Why you can't be rich by owning crypto

[awik p]

You can't be rich by owning crypto currency if you don't know how to use it or how to invest it to make more profit or income in the future because if you want to earn more money or if you want to be rich some day using your crypto currency you need to use it and invest it in the trusted project and in that way you can make a good profit.

even though we have a little crypto, but we are good at analyzing, I think it will be easier for us to develop our assets when measured in usd. therefore don't get stuck on shitcoins, because it can make our waiting in vain

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[Yatsan]

The way of someone thinking and treating that crypto can make him rich is the problem. Most people specially the newbies out there are already imagining to gain and own crypto to the thinking that having one can make them instant rich which is not true because you still have lots of works to do even after owning a crypto. It is how you manage to make use of it and also the capability you have to make your capacity improve on managing the full potential of the crypto you are owning. The problem is the mindset of the people thinking that it is just a simple logic that owning a crypto makes you capable of being rich.

[tanjiran]

The way of someone thinking and treating that crypto can make him rich is the problem. Most people specially the newbies out there are already imagining to gain and own crypto to the thinking that having one can make them instant rich which is not true because you still have lots of works to do even after owning a crypto. ---

and when they suffer losses because of their carelessness, they say "crypto scam!" classic scenarios that often leave me speechless.

I always remind my friends who are just learning crypto because they want to get instant money, this is not as easy and beautiful as imagined. maybe we see a lot of successful cryptocurrency traders or investors, but we don't know how much struggle and loss they have experienced, right?
often, what is shown is only the good things. then we have to change our concepts and views, everything needs a process, there are things that must be learned to get something valuable, don't just hope for miracles.

[rosebrand]

Obviously not everyone will pertake in crypto even if it keeps growing in population and more people keeps comming in there will still be people who won't have the opportunity to make it out from crypto and also remember earning from crypto needs knowledge as well, in the bull run everybody can make profit from crypto and when the bear season comes only those who knows much about the market will keep being in profits, most people today don't trust any online activities and would ignorantly walk away from crypto activities as well therefore there will always be people who would work to make money, prices of commodities might increase but those who are rich will  keep affording it and since thier source of income isn't drying up there would even be more richer as the times goes.

[FanEagle]

Most people specially the newbies out there are already imagining to gain and own crypto to the thinking that having one can make them instant rich which is not true because you still have lots of works to do even after owning a crypto. It is how you manage to make use of it and also the capability you have to make your capacity improve on managing the full potential of the crypto you are owning.

I don't think it is not necessary for each and every adopter; I mean every people who are owning crypto must be contributing in one not another way for the further development of this crypto space. But, not necessarily in the ways you have mentioned because innovating and maximizing the full potential of crypto will not be feasible for all of us but only for people who are familiar about those things.

Hence, people who are already into such things might be taking care of what you are emphasizing and most others are just contributing for the progress of this crypto space by just owning. But, I feel all of them deserve to be rich based on their holding periods.

The problem is the mindset of the people thinking that it is just a simple logic that owning a crypto makes you capable of being rich.

I feel that it's not their mistake because crypto has performed in such a way to make everyone believe to be rich just by holding for years. Who knows, when bitcoin will be scaling one million dollar levels, people who are holding less than 0.1 BTC also might be finding themselves richer in their countries.

[TastyChillySauce00]

The way of someone thinking and treating that crypto can make him rich is the problem. Most people specially the newbies out there are already imagining to gain and own crypto to the thinking that having one can make them instant rich which is not true because you still have lots of works to do even after owning a crypto. It is how you manage to make use of it and also the capability you have to make your capacity improve on managing the full potential of the crypto you are owning. The problem is the mindset of the people thinking that it is just a simple logic that owning a crypto makes you capable of being rich.

It's so true, most of people I know thinking of cryptocurrencies in general as get-rich-quick scheme and they too think that owning crypto will automatically make them rich somehow which isn't true and most of the people who have that kind of mindset always ended up buying high selling low then rage quit lol and there's never been of shortage with newbies that are really thirsty of being rich and have that kind of uncontrollable greed. I just hope that they eventually could really differentiate high risk investment and low risk investment.

[blckhawk]

The way of someone thinking and treating that crypto can make him rich is the problem. Most people specially the newbies out there are already imagining to gain and own crypto to the thinking that having one can make them instant rich which is not true because you still have lots of works to do even after owning a crypto. It is how you manage to make use of it and also the capability you have to make your capacity improve on managing the full potential of the crypto you are owning. The problem is the mindset of the people thinking that it is just a simple logic that owning a crypto makes you capable of being rich.

Well, I don't see any problem if someone thinks crypto makes him rich because it really does, however, of course, you need to work out for more just like working hard for cash. Because crypto or fiat is just all a tool or a reward like if you work hard then you will receive what you deserved. Thinking of single crypto is enough and a shortcut for being rich, and I think that is the problem that most newbies. Single amount of crypto doesn't make you rich, you must have possessed a lot of them to consider yourself rich, so basically, you gotta earn a lot of them.

[nak02]

Some people using the crypto to scam amateurs, that's why some of them didn't get rich because of ponzi, We know that if person is new in this cryptocurrencies they propably amazed how you explain what would you earn. But it takes time to fulfill that, well depends if your lucky in investing.

[Alert31]

You can't be rich by owning crypto currency if you don't know how to use it or how to invest it to make more profit or income in the future because if you want to earn more money or if you want to be rich some day using your crypto currency you need to use it and invest it in the trusted project and in that way you can make a good profit.

even though we have a little crypto, but we are good at analyzing, I think it will be easier for us to develop our assets when measured in usd. therefore don't get stuck on shitcoins, because it can make our waiting in vain

Yes, you have a point. From small capital you can make it bigger if you use it wisely but it doesn't mean that you will become rich by just owning a small crypto. You need to invest big to earn big profit and to become rich you need to double or even triple your investment. Of course, enough knowledge and strategy is always needed.

[Btcvilla]

Some people using the crypto to scam amateurs, that's why some of them didn't get rich because of ponzi, We know that if person is new in this cryptocurrencies they propably amazed how you explain what would you earn. But it takes time to fulfill that, well depends if your lucky in investing.

amateurs looks easy how to be victim scam because they only know with bitcoin and altcoin without know detail how to earn and get income with cryptocurrency, when any scammer make new investment project and payment using bitcoin many people believe and want to invests their money although giving daily percent profit every day.

[darewaller]

Some people using the crypto to scam amateurs, that's why some of them didn't get rich because of ponzi, We know that if person is new in this cryptocurrencies they propably amazed how you explain what would you earn.

Scammers are everywhere and we cannot do anything about that unless otherwise taking care of ourselves in all means. Because, scammers are really dangerous not only for beginners but even for experienced people as well. So being careful is the only solution here.

But what OP is stating here is, because of bitcoin people are retiring early and not contributing on the growth of the economic which might again turn against them like more inflation due to less productivity because of more number of early retiring people. But I'm not seeing it is a practical one but it is an over-imagined one hence I believe we can simply leave off this because it is not practically dealing with the current of scenarios happening around bitcoiners.

[tbterryboy]

Well, the labor of some jobs will never happen, some Bitcoin Hodlers have companies and businesses apart from Bitcoin, although Bitcoin represents a great fortune for them, in the same way they must keep track of the price, some sell a part of their bitcoins, others panic and sell, some buy bitcoin to keep increasing their wealth.

World productivity does not decrease, because not all people own bitcoin, some have only fractions of Bitcoin and others want to acquire it but due to the increase in price it becomes more and more difficult for them, when compared to other currencies it is obvious that it is higher, because Bitcoin is the King currency, everything is in the comparison with the FIAT currency, dollar, euro, local currencies of some countries, also in comparison with gold it is very valid, in fact Powell has already named a similar issue, so even the Fed is aware of this.

The idea that bitcoin making people richer would destroy the working force is the problem with the rich people in the world (and people who love rich people). Just because everyone is rich doesn't mean that work force will have to be eradicated, there will always be people who work, and the humanity will be much better if nobody has to work, you know why? Because we could finally have a world where everyone does what they want to do and not what they are forced to do, which will help the humanity grow at a much faster speed in tech and art and medicine and basically many many different things.

So at the end of the day, you need workers? Go build an android, not like we wouldn't be able to if we had everyone free to do what they want, it will become easier. Which is why bitcoin helping everyone to get richer is a great way to improve all of humanity.

[just_Alice]

It's a fair and logical point, but only if almost everyone on Earth buys Bitcoin and becomes rich, which is, obviously, impossible. There is a limited amount of Bitcoins and, in addition, different people hold a different number of coins, some may have 1-2 and some hold more than 1000. Thanks to the limited amount of Bitcoins and diverse demand - Bitcoin will keep growing with increasing adoption.
Also, this

even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

can only be the case, once again, if literally everyone (or the vast majority) uses Bitcoin, only then there can be an impact on global productivity.

[beerlover]

It's a fair and logical point, but only if almost everyone on Earth buys Bitcoin and becomes rich, which is, obviously, impossible. There is a limited amount of Bitcoins and, in addition, different people hold a different number of coins, some may have 1-2 and some hold more than 1000. Thanks to the limited amount of Bitcoins and diverse demand - Bitcoin will keep growing with increasing adoption.

I do not think that limited supply of bitcoin is a criteria here. Because, due to limited supply people who hold bitcoin will become super rich in short period which again goes in favor of what OP is stating. But, I am not seeing OP's point and fair and logical. OP's point will play a role on our economy when at least 25% to 40% world population become rich (NOT just adopting bitcoins) and refuse to work more. Even there are possibilities for more than 50% of world population to adopt bitcoins, I doubt all 50% will retire early after becoming rich, the chances will be less. Because not all adopters are holding; may be less than 10% of total adopters.

if literally everyone (or the vast majority) uses Bitcoin, only then there can be an impact on global productivity.

If we use bitcoins then there will be no problem. Because, you may become rich by holding and not just by using bitcoins. In long-term perspective, there are possibilities for all 100% of world population will be using bitcoins but that doesn't mean that bitcoin will make them rich just because of they are using bitcoins.

[royalfestus]

The way of someone thinking and treating that crypto can make him rich is the problem. Most people specially the newbies out there are already imagining to gain and own crypto to the thinking that having one can make them instant rich which is not true because you still have lots of works to do even after owning a crypto. It is how you manage to make use of it and also the capability you have to make your capacity improve on managing the full potential of the crypto you are owning. The problem is the mindset of the people thinking that it is just a simple logic that owning a crypto makes you capable of being rich.

Richness and bitcoin topics always come when the market is bullish especially for as long as year or more and we forget the long bear market. Our decision to pick up the coin when no one wants to buy and hold for as long as we make remarkable profit is the mindset that most rich people possess and still applicable for every most successful investments, businesses and enterprises. Real estate may not have the size of ROI on investment as cryptocurrency but the ability to buy low and sell high and hold your money to buy another day is same with cryptocurrency.

[Snappycoco]

If you were like 10 years ahead of us from investing in Bitcoin, you are probably a millionaire. Who says you can't when the fact that there are many early investors who owned Bitcoin in 2011 and having their best lives now due to their massive holdings. And even if everyone adopts, not all will have the same value of money they have due to price difference before they bought.

[Ngemmeng]

i am very interested in the title of this thread. why can't we get rich with cryptocurrency? I've heard the words that fit the title "HOLDER IS WINER"
most people after getting tokens from airdrop or bounti they immediately sell them even though the price is not much. if they hold on for a longer period of time, it is likely that the money they will earn will be much greater.

[DrBeer]

The value of Bitcoin have increased by 707% over the last year,  and the average deflation is 96%

As the value of Bitcoin increases, it's owners would have a reduced incentive to do their job, and they would retire at a younger age(since they would have enough money to live the rest of their life). This would decrease the global productivity, even if the demand remains same(or even increase due to increased wealth). This would in turn increase the price of all commodities almost at the same rate as that of Bitcoin(law of supply and demand)

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

Purely theoretically, such a chain of events is possible. But for this, a significant part of the population must be the owners of significant amounts in bitcoin. Let's roughly imagine what amount can become a "trigger" that will lead to this behavior, and then look at the statistics of wallets in which there are such amounts? For example $ 50,000-100,000 is the amount at which a person will "retire" at 50 years old. To be clear - 100,000 / (30 years * 12 months) (estimated life expectancy after retirement) = $ 280 per month. Tell me - is this an acceptable amount for life? I am sure - NO! It seems to me that for a quiet life, if you do not take expensive countries, the monthly amount will be 2000-3000 dollars per month. So the equivalent will be 30 * 12 * 3000 = approximately $ 1,000,000. And so - how many wallets with such amounts? Several thousand, perhaps tens of thousands. Such a number of people will not be able to influence the economy even on a country with 5-10 million citizens.

[just_Alice]

I do not think that limited supply of bitcoin is a criteria here. Because, due to limited supply people who hold bitcoin will become super rich in short period which again goes in favor of what OP is stating.

I agree that due to limited supply hodlers will become rish, but that doesn't go in favor of OP's assumption, because only the ones that hodl a lot of Bitcoins will become rich enough to retire and stop working. And that's not possible due to the limited supply. Assuming when we reach the 21 million bitcoins point and everyone has 1 Bitcoin, that'll only be around 0,3% of the world population, which is hardly enough to have an impact on the economy. But even in such case people won't stop working, because 1 BTC isn't such a big money. Needless to say, this scenario isn't possible, because some people will hodl way more than 1 Bitcoin, leaving less to the others.

if literally everyone (or the vast majority) uses Bitcoin, only then there can be an impact on global productivity.

If we use bitcoins then there will be no problem. Because, you may become rich by holding and not just by using bitcoins. In long-term perspective, there are possibilities for all 100% of world population will be using bitcoins but that doesn't mean that bitcoin will make them rich just because of they are using bitcoins.

Yeah, you're right herein, I shouldn't have used the term use, I meant hold.
But there's not enough for everyone to hold and, therefore, be rich, that's my point  

[Btcvilla]

You can't be rich by owning crypto currency if you don't know how to use it or how to invest it to make more profit or income in the future because if you want to earn more money or if you want to be rich some day using your crypto currency you need to use it and invest it in the trusted project and in that way you can make a good profit.

even though we have a little crypto, but we are good at analyzing, I think it will be easier for us to develop our assets when measured in usd. therefore don't get stuck on shitcoins, because it can make our waiting in vain

Most faster way to be rich with cryptocurrency like you have much money first and try to trade, looking with potential coin to buy like BNB, ETH and Ripple I think just one week later you will be rich person, but need time if begin with little fund for trading or investing because how much profit earn from crypto depend how much money we have when beginning trade.