Is Bitcoin Only For The Rich?

[Kryptonite788]

This is a very valid question and it is true to an extent but not entirely because Bitcoin doesn’t care if you’re rich or poor, it was specifically created to give financial freedom and control to the masses regardless of financial status but however, being poor can also prevent a person from having meaningful participation in bitcoin ownership especially when you’re living from hand to mouth and barely have any extra funds for bitcoin purchase, then it becomes an issue. So whenever someone says bitcoin is only for the rich ,they’re not right but still they’re not totally wrong because two rights can co-exist at the same time ,it all depends on perspective.

[Stormisover]

This is a very valid question and it is true to an extent but not entirely because Bitcoin doesn’t care if you’re rich or poor, it was specifically created to give financial freedom and control to the masses regardless of financial status but however, being poor can also prevent a person from having meaningful participation in bitcoin ownership especially when you’re living from hand to mouth and barely have any extra funds for bitcoin purchase, then it becomes an issue. So whenever someone says bitcoin is only for the rich ,they’re not right but still they’re not totally wrong because two rights can co-exist at the same time ,it all depends on perspective.

Let's have it that participation comes in various kind of ways for a poor man who has nothing at the present time can be spending time studying about bitcoin or anything happening around bitcoin as they are improving financially enough to participate in Bitcoin ownership and another sense of participation is that you participate with the little you have while aiming to participate better, if people should cloud their mind that bitcoin is only for the rich then it will become very difficult for them to participate in any kind of way like the zeal will be zero.

[liasbaa]

Exactly unlike you said Bitcoin isn't made basically for the rich people, they're people who start from poor to reach today if not for Bitcoin it really helps many people in the society today how to make it today, at least everything has a start I believe they doesn't start from rich there was a way they start making their money 💰 before going to Bitcoin investments so they can enlarging their wealth, Bitcoin can favor you when you an expert in the trader and it requires your effort.

Most of the big names in Bitcoin today actually started small..  It is not really about being rich, it is about understanding how it works and having patience..
Even with little capital, consistency and knowledge can make a big difference..

Those who have been involved in Bitcoin since its inception have been lucky because of their patience. If you can also accumulation Bitcoin with discipline and patience from now on and have a long term commitment good times may come for you. Many investors have a last-minute attempt to live a rich life through Bitcoin for that buying but they didn't carry on.  But this is a wrong idea because living a poor life during the Bitcoin investment period is not the right decision. You have to be consistent in Bitcoin investment and have sufficient funds with you. Just as taking care of your family is important it is important to continue investing in Bitcoin for the future because the traditional financial system can gradually make you poor. Develop an alternative and potential financial system and accumulate Bitcoin regularly and this period will be 4-10 years.

[GIF-JOBS]

You're very correct, Bitcoin is not mainly for the rich, it's core principle, which simply means that anyone with internet connection can participate, I agree with you that mindset matters alot but financial ability matters just as much, someone who is wealthy can afford to take risks, and even lose money without life changing repercussion. But someone with low income can't. Bitcoin isn't built for the rich, nor restricted by status. As long as you have internet connection you can participate regardless of your background or status.

Bitcoin investment is open to everyone, it is not for any specific class. Rather, those who can afford it, he can invest here, it is an independent currency, if you invest here, there is no loss and no profit to me and others, and if you do not invest here, there is no loss and no profit to me and others, the matter of profit and loss here is completely your personal, if you invest, you will have the opportunity to profit in the future, and if you do not invest, you will be deprived of this opportunity, so it depends on everyone's personal wishes, but the main thing is that everyone is open to investment here.

[Jubilee58]

Investing in bitcoin is not only for the rich only. You can invest in Bitcoin with as little as 5000 naira depending on the exchange. Initially when Bitcoin came onboard, if not for lack of awareness then, many people including the poor ones in our society would have bought bitcoin in their numbers. But today, the price of Bitcoin has gone high significantly, yet you can buy Bitcoin in fractions.
Many people think the price of Bitcoin is too high that they cannot afford, but that is a wrong notion, it is necessary to know that you must not buy a whole Bitcoin, all you need is to make your budget and buy according to your budget. You can buy weekly or monthly and periodic accummulation will yield a significant amount on the long run.

[yixichloro2xx]

Bitcoin is for everyone, whether you a rich , average, or poor person. It doesn't need to go know your income or status before you can use it . The only difference there is the investment fund, knowledge and time. In terms of investment, rich people who accumulate consistently with big funds will be in a better position than that of a poor person who accumulate with just little amount of money. But nevertheless if the poor person can figure out their DCA and accumulate consistently, they will surely have some reward if they hold for a long term. Bitcoin always rewards people who hold during uncertainty period, not just those who have more money.

[Sonia_123]

Bitcoin is for every body either rich or poor, it wasn't made specifically for the rich, the difference is their resource and their mindset, the rich is ready to take the risk and invest whatever amount they are read to invest without a double taught because they believe in investing fo their future, they are risk takers which makes them successful, they have a broader understanding of investment than the poor, the secure their future.

The poor are narrow minded when it comes to investment they believe in short term profit, they are not ready to take the risk of long term to be successful in future but rather prefer hand to mouth investment.

[AYIMAN]

The answer to that question is totally NO. When bitcoin was created,it was never created for a particular set of people either rich or poor rather bitcoin was created in such a way that it can be used by everyone irrespective of your status. So saying bitcoin is only for the rich is totally unacceptable. It all depend on what we want as individuals or the kind of business/investment one may want to involved in.

There are so many rich people that may not want to invest in bitcoin because of the risks involved. Meanwhile, some poor people as the case may be are willing to invest in bitcoin.
 So it is vise versa.

[MainIbem]

The answer to that question is totally NO. When bitcoin was created,it was never created for a particular set of people either rich or poor rather bitcoin was created in such a way that it can be used by everyone irrespective of your status. So saying bitcoin is only for the rich is totally unacceptable. It all depend on what we want as individuals or the kind of business/investment one may want to involved in.

There are so many rich people that may not want to invest in bitcoin because of the risks involved. Meanwhile, some poor people as the case may be are willing to invest in bitcoin.
 So it is vise versa.

That's true, an alternative currency can never be for only one set of people. Although some ignorant people feel that the value of Bitcoin is beyond their financial capacity which makes it a coin for the rich folks only but they're wrong, many of those ignorant people don't take their time to research and learn that there's something called the DCA and with it they can own as much Bitcoins as time flies, by buying gradually but consistently. Poor people who understand the DCA and how they can change their financial status with time have embraced seriously accumulating Bitcoin. While the rest, out of ignorance are using the price of Bitcoin as an excuse for not investing.

[Olatundespo]

Bitcoin is for every body either rich or poor, it wasn't made specifically for the rich, the difference is their resource and their mindset, the rich is ready to take the risk and invest whatever amount they are read to invest without a double taught because they believe in investing fo their future, they are risk takers which makes them successful, they have a broader understanding of investment than the poor, the secure their future.

The poor are narrow minded when it comes to investment they believe in short term profit, they are not ready to take the risk of long term to be successful in future but rather prefer hand to mouth investment.

I do not agree that the poor are narrow-minded when it comes to Bitcoin investment. Rather, the short-term trading mindset is more prevalent among wealthy investors. The rich have a lot of liquid funds, so they are ahead in lump sum buying and regular Bitcoin accumulation. Although wealthy investors have a large supply of money their demand is also very high and some of them do not want to be in a long term investment like Bitcoin accumulation.

I have seen a strong mental preparation for long term Bitcoin accumulation among many poor people. Those poor investors have low earning capacity and very little discretionary income at the end of the week moreover they are committed to Bitcoin accumulation in small amounts because they are trying to change their financial position in the future. The involvement of these small and poor investors around the world is considered the lifeblood of the Bitcoin market and their holding efforts are gradually increasing the price of Bitcoin.

[Somto9Light]

You’re very correct. Anyone is at liberty to invest in Bitcoin, all you need is to have a discretionary income and you can invest in Bitcoin. Although that’s not all, cos you may have discretionary income but lack the resilience, discipline and patience to invest in Bitcoin, and all these are very important if you must succeed as a bitcoin investor.

I think for a starter the most important thing is figuring out your discretionary income first and getting started, resilience and discipline doesn’t necessarily have to be inborn, they’re qualities that can be developed overtime as one continues to invest, there are things that one can only learn through actual experience in investing, so even if you are thought or educated or even read books or do research on those areas, you may not really get an actual glimpse of it until you actually start experiencing what you’ve been seeing on paper.

[Inior]

Normally bitcoin na for everybody na you go just decide whether you wan invest in am or not, when Satoshi create bitcoin em no talk say for only some certain class of people infact em create am to bypass third-party and wide range of business transactions over the world but because price don increase now some persons don dey talk say na for the rich say no go fit invest, whereas that ideology seff dey wrong because bitcoin dey increase percentage so if na 10% e do na still 10% of investment either add or subtract depending on the trend.

[liasbaa]

Normally bitcoin na for everybody na you go just decide whether you wan invest in am or not, when Satoshi create bitcoin em no talk say for only some certain class of people infact em create am to bypass third-party and wide range of business transactions over the world but because price don increase now some persons don dey talk say na for the rich say no go fit invest, whereas that ideology seff dey wrong because bitcoin dey increase percentage so if na 10% e do na still 10% of investment either add or subtract depending on the trend.

There is a contradiction in your statement. Bitcoin investment is not limited to any class, but rather Bitcoin is a great investment strategy for investors of all income levels. You can accumulate Bitcoin if you do not have a fixed and guaranteed source of income. If there is a fund that guarantees discretionary funds, you can start accumulating Bitcoin immediately and continue for a long time.

If someone says that Bitcoin investment is not for everyone, it may not be right because a poor person with only $10 per week discretionary income can save Bitcoin but he needs to have a long term plan to accumulate. If it is explained that if an investor's financial situation is such that he accumulate $50 Bitcoin a week but he starts accumulating Bitcoin with $100 to grow his portfolio quickly he will be less likely to succeed. This means that the investor will fail to reach his 4 year or 10 year investment goal because he is allocating an extra $50 Bitcoin to his family, which will gradually accumulate and explode in demand at a time. This process can gradually make him erratic in his Bitcoin investments or even make him decide to withdraw before reaching his investment goal. Regardless of the amount of Bitcoin accumulation be consistent and stick to long term investments rather than short term trading.