The secret to creating wealth...

[Lucius]

it's that (if we take this forum as an example) people are simply forced to spend their BTC for living costs and cannot afford to keep them long-term.

I get that, but many people don't live paycheck to paycheck, and leave some funds as savings. For those who choose to put their savings into fiat currency, it is just extremely dumb to leave them lose their value around 50% every 5 years.

If we were to look at the global distribution of wealth, then we can say that apart from the US, the Western EU, Canada, Japan and the UK, all others are not in a position to afford to save in the long term, and especially to invest in Bitcoin, which many do not understand at all. I don't know if there is any data anywhere that would show how much an American or Japanese person saves per year on average compared to someone from Argentina or India, but it seems to me that we would find very big differences.

I have never hesitated to pay for something with BTC regardless of the price, because if I had just invested for the past 10 years and never taken a profit one way or another, it would have felt very strange - because BTC was conceived as a cryptocurrency, not what it has become today.

Many of us understand what it represents today, though. It undermines its value to describe it merely as a "currency" for internet purchases. It is much more than that, and I believe the most important aspect is that it allows people to save for the future; especially for those of us who experience it before it becomes a global reserve asset. Not only can we save, but we can also grow our capital over the long term by a factor of 100x.

And all you need to do is to just hold it.

I agree to some extent, I also use BTC as a hedge against inflation and it has proven to be superior to anything else so far - because in about 10 years I turned an invested $200 into almost $100k and I think many people find it hard to believe that such a thing is even possible. However, if I went back in time to check how much BTC I spent during that time, I certainly wouldn't get a small number, but even though I understand that I could be even richer today if I were just holding it - I still don't regret it because I believe that BTC should preserve its primary function, which is to use it as a currency from time to time.

[TheUltraElite]

Unfortunately not many people able to be in this path.

Not everyone is supposed to become rich - right? They are rich because the others are poor.

Most people abandon Bitcoin and choose to invest in shitcoins because they feel Bitcoin is too late to make profit.

That hurts to see because potential investors are being lost that way. We can also help the horse to the pool not make it drink, so dont bother about it but always advice what you feel about shitcoins to newbies.

Some people fell to ponzi scheme or any other project that claimed to be Bitcoin investment, which make them trauma to invest in Bitcoin.

Indeed one of the reasons of resistance towards bitcoin. Like a bad event in childhood, it will haunt them. Cant help much but allow them to explore bitcoin once again.

While other people lost their coins due to staking in centralized sites.

Yeah those people who stake coins, deserve it. 

[Synchronice]

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

It's not really that easy. On paper, it sounds easy but there are many things to consider, like family problems, health problems, stress, depression and so on. Bitcoin is simply one way to create a wealth but there are hundreds of other ways.
I think that it's a little late today to expect something amazing from Bitcoin because it's already very high but I don't say that there isn't room for improvement, no, there is but not like it was before when it went from a few dollars to a few tens of thousands. But it's definitely still a very good option.
You know, it's hard to talk about secret to creating wealth when someone sells a duct-taped banana for 6.2 million dollars. This world is insane.

For a financially savvy person it is not a secret, but for many people who have a vague idea about finances, it is a secret.

If someone is really interested in what is money, how does money work, what is inflation, what is investment and so on, then they should know the Bitcoin because it's not 2008 anymore and there are tons of information about Bitcoin, it's free to use Google. Sorry but no one will come at someone's door and knock.

[doomloop]

I agree that there is no secret in creating wealth. Maybe some are able to make use of the opportunities and resources available but it’s hardly a secret.

Wealth can also mean a small amount of money and anyone can make it easily. So yeah, it is not a secret anymore. As for the big amounts, there are still information on how we can attain them but it is just not easy, that it makes some of us think that there is a secret that only rich people know and they are hiding it from us. Having an open opportunity and resources are a great thing already and they can be rare, so we must not take them for granted.

It’s not just about the scarcity of an asset. There should be value or purpose. Otherwise you are holding something no one wants to buy now or ever. Learn how to identify a potential profitable asset and acquire it quick and soon before anyone else.

The first thing that came into my mind when you say scarcity, is the supply of the coin. There are coins that are low in supply but indeed that it doesn't mean they are now as good as Bitcoin, which also has a low in supply. It's only interesting that even those coins which has a very huge number of supply, like the meme coins for example can still pump effortlessly. This means that other factors are important too and we must watch them out.

By holding, your wealth in the future will just increase. You might not be rich now but you will be in the future and this should be enough motivation for anyone.

Holding is not simple as that. You even said that we may not be rich now and that can cause us a burden actually. It also means that our asset can drop and this gives us an even strong negative emotion. This is the reason why not all are motivated to HODL. It is either they know it and visualize it, or they already experience the process.

[sunsilk]

While other people lost their coins due to staking in centralized sites.

Yeah those people who stake coins, deserve it. 

Hey, I've done it and it hurts me when you say we deserve it. 

However, I'm done with that so I am free now. 

But there's indeed a risk in it. Instead of holding it in our wallets and having the freedom not to tie it down with these centralized platforms, still many still chose to do it because of the term of "earning passively".

Sounds nice but the risk is very much high whatever happens to that centralized platform.

[TheUltraElite]

Hey, I've done it and it hurts me when you say we deserve it.  

However, I'm done with that so I am free now.  

Hope you learnt your lesson from that pain and will not be taking part in any such schemes in the future in any new form or disguise.

But there's indeed a risk in it. Instead of holding it in our wallets and having the freedom not to tie it down with these centralized platforms, still many still chose to do it because of the term of "earning passively".

There are good alternatives like investing in a casino's bankroll. Very few allow it anymore and most are trying to do away with buying stakes (same scam). However I do feel having the major chunk of the bitcoin in wallets safe and sound not being risked on places that I dont have control.

Risks are always there in any place we go. It is just how we deal with it.

[FortuneFollower]

There are good alternatives like investing in a casino's bankroll. Very few allow it anymore and most are trying to do away with buying stakes (same scam). However I do feel having the major chunk of the bitcoin in wallets safe and sound not being risked on places that I dont have control.

Risks are always there in any place we go. It is just how we deal with it.

Cold wallets all the day  Only the funds that you would need to convert on the exchange do need to be on it, others - away from centralized entities.

[Oluwa-btc]

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

A lot of People are deeply concerned about their finances,but it'll be so unprofessional and unreasonable that anyone giving such landmark advice is not an ambassador of what he/she is representing.I know in this forum everybody has one or several alternatives to wealth creation and management that works perfectly for them.
Meanwhile,People usually say Bitcoin investment is not for everyone,but alas,don't stop thinking on how to create wealth.Always choose financial independence over financial dependence.