How Early Is It Now, For Those Who Missed Bitcoin In Its Early Days?

[Fivestar4everMVP]

Do you know that since the invention of Bitcoin in 2009, the cryptocurrency space has produced more billionaires and millionaires than any other financial space/industry in the world ?

12 years ago, with a dollar($1), An investor can literally own a few thousands of Bitcoin, but today, an investor would have to spend at least, $20,000 to own one full bitcoin plus..(BTC1+)based on currently price that's a little above $19,000.

Knowing the above, I have this feeling that it scares small investors (that is those that can not afford up to 1 full bitcoin or even 0.5 bitcoin) from investing in bitcoin most especially, during bear market as we are currently experiencing.
Since one of the most reason why some people buy bitcoin is for monetary gains, they feel investing in bitcoin now can never make them the millionaire they dream to become, so they go for altcoins that are still very cheap instead thereby exposing their money to a higher risk for a higher gain kind of investment.

This thought is based on an experience I had with my brother yesterday, he is just joining the space, he has some money which he wished to invest in crypto, I adviced him to buy bitcoin for now, but after looking at the current price of bitcoin and comparing it to some other altcoins, and also that his money can only afford him about BTC0.07, he refused and said he would rather invest in an altcoin that it's  price is still below a dollar, according to him, he said that if he buys bitcoin at this current price, even if by 7 years from today, the price of bitcoin rises to $200,000 and above, it still will not give him the kind profit he wants, it won't make him a millionaire 🤣🤣🤣,

(please note that, I didn't bother calculating what 0.07 bitcoin would worth when 1 full bitcoin hits the price of $200,000)

 according to him again, he is ready to hold for at least 10 years, but he's not sure BTC0.07 would make him a millionaire in 10 years from now.
In the process, I gave the idea of making it a habit to save his monthly salary in bitcoin for atleast, 2 years while waiting for his target of 10 years, that by the end of that 2 years, his bitcoin balance won't be 0.07 any more, but a little close to BTC1 full bitcoin, and it's worth in dollars can even be much more if the price of bitcoin appreciate significantly in the course of the 2 years... He still refused, says he's not sure it will work out..

At the end of it all, I had no choice but to leave him to his choice, atleast, it saved me the stress I would go through trying to make him feel alright in the future if things later did not go as u envisioned for him.

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

Let's discuss.

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[hd49728]

It is always easy to look at the past and say 'IF'

- If I have known about Bitcoin in earlier years like 2009 or 2013, I would have invested in Bitcoin.
People said the same IFs in 2013, 2017 and 2020. Now when they are given a great chance to actually invest in Bitcoin at cheap price, they are still saying if about earlier years. But they unfortunately reject to take the chance in this year.

Later, in future, in 2024 or 2028, other people will say the same Ifs
- If I have known about Bitcoin in earlier years like 2022, I would have invested in Bitcoin.

[NeuroticFish]

This thought is based on an experience I had with my brother yesterday, he is just joining the space, he has some money which he wished to invest in crypto, I adviced him to buy bitcoin for now, but after looking at the current price of bitcoin and comparing it to some other altcoins, and also that his money can only afford him about BTC0.07, he refused and said he would rather invest in an altcoin that it's  price is still below a dollar

I had the same problem when I first heard of Bitcoin. And I wasted 1.5 years mostly with worthless altcoins.
I was lucky and the period I've wasted matched a bear market. But will your brother be this lucky? I doubt it. 1.5 years is already after next halving.

So you better convince him to DCA instead of wasting his money in coins that now worth 1$ and in 2 years they'll worth less than 1 cent. He doesn't have to buy 1BTC, nor 0.07BTC. He can start with even 0.007BTC or less; let him start much smaller until he gets comfortable with all this. Just make sure he doesn't waste too much with various exchanges' withdrawal fees (since it can be very disappointing at small amounts).

[jackg]

Most early investors lost a lot of unrealised gains too and this is something that's gone mostly ignored because a few people have made money out of it (some and probably quite a lot were wealthy before it and have gained money from their exposure or saying they were exposed to it).

If you're arriving "late" your options are going to be:
1. Invest in bitcoin because no one can predict the future and it could go a lot higher realistically.
2. Invest in stocks and learn how to do that, you'll risk a lot less of a loss and won't have the above issues of a beginners misfortune (such as lost keys or exchange hacks).
3. Invest in alt coins that actually look like they're innovating and constantly rebalance your portfolio (this is why most avoid altcoins and don't bother with them - if you're not going to actively monitor what you're invested it you're just going to throw money away and benefit others who will).

[lovesmayfamilis]

I also have friends who say that it is more pleasant to see thousands of shitcoins in your wallet at a time when you cannot buy 1 bitcoin for the same amount. I also came during the bounty campaigns and was encouraged by the number of tokens that fell into my wallet, thinking that I had found a gold mine. Likewise, I think that, as these times have not changed, those who believe in alternative coins will also be disappointed very soon, and ultimately understand the value and correctness of investing in bitcoin.
You just need to give such people time. They will wake up.

[Lucius]

Do you know that since the invention of Bitcoin in 2009, the cryptocurrency space has produced more billionaires and millionaires than any other financial space/industry in the world ?

You did not support that claim with any evidence, so although it is not illogical to think that cryptocurrencies have created a lot of rich people, I would not agree that their number has increased from 8.6 million (as many as there were in 2008) to as many as 62.5 million as there are today. What is even more important, what do you think is the ratio of those who profited from Bitcoin compared to those who sell various digital-crypto garbage, while using the pre-mined option and literally stuffing millions into their pockets while naive people buy a few thousand of their tokens for a couple of $ thinking they found a good investment?

Since one of the most reason why some people buy bitcoin is for monetary gains, they feel investing in bitcoin now can never make them the millionaire they dream to become, so they go for altcoins that are still very cheap instead thereby exposing their money to a higher risk for a higher gain kind of investment.

If it's only about profit measured in millions of something, maybe it's even better for Bitcoin that some people pursue their dreams in another way, at least that way they won't be able to blame Bitcoin for not succeeding in life. I have advice for such people "Play the lottery", the chances of you becoming a millionaire are slim, but at least the whole thing is very simple and you can live in hope every day for literally a few $ a week.

(please note that, I didn't bother calculating what 0.07 bitcoin would worth when 1 full bitcoin hits the price of $200,000)

You weren't really paying attention in math class, were you? Well, the calculation is very simple, if we take the current price, then 0.07 BTC is worth about $1350 - and an increase of x10 would mean that the value of that BTC increased to $13 500 - which in 10 years will certainly not be an amount that will have the same purchasing power as today.

Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

Do you think that 0.5 or 1 BTC can make someone a millionaire in the next 10 years? Of course I'm talking about US dollars or euros, otherwise a lot of people can already be considered millionaires in their national currencies. I think that owning 1 BTC has a much greater psychological weight than the financial one, at least for some people who do not look at the whole thing only from the perspective of profit.

[Zlantann]

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

Let's discuss.

I don't think there is any guarantee that investing in Bitcoin can make one a millionaire. It can be possible that his investment in Bitcoin can make him a millionaire, but there are also possibilities that he might lose some of his funds because of the fall in price. Although wanting to be a millionaire is not a bad aspiration, but I am always sceptical to advice or introduce people that are desperate to make millions to Bitcoin investment.

But my advice to your brother is that if he wants to invest on cryptocurrencies, he should consider only Bitcoin. For me it is not in the quantity but the quality. Since he is planning to invest for a long period, Bitcoin can also make him a millionaire.This is because Bitcoin have stood the test of time and it has also proved to be independent. For now, I only trust Bitcoin.    

[BitcoinBarrel]

It's never to late to make smart investments and build businesses.

Take any successful entrepreneur and strip all their resources and assets from them. They will be able to build wealth right up to where the were before because they have the knowledge.

Keep learning, keep growing, and keep making efforts to improve your life. Then success will come.

[mk4]

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

I'd tell them to learn to understand markets in general so they can make their own educated decisions on what to invest in if they want to actually be a millionaire.

Also — investing, and especially with doing investing to become a millionaire, doesn't require one single lump sum investment especially if you can only afford 0.07 BTC. The trick is to slowly but surely add capital to assets you think would appreciate.

[Dunamisx]

Do you know that since the invention of Bitcoin in 2009, the cryptocurrency space has produced more billionaires and millionaires than any other financial space/industry in the world ?

there's no doubt about this but in other words too, some have gone extremely wrecked down by not knowing how to channel their way with handling the financial digital currency in bitcoin, such are the ones that don't know how to trade (buy or sell) but engage doing it, they have less speculative abilities with bitcoin price, they don't know the difference between exchanges, they don't even know how and why bitcoin is the lead digital decentralized currency, they are the types that got mishandled their wallet keys and the likes, but of no doubt, many investors through bitcoin have made it in live as long as they were intentional with their investment.

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?

they should still maintain their boundaries with bitcoin alone no matter how small the interest that comes through it might be, business or investment is meant to grow, it needs to time to mature and grow over time, patience is one of the keys needed, there use to be time for bitcoin bullrun, set the target for this period and buy the dip to sell high when the price increases, bit without been patient, such newbie or anyone can fall into the hands of other cryptocurrencies with worst experience.

[romero121]

The understanding about the market varies from person to person. Majority of the early holders believed without much of expectations. Some could've understood well about it and invested into it. When I got into bitcoin usage I believed in some sense and slowly get to know well about it.

When I got to know about Bitcoin it was around $300 or $600, I don't know exactly. I couldn't afford that at that time. I believed in it, but didn't had the investment. So, it is also the situation that drives people away from cryptocurrency investment.

[Upgrade00]

Getting rich by buying an asset under 1$ and selling it in 5-10 years for ×100 or ×1000 is not something which comes around regularly. Simply put, Bitcoin was not acting like regular assets which many were into. With such investments, a profit of 5-15% annually was a huge one and what people fell back on when looking for where to keep their money.
But a potential ×10 or 1000% growth doesn't seem attractive enough now?

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

If you want to become a millionaire invent something or start up a business, or learn a useful skill
If you want a hedge fund which would be resistant to inflation and potentially appreciate in value over time, them buy Bitcoin.

Majority of altcoins would not exist in a decade and your investments in then would be lost along with it.

[OgNasty]

For anyone who "missed" out on early prices, the current market is basically like traveling back in time 5 years.  I'm still shocked that friends I have who basically buy the top every 4 years and sell at a loss aren't holding anything right now.  That's as good as sign as any that you should be dollar cost averaging into the market right now.  Sure, there's still some downside risk, maybe as much as 50%, but the upside to me could potentially be 20x from here.  That's a hell of a good bet as far as I'm concerned.  If you've been on the fence and reading about Bitcoin for years, now is a good time to start dipping your toe in the water.

[Mate2237]

Do you know that since the invention of Bitcoin in 2009,

Mate. I don't know how others understand the concept of invention. As for me and Oxford discovered, it means creation and discovery, and if this what you also understand and used it here then the date of the invention mentioned is probably misinformed if newbies are here. I am not trying to prove it wrong but I am trying to give the meaning from my point of view. If invention is discovery and also synonymously to creation the bitcoin was invented in 2008 then launched  (send out) to the ecosystem or space in 2009. This is how I understand the concept. So bitcoin was invented in 2009 sound odd to my hears.

Concerning your brothers Investment on bitcoin,  I believed this is the second time I have come encountered this part of the thread. The stories are very familiar but there are different users. Tell your brother that the 0.07 BTC can't make him a millionaire in 7-10 years to come. He should remove that mindset in Investment. Although he might become one but he should not think of it. Since he said he will hold the bitcoin till the ten years interval, that is a good long term Investment. And he should also prepare for the volatile nature of the currency. Thanks you for encouraging your brother. Keep it up.

[aoluain]

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

I'd tell them to learn to understand markets in general so they can make their own educated decisions on what to invest in if they want to actually be a millionaire.

Also — investing, and especially with doing investing to become a millionaire, doesn't require one single lump sum investment especially if you can only afford 0.07 BTC. The trick is to slowly but surely add capital to assets you think would appreciate.

Unfortunately MK4 there are stories going around of how others got to be millionaires from
altcoins, unfortunately the people being influenced don't realise that altcoins are a lottery.

There is also a degree of impatience, those people attracted to the lure of altcoins
cannot see the long term, it's not attractive.

I think the OP needs just to warn the brother and let him learn from his mistakes, it seems
like there is no turning him, unfortunately.

[dunfida]

For anyone who "missed" out on early prices, the current market is basically like traveling back in time 5 years.  I'm still shocked that friends I have who basically buy the top every 4 years and sell at a loss aren't holding anything right now.  That's as good as sign as any that you should be dollar cost averaging into the market right now.  Sure, there's still some downside risk, maybe as much as 50%, but the upside to me could potentially be 20x from here.  That's a hell of a good bet as far as I'm concerned.  If you've been on the fence and reading about Bitcoin for years, now is a good time to start dipping your toe in the water.

Dumb decision or totally crazy things been done eh? You would really be boggling up your mind on how the hell these people do consider on panic sell on a bear market which we do eventually know that recovery is always

next online? Yes, having these reactions or emotions are pretty common.We dont like to lose money with our investment but with the volatility aspect or behavior then those things could reversed out.

Speaking about those early days or years prices then there's no way we could take it back.This is why some people do keep an eye on altcoins yet we cant really be having those 10-100x
multiplier of profitability.We might be seeing bitcoins price on shooting up 3x-5x on some long years and not all would be that patient enough.

[Captain Corporate]

This is basically what I do. I have to accept that I haven't done it in a while, because I bought some stuff, and I am not regretting it because I really needed them, I literally couldn't work because I didn't had a proper working PC, which means I can work without a problem. However, normally before all of that, I have been here for nearly 9-10 years now, and I never saved for a long time, and in 2019 I realized saving is the way instead of just buy/sell trading style. Buying and selling never profited me, but ever since I started to put %5-10 of my salary into bitcoin, I made a great deal of money. If you start now, and put %10 of your money into bitcoin, then I guarantee you that you will be able profit enough to retire in 10 years. It is just that good to invest into bitcoin.

[boyptc]

I'll give the example of Cathie Wood. She bought bitcoin @ $250 each and she has bought worth of $100k for it. She's the founder of Ark Invest.

--> https://www.coindesk.com/business/2022/10/24/cathie-wood-still-holds-bitcoin-she-purchased-years-ago-at-250/

Whether she has sold at the top or not, she's still in profit right now around to nearly $8M. Tell this story to your brother and let's see if he's going to be inspired by her or that wouldn't enough for him to be encouraged to invest only in bitcoin.

[kro55]

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

Let's discuss.

Try showing past altcoins deaths to your brother such as the most recent one being Luna, a potential altcoin with a market cap of $60 billion has collapsed in just 2 weeks and caused thousands of investors to stumble, even commit suicide, believing that investing in altcoins can make them rich fast. Most newbies have this mindset, they always think bitcoin is too old to be profitable for them and they look to newer altcoins. Let them invest in altcoins but tell them don't invest too much, invest a little bit, let them experience it for themselves they will learn their lesson and come back to bitcoin soon.

[mk4]

Unfortunately MK4 there are stories going around of how others got to be millionaires from
altcoins, unfortunately the people being influenced don't realise that altcoins are a lottery.

There is also a degree of impatience, those people attracted to the lure of altcoins
cannot see the long term, it's not attractive.

I think the OP needs just to warn the brother and let him learn from his mistakes, it seems
like there is no turning him, unfortunately.

I only partly agree. It's a lottery for most people who don't know what they're doing, but there's definitely ways to know if a certain altcoin could perform good in the mid-long term. Though I'm not saying that it becomes not-so-risky of course; it's still highly risky, but it becomes a lot less of a lottery if you know what you're doing.