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

[Don Pedro Dinero]

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.

Wanting to become a millionaire with an investment of 0.07 bitcoins at current prices is the main mistake for me.

First you should study what bitcoin is, and from there decide whether you want to buy or not, but nobody knows how profitable it will be in the future. We know what it has given in the past, yes, but we also know that many people sold when they got 10x their investment.

If you want to become a millionaire, buying bitcoin should be part of your plan. Having a good job or business so that over the years you have more income, looking for alternative sources of income and investing wisely (including buying bitcoin) is a better way.

[1715413221]

1715413221

[rin24]

I think the future will be to alts not btc, yes both will be used more and more, eventually price will go up with time, but in my opinion if you want a better ROI I would focus more on alt than on btc

[d5000]

To try to give an answer to the question in the OP's title: Amazon circa 2009 (remember it was ~4-6$ then, recovering from the 2007/08 crisis bear market. Now it's about 120$, with an ATH of 170$ - see here).

Basically, I believe that Bitcoin has the potential to reach the capitalization of gold (10-11 trillion USD). This would be, approximately, a 20x from now. It is however not a safe bet, but safer as most altcoins.

Thus, your brother wouldn't become a millionaire. But if he believes that crypto is worth it, then he could invest:

1) half to 2/3 of his money in Bitcoin - the probability is very high that this investment will at least double in the coming years.
2) from the rest, about a third to half in promising bitcoin and crypto businesses.
3) And the rest into altcoins.

While I'm a "moderate Bitcoin maximalist", I believe there is at least space for 3 to 10 strong alternative blockchains or cryptocurrencies.

But take care: Most blockchains, even most top-10 altcoins, are basically centralized. These will be perhaps awesome for short term gains because they have enormous marketing budgets (with their premines, they print money out of thin air for bounties, airdrops and other stuff), but in the long term they will perhaps not preserve their value well because the blockchain is a very inefficient technology for centralized applications.

So if you're short-term oriented choose a centralized blockchain, which could go x20 or even x50, and then crash. If you however want to be fine long term search for really decentralized projects. I think a "decentralized Ethereum competitor" could be something like the ideal altcoin to try some risk money out.

[cryptoaddictchie]

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.

Im an altcoin enthusiast and bitcoin investor too. We cant weigh the gravity of effectiveness at one source. Yes bitcoin could be the best option, but we cant turn down potential of alts when the bitcoin market goes back once again. If we are talking about great multiplier, at the current market then alts will be the best move here. Provided that you are into right one.

These profits from altcoin are safely converted into bitcoin in the longer period. Anyway just my thought.

[8rch7]

We should continue to learn and we must try as hard as possible and we also have to prepare our mental from now to be able to improve our lives to be better in the future, actually questions like how early is it now for those who missed bitcoin in the past all the answers depend on each of us, because it is not necessarily the people who adopt bitcoin early have enjoyed the results, maybe they can't be patient and can't survive, maybe people who adopt bitcoin now can become billionaires in the future, because of the supply bitcoin is very limited so maybe if we dare to hold bitcoin now we can be successful in the next few years, basically take advantage of every opportunity that comes.

[Adbitco]

Can i tell you one simple truth?
By next year thereabout or after bitcoin having same this your brother would walk to you and ask if actually you still advised him to buy bitcoin, saying "what do you think, are you still on the opinion he should buy or what"? And then as a brother to you, you will say Yes go buy. If is someone like me, i won't answer such questions anymore; Same thing happened to me where i was trying to let a friend buy bitcoin and what he always does is that he would say i should notified him when bitcoin price is dip, whenever i noticed the bitcoin price is in a good position to buy i would called him.

Guess what?
He would say are you sure is the right time don't you think is too high for me to buy now let us wait a bit and monitor's it within the month or so, to cut the long story short, he ended up not buying any bitcoin till the price gets to very higher and he came crying to me if he knew he could have bought at the first time he called me.
This is why i said your brother would likely do same thing, and besides i don't think if altoin have disappointed him before ( Like those pump and dump token/coin) At then he would realised he made a very huge and expensive mistakes. So don't kill yourself rather i will tell you to keep today's record or buy some fractions of bitcoin and hold secretly without him knowing maybe in the future when the prices surges again then you can show him that this units or fractions of bitcoin was bought that same day he came to you. Let it be as a reminder to what he missed then.

[Wexnident]

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?

Idk, just the fact that he's relying on a single investment to make him a rich man doesn't seem correct in the first place already. He's probably not even looking to be a millionaire by looking at it years from now, he wants to be a millionaire as soon as possible already, which more often than not simply kills their investment early on. This is what I would consider as a gamble instead of an investment tbh.

Then there's the idea of thinking that buying a coin that's below the price of a dollar for 1 makes a good investment, well it's not. The original mindset he has should be changed imo, Thinking that an investment like Bitcoin which compounded investments 1000x in the past would happen again is really really minimal, one shouldn't even consider that such a scenario would happen when investing in anything. 

For investment alternatives, altcoins are always there, he just has to do a LOT of research not just on the coin itself but also on the team behind it, whether the project can even boom in the first place. Even riding just the initial hype and getting out should be enough to be called a success.

[pooya87]

One question that people forget to ask is how many of those who bought in early days have actually held on to their coins. We see this all the time, people buy bitcoin at a price like $5000 and when it drops to $3200 they panic and sell their coins. Then after a couple of months when price is at $70,000 they complain about missing out.
Things weren't that much different in early days either. There were a lot of people who bought at $1 but panic sold it at $0.8.

The problem is always the same too. They want to become rich overnight.

[lienfaye]

One question that people forget to ask is how many of those who bought in early days have actually held on to their coins. We see this all the time, people buy bitcoin at a price like $5000 and when it drops to $3200 they panic and sell their coins. Then after a couple of months when price is at $70,000 they complain about missing out.
Things weren't that much different in early days either. There were a lot of people who bought at $1 but panic sold it at $0.8.

The problem is always the same too. They want to become rich overnight.

I agree. Some early investors probably managed to hold their Bitcoin for long and became millionaire for having patience but not all of early investors had the same fate. Because often weak investors do panic when the price is decreasing, hence to avoid further losses, selling at loss is their solution to save their money. So even investors who had the chance to buy at cheap price before to become millionaire when the price of Bitcoin reach its ATH, are also probably failed, it's either because of panic selling or they sell after seeing the price increase a bit not knowing it can increase further.

Thus, for op's brother, it's not a reason that the price now is quite expensive than before and it can't make you millionaire since your budget is not huge. Remember that Bitcoin is a reliable crypto and much ahead than alts, therefore less risky even it takes a long period before you can see the result because it's worth it. You can look for altcons that can make you become millionaire in a short period but that hidden gem is really hard to find and requires analysis and extensive research.

[LogitechMouse]

Giving some advice to a newbie where in fact, he shows that he is more superior to him than you who is in the crypto space for quite some time is just a sign that you must leave him with the decision that he wants to.

Giving advice to a newbie is very relieving especially if he is listening on what you are saying. Now if he wants to decide for himself then better let them do what they want to do. Sometimes, making mistakes is the way for a person to learn and this isn't only applicable to investing but in real life as well.

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?

Do what they want to do and let them realize their mistakes once things didn't go the way they wanted to. I mean I want to give advice to newbies but if that newbie already has decided to do something then it will be a waste of time for me to give some advice to him.

Show the charts. Maybe that might change their mind a bit. Show how Bitcoin's price movement is for the last decade. Your brother thinks that altcoins can make him a millionaire because they are more volatile than Bitcoin and maybe he saw some altcoins that moved x100 or x1000, but he didn't saw the risk investing into it. Bitcoin might not make him a millionaire in 2-3 years but over the long run and if he continues to Dollar-Cost Average into Bitcoin then the goal of being a millionaire will be reached. It will not be quick, but it can be reached.

[aoluain]

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.

Yea I agree with that mk4

[hd49728]

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.

There are opportunities at different times and with different given entries. People can not say they miss all opportunities after so many years.

It is not because they were not known, were not gotten all great prices in previous years. It is because anytime they saw opportunities, they hesitated to take it. And when they had another oppportunity, saw another bull run, they hope to get it again. But time is not be able to reverted and they must learn to take other chances in future

[lizarder]

Im an altcoin enthusiast and bitcoin investor too. We cant weigh the gravity of effectiveness at one source. Yes bitcoin could be the best option, but we cant turn down potential of alts when the bitcoin market goes back once again. If we are talking about great multiplier, at the current market then alts will be the best move here. Provided that you are into right one.

There is no harm in considering other options in altcoins, but unfortunately cannot guarantee the value of the investment, altcoins are more influenced by the reaction that will occur in bitcoin, if the market corrects bitcoin, then altcoins will automatically follow, that's why people prefer bitcoin over altcoins.
Altcoins are generally an alternative to Bitcoin, considering the amount of purchase price cannot be reached by many people and most of the altcoins launched are based on the framework contained in bitcoin. The disadvantage of altcoins has an unstable value as an investment instrument.

These profits from altcoin are safely converted into bitcoin in the longer period. Anyway just my thought.

It's hard to translate this meaning, the opposite of what I know, that bitcoin will be changed to be more secure than altcoins that are still speculative, bitcoin has the advantage of maintaining investment value, even though it has Bearist and Bull Run periods.
Therefore, the decision to choose bitcoin or altcoin depends on one's convenience. If given a choice, many people will choose bitcoin.

[inthelongrun]

Most people want to become rich as quickly as possible. And most of these people can easily get scammed especially if they have limited knowledge. There is no easy money and there are no shortcuts. People that became millionaires from Bitcoin earned it. It may look easy but it is not really easy. Those people are equipped with knowledge, iron hearts, strong beliefs, and luck. I also dreamed of becoming a millionaire. But how many of us here continue to hold when your half a million dollars turned $60k? It's easy to say but when you're in that situation it is hard as hell. I learned the hard way. So for me, there is no such thing as late because it always depends on us if we are ready for it.

As for altcoins, it's always the bigger the risks, the bigger the rewards. Maybe OP's brother can diversify his money. And only invest money you can afford to lose.

[Strongkored]

Let's discuss.

If anyone comes to me to learn about crypto and he asks which crypto can make him rich in 10 years less I would advise him to never get into crypto, because crypto is not a way to get rich in a certain period, but investing in crypto i.e. Bitcoin is another way to invest in addition to the existing one, the best way in my opinion to secure our fiat which is constantly falling in value due to inflation.
When we know bitcoin is not very influential, because usually most people will always focus on the price that is happening not what will be able to get in the long run.

[Cryptmuster]

I agree. Some early investors probably managed to hold their Bitcoin for long and became millionaire for having patience but not all of early investors had the same fate. Because often weak investors do panic when the price is decreasing, hence to avoid further losses, selling at loss is their solution to save their money. So even investors who had the chance to buy at cheap price before to become millionaire when the price of Bitcoin reach its ATH, are also probably failed, it's either because of panic selling or they sell after seeing the price increase a bit not knowing it can increase further.

Thus, for op's brother, it's not a reason that the price now is quite expensive than before and it can't make you millionaire since your budget is not huge. Remember that Bitcoin is a reliable crypto and much ahead than alts, therefore less risky even it takes a long period before you can see the result because it's worth it. You can look for altcons that can make you become millionaire in a short period but that hidden gem is really hard to find and requires analysis and extensive research.

There are not so many early investors who managed to save their coins, they sold their coins for various reasons, and these reasons will also be relevant now for those who hold bitcoin, or those who are just now buying. Bitcoin is a good investment for the long term, I don't know how much it can rise to in the future, but it can be a very good investment if you don't get manipulated and don't sell before your goals are met. Moreover, selling at a loss to save your money is a very rash action, and the biggest mistake.

[Marykeller]

I know on severally occasions, I have tried to talk out to my friends about not investing in altcoins but in bitcoin. It does sound to them like water on a rock. Anyway, I don't blame them cos it is in human nature to dream big if they had the idea that their little investment will turn out big in the future compared with bitcoin.

We're saying that bitcoin is the right investment to make in crypto cos we already know what's involved if we invest in bitcoin than altcoin for future purposes. Had it been we do not know how secure our bitcoin investment is, many would have chosen to invest in altcoin over bitcoin based on its price.

[Lucius]

~snip~
The problem is always the same too. They want to become rich overnight.

The real problem is that most people who want to profit by investing in cryptocurrencies have no idea what they are actually doing, which is a perfect path to failure. A story I often hear is that people talk about some altcoins and draw comparisons with Bitcoin in a way that is completely meaningless from the perspective that these new projects have any sense and purpose.

I honestly don't know if I'm more disappointed with all those who constantly create new crypto projects, or with those who persistently support them. Considering everything that has happened in recent years, I would have thought that people would be less naive, but the exact opposite is happening - the same scams, only new names.

[laurenB7742]

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.

Im an altcoin enthusiast and bitcoin investor too. We cant weigh the gravity of effectiveness at one source. Yes bitcoin could be the best option, but we cant turn down potential of alts when the bitcoin market goes back once again. If we are talking about great multiplier, at the current market then alts will be the best move here. Provided that you are into right one.

These profits from altcoin are safely converted into bitcoin in the longer period. Anyway just my thought.

Investing in altcoins is not bad because it is clear that the return it brings will be greater than bitcoin if we invest in the right project. But I think altcoins are not suitable for newbies, because newbies don't have too much knowledge to find a hidden gem that can make a profit. Out of a hundred altcoins, maybe only one can succeed. Even top altcoins if invested in now there is no guarantee they will recover when bitcoin recovers, altcoins are always refreshed every year. Investing in altcoins is difficult to choose, old projects do not guarantee recovery, new projects can bring big profits but riskier.

[Kelvinid]

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 ?

Not literally I know them because they are anonymous but for sure there are a lot of early investors who make hold their Bitcoin for many years and become millionaires. But I think, they are already rich before risking their money in this new stuff which is not their worry to lose their money investing in Bitcoin earlier. I'm not sure if they foresee the future of Bitcoin but I see their trust and feeling towards the crypto market is strong to have that decision.

They deserve such huge achievement and market profit, and I remember these words " rich people become richer while poor people become poorer". They take this opportunity while others are rejected it.