Is Bitcoin Only For The Rich?

[Nightwatchmare]

Fiat is like autocracy where power rests in the hands of the government if they decide you will not have access to fiat you will not, while Bitcoin is like democracy that gives people freedom and equal right. Like you said, Bitcoin is a technology built on the idea of freedom for the people, this means that Bitcoin was built to improve financial institution and give everyone freedom and control on their money, which indicates Bitcoin was not built for investmen. If you cannot invest in Bitcoin, you can save your money in Bitcoin either way you are using Bitcoin, so Bitcoin is not only for the rich; it is for everyone (both rich and poor).

[Yorubek]

I think it depends on what you’re talking about, bitcoin is for everyone and not only for the rich, as long as you have a discretionary income you can always accumulate bitcoin, I think the most important thing we should consider is do we have a source of income, it’s only when we have a source of income, and then after taking care of all our needs then we can start buying bitcoin if we have figured out our discretionary .

Anybody can invest in Bitcoin irrespective of their status whether rich or poor. The most important thing to do is to make proper plans on how to starts accumulating Bitcoin gradually. We don't have to rush the process of investing in Bitcoin when we can do it gradually. The DCA is also a good strategy anyone can use to invest in Bitcoin on a long term purpose.

There are other strategy that can be used to buy Bitcoin and they all depends on what an investor is looking to achieve whether to hold for long term purpose or to make short profit from the market before leaving to buy again.

Bitcoin is for everyone, anyone can buy Bitcoin and hold it for a long time or sell it as needed. However, it is very important to have basic knowledge about Bitcoin before starting to invest because it increases the investor's confidence to invest in Bitcoin with discipline and hold Bitcoin for a long time under any situation. It is very important to have a long-term plan or mentality by investing in Bitcoin, which protects an investor from financial losses and helps protect valuable money from inflation and helps to enjoy all the opportunities that come from Bitcoin in the future. Success cannot be guaranteed by investing in Bitcoin, so it is very important to invest within your means.

[Fiasem20]

Fiat is like autocracy where power rests in the hands of the government if they decide you will not have access to fiat you will not, while Bitcoin is like democracy that gives people freedom and equal right. Like you said, Bitcoin is a technology built on the idea of freedom for the people, this means that Bitcoin was built to improve financial institution and give everyone freedom and control on their money, which indicates Bitcoin was not built for investmen. If you cannot invest in Bitcoin, you can save your money in Bitcoin either way you are using Bitcoin, so Bitcoin is not only for the rich; it is for everyone (both rich and poor).

Your illustration actually gives a clearer insight of what bitcoin is.Saving your hard earned money in fiat wouldn’t cause any impact to your financial future rather it would keep deprecating and losing it’s value in the long run.So the best thing to do is to invest those hard earned money of yours in bitcoin that’s a hedge against inflation and it also appreciates in value in the long term.Nevertheless,who orchestrated it that bitcoin is only meant for rich?immediately an individual  develop this thought of “only the rich can invest in bitcoin” they would hardly be convinced that bitcoin can be invested with the left over money after the essential expenses have been cleared.

[Powerjumboo]

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.

If I say Bitcoin is for the rich, then it will not be called bad, because in this world, whoever has a lot of money, whoever has no shortage of money, can invest in Bitcoin, he can hold Bitcoin for a long time because he has enough money to meet his needs. And whoever has a lot of money, he can invest his Bitcoin for a long time and make his investment successful. But whoever does not have money, he has to spend very hard days. In short, it is very difficult for someone who earns and eats from day to day, to invest in Bitcoin, because whoever does not have money, he has to spend his daily money on his family, they have no money left. They cannot buy Bitcoin and hold it for a long time and if they want to hold it, then maybe the market fluctuations can make this poor investor regret it. Meanwhile, the needs of the poor keep people away from investing. If we speak logically, this is where the matter comes to a head, but we have to accept that Bitcoin is for everyone, because both the richest person and the poorest person can buy and own Bitcoin.

[Abelly]

Till date some persons still sees Bitcoin investment as something that is meant only for the rich, one thing about investment is that if a person never made up his mind to start investing regardless of how much money he has he will never want to go into investment, there are lot of rich people who still have all it takes to start investing but they never believed on investment as their mind is not set on Bitcoin investment, or at times because of their view about Bitcoin investment, so most times is about people's perspective about Bitcoin investment no necessarily about the financial state; this entirely changes their mindset.

Not everyone knows that Bitcoin is divisible; if you're outside and haven't really done research about Bitcoin, the response is usually that I don't have that kind of money to buy Bitcoin because it's expensive, whereas for people that know it's divisible, they think of it in the short term, and when they calculate the profit they will make, let's say if they invest $100, they will say it's not worth it, that it's better they use a more significant amount of money, making it seem like it's something meant only for the rich people.

I don't agree with you because Bitcoin is for everyone. Poor people can buy Bitcoin if they want. If you buy it with a little capital and keep it, it will be seen that after 2/3 years, there will be a lot of capital and Bitcoin will be bought. If you start small and according to your finances, you will see that the amount increases a lot.

[Tongley]

Till date some persons still sees Bitcoin investment as something that is meant only for the rich, one thing about investment is that if a person never made up his mind to start investing regardless of how much money he has he will never want to go into investment, there are lot of rich people who still have all it takes to start investing but they never believed on investment as their mind is not set on Bitcoin investment, or at times because of their view about Bitcoin investment, so most times is about people's perspective about Bitcoin investment no necessarily about the financial state; this entirely changes their mindset.

It completely depends on the knowledge of a person. As you mentioned, he may not have acquired the full amount of knowledge that is why he is going with such an idea. If the person you mentioned had acquired the right knowledge and if he was aware of the investment method, then he might not have thought or thought that Bitcoin is only for the rich.

Bitcoin is the same for every person. A poor person who is able to find $ 10 discretionary income can also buy Bitcoin and a person who is able to find $ 1000 discretionary income can also invest. The only difference is that some are buying with a large amount of money and some are buying with a small amount of money. There is no high or low in Bitcoin, rather Bitcoin is the same for everyone.

[Taricoins]

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.

This line hits deep because it's true, they say bitcoin was meant for everyone but information aren't as accessible for the poor as it is for the rich, although they can get the information over time but the wealth gap between the two classes gets bigger and bigger before the poor catches on.

Initially everything was made for equality but eventually there became a divide so I don't feel Bitcoin is equal, the best the poor can so is invest there little and hope to get more.

[liasbaa]

Fiat is like autocracy where power rests in the hands of the government if they decide you will not have access to fiat you will not, while Bitcoin is like democracy that gives people freedom and equal right. Like you said, Bitcoin is a technology built on the idea of freedom for the people, this means that Bitcoin was built to improve financial institution and give everyone freedom and control on their money, which indicates Bitcoin was not built for investmen. If you cannot invest in Bitcoin, you can save your money in Bitcoin either way you are using Bitcoin, so Bitcoin is not only for the rich; it is for everyone (both rich and poor).

The government creates inflation by printing fiat currency as per its convenience, but living in the state, you cannot make any decision alone outside the state policy. The value of fiat currency decreases due to the excessive pressure of inflation, but you cannot reduce your use of this currency in daily life. The profession you will be engaged in in your country will pay you in local currency and you will have to use fiat for goods and services. In every case, you will have to use local currency/fiat.

In such a situation, Bitcoin investment can give you incredible success in creating alternative assets. The possibility of Bitcoin value decreasing due to inflation is very low and you can build a separate and independent financial system. To survive and get into a good position financially, you have to save Bitcoin through discretionary income in the long term, just as you have to depend on fiat. Instead of saving excess fiat, deposit Bitcoin every week and regularly.