Why you can't be rich by owning crypto

[uneng]

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.

Yes, that is the point. Only a very small percentage of the world's population will be hugely benefited by bitcoin increasements in price. They are the early adopters. Once bitcoin goes mainstream it won't be so profitable as speculative asset for most adopters anymore as the biggest chunks of coins will be already held, so the masses will have to dispute remaining satoshis portions.
It makes too difficult for late adopters to retire younger like early adopters did through bitcoin investment, not affecting global productivity too much like mentioned in OP's example. On the other hand, it's a normal tendency global productivity is being fully replaced by machines/automatons, what makes human labor useless, creating an employment vacumm in the future for these people. It's a big issue no one talks about...

[avadonne]

I believe that all coins are still undervalued. So I am confident that by owning a good coin will make us rich.. We just have to be patient on holding and we just have to know when to enter the market.
So it is important to know how to read charts so we can buy on the dip. Then sell high.

[Obito]

That is speaking in assumption that people aren't going to work because they have enough money to live out the rest of their life, I mean there are going to be more people that are going to retire early but I am sure that not everyone is going to do that, maybe some will even have their own busines and businesses create jobs. Also, crypto is not that big part of the economy yet to make that huge impact, maybe if there is about 60 to 70 percent of people have adopted, maybe we can say that it will affect the economy.

[BuNga_cute]

Not everyone will be rich if they have cryptocurrency, because the main purpose of cryptocurrency is not to make people rich. Only people who
can be patient buying cryptocurrencies for long-term investments can get rich from cryptocurrencies. So do not take it wrong, cryptocurrency
won't make us rich instantly, requires a long process so that we can get rich from cryptocurrency. Therefore having cryptocurrency will not
guarantee you to be rich.

[Dilerium90]

Not everyone will be rich if they have cryptocurrency, because the main purpose of cryptocurrency is not to make people rich. Only people who
can be patient buying cryptocurrencies for long-term investments can get rich from cryptocurrencies. So do not take it wrong, cryptocurrency
won't make us rich instantly, requires a long process so that we can get rich from cryptocurrency. Therefore having cryptocurrency will not
guarantee you to be rich.

I agree with this position. Only the long term perspective of investing in cryptocurrency and bitcoin will make you rich. Remember, that fiat currencies can be printed in unlimited quantities. And the amount of bitcoin is limited and, moreover, is reduced due to the lost coins.

[BuNga_cute]

Not everyone will be rich if they have cryptocurrency, because the main purpose of cryptocurrency is not to make people rich. Only people who
can be patient buying cryptocurrencies for long-term investments can get rich from cryptocurrencies. So do not take it wrong, cryptocurrency
won't make us rich instantly, requires a long process so that we can get rich from cryptocurrency. Therefore having cryptocurrency will not
guarantee you to be rich.

I agree with this position. Only the long term perspective of investing in cryptocurrency and bitcoin will make you rich. Remember, that fiat currencies can be printed in unlimited quantities. And the amount of bitcoin is limited and, moreover, is reduced due to the lost coins.

But be careful not all cryptocurrencies are good for long-term investing, only the top cryptocurrencies and have high volume which is good
for long-term investments. So if we choose the wrong coins, it is not getting rich if HODL is in the long run, but the coins are increasingly worthless.
So make sure to do research first on the coins that we will buy for long-term investments. For Bitcoin it is definitely highly recommended holding
in the long term, I mean to be careful if we choose to invest in altcoins. Because not all altcoins are good to buy and can make us rich.

[Woodie]

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

If someone was not skilled in anything and gave bitcoin a chance by investing a few dollars in it how would it reduce or increase productivity?

Not forgetting the high unemployment levels growing everywhere....you know what bitcoin is doing these guys a favor...and by the way when you cash in those coins you have other opportunities to try out and not that you lay low and do nothing!!!

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)

Are you saying everyone will become rich for prices to rise? And how do you connect prices of commodities to bitcoins supply and demand,you lost him here.

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)

So not true, bitcoins supply is limited which means not everyone will own the same amount of coins, and afaik the real winners in all this are the early adopters who still hodl some crypto, so even if 1btc was to be a million dollars, how many people will own a bitcoin when this happens.

[ven7net]

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)

I believe that you are right to some extent and your vision of the state of affairs with BTC is quite a reality. The fact is that money is being inflated right now, that is, if you have 1,000,000 USD, then every month you can buy fewer goods for this money. It turns out that when the price of BTC rises, you have more money, but since inflation is present, they reduce this growth, thereby making your profit not what you think. That being said, do not forget that the price of BTC is also very volatile and this also negatively affects your profit. So your model is quite real and it is likely that it will become more difficult to make money on BTC every day.

[bitzizzix]

Getting rich is a process and takes a very long time and even then it is supported by capital and efforts to accumulate wealth and hold it until the right time.
because we are in this crypto industry and nothing is instantaneous and through the process to produce maximum results even then it is supported by large capital to create large profits and besides that it requires patience and strong consistency towards goals, and this applies to any investment.
and for the Profits that can be created to create business or create jobs without having to forget the original goal to keep Investing.

[k@suy]

Getting rich is a process and takes a very long time and even then it is supported by capital and efforts to accumulate wealth and hold it until the right time.
because we are in this crypto industry and nothing is instantaneous and through the process to produce maximum results even then it is supported by large capital to create large profits and besides that it requires patience and strong consistency towards goals, and this applies to any investment.
and for the Profits that can be created to create business or create jobs without having to forget the original goal to keep Investing.

Precisely getting rich is a long time process and how it happen was all depend on how you effort to reach that goal. Actually, cryptocurrency can be a promising newest mode of currency that would be existed and can be treat as a good fortune that a person could ever had but having cryptocurrency couldn't promise an easy way to get rich because like having or running a real business you should have to know how to play the market, how to trade, to invest and must knowledgeable about crypto market.

[conected]

Getting rich is a process and takes a very long time and even then it is supported by capital and efforts to accumulate wealth and hold it until the right time.
because we are in this crypto industry and nothing is instantaneous and through the process to produce maximum results even then it is supported by large capital to create large profits and besides that it requires patience and strong consistency towards goals, and this applies to any investment.
and for the Profits that can be created to create business or create jobs without having to forget the original goal to keep Investing.

Precisely getting rich is a long time process and how it happen was all depend on how you effort to reach that goal. Actually, cryptocurrency can be a promising newest mode of currency that would be existed and can be treat as a good fortune that a person could ever had but having cryptocurrency couldn't promise an easy way to get rich because like having or running a real business you should have to know how to play the market, how to trade, to invest and must knowledgeable about crypto market.

- Agree, owning crypto is only a meaningless act when we do not know the purpose and how to optimize the meaning of this action, similar to how we own a business but do not know what we are doing, do not update relationships and do not know information about our surrounding partners, we are clearly just a puppet. Getting rich from crypto is a process where we have to maximize our capital and opportunities through our knowledge of this market, a king needs to control and formulate strategies, otherwise, the nation will gradually weaken and be forced to change the throne

[desticy]

I agree with you. But we have no other choice. For bitcoin to have its own value, you first need to destroy those things through which we value it, namely fiat. And it is impossible to destroy it now. How much time will pass and what kind of symbiosis all this will result in is unknown. But it doesn't look like we will be able to get rid of classical financial structures in the near future.

[iphone5s]

If you're talking about, why don't we get rich holding crypto? the answer I will give is how rich do you want to be because everyone has their own level of wealth. If you describe wealth as something you can buy without thinking about it. For me it is wrong because everyone has their own rich principles.

[wahyu wida]

I agree with you. But we have no other choice. For bitcoin to have its own value, you first need to destroy those things through which we value it, namely fiat. And it is impossible to destroy it now. How much time will pass and what kind of symbiosis all this will result in is unknown. But it doesn't look like we will be able to get rid of classical financial structures in the near future.

The classical financial system is fully supported by the government, so there will be many political interests in it. therefore I think it is very difficult to shift it. crypto can be recognized as a legal means of payment that I think is a good achievement. Especially with the current development of crypto, I think the government cannot underestimate it

[Mauser]

If you're talking about, why don't we get rich holding crypto? the answer I will give is how rich do you want to be because everyone has their own level of wealth. If you describe wealth as something you can buy without thinking about it. For me it is wrong because everyone has their own rich principles.

I agree with you, if rich means for you owning a house and a nice car than both of these things can be bought with crypto currencies. We can get a Tesla for one bitcoin, and there are people who sell their house for bitcoins. It all depends on how we define rich. If rich means owning a big company than this might be more difficult to achieve with crypto currencies.

[ninkdwi]

So it is important to know how to read charts so we can buy on the dip. Then sell high.

stale theory where we can't control a strategy like this to know when to enter, and when to leave the market for a while. How do you buy low and sell high as you say it?

[taufik123]

The definition of rich in crypto is the increase in value of the assets we have, for example, bitcoin. Buying Bitcoin at $ 1k a few years ago and then selling it at $ 60k would make a fortune and get rich with the asset.

But it is not that easy to get rich in crypto, there will be many sacrifices that must be made. there will be gains and losses on every trip in crypto. Easy to get and also easy to lose.

[iphone5s]

If you're talking about, why don't we get rich holding crypto? the answer I will give is how rich do you want to be because everyone has their own level of wealth. If you describe wealth as something you can buy without thinking about it. For me it is wrong because everyone has their own rich principles.

I agree with you, if rich means for you owning a house and a nice car than both of these things can be bought with crypto currencies. We can get a Tesla for one bitcoin, and there are people who sell their house for bitcoins. It all depends on how we define rich. If rich means owning a big company than this might be more difficult to achieve with crypto currencies.

Looks like he's kidding man, Rich does not mean you have millions of Bitcoin and store them until now, even though they can all be made into paper money, but the real wealth in my opinion is not like that. If you can give what you have to people in need without thinking about the amount you are spending, that is more accurately the meaning of wealth. Hope he understands.

[romero121]

The definition of rich in crypto is the increase in value of the assets we have, for example, bitcoin. Buying Bitcoin at $ 1k a few years ago and then selling it at $ 60k would make a fortune and get rich with the asset.

But it is not that easy to get rich in crypto, there will be many sacrifices that must be made. there will be gains and losses on every trip in crypto. Easy to get and also easy to lose.

The risk is high compared to other forms of investments. To the risk taken, there is possible chances of being rich in a short time period. This is why cryptocurrency is a much preferred asset for being rich. People also need to be lucky to invest on the right cryptocurrency, because we've got more than 9000 cryptocurrencies. In my learning one can turn himself rich through cryptocurrency investment, if he has the patience to hold for years and the ability to invest a minimum amount of $500 every month.

[sana54210]

People also need to be lucky to invest on the right cryptocurrency, because we've got more than 9000 cryptocurrencies.

I'm not ready to accept this because we are having bitcoin and we are well aware of bright future of bitcoin through its fundamental analysis; so any new investor does not need to be lucky to invest in cryptocurrency as bitcoin is more than enough for making anyone feel lucky right now and then making rich in near future.

In my learning one can turn himself rich through cryptocurrency investment, if he has the patience to hold for years and the ability to invest a minimum amount of $500 every month.

Again with bitcoins, we  do not need big money to invest on monthly basis. But, you must need to be patience enough for years by holding bitcoins to become rich.