Is Bitcoin Only For The Rich?

[Faazs]

~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%

I swear down it all boils down to mindset, to become successful is not easy, you will try so many times before arriving at your destination, the key thing their is not giving up and also the people that your praising now for being wealthy where somewhere some years back putting one or two together taking calculated and sometimes uncalculated risk to arrive at where they are now. So it's important not to sit down and continue procrastinating but to not let opportunities pass by, just take the risk and they might be a reward waiting for their is no harm in trying but the is harm in always being the one to say hard I known I would have done this and that , it's never too late to invest on the long term and you would be smiling at the end and be proud of yourself. Bitcoin is not only for the rich. One BTC can be divided into 100 million sats, so you don’t need to buy a whole coin but just start small with what you have. Many apps and exchanges let people buy from as little as $1. Unlike banks or stocks, there’s no income requirement or middleman stopping you. For people in countries with inflation or currency problems, Bitcoin helps protect savings and gives financial freedom. That’s why it’s for everyone, not just the wealthy.

[Bright0515]

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.

Every poor person and other people with limited funds will not be able to take huge right because they can not afford to risk it as they don't have what it take to risk it. The decentralize nature of Bitcoin and the entire Bitcoin network is meant for everybody to use but because of lack of funds and fear mindsets made some people to not buy bitcoin. If is not about fear or lack of money people would invest on Bitcoin. Everybody can buy bitcoin but it is not everybody that can hold it for long term. Why people can buy bitcoin is because they can buy small amount. Bitcoin is not only for the rich, both the poor people with limited funds can buy bitcoin. It is not a must to buy 1 bitcoin. Those with limited funds can buy small amount of money while those who are rich can buy huge amount.

[GIF-JOBS]

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.

Every poor person and other people with limited funds will not be able to take huge right because they can not afford to risk it as they don't have what it take to risk it. The decentralize nature of Bitcoin and the entire Bitcoin network is meant for everybody to use but because of lack of funds and fear mindsets made some people to not buy bitcoin. If is not about fear or lack of money people would invest on Bitcoin. Everybody can buy bitcoin but it is not everybody that can hold it for long term. Why people can buy bitcoin is because they can buy small amount. Bitcoin is not only for the rich, both the poor people with limited funds can buy bitcoin. It is not a must to buy 1 bitcoin. Those with limited funds can buy small amount of money while those who are rich can buy huge amount.

Bitcoin investment is not for a specific class, that is, only rich people can invest here, and poor people cannot invest, it is not a matter of this. It is open to everyone, and it never sees a rich or poor person, anyone can invest here with any amount of money according to their ability, poor people can invest here continuously through small steps, then these small investments will eventually become big. This is the nature of Bitcoin investment, that those who can maintain consistency here will achieve a high probability of success, it does not look at the amount of investment, rather consistency is the main goal, that is why the amount of your investment is not important here, rather if you can invest consistently, then it is enough. So we can say here, maintain the mentality even if it is necessary, if you can create the mentality of investing consistently here, then it is definitely possible, you need to have willpower here, then you can consistently buy Bitcoin with any amount of your income which will eventually bring effective results.

[Derekfunds]

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.

Well you dey actually correct but Bitcoin no actually dey for the poor somehow because when we talk of poor, poor is relative and I don't think someone who is poor can invest in Bitcoin though I think and believe Bitcoin is for anyone who has the capacity to invest in it because not everyone can invest in Bitcoin. If you ask me who will hold Bitcoin till now, if a poor and a rich man invested years ago, we can't actually tell for sure because we don't know the reasons, the level of confidence etc why these person invested but ideally a rich man can hold till now because it is assumed they already have money to take care of their needs and wants and so they won't see any reason going to touch there Investment instead they will keep on adding to it.

[CryptopreneurBrainboss]

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.

The rich would had because they won't had have any use of the money they had invested in Bitcoin but the poor would had invested all their savings and trying times when the market was looking like it's crashing, they would have panicked then sold. I had similar experience when I started newly and most people I have spoken to also had similar experience. While in my case it wasn't the matter of panicking because the market was crashing but because I needed the money to be used for my survival. The rich are always privileged than us and have better chances of succeeding but that doesn't mean we can't benefit too as poor investors. We just have to hodl longer and have more patience to get better profits.

[Yablee0]

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.

Of a truth bitcoin is not designed to fit any specific classes of person but as for who so ever that want to is free to invest, it all depends on how serious and how prepared you are.

You ask a question if both the poor and rich invested the same day who could have hold till now, this is a question that even a random person can answer without even thinking twice. The rich of course, you know why because the rich has already configured his mindset in making wealth, the rich is never scared in taking risk regardless and they always take advantage of every opportunity given in making wealth instead of panicking or giving unnecessary excuses, in other hands the poor always see the challenges instead of looking at the potential target ahead, the poor are mostly concerned about today perhaps get panic by any slide dip and sell off their investment at lost.

However The main potential differences between the rich and the poor are their mindset, how far you think can determines how lengthy you can go financially.

[AmaGold70]

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.

Bitcoin is made open for anyone regardless of your status in the society to accumulate as much as you can afford, it is for the rich and for the poor as well, but it may seem like it was created for the rich alone because of its volatile nature and only the rich or an average person can survive its volatility nature. And yes the rich and the poor have different mindset of investment, the rich think about the future while the poor think about surviving now. If the rich and the poor had invested at the same time back in the day when Bitcoin's price was a penny I'm very sure that the poor would be the first to give up their assets in order to survive first but the rich believe so much in investing for the future and they would have held on their Bitcoin because after all they are rich and they can survive without pulling out that particular investment.

[Judith87403]

the level of confidence etc why these person invested but ideally a rich man can hold till now because it is assumed they already have money to take care of their needs and wants and so they won't see any reason going to touch there Investment instead they will keep on adding to it.

You're actually correct, and yeah rich people can hold for Long than a poor person because a poor man can easily get tempted by the Market volatility that's when there's an increase in the price. A poor man can decide to sell during this process to take the available profit while some rich people can not easily get tempted during this process because they might feel that the profit is too small for them to take since they're earning more than that amount in other business/ Investment so they will rather continue with the HODLin until their Investments gets matured that's when they will be attempting to sell some of their holdings. Though some poor people can also be determined and also remain discipline until their Investment gets matured.

[Umulala-alala]

Bitcoin no be only for the rich and also not for the extremely poor dude who still de suffer to chop, but if you get your discretionary income you can start buying bitcoin if you also get watin de give you money you fit de buy and hodl for long but if you no get any way to get money you no fit buy bitcoin and hodl for long because possibility plenty say you go sell your bitcoin when you no suppose sell due to unseen challenges way man fit de face.

I no fit tell anybody way not get small thing wey de give am small money to invest in bitcoin e go beter make e start up one small business de do for the main time then when the business start to de grow then one can think of buying bitcoin small part using the dca method either buying weekly or monthly any one way go de ok.

[Glowy]

First off, wealth is a function of the mind. One may be financially on stable, but has good investment information and plans that cana drive them out of poverty.

One can stumble on good money without knowledge on how to sustain and grow it and end up very
'poor' in a year.

Haven said that, bitcoin is a business like every other business that can make you or break you.
Make you if you do it right, break you if you do it wrong. It is a function of ones choice to move from point A to B by learning, and strategising on how to make good money out of it.
The so called rich are rich because they have the moves and they are very strategic in their moves. These moves make them grow richer whilst the perceived poor holds on to their funds, with fear of loosing.

Long story short, Bitcoin is not for the rich and there is no law restricting anyone from getting bitcoin and doing as they wish with it. Except for countries where their laws restrict them.

[Cgrexp]

Bitcoin is a financial system where everyone, rich or poor, can participate equally. If someone wants, they can invest even $10 a week in the DCA method. The door to Bitcoin is open to everyone, but to enter here, you need some patience, a long-term perspective, and courage and faith. Bitcoin is an opportunity where mental preparation and perspective are not the only things needed.

[Adams0001]

Bitcoin no be only for the rich and also not for the extremely poor dude who still de suffer to chop, but if you get your discretionary income you can start buying bitcoin if you also get watin de give you money you fit de buy and hodl for long but if you no get any way to get money you no fit buy bitcoin and hodl for long because possibility plenty say you go sell your bitcoin when you no suppose sell due to unseen challenges way man fit de face.

I no fit tell anybody way not get small thing wey de give am small money to invest in bitcoin e go beter make e start up one small business de do for the main time then when the business start to de grow then one can think of buying bitcoin small part using the dca method either buying weekly or monthly any one way go de ok.

If bitcoin is for only for the rich I don't think bitcoin go have value like this currently because rich people are not many like other that are just managing and surviving, bitcoin no go ever be for rich people he for everyone that have interest and get enough funds to invest in it. That is why you can invest any amount you can afford to buy and that make it simple to invest and be getting your profits anytime the price increases. You need to have more source of income before you can get the benefit of bitcoin because if you don't have anything doing and you invested money that you are managing in bitcoin you can't keep it for long term because as a woman we usually face some challenges and facing problems.

if you don't have any source of income the one that you invested in Bitcoin you will surely sell the coin to have the money to solve your issue. and even if you are in a lose you most sold it out because you don't really have any alternative then to sell what you have. If you no get enough funds to invest in bitcoin you should wait make you get something doing before you can enjoy investing in bitcoin and enjoy the journey without feeling any worrying to resolved. because if you have many source and you have problems you won't touch your investment funds.

[Pablo-wood]

the level of confidence etc why these person invested but ideally a rich man can hold till now because it is assumed they already have money to take care of their needs and wants and so they won't see any reason going to touch there Investment instead they will keep on adding to it.

I feel this has more to do with personality. A rich person can be greedy and impatient and as a result decides not to hold for too long because they want quick profit while a poor or middle classed citizen might just endure what ever circumstance the experience with the hope that their investment in bitcoin will yield huge profit someday.

[Agbamoni]

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.

We have three classes of individuals in every country, we could have more but these three are the primary ones.

We have the rich, poor and middle class. In some countries we also have the wealthy, since one can be rich but not wealthy.

The poor cannot invest in Bitcoin, this is super clear and that is what you are referring to. But even at that, some of them force themselves into holding at least some fraction.

The middle class are the ones, who are financially stable, they are not rich yet, but they want to be in the next few years. These people can invest in Bitcoin. Many investor has proven that there is a strategy that anyone who is not rich but financially stable can invest in Bitcoin for long term. 

You have to kill this mentality @BitBakerr1. Those who invested in Bitcoin when it was worth less or nothing, they never were the rich ones but look how things all ended out. You think it is over now. You feel the price of Bitcoin is too much for anyone to buy now. Wait for the next 10 years. With this mindset, you might end up saying, "Bitcoin is only meant for the Billionaires"

[Obulis]

Absolutely. Without thinking twice your point of view correctly dismantles the myth "Bitcoin is for the rich". BTC core innovation is access without permission, an open network for anyone to participate. To a great extent, the bottleneck isn't riches/wealth; it's the mindset to accept a newf paradigm (a decentralized future) and take a calculated risk. Early adoption of BTC was never about capital but conviction. Definitely, more money means more BTC, but little money can apply some strategies (like DCA). However, the opportunity and network's value are generally or equally available to all.. BTC is an ultimate equalizer in a centralized world.

[TokenTikas]

Bitcoin is a financial system where everyone, rich or poor, can participate equally. If someone wants, they can invest even $10 a week in the DCA method. The door to Bitcoin is open to everyone, but to enter here, you need some patience, a long-term perspective, and courage and faith. Bitcoin is an opportunity where mental preparation and perspective are not the only things needed.

Yes, you are right but maintaining DCA is really a big challenge/difficult task for someone. Not everyone can maintain it regularly. However, those who are able to maintain it regularly can achieve great success in the long run.

You said that $10 can be invested every week. In my opinion if someone cannot invest $10 every week then he can definitely invest less than that. There is no problem with that. Because there is no obligation to invest a specific amount of money in bitcoin. It is possible to buy bitcoin at any time, in any situation and with any amount of money.

In my view, the most important thing about investing in bitcoin is to prepare yourself mentally. If someone is mentally prepared to invest, then raising money is not a big problem for him. He will be able to determine the amount of investment according to his convenience and ability.

However, it is important to remember one thing here: it is not possible for everyone to invest in bitcoin. Those who are not mentally strong and are not used to self-control and cannot think seriously about bitcoin will hesitate to invest in bitcoin or will not be able to continue doing so successfully even if they have a lot of money.

[Skydrill]

First off, wealth is a function of the mind. One may be financially on stable, but has good investment information and plans that cana drive them out of poverty.

One can stumble on good money without knowledge on how to sustain and grow it and end up very
'poor' in a year.

Haven said that, bitcoin is a business like every other business that can make you or break you.
Make you if you do it right, break you if you do it wrong. It is a function of ones choice to move from point A to B by learning, and strategising on how to make good money out of it.
The so called rich are rich because they have the moves and they are very strategic in their moves. These moves make them grow richer whilst the perceived poor holds on to their funds, with fear of loosing.

Long story short, Bitcoin is not for the rich and there is no law restricting anyone from getting bitcoin and doing as they wish with it. Except for countries where their laws restrict them.

I quite agree with you on this, because there very rich people out there who do not even have the slightest idea about Bitcoin neither do they want to venture into it, actually it's not their fault but that doesn't mean such people aren't informed, maybe it's just a matter of mere ignorance,perhaps they may also have other investment which they consider good enough to put their money in, it's just a matter of good information that leads to transformation, if every could have the idea that you have concerning Bitcoin then they would all invest in it.

[Onyeeze]

I come across this particular post in Bitcoin discussion session and the many people have a suggested differently what makes the owner of bitcoin to introduce Bitcoin and make it clearly that bitcoin is for everybody, I wonder why this will continue because from what I am noticing Bitcoin is for everybody, bitcoin is not meant for the rich people but people misunderstand why bitcoin was meant, and it's for everyone.

[PremiumcryptoHub]

Bitcoin was not created for just any class of people because my idea it is a democracy where everyone has ample and unlimited opportunities to invest in this store of value coin.In my opinion, if a person is rich and poor, they may both be initially unaware of the risks and uncertainties, that is they will not understand how much this currency's potential can grow in the future. So initially there may be no difference in knowledge between them, but when investing there may be a difference in money between them, which is reasonable.

We are seeing a lot of low-income people investing in Bitcoin these days, actually consistency is perhaps the most important thing when it comes to investing because if you can afford to buy fractional amounts of Bitcoin on a regular basis, it's better. A prime example of any class of people who can invest in the present day is the Brazilian can collector.
In fact we shouldn't be stingy in talking about this person's success in Bitcoin investment because he is only collecting cans and continuing to invest in Bitcoin continuously.

[rachael9385]

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.

The willingness to take a risk must be there, investing in Bitcoin is not only for those that are rich. There are people that have more than enough and they are still not convinced about Bitcoin, so don't assume that everyone that gets rich can just invest, it also takes discipline and patience. As long as you have the plans to start yo your investment all you need to do is to work on how to get tht money. You can get a job and save a percentage of your income and keep saving in Bitcoin, that more you keep on making excuses you might never get it done. Bitcoin wasn't created for those that are wealthy, anyone can take advantage of it