would not wait for a higher, because it is very risky, if prices fall very far.

[Dr.Osh]

Just put your collected bitcoin to a cold storage wallet and wait for the next years , months of the price of it to get high. You will probably get rich with that after you will just invest your profit to buy another btc.

That's not cool I think... If you are relying on your coins and considered it as a help or extra income, then keeping it for months would mean you have to find another source of income.. Better roll it out on trading...

you're right, it's better to play trading. but trading requires high analytical skills. you have to take risks if you want to be rich people and many bitcoin

[JayJuanGee]

Just put your collected bitcoin to a cold storage wallet and wait for the next years , months of the price of it to get high. You will probably get rich with that after you will just invest your profit to buy another btc.

That's not cool I think... If you are relying on your coins and considered it as a help or extra income, then keeping it for months would mean you have to find another source of income.. Better roll it out on trading...

you're right, it's better to play trading. but trading requires high analytical skills. you have to take risks if you want to be rich people and many bitcoin

I think that part of the trick, whether it is trading or buying and hodling, you need to invest only as much as you are able to set aside and not schedule it in as part of your budgeting - because if you need to cash out of a certain portion of your bitcoin on a set schedule - then you have likely invested more than you can reasonably afford to invest.

In other words, you need to be able to cash out completely on your own terms and on your own timing, rather than being forced to cash out at a particular time.  For example, I began investing in late 2013, and I recall in early 2015, I had some cash flow issues and I was not able to buy bitcoin for a few months, - retrospectively right while bitcoin was at its low point.  I did not want to cash any of them in because my total bitcoin portfolio was in the red.. so I purposefully figured out a way to meet all of my cashflow issues, during that period, without selling any bitcoin (retrospectively realized to be at the bottom).

[JPred]

I'm gonna carefully tuck away 1BTC out of reach of any bad actor - to ensure I have it after 10 years. At that time I suspect 1BTC to go for equivalent of 1mil USD. I'll then carefully retrieve the 1BTC, sell it for equivalent of 1mil USD and have some fun with the proceeds.