Is Bitcoin Only For The Rich?

[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.

[Zigabel]

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.

Even as a rich man who has the resources to own Bitcoin, without  the proper knowledge of it, you will not be able  to get the best out of it because people may later exploit you to join in on the ownership of Bitcoin using their knowledge they have, so it is really good that for the poor who at the time is unable  to acquire Bitcoin yet, they can get knowledge and that will be of good use to them, in the process of getting knowledge about Bitcoin, they could come across opportunities that will help them acquire Bitcoin and become  an owner of some units of Bitcoin without having to be rich yet, they can further know how to explore Bitcoin for their own good to the point of getting rich off it.

[Solodoski]

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.

When bitcoin came into existence, 5000 naira can get you two or three bitcoin depending on the rate to a dollar back then. What a life it has been. I swear life is all about awareness, information. If you are not in the midst of people who share valid information you will be left out when the time for riding comes. Almost all of us are regretting why we didn't started our bitcoin journey there. However, not all of us would see it as an opportunity then if we rewind the clock. The reason is, we wont know what the price will be in the future, so many individuals will underestimate bitcoin again.

[Umulala-alala]

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.

When bitcoin came into existence, 5000 naira can get you two or three bitcoin depending on the rate to a dollar back then. What a life it has been. I swear life is all about awareness, information. If you are not in the midst of people who share valid information you will be left out when the time for riding comes. Almost all of us are regretting why we didn't started our bitcoin journey there. However, not all of us would see it as an opportunity then if we rewind the clock. The reason is, we wont know what the price will be in the future, so many individuals will underestimate bitcoin again.

There were people who were aware then too that was afraid to buy bitcoin some never believe in bitcoin while some waited to see how BTC will perform, of a true information is power at this present time there are people who has also heard about bitcoin who are also procastinating not that they don't have some money to get started with so it will be good that when ever we hear any information we shouldn't take them for granted most expecially a life changing information, we still have time to start investing in bitcoin it's better than regretting tomorrow.

[Rockson1]

Even as a rich man who has the resources to own Bitcoin, without  the rpoepr knowledge of it, you will not be able  to get the best out of it because people may later exploit you to join in on the ownership of Bitcoin using their knowledge they have, so it is really good that for the poor who at the time is unable  to acquire Bitcoin yet, they can get knowledge and that will be of good use to them, in the process of getting knowledge about Bitcoin, they could come across opportunities that will help them acquire Bitcoin and become a an owner of some units if Bitcoin without having to be rich yet, they can further know how to explore Bitcoin for their own good to the point of getting rich off it.

I think it would have been better said that there are rich men that are not still part of Bitcoin investment yet although you have your pints which is very good one too, of course knowledge is powerful as we have heard and we now know that such phrase is on point but I have those conviction that information is also very important to everyone, some persons do not have good information about Bitcoin and it's because they are not ready, you will agree with me that if someone or anyone is interested in Bitcoin, they will do everything they can to get the rightful information about it some rich men are categorized into this part, this should enlighten thsoe that thinks that Bitcoin investment is only for the rich ro understand that Bitcoin investment is for everyone as long as they are ready and can figure out their discreationary income with basic knowledge, such persons are good to start their investment.

[Mr_Brilliant$]

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.

Na the truth be that, Bitcoin nor really send who you be or wetin you get, na how you play your game matter pass..  Rich man go always get advantage true true, because dem fit stack heavy without stress..  But that one nor mean say person wey dey start small nor fit reach somewhere.

Na consistency dey do magic for this space. Even if na small small DCA, as long as person nor dey panic sell and e dey hold with sense, e go still see result for long run.
And that part wey you talk about uncertainty eh… na there real holders dey show. Na that period dey shake weak people comot, but people wey stand strong go later enjoy am…

[Dareo]

I think it would have been better said that there are rich men that are not still part of Bitcoin investment yet although you have your pints which is very good one too, of course knowledge is powerful as we have heard and we now know that such phrase is on point but I have those conviction that information is also very important to everyone, some persons do not have good information about Bitcoin and it's because they are not ready, you will agree with me that if someone or anyone is interested in Bitcoin, they will do everything they can to get the rightful information about it some rich men are categorized into this part, this should enlighten thsoe that thinks that Bitcoin investment is only for the rich ro understand that Bitcoin investment is for everyone as long as they are ready and can figure out their discreationary income with basic knowledge, such persons are good to start their investment.

In fact the truth is that it depends more on mentality and interest than on money. If someone really wants to know they will find out and learn on their own. And those who are not prepared from the inside, no matter how much information they have, they cannot use it, So Bitcoin actually depends more on who is interested in it not on money but on how much they understand, And how serious they are but yes it is definitely a good investment for the long term.
However for those who want to make profits in the short term or in a short time, I would say to refrain from it because the market is very volatile at the moment, And for those who invest with little money and poor the impact of loss will generally be greater for them.

[Uhwuchukwu53]

Bitcoin is not made for a specific class, Bitcoin is for everyone the rich only have better advantage of speedy risk taken because it involves money, but Bitcoin investment is more of mindset and knowledge even most rich people because as Bitcoin is more of mindset and knowledge has not achieved or been involved in the investment due to their ignorant and mindset, many who are not financially solvent or competent are striving and accumulating Bitcoin because of mindset. There is an advantage that most rich people get over things around them in the society because they have what it takes without thinking twice on the cost or whatever losses it will incurred venture into any development more faster than those who are poor but that doesn't justify the process basically is made for them. To be an investor in any thing one mindset is the key then follow by the money involved, so it's in Bitcoin.

[Zanab247]

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.

Both poor people and rich people can involve in BTC, because they can use amount of money they can afford to lose in BTC if they wish, android they will not going to regret in the future. We know how the price of BTC is moving to reach bull market to allow people to sell to make profit and also prepare for the bear market to reach before they can still use what they can afford to lose to buy BTC to be comfortable with the decision. If you invest wisely you will not going to regret what you will see , because you deploy potential strategies that will make your results from the investment to be better than other investors.

You can see many people have started buying BTC to prepare themselves against next bull market that will make investors profits to be double when they are ready to sell off their BTC.

[L E G E N D A R Y]

There were people who were aware then too that was afraid to buy bitcoin some never believe in bitcoin while some waited to see how BTC will perform, of a true information is power at this present time there are people who has also heard about bitcoin who are also procastinating not that they don't have some money to get started with so it will be good that when ever we hear any information we shouldn't take them for granted most expecially a life changing information, we still have time to start investing in bitcoin it's better than regretting tomorrow.

The main issue is, how exactly would you know that the information you received is the next big thing or just another hype? There’s a lot of hype and ponzi circulation the financial markets now and there’s no tell which is real or fake. The reason you’re pretty confident about Bitcoin right now is because you’ve been into it for a while and you’ve seen and now sure of how true it is, but you won’t expect it to be the same for someone who knows absolutely nothing about Bitcoin investment.

I think it’s even easier for investors today because we have several successful investors today, we also have several cycles to look back at and gain some level of confidence, which wasn’t exactly the same back then in the early days of bitcoin, so I find newbie investors today more lucky.

[Silikiem]

Bitcoin investment is not only designed for the rich people in the society but to all and sundry. No matter one’s financial status you can still be able to buy and start bitcoin investment as what you only need to start buying bitcoin is just a discretionary income. And couple with the fact that the DCA method of investing in bitcoin helps people to buy bitcoin gradually with any amount either weekly or monthly basis which means that if you don’t buy this week or month due to lack of money, you can still buy in subsequent weeks or months when you’re able to figure out a discretionary income and hold for long term

[LOVER BOY 422]

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.

With all your explanation right from when Bitcoin investment started it was really touching that the poor wasn't opportune to buy more Bitcoin as at them , but that doesn't mean it only for the rich , Bitcoin investment is an open investment platform where everyone who has interest on it should be allowed to go and buy and invest in it , your instances has just explained it all but I'm only trying to moderate it here by giving more wave on it by proving that Bitcoin investment isn't only for the rich but both rich and the poor can invest in it ,but the rich has more advantage in buying more than the poor.

[laijsica]

~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%

The system is set up in a way where the rich get richer and the poor get poorer in a capitalist society. The lack of leverage for the poor is a weakness. They may earn money to support their families but with very little discretionary income they can afford to buy Bitcoin. It will take them many years to build a decent portfolio. They lack the funds available to them to take risks but I think they will not always be poor if they have the opportunity to develop their skills and stay physically healthy.

Mindset is a huge factor as you said because many rich people cannot be consistent in their Bitcoin investments but there are many poor people who are consistent even if they deposit less Bitcoin into their portfolio each week and they tend to reach their goals even if it takes more time. I have seen rich people become rich by practicing patience because they are not in too much mental turmoil to meet basic needs and the leverage they have is great for creating more money and can easily grow large Bitcoin holdings.