Can a poor man get his chance to be rich in Crypto?

[iTradeChips]

I have always thought of Cryptocurrency to be a middle class and rich class' investment. You can take risks investing $10,000 or $100,000. Hell, even $1,000 can be an investment now and the rich man and the middle class can have that amount to spend. My question is, how about the poor guy? Does he have the opportunity to be able to turn his life around and become rich in crypto? I put this in the serious discussion so at least we can discuss this without promoting any specific coin. I have some struggling friends who I like to help but they have this life where their salary is only enough to feed themselves for the day and they can barely save $100 for other things. Let's be real, will he be able to get the life he wants with crypto? I appreciate your thoughts on this.

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[Oshosondy]

It depends on the definition of the poor. If a person is so poor to the extent he can not even be able to afford a broswing device like Android or computer, such person can not even make it into crypto because of the level of poverty he is experiencing. But if someone is not that poor, but yet below average, exposure and knowledge about crypto can help him. If doge can increased 30x in less than a year from $0.0022 to over $0.7 this year, that means there are opportunities for such people to become rich. Not even only Doge that increased to such large value, almost all cryptocurrencies in the first 500 according to marketcap all really increased. This is not yet the last opportunity as another big event which is bitcoin halving is coming again by 2024, people will fomo again and another opportunity for the below average people to become rich.

[BitcoinBarrel]

The Key to Wealth applies no matter where you are currently at financially.

Life is meant to be lived, and our abilities to produce value to the world. If you focus on creating and adding value, then you will always increase. From there, you can take your increase and invest in income sources for a continual supply of resources.

[iamsheikhadil]

Well, that's a valid concern but at the same time we see injustice of life in many places as well too, isn't it? Like, we see poor people not getting proper education, which is the foundation of success of life kind of, and this cycle continues. Now, I don't think that many people of the middle class actually turn around their life in crypto, many of them go down zero or even in debt as well, so it's not bed of roses for anyone. I do think that if there's a person he's educated enough about trading that they have a very high chance of profit, they might borrow money from some friends or relatives (without paying interest) and make a deal with them that whatever profit/loss he makes, it will be distributed in a ratio, say 50-50 or 60-40 etc, then that can help the trader to use his skills for making money.

[Poker Player]

Of course you can progress economically and become richer than you are. To think otherwise puts you in the mindset of a victim who expects some politician (usually a socialist or worse) to come to your rescue.

A poor person buying $100 in Bitcoin years ago would have made a lot of money. What happens is that being poor he could not have held the investment for long without selling. When he reached $10K, for example, he would have been tempted to sell, but he could always have sold only a part of it and continued to invest. Or think about getting another $100 to invest.

The one who has a rich mentality (the one who buys assets, who makes money work for him) ends up getting richer.

[odolvlobo]

I have always thought of Cryptocurrency to be a middle class and rich class' investment. You can take risks investing $10,000 or $100,000. Hell, even $1,000 can be an investment now and the rich man and the middle class can have that amount to spend. My question is, how about the poor guy? Does he have the opportunity to be able to turn his life around and become rich in crypto? I put this in the serious discussion so at least we can discuss this without promoting any specific coin. I have some struggling friends who I like to help but they have this life where their salary is only enough to feed themselves for the day and they can barely save $100 for other things. Let's be real, will he be able to get the life he wants with crypto? I appreciate your thoughts on this.

Why $10,000 or $100,000, $1,000  or even $100? You can buy $1 worth of bitcoins and gt the same return as someone that buys $100,000 worth. The opportunity is the same regardless of the amount.


The premise of your question is flawed because you are judging the success of a poor person can invest $1 by the standards of a wealthy person who can invest $1000. A person with only $1 to invest making $100 will be no less better off than a person who invests $1000 making $100,000.

[UserU]

A poor person buying $100 in Bitcoin years ago would have made a lot of money. What happens is that being poor he could not have held the investment for long without selling. When he reached $10K, for example, he would have been tempted to sell, but he could always have sold only a part of it and continued to invest. Or think about getting another $100 to invest.

The one who has a rich mentality (the one who buys assets, who makes money work for him) ends up getting richer.

True. It's hard to imagine one keeping those Bitcoins without ever consider selling them in times of need. Imagine an average Joe would more likely sell at a 10x gain, let alone a poor fella.

[semobo]

It is not possible to make 1 million dollar from $1 unless he was extremely lucky and won the lottery at the first buy, but for someone who wants to be rich needs to multiply the capital amount no matter how much it is.

For instance if someone have $1 then their goal is to make $10 with their hardwork then invest the $10 back and convert into 100 and it has to go on.

[Oshosondy]

It is not possible to make 1 million dollar from $1 unless he was extremely lucky and won the lottery at the first buy, but for someone who wants to be rich needs to multiply the capital amount no matter how much it is.

For instance if someone have $1 then their goal is to make $10 with their hardwork then invest the $10 back and convert into 100 and it has to go on.

Bitcoin was less than $1 before, like around $0.03, there was a time bitcoin got to $63500 or around that price. With $1 investment, that will amount to over $1 million, so never say it is impossible, but the chance can be slim. Also just from last year (2020) to the first quarter of this year (2021), there has been coins that moved 300x, if someone below average just have believe in the coin and invested in it, won't he become rich?

[GeorgeJohn]

There is no one that can not become successful through crypto, it only takes time and patience to achieve this. Saving as little as 1 dollar a day can go a long way if one keep on saving this for several months with time, one could be able to save like $100 to $200 which can be use to buy altocoins that can have like 10× to 100× with time.

I believe all fingers are not equal so, getting rich through crypto will require a lot of risks and patience for one to achieve this. When the road get tough, the tough get going. So no matter the circumstances, greatness is still achievable in crypto. It only takes endurance and focus for someone that is starting from the scatch without a reasonable capital to invest.

[Mistafreeze]

A poor man can become rich through crypto if the following can be be adhered to: Patience,self-believe,perseverance,not being scared of loosing while investing,and hardwork.Someone starting from the scratch must have the self-believe that as people made it through crypto,so could he make it.He must be ready to work tirelessly and relentlessly despite the way it might seem tough,and I believe with what i've said,making it through crypto will not be a hard nut to crack.

[NeuroticFish]

I have some struggling friends who I like to help but they have this life where their salary is only enough to feed themselves for the day and they can barely save $100 for other things. Let's be real, will he be able to get the life he wants with crypto? I appreciate your thoughts on this.

Most probably not, unfortunately.
The first rule is to keep invested only money you afford to lose. They don't have such money and this means that they will most probably cash in if the coin had a short bull run, or cash in desperately when the coin is falling, or cash in just because they ran out of fiat. I don't see any winning situation in this equation, i.e. a situation your friends would get to HODL for a relevant period of time, enough time for the (probably few) coins they've bought to grow so much to make them rich.

[vapourminer]

A poor person buying $100 in Bitcoin years ago would have made a lot of money. What happens is that being poor he could not have held the investment for long without selling. When he reached $10K, for example, he would have been tempted to sell, but he could always have sold only a part of it and continued to invest. Or think about getting another $100 to invest.

The one who has a rich mentality (the one who buys assets, who makes money work for him) ends up getting richer.

good take imo

i started with a single ~$300 USD video card mining btc back in 2011 (GPU mining BTC was big at that point, this was pre ASIC/FPGA). and yes i sold through the various levels very early on. hard to resist 10x or 100x gainz when youve never experienced it as one who has had very little money for a large portion of ones life (ie me). so a large chunk of my coins i sold at less than maybe $500 on average iirc. i mean i sold some at $10 very early and such and of late sold some at 62k but on average call it like $500. maybe im way off, dont care enough to check.

but obviously i did hold a reserve and was fortunate enough never to need to sell that to cover some catastrophe.

learn to be poor 1st, and youll pretty much know how to live if/when you become rich.

[zeuner]

I have always thought of Cryptocurrency to be a middle class and rich class' investment. You can take risks investing $10,000 or $100,000. Hell, even $1,000 can be an investment now and the rich man and the middle class can have that amount to spend. My question is, how about the poor guy? Does he have the opportunity to be able to turn his life around and become rich in crypto? I put this in the serious discussion so at least we can discuss this without promoting any specific coin. I have some struggling friends who I like to help but they have this life where their salary is only enough to feed themselves for the day and they can barely save $100 for other things. Let's be real, will he be able to get the life he wants with crypto? I appreciate your thoughts on this.

Well, given the extreme range the older cryptocurrencies went through until now, and given that some platforms allow buying very low amounts, there would have been cases where someone with barely enough money to live buys some cryptocurrencies from the small amount of spare money, afterwards seeing it become valuable.

This does not mean it will help much trying to repeat that. Looking at Bitcoin, from January 2011 to now there was a price increase by a factor of more than 100.000. But if you expect the same thing to work again, the price would have to rise up to the range of billions.

[semobo]

It is not possible to make 1 million dollar from $1 unless he was extremely lucky and won the lottery at the first buy, but for someone who wants to be rich needs to multiply the capital amount no matter how much it is.

For instance if someone have $1 then their goal is to make $10 with their hardwork then invest the $10 back and convert into 100 and it has to go on.

Bitcoin was less than $1 before, like around $0.03, there was a time bitcoin got to $63500 or around that price. With $1 investment, that will amount to over $1 million, so never say it is impossible, but the chance can be slim. Also just from last year (2020) to the first quarter of this year (2021), there has been coins that moved 300x, if someone below average just have believe in the coin and invested in it, won't he become rich?

Still its $63k not a million dollar, it may take another 10 years to reach that mark, but do you know anyone who just had a dollar in 2010 bought 1 bitcoin and still holding them?

How the cashless person is going to survive, they need to earn money right for their survival?

[Renampun]

I have always thought of Cryptocurrency to be a middle class and rich class' investment. You can take risks investing $10,000 or $100,000. Hell, even $1,000 can be an investment now and the rich man and the middle class can have that amount to spend. My question is, how about the poor guy? Does he have the opportunity to be able to turn his life around and become rich in crypto? I put this in the serious discussion so at least we can discuss this without promoting any specific coin. I have some struggling friends who I like to help but they have this life where their salary is only enough to feed themselves for the day and they can barely save $100 for other things. Let's be real, will he be able to get the life he wants with crypto? I appreciate your thoughts on this.

everyone from all walks of life can get rich from crypto...

just look at how the story of the founder of binance and ethereum who did not come from a rich family but became very rich today. all need bets and bets for those who want to get rich from crypto is not easy, but if the person believes that crypto can make their life secure then surely crypto can be a way out as long as they remain confident in the future of crypto.

[Rruchi man]

Truth is, in your quest for riches, it is not all the time somebody can say for sure at the preliminary stage that this particular thing that i am into or doing is going to get me the wealth i so desire, it the chase for riches, no opportunity should be ignored.

For crypto being the case study, it is very possible that if a poor man is able to make good investment decisions as regards which crypto to invest in consistently from his capacity, his financial situation might just change one day soon for the better.

[jaminunit]

Yes,
being rich is a very strange term because it means something different to different people. I believe if you were to save a small amount in a solid project like bitcoin, ethereum over time then you can definitely grow and secure your wealth.

[coolcoinz]

I strongly believe that cryptocurrencies give you the highest chances of becoming rich out of all investments. Nothing compares to it if you do the math. Stocks, bonds, commodities, real estate, currency trading... cryptocurrencies beat it all and will continue to do so for years. The problem is that the entry level is getting higher and higher. In 2015 you could enter the market with 1k usd and make a lot of money, in 2013 you could enter with no money at all and make a lot of money just by spending some time on the forum and claiming free giveaways and airdrops. Now you need a lot of work, a lot of money or both, but don't be discouraged, it's still an opportunity of a lifetime.

[franky1]

there are many ways. but all of the take effort and a mindset to stay organised and in control

yes most people who are poor dont think of their limited income as an asset. they instead see it as the immediate requirement for survival.
in short. they spend it as soon as they get it.
most poor people are defined as 'consumers' because they spend money and once spent. its gone.

however just the smallest effort can help them out of poverty

this is not about gambling funds for hopes of multiplication on high risk returns. where the chances of getting your money back are 10%

this is about taking $1 and finding something to buy.. not for yourself(consume). but to sell for more then $1
..
it could be as simple as knowing a neighbour regularly buys fruit for $2 at a local luxury market. but you know you can get that same fruit elsewhere for $1
buy the fruit and sell it to your neighbour for $1.90

now you could spend your $1.90 on the usual self-consumption stuff you intended to.
and then repeat the game next month.. with a fresh $1 from income tuned into $1.90 so that each month you can get a litle more consumption for your money..
or
you can go without consuming the $1.90. and re-use the $1.90 to buy something else to sell for profit
ever increasing that allotment of funds that started as $1. whyby at month end you might have flipped that 4 times and turned it into $13
then next month starting with another $1. flip that 4 times. whilst also flipping the first months now $13 4times $169(m1)+$13(m2)
and as you can see it keeps growing
..
i know people that buy joints of beef. and slice them into thick steaks worth 5x more at restaurant prices. and sell them 2x more then uncut weight value. and they do this alot
the recipient gets chunky steaks for thin steak retail prices. everyone is happy

i know someone that does laundry for a neighbour for less then the laudromat the neighbour used to pay

i know someone that cooks meals for a neighbour, cheaper then fast-food cost the neighbour used to order

once you start to think that your income is not just for self consumption. but as a way to create more money from that money. then you can start to organise yourself into getting out of poverty.
and the best part is. you can start really small