Is Bitcoin Only For The Rich?

[Hatchy]

I came across a recent post on the forum, where the op was on a motion that Bitcoin was designed exclusively for the "rich". While it’s true you need money to acquire it, this perspective completely misses the point of what Bitcoin truly is.

Bitcoin is a technology built on the idea of freedom for the people. That's literally democracy. A system, which the government has no power over. Everyone is equal. Its very foundation is open source and free for anyone to use. The source code is publicly available, wallets are free, and a global community of developers works tirelessly to maintain the network without receiving any rewards. They do it for the love of the technology and its potential to create a more equitable financial system.

So how can something built on such open principles only meant to favor the rich? The difference isn't even about wealth, but about mindset. specifically, the willingness to take a risk.
A poor person or someone with limited income might see the volatility of Bitcoin and think, "If I invest in this, I don't know if it'll work out. I can't afford to lose my money." This is a valid fear. someone with more capital might see the same volatility and think, "This is a calculated risk with a potentially high reward." let's give it a try.

Think back to Bitcoin's early days when it was worth just pennies. If a poor folk and a rich folk had both invested at the same time, who do you think would have held on until now? Bitcoin offers a path to financial inclusion for everyone. It doesn't discriminate based on your bank account balance. Its true power lies in its accessibility and the opportunity it provides for anyone, rich or poor, to participate in a decentralized financial system.

[Mia Chloe]

~snip

Well the phrase the rich get richer and the poor get poorer is deep as hell. Fact is being classified as either poor or rich depends a lot on your mindset. The rich are accustomed to taking risks and although it may not always go well with time they eventually get better at it while the poor is busy struggling at differentiating liability from assets.

You see bitcoin , people were very scared of investing in it but the earlier you learn to get accustomed to taking risks the better for you. The poor is busy saving to buy iPhones while the rich is buying stocks at apple. Mindset matters alot... when you stand out in your mindset then you stand out in your income.

I came across an article a long time ago where even apple's CEO claimed that if you bought apple stocks worth just the price of the iPhone released that year every year, over a cumulative period till date you'll have over $1BTC already...

I literally confirmed this and by now the ROI is over 835%

[Felicity_Tide]

Nice Topic OP, and of course, you've made a valid point. Bitcoin wasn't primarily designed for any class of people. Like you said, it is a technology, decentralized, and open for everyone to use, but at the same time, Bitcoin has become more of like a store of value that can give an edge over inflation. People now see it as an investment asset, especially for long term purpose, rather than a regular p2p mode of exchange. But does that give every single class of people in our today world the same opportunities to invest in?, No.

The poor might be able to afford Bitcoin, but how much worth of becomes the question. In Nigeria for example, so many people struggle to meet up with basic needs. Some even live a hand to mouth lifestyle. How do those people fit into the system even if they want to invest?. Of course, the volatility might not be a big deal, but in a country like ours that struggling is real, I don't think every class can afford to invest in it for profitable gains like the majority does. Take note, people live a hand to mouth lifestyle, not just in Nigeria, but almost every country as well. Mind you, someone created a thread of a possible inflation that is coming next year. We haven't even recovered from the current one.

[Amphenomenon]

Think back to Bitcoin's early days when it was worth just pennies. If a poor folk and a rich folk had both invested at the same time, who do you think would have held on until now?

We know the ironic fact that the poor may likely have sold theirs but in a scenario when even the poor take their time to gain the right knowledge they are going to HODL even in comparison or more than the rich. They can see this as an opportunity to change they or their family status and start something.

This is my take true knowledge on Bitcoin makes one choose if they would continually remain with Bitcoin and change their story. There are many and will still be more whose Bitcoin success story changed their life and one good example is CZ the Binance founder, we must have heard that he was born rich but through his contact with Bitcoin, he saw the risk worthy and took it now he is even more successful than many rich folks who even may have gotten bitcoin at that time.

For me Bitcoin is for everyone but those who will actually become successful are those with the true knowledge and able to act on it.

https://en.wikipedia.org/wiki/Changpeng_Zhao

In 2005, CZ moved to Shanghai, founding Fusion Systems, a startup lauded for its ultra-fast trading systems. This venture cemented his fintech expertise and significantly contributed to his early wealth. He later founded Bijie Tech, a cloud-based exchange, before fully immersing himself in crypto.

A pivotal moment occurred in 2013 when, introduced to Bitcoin, CZ famously went "all in." Acting on advice, he liquidated his entire real estate portfolio, including his Shanghai apartment, pouring all capital into Bitcoin when its price was around $600. This exceptionally bold, unconventional bet laid the undeniable foundation for his astonishing future success.

[Cryptoprincess101]

Logically, i will say that bitcoin is not only for the rich but just that they have more advantage over the poor in the sense that they can easily invest without minding the price and without even minding if the price is falling because since they have many investments, they are not afraid if anyone fails but the poor is always conscious and doubtful before they invest since they are afraid of unforeseen circumstances that might show up when they didn't expect it. The rich acquire the most bitcoins; the poor are only investing a very low amount because they don't have enough money so everything just favors the rich while the poor are just trying to survive life. With the way inflation is hitting so hard now, how many poor people will think about investing in what will take them years and how much of it can they be able to acquire that will bring them a sizable profit in the long term. Life is just so difficult for the poor so if you look at it deeply you will understand why it seems more like bitcoin is favoring the rich, the only poor people that can be happy with their investment in bitcoin will be those who investing long time ago and could hodl till date but for those who came to the market after the price has already skyrocketed, there's no feelings of excitement for them.

[Donk1]

  Yh you are right about bitcoin being for all not only the rich because  the bitcoin  technology is open and free for anyone to join That is what it means for a system to have democracy But that is what it says in the system in  reality it is actually  a different sitation Like take for instance a small  child started a new school where their uniform is free, their textbook is free, and everything is free, except the fees. So basicaly if the parent don't have the money to pay the school fees that means that child can't go to the school.
So yh, while bitcoin is for everyone if a poor man invests in bitcoin it will really be a big deal because, firstwe have the market volatility which will eventually make him panic and even sell But for rich people it is different .So while bitcoin is free for everyone it is also good to know that the opportunity is there but the idea is can a poor man hold for a long term Because he will definitely have a lot of expenses on the ground. No offense but let's try to view this stuff in a more open and realistic perspective as a citizen of Nigeria.

[BitBakerr1]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.
Just imagine say them they pay you 50k every month and as we no a lot of Nigeria people they receive even below that amount so how you won take investment in Bitcoin just tell me how, a lot of people salary never even do them to use chop and to run family you con dey go buy Bitcoin, even if you buy within one to two months you go still sell am use am settle issues.
Na only person way get better money fit invest in Bitcoin because if them they pay you better salary you fit get discretionary income way you go use buy Bitcoin and then hold am.
All this things way you explain say na freedom and say them create Bitcoin both for poor and rich na just sweet mouth if you dey poor you no fit invest in Bitcoin, you no go even think am, because if you think am na hungry go tell you to sell am immediately.
Use hungry play first.

[Joy- maker]

First of all bitcoin was never created for the rich only, bitcoin was created for both the rich and the poor, so anybody with internet connection can access bitcoin. Now to answer your question "if I am to think back to the early days when Bitcoin was worth just pennies, and a rich man and a poor man  had both invested at the same time, who do i think would have held on until now"?  Buddy you never can tell between the rich and man and the poor man who will be holding his bitcoin till now, because it is only possible for a poor man to hold his bitcoin till now, but seeing things from my own perspective I don't think a poor man will be holding his bitcoin till now especially if the person is a  Nigerian, because only the hardship in Nigeria will make the person to sell off his  and settle issues, only a rich man in Nigeria will be able to hold his bitcoin till now if you ask me.

[Miles2006]

Op points are valid no doubt bitcoin is for everyone irrespective of being poor or rich (financial status), I must agree because at the end of the day the whole poor and rich problem has to do with mindset. People act like bitcoin price grew over night meanwhile people who had the opportunity to watch bitcoin price grow high did without a second thought of investing, bitcoin is not only for the rich rather the poor as well but, currently the poor can’t buy bitcoin due to the high price. Bitcoin is freedom definitely the purpose at first was never meant for investment during the early days, bitcoin was used mostly for transaction purpose meanwhile those who believed had second thought and now bitcoin price seems expensive, currently we have thousands of people who can’t buy and hold because they’re financially unstable so it’s obvious when people try to say bitcoin is meant for just the rich only.

[Hatchy]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.

Are you rich? Or poor? But don't you have bitcoin today? When you had the opportunity to join this forum, did you consider the time and amount of effort it took you before you grew to the point you began earning from the forum?

I'm not trying to paint anything. Everything in this life is about mindset and your ability to use every opportunity very well. Yes it might seem like impossible for some average Joe to get his hands on BTC now, but back then, if he also had the opportunity when BTC was very cheap, he still won't consider it.

[Curious T]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.

I disagree with you to an extent. I agree, say when you dey poor e dey difficult for you to invest in bitcoin, but at the same time that on e no mean say poor man no fit invest in bitcoin. Bitcoin is the only thing wey be say you fit carry the least 10k to 50k take buy. This one alone dun show say even poor man fit buy am, unlike shares wey one share of profitable company na from N250k and above.

I know bikeman wey use 100k buy btc when e dey around $40k and he dun dey take profit from am dey use that one hold him side from time to time. Na poorman he be, but he dey hold btc.

The rich get the advantage, of course, but Bitcoin na the only thing wey i see say poor man sef fit invest in. Where poor man want to see N1 million+ to get better investment? But with bitcoin, your 50k fit dey give you the least 5k from time to time make you use support yourself.

[BitBakerr1]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.

Are you rich? Or poor? But don't you have bitcoin today? When you had the opportunity to join this forum, did you consider the time and amount of effort it took you before you grew to the point you began earning from the forum?

I'm not trying to paint anything. Everything in this life is about mindset and your ability to use every opportunity very well. Yes it might seem like impossible for some average Joe to get his hands on BTC now, but back then, if he also had the opportunity when BTC was very cheap, he still won't consider it.

I was working before I started accumulating Bitcoin and after running all my expenses for the month I'm always lift with a discretionary income which I always use to accumulate Bitcoin meaning I was never poor I was just doing well for myself and I can also call my self rich because I was always lift with discretionary income.
Someone that can be classified as a poor person is someone who does not have enough resources like money, food, shelter to meet their basic needs and live a decent life. So Hatchy you believe a poor person  that can not provide for himself the basic needs of life can invest in Bitcoin, is not possible remember Bitcoin investment is a long term investment you have to hold for a very long time and someone that is hungry and can't provide for himself the basic needs of life can't have money in Bitcoin and be suffering to death so that is why is impossible for a poor man to invest in Bitcoin and succeed in it.

[Josefjix]

The source code is publicly available, wallets are free, and a global community of developers works tirelessly to maintain the network without receiving any rewards. They do it for the love of the technology and its potential to create a more equitable financial system.

No developer is working without rewards, all developers are getting huge amount of money from their work, do you think it's easy to sit and face the screen for long hours solving problems for free, nah nah. Meet any developer explaining the ideas in your head that you want to create, billings from them are too much, extremely much, that's why projects can't be individualise but a joint venture.

You got it wrong here mate, check it out again.

[Bitco55]

I came across a recent post on the forum, where the op was on a motion that Bitcoin was designed exclusively for the "rich". While it’s true you need money to acquire it, this perspective completely misses the point of what Bitcoin truly is.

Bitcoin is a technology built on the idea of freedom for the people. That's literally democracy. A system, which the government has no power over. Everyone is equal. Its very foundation is open source and free for anyone to use. The source code is publicly available, wallets are free, and a global community of developers works tirelessly to maintain the network without receiving any rewards. They do it for the love of the technology and its potential to create a more equitable financial system.

So how can something built on such open principles only meant to favor the rich? The difference isn't even about wealth, but about mindset. specifically, the willingness to take a risk.
A poor person or someone with limited income might see the volatility of Bitcoin and think, "If I invest in this, I don't know if it'll work out. I can't afford to lose my money." This is a valid fear. someone with more capital might see the same volatility and think, "This is a calculated risk with a potentially high reward." let's give it a try.

Think back to Bitcoin's early days when it was worth just pennies. If a poor folk and a rich folk had both invested at the same time, who do you think would have held on until now? Bitcoin offers a path to financial inclusion for everyone. It doesn't discriminate based on your bank account balance. Its true power lies in its accessibility and the opportunity it provides for anyone, rich or poor, to participate in a decentralized financial system.

Yes, even i don't think Bitcoin is just for the rich. its just like saying owning a land is just for the rich or even having money too. Anyone with a phone and internet access can own bitcoin. One don't need to buy a whole bitcoin, which is really expensive. It can be divided and owned bit by bit while your investment grows. Though wealthy people can buy more due to their already owned resources, Bitcoin was still created as a decentralized alternative to traditional money for everyone. Speaking of which, the countries that used Bitcoin to help their economies, and protect their savings, did they acquire it because they were rich, or was it only the rich amongst them that used it to save and send money?... I think not. So, i don't agree with the "Bitcoin was made only for the rich" statement. It was made for everyone that can access it.

[Amphenomenon]

All this things way you explain say na freedom and say them create Bitcoin both for poor and rich na just sweet mouth if you dey poor you no fit invest in Bitcoin, you no go even think am, because if you think am na hungry go tell you to sell am immediately.
Use hungry play first.

If successful people nor take risk them nor go dey where them dey now. Yes hunger dey but how person one tel comot for hunger if  na only to feed and settle bills dey e mind? Dat cycle of poverty go continue until the person say enough is enough and take the risk to invest and bitcoin na one of dis kind of investment wey dey tested and trusted.

We dey forget say nor be to invest like at least $100 before we go know say we invest.

[Localhostspeed]

No developer is working without rewards, all developers are getting huge amount of money from their work, do you think it's easy to sit and face the screen for long hours solving problems for free, nah nah. Meet any developer explaining the ideas in your head that you want to create, billings from them are too much, extremely much, that's why projects can't be individualise but a joint venture.

You got it wrong here mate, check it out again.

Well, some people do what they do because they are part of the system. Check alot of Bitcoin developers that has built things in Bitcoin ecosystem and contribute to the growth of Bitcoin, they did it without any reward but because it's a community thing they are helping the system while their Bitcoin grows as well, so it's not every work developers does they get paid.

However, developers outside Bitcoin community are full of money oriented, it's not making money for them it's not making sense for them, that's why many of them prefer to build things that will bring short term money than focus on something that will bring a lifetime reward.

[Hatchy]

You got it wrong here mate, check it out again.

I hate it when someone quotes me to talk rubbish.. no offence here mate, I wasn't talking about your regular dev. I was talking about the bitcoin Developers community, who has worked hard over the years to make sure the network performance is at its best. They don't request for any payment but do it out of their love for bitcoin and decentralisation.

[fredericktaylor]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.
Just imagine say them they pay you 50k every month and as we no a lot of Nigeria people they receive even below that amount so how you won take investment in Bitcoin just tell me how, a lot of people salary never even do them to use chop and to run family you con dey go buy Bitcoin, even if you buy within one to two months you go still sell am use am settle issues.
Na only person way get better money fit invest in Bitcoin because if them they pay you better salary you fit get discretionary income way you go use buy Bitcoin and then hold am.
All this things way you explain say na freedom and say them create Bitcoin both for poor and rich na just sweet mouth if you dey poor you no fit invest in Bitcoin, you no go even think am, because if you think am na hungry go tell you to sell am immediately.
Use hungry play first.

It is true that anyone can invest in Bitcoin, but to manage the investment consistently, it is very important for a person to have a prudent earning, otherwise it will not be possible to manage the investment properly in the long term. We must always remember that to get something good from Bitcoin, long-term investment is very important. It is true that in the case of most poor people, it is not possible to manage long-term investment because all the money is spent on meeting their basic needs, so it is not possible for them to invest consistently in Bitcoin. Those who have a prudent income are able to manage their investment consistently in Bitcoin.

[Mayor of ogba]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.

Hatchy isn't saying that someone who doesn't have money can invest in bitcoin; he trying to let us know that Satoshi Nakamoto didn't create bitcoin for the rich but for everyone. It isn't compulsory that everyone must invest in bitcoin because the main purpose Satoshi Nakamoto created bitcoin was to eliminate a middleman when you want to send money to your loved ones. If you can't invest in bitcoin, you can save up your money in bitcoin so that you can have 100% control over your money and you will overcome inflation.

[Finebone]

Hatchy leave this thing, if you no get money you no fit invest in Bitcoin, person never see food chop well e dey go invest in Bitcoin, whether you like am or not if you no get money you no fit invest or buy and hold Bitcoin.

Hatchy isn't saying that someone who doesn't have money can invest in bitcoin; he trying to let us know that Satoshi Nakamoto didn't create bitcoin for the rich but for everyone. It isn't compulsory that everyone must invest in bitcoin because the main purpose Satoshi Nakamoto created bitcoin was to eliminate a middleman when you want to send money to your loved ones. If you can't invest in bitcoin, you can save up your money in bitcoin so that you can have 100% control over your money and you will overcome inflation.

No need for ona to dy misunderstand ona self, truly bitcoin na for everybody just as wetin Satoshi have in mind, the primary purpose of Bitcoin na to use am as means of payment, so anybody fit use am, na because of how Bitcoin dy appreciate in value overtime people start to dy see the investment opportunities inside, but  as for the investment matter, na for only those wey dy alright financially fit invest and accumulate Bitcoin gradually and consistently, because anyone wey never fit chop well go mostly struggle with his investment because when hunger come, him go temper or sell off his holdings just to use arrange one or two food use guide for thr time being, so bitcoin dy very open to all, but no be for investment side.