Is Bitcoin just for the rich?

[fikrett]

I admit that for ordinary people owning one full bitcoin in the future might become an unreachable goal, and for many people with modest income it has already become unreachable. That is why I think the more bitcoin grows in value in the future, the more boldly it can be called an asset for the wealthy. I mean owning an entire bitcoin, not just a small part of it.

People still say we don't need to own the full 1BTC and poor people can own bitcoin for just $10 or $20. That's true, but what's the benefit of owning just a few satoshis? And this will become even more meaningless when in the future the price of bitcoin reaches $500k or $1 million.

It is true that bitcoin was created for everyone but over time it is becoming an expensive investment/asset, not a currency. That means sooner or later, bitcoin will no longer be for the poor but only for the rich in the future.

You need to have as much as you can - be it 1 BTC or 50$ of it, it would still be good in the long run.

You use BTC for services, and many of them don't need that much of it..

[lionheart78]

Bitcoin for everyone and so the quantity determines if its for the rich or poor

If Bitcoin is for everyone then it does not matter whether a person buy a portion of it or several number of it.  The fact that poor people can buy Bitcoin even in parts, it conveys that Bitcoin can be bought by everyone.

How much quantity can be bought and how long to profit greatly off the quantity at stock, examining this will greatly favours the rich more than the poor, imagine getting $50 worth bitcoin and expect huge outcome, nah, that cant be possible.

This does not mean that Bitcoin is only for the rich.  The amount a person can buy is dependent on his capital and we all know that capital is not only define rich people, as long as the person has the money to buy, then he has the capital, and we all know that some exchanges allows people to buyas low as $5 value of bitcoin.

So a rich person using $500k to purchase about 4.7 btc is worth the outcome and gain more faster and bigger in little price increase. So the rich keeps getting richer while the poor struggles with the gain that come with it.

Again this does not mean that Bitcoin is only available to rich people.

[Swordsoffreedom]

The saying that Bitcoin is only for the rich is true to some extent. Bitcoin used to be mined on a home computer. Now, Bitcoin mining has actually become an industrial production, and this type of activity requires large capital investments. Otherwise, it is pointless. Large companies are also the largest holders of Bitcoin. They accumulate coins, ignoring all the principles of decentralization of storage of the first cryptocurrency. And, of course, over time, they will want to directly influence the process of changing the Bitcoin code (by directly bribing developers or exerting psychological pressure on them). All this can lead to Bitcoin becoming a financial asset for rich people. Perhaps in the future, we will even come to censorship of transactions. Perhaps in the future, owning Bitcoin will become very expensive, inconvenient and unprofitable for poor people.

Most of us are not poor, we still have income of a few hundred dollars or more, we can save and invest. So we feel that anyone can invest in bitcoin, and it is still for everyone, including the poor. But in reality, there are very poor countries and people there cannot invest in bitcoin today.

That statement is not only partially true, it is completely true for countries with average incomes below $100/month. For example, income in Burundi is only $20/month, Central South African Republic is only $40/month...while bitcoin price is trading above $100k. Obviously, investing in bitcoin is really a luxury and expensive thing for them.
This will become more and more obvious in the future when bitcoin is worth millions of dollars, and then bitcoin will be only for the rich.

[Mame89]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

Yes, Bitcoin is clearly for everyone (unless they don't understand Bitcoin, in which case it doesn't apply), regardless of whether they are poor or rich, because anyone willing to take risks can own Bitcoin. However, the rich can buy Bitcoin in large quantities, while the poor buy small amounts. Ultimately, if you buy consistently and gradually, you will also acquire large amounts of Bitcoin. Furthermore, Bitcoin's mission and vision were created for freedom, as fiat currencies are prone to failure. From this, we understand that Bitcoin is suitable for anyone willing to take risks.

Bitcoin is currently known as a prime asset that can even make us rich, but that doesn't mean you have to be rich to invest in Bitcoin. In recent years, I'm sure many people out there who started out poor have come to understand Bitcoin fully, started investing gradually, and are now rich.

[Liliana1304]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

Don't blame those who feel Bitcoin is for the rich because attention gets shifted on these big hands when they buy but most times, the little purchases one makes also helps move the market. The advice that you need to buy with the money you can afford when it comes to Bitcoin is proof that the purchase and ownership of Bitcoin is not for the rich alone.
Many people have lost out on the opportunity of investing because they have this mindset that buying small may not give them the profit they want so they instead prefer to save up so they can buy bigger but Bitcoin price doesn't wait for anyone.

[Rupok365]

No, Bitcoin isn’t just for the rich. Anyone can buy a small amount, even with just $1. It’s used by everyday people around the world—especially in places with weak banking systems or high inflation. While the rich may invest big, Bitcoin was created to give everyone more financial freedom.

[Pablo-wood]

Bitcoin is for those with rich mindsets. The media might have projected bitcoin as an asset that can only be acquired by the rich, I won't say that is totally wrong because there is still some atom of truth in that. The truth there is investors with the rich mindset will want to prioritize accumulating  bitcoin as much as they can knowing too well the more coin we get the closer it get to 1BTC and the closer it get to 1BTC the richer we become.

[Apocollapse]

That statement is not only partially true, it is completely true for countries with average incomes below $100/month. For example, income in Burundi is only $20/month, Central South African Republic is only $40/month...while bitcoin price is trading above $100k. Obviously, investing in bitcoin is really a luxury and expensive thing for them.
This will become more and more obvious in the future when bitcoin is worth millions of dollars, and then bitcoin will be only for the rich.

Even mining fees would hurt them, right now the fee is just 50 cents, for us it doesn't matter because we move more than $100. But if we use Average Joe in Burundi as the example, it's 4% of their monthly income. Can you lose 4% of your monthly income just for paying Bitcoin fees?

If they want to invest in Bitcoin, they high likely will end up in centralized exchanges.

[Samlucky O]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

i think that bitcoin would have been more beneficial to the poor during its early days compered to now or today. i not in any saying that the poor can not benefit from bitcoin now, just that if they could have bought it earlier when it was way cheaper, by now they would have become rich. i believe why people keep on emphasizing on the notion that bitcoin is for the rich, is because the rich makes a lot of profit from it than the poor.  for example a poor guy may accumulate small stash of bitcoin for a very long time to be able to even invest like $500 or $1000. and it will take a long time to make profit and we all know that the higher the amount invested, the higher the profit return. so the rich can buy 1 or 2 bitcoin within a short time frame and take advantage of the price changes. so i believe this is the aspect people keep emphasizing on rich being advantageous over the poor.

[Sonia_123]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

No Bitcoin is not for the rich alone but for everyone. Bitcoin was created for everyone in other to solve the financial crisis in the world and since we don't have only the rich living in the world or using every countries traditional currency, that is how Bitcoin is also applicable to everyone in the world except you have chosen not to make use of it, that decision is left and known by you.

Seeing most rich men buying Bitcoin being pronounced always, does not mean it is for the rich alone, the poor, average also buy Bitcoin, but they do it in their own little capacity that they can afford unknown to anyone, but the rich buying is so pronounced that the whole world is aware and because they are famous and can afford any amount of Bitcoin needed instantly and being monitored by the world and their life is public, so no matter what they do, their life is not hidden but opened that is why it is like that, there are also some rich men that are not famous buying Bitcoin richly often and no one is hearing about them, also some rich men are also not buying, life goes on, Bitcoin is for everyone

Bitcoin is open to whoever want to purchase it irrespective of who you are or where you are from
Accumulation of Bitcoin among the rich is fast, because they have all it takes to buy it, but for the other class, the accumulate gradually either daily, weekly or monthly whenever the resources is made available for the little the chose to buy using the DCA method to help them grow, buy at least $10 per week.

[red4slash]

Bitcoin is open to whoever want to purchase it irrespective of who you are or where you are from
Accumulation of Bitcoin among the rich is fast, because they have all it takes to buy it, but for the other class, the accumulate gradually either daily, weekly or monthly whenever the resources is made available for the little the chose to buy using the DCA method to help them grow, buy at least $10 per week.

Yep, for now the difference is only in the accumulation stage because it is clear that for rich people they will have a much larger number of bitcoins compared to poor people because they have greater resources and don't bother too much with financial distribution when they want to be in bitcoin in contrast to poor people who really have to think about several things including financial management that must be more closely guarded in order to invest without any interference.

But in the end this certainly does not really affect anything because in the end for now no matter rich or poor in the end being in bitcoin is certainly an option. As long as we want to be in bitcoin then regardless of whether we are poor or rich as long as we have the intention of being in bitcoin then everything is up to each person in the end.

[Crypto Library]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

Actually, I will say something different in this case, Bitcoin is not for anyone, rich or poor, but for those people who want their financial freedom and who know how to use it properly. And at this stage, it doesn't matter whether they are rich or poor, Bitcoin will be for everyone.

Because Bitcoin is definitely not for those people who think that investing in Bitcoin will make them rich overnight or that they have to buy a whole Bitcoin to invest in Bitcoin. Those who are basically intelligent will continue to invest in Bitcoin regularly, even if it is a small amount, with a long-term strategy, and Bitcoin is mainly for such people.

[Africolo]

Bitcoin is for those with rich mindsets. The media might have projected bitcoin as an asset that can only be acquired by the rich, I won't say that is totally wrong because there is still some atom of truth in that. The truth there is investors with the rich mindset will want to prioritize accumulating  bitcoin as much as they can knowing too well the more coin we get the closer it get to 1BTC and the closer it get to 1BTC the richer we become.

Cryptocurrency is for the rich, middle class and also average inclusive. There's absolutely nothing like discrimination when it involves bitcoin, there's just some pardon character that ought to be put into line, straighten. I've crucially examined the crypto space and it's definitely not for the weak, only the strong survives and hits in big profits. Just build your mind inother to stay safe and bounce back to the system. Bitcoin is accessible to everyone and only those that have made quite good figures can come out with boldness and slash their dashing command for acquiring butcoin.

[madnessteat]

~snip~

i think that bitcoin would have been more beneficial to the poor during its early days compered to now or today. i not in any saying that the poor can not benefit from bitcoin now, just that if they could have bought it earlier when it was way cheaper, by now they would have become rich. i believe why people keep on emphasizing on the notion that bitcoin is for the rich, is because the rich makes a lot of profit from it than the poor.  for example a poor guy may accumulate small stash of bitcoin for a very long time to be able to even invest like $500 or $1000. and it will take a long time to make profit and we all know that the higher the amount invested, the higher the profit return. so the rich can buy 1 or 2 bitcoin within a short time frame and take advantage of the price changes. so i believe this is the aspect people keep emphasizing on rich being advantageous over the poor.

Unlike rich people, poor people do not always have spare funds to invest. More often than not, they live from paycheck to paycheck and are forced to borrow money to pay off previous debts. Currently, the average cost of a single transaction on the Bitcoin network is $1.29 - https://blockchair.com/bitcoin. Considering that the average salary in poor countries does not exceed $100-150, this is quite expensive for the poor. Therefore, if Bitcoin is not only for the rich, then it is definitely not for the poor.

[ultrloa]

i think that bitcoin would have been more beneficial to the poor during its early days compered to now or today. i not in any saying that the poor can not benefit from bitcoin now, just that if they could have bought it earlier when it was way cheaper, by now they would have become rich. i believe why people keep on emphasizing on the notion that bitcoin is for the rich, is because the rich makes a lot of profit from it than the poor.  for example a poor guy may accumulate small stash of bitcoin for a very long time to be able to even invest like $500 or $1000. and it will take a long time to make profit and we all know that the higher the amount invested, the higher the profit return. so the rich can buy 1 or 2 bitcoin within a short time frame and take advantage of the price changes. so i believe this is the aspect people keep emphasizing on rich being advantageous over the poor.

Unlike rich people, poor people do not always have spare funds to invest. More often than not, they live from paycheck to paycheck and are forced to borrow money to pay off previous debts. Currently, the average cost of a single transaction on the Bitcoin network is $1.29 - https://blockchair.com/bitcoin. Considering that the average salary in poor countries does not exceed $100-150, this is quite expensive for the poor. Therefore, if Bitcoin is not only for the rich, then it is definitely not for the poor.

But its not the end of everything even if they don't have spare funds to invest. Because they could work with it to gain extra income so that they would have another source of fund to use for their Bitcoin investment.

There are lots of opportunity we could find not only in online but also offline. If they are just hardworking people there's good chance that they can work those things and could have Bitcoin investment. But if they are lazy and just think about they don't have chance to invest now because Bitcoin is expensive for sure this mindset will not bring them any success then they have high chance to get stuck on their current situation.

[Fivestar4everMVP]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

Well said, bitcoin is not for the rich alone but for everyone regardless of any body's financial status, Satoshi was very clever and designed bitcoin in such a manner that it can be bought even in fractions depending on what the buyer can afford, this is what I term as inclusivity..

Why many people usually think that Bitcoin is for the rich alone is also because they are usually looking at the price of one full bitcoin which to them, is already very expensive, a friend of mine who is also into crypto once told me that he would have loved to buy bitcoin but it's already too expensive, and my response to him was that Bitcoin is divided into two parts..
1. The bitcoin part
2. The Satoshi part.
I told him if you look at bitcoin and it's too expensive for you, then look at the Satoshi part, there will definitely be a number of Satoshi's any amount of money you have can afford you, when I told him this, he was amazed because according to him, he doesnt usually think bitcoin like I explained it to him.

[Berry2d]

In as much as our faces are different so is also everything about us including mindset. If you believe  bitcoin is for the rich so it shall be but ask yourself why is it accessible to everyone and not only the rich. Bitcoin is for everyone that is willing to step up in his or her financial life if only you know the best approach that suits you, some rich people lose their money in bitcoin while some poor become rich with it. It all depends on your investment pattern.
80 percent of people investing in bitcoin where not rich but determined people who where willing to change there financial story and it worked for them know Doubt about it so don't allow such thought rule you

[m2017]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

Bitcoin - for everyone. Without any restrictions. But with the condition that they can buy bitcoin (or a part of it). And here a nuance arises that with the current cost of bitcoin, the rich can still buy more bitcoin (parts of it) than the poor. And it is here that some inequality arises due to the excess of money that the rich have. But what can you do about it if this is how the world works?

But if you look at the past, bitcoin was also available to the poor, who could take advantage of their chance. Which suggests that bitcoin even here changes its essence, just as it turned from a means of payment into an investment instrument. That is, bitcoin was available to everyone, but now - for those who have a lot of money. If we talk about 1BTC.

Yes, satoshi is still affordable, but it must be admitted that these are only parts of the whole bitcoin, as if specially remaining affordable to almost all segments of the population. Bitcoin is for the rich, and satoshi is for everyone else?

[bitzizzix]

What we need to realize is that Bitcoin is a decentralized digital currency, meaning it is not controlled by any third party, government, financial institution, or anyone else, and is completely under our control. Therefore, Bitcoin is suitable for everyone, regardless of wealth or poverty. What matters is the ability and willingness to thoroughly learn the basics and understand them in order to invest. Anyone can buy as much as they can afford and use money they can afford to lose. If their goals are long-term and they buy Bitcoin regularly or when they have income, they will ensure substantial long-term profits. The only thing that separates the wealthy from the average person is the amount of Bitcoin they own.

[abaeze]

Someone said that Bitcoin is for the rich, but that's not completely true. It might feel like Bitcoin is for the rich due to the media focuses on celebrities and billionaires buying and benefiting from Bitcoin. This creates a perception that Bitcoin is a rich person's asset. Even during network congestion, fees can spike making small transactions very expensive. But let's not forget that Bitcoin is neutral, it can empower the rich or help lift the poor, it actually depends on how communities adopt it. So understand that Bitcoin is for everyone, you can buy tiny fractions, not until you afford a whole Bitcoin.

I think Bitcoin is for me because even if I have $200, I buy Bitcoin, and even if I have $100, I buy Bitcoin, and even if I have $50, I buy Bitcoin. It doesn't really depend on whether people are rich or poor, but rather on how aware people are of it and how much they know about current digital assets. Owning Bitcoin doesn't depend on being rich or poor. So in my opinion, the real holders are the main owner of Bitcoin because they will hold whether the price of Bitcoin goes up or down, and at the end they will be the real owners of Bitcoin. Finally, I will say one thing, to own Bitcoin, you don't need to be rich, you just need knowledge about blockchain or crypto currency, patience and the courage to invest in Bitcoin.