Is Bitcoin Only For The Rich?

[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.

[Celebration99]

Investing in bitcoin is not just for the rich folks alone but they have advantage of not struggling when investing in bitcoin and they will buy more bitcoin and also be quick to get to there over accumulation. The poor can start investing gradually using the DCA strategy with as low as what they can afford to loss, they could still get to there over accumulation phase if they remain consistent in the market without selling there bitcoin and hodl for 4-10 or even above that until they get what they want.

[Ummeettaa]

Bitcoin investment can be done by anyone who has interest to invest in it, what needs to be done is knowing about Bitcoin, how it's works and setting up a plan to achieve such goals.

One of the things or attributes also needed is a very positive mindset that is ready to take on loss at any moment in time, without been affected mentally.

Anyone can invest in Bitcoin whether rich or poor so far, the attributes of Bitcoin investment is strictly adhered to and investment being done using only discretionary income after setting aside emergency funds.

[Soldroplet]

Investing in bitcoin is not just for the rich folks alone but they have advantage of not struggling when investing in bitcoin and they will buy more bitcoin and also be quick to get to there over accumulation. The poor can start investing gradually using the DCA strategy with as low as what they can afford to loss, they could still get to there over accumulation phase if they remain consistent in the market without selling there bitcoin and hodl for 4-10 or even above that until they get what they want.

I agree that Bitcoin is not just for the rich and people with less ability can also slowly build their stack by DCA in small amounts. However, I think that more importance should be given to their discretionary income, cash flow and backup funds than "as low as what they can afford to lose". Because an investor should not only tolerate losses, but also accumulate in such a way that they do not have to sell the saved Bitcoin in case of emergency. Again, you have taken a holding period of 4 to 10 months in your statement! I think this mentioned period is a bit short-term for me. It is more reasonable for those who are new to this investment to see at least 4 to 10 years or more as an investment. The main goal of Bitcoin investment should not be short-term profit, but to continuously increase the BTC stack.
Finally, I think that whether small or large, continuously accumulating Bitcoin from your own ability and holding it for the long term is more important here.

[Celebration99]

Investing in bitcoin is not just for the rich folks alone but they have advantage of not struggling when investing in bitcoin and they will buy more bitcoin and also be quick to get to there over accumulation. The poor can start investing gradually using the DCA strategy with as low as what they can afford to loss, they could still get to there over accumulation phase if they remain consistent in the market without selling there bitcoin and hodl for 4-10 or even above that until they get what they want.

I agree that Bitcoin is not just for the rich and people with less ability can also slowly build their stack by DCA in small amounts. However, I think that more importance should be given to their discretionary income, cash flow and backup funds than "as low as what they can afford to lose". Because an investor should not only tolerate losses, but also accumulate in such a way that they do not have to sell the saved Bitcoin in case of emergency. Again, you have taken a holding period of 4 to 10 months in your statement! I think this mentioned period is a bit short-term for me. It is more reasonable for those who are new to this investment to see at least 4 to 10 years or more as an investment. The main goal of Bitcoin investment should not be short-term profit, but to continuously increase the BTC stack.
Finally, I think that whether small or large, continuously accumulating Bitcoin from your own ability and holding it for the long term is more important here.

First of all before any should invest in bitcoin they should make sure they have discretionary income ready after then they can start accumulating bitcoin, as a low income earner you can gradually use the DCA strategy to start buying bitcoin as you are doing so you are also making available your emergency funds reserve and back up funds all from your discretionary income this will enable you hold your bitcoin for a long time because you can sell when there is an emergency situation because you already have your emergency fund available. 4-10 duration is not a short time frame it's actually for normal years an investor who has been consistently and persistently buying bitcoin can hold before he could get a good bitcoin portfolio.

[Youngrebel]

I agree that Bitcoin is not just for the rich and people with less ability can also slowly build their stack by DCA in small amounts. However, I think that more importance should be given to their discretionary income, cash flow and backup funds than "as low as what they can afford to lose". Because an investor should not only tolerate losses, but also accumulate in such a way that they do not have to sell the saved Bitcoin in case of emergency. Again, you have taken a holding period of 4 to 10 months in your statement! I think this mentioned period is a bit short-term for me. It is more reasonable for those who are new to this investment to see at least 4 to 10 years or more as an investment. The main goal of Bitcoin investment should not be short-term profit, but to continuously increase the BTC stack.
Finally, I think that whether small or large, continuously accumulating Bitcoin from your own ability and holding it for the long term is more important here.

Exactly DCA should be based on what you can actually afford after taking care of your needs and having some left over funds set aside and there is basically no need to rush into Bitcoin or invest money you may need soon and i also agree with you that 4–10 months is too short because bitcoin is more or should be looked at more as a long term investment, maybe something 4-10 years or even more. What matters more is starting small, staying consistent, and gradually building your BTC stack without putting yourself under financial pressure.

[Judith87403]

One of the things or attributes also needed is a very positive mindset that is ready to take on loss at any moment in time, without been affected mentally.

I like what you said here because there are people that invest with the idea that they will always make profits, that is why when the market begins to fall, they will panic and even sell at a lost price. Building a positive mindset towards one's investment will help you to be aware that it is a risky investment that you are dealing with and there are chances of losses especially for an investor who is not looking at the long term. When you have the mindset that you can loss, that is the best way to win your emotions during unfavourable market conditions. Everyone is investing to make profits but we should also acknowledge the fact that we can still lose, because it makes us to neutralise our expectations.

[Rockson1]

Investing in bitcoin is not just for the rich folks alone but they have advantage of not struggling when investing in bitcoin and they will buy more bitcoin and also be quick to get to there over accumulation. The poor can start investing gradually using the DCA strategy with as low as what they can afford to loss, they could still get to there over accumulation phase if they remain consistent in the market without selling there bitcoin and hodl for 4-10 or even above that until they get what they want.

Good comment, Bitcoin investment is for everybody especially for those that are interested in making it part of their investment choices, it is not the rich only, neither is it for the poor particularly, that's why what every investor need to invest in Bitcoin, is there discreationary income, athough the rich has and upper hands to invest in lumps, but what matters for both investors is the ability to reach their target, which you have explained, for me, I will say that Bitcoin is for those that can those that can stand the test of time to acumulate and hodl for a long-term, some rich people can also back out before they reach their target, if they are too eager for fast profit or when they are the type that easily react to the market realities

[RockBell]

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.

And that's what makes Bitcoin special: anyone who wants to invest can do so whenever they want. Since you want to hold for a long time, all you need to know is the fundamentals. I will tell you that once you have the knowledge, it won't be a problem. However, even if you are disciplined and don't follow the proper steps, like having an emergency fund, you will still end up selling what you already have, which is one of the biggest mistakes when you want to hold. People simply need to understand that they only need a few things to be successful in their holding. Even if discipline is there, I still believe that discipline is necessary in the same process.

[SPIDERMAN008]

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.

Because the price of Bitcoin has become very high, someone might think that it is an investment tool for the rich. You are right, this kind of mindset may also be created due to their lack of knowledge. Many times, their own financial reality is forcing them to think like this. When a newcomer sees the unit price of Bitcoin, he may think that he has to buy a whole Bitcoin. This is a knowledge problem. But if someone really does not have $5 or $10 in discretionary income at the end of the week, it is not a knowledge problem, it is a cashflow problem.

Because there are many people in our country for whom it is difficult to have $20 in discretionary income at the end of the month. But if a very small amount remains as discretionary income after all expenses are met, then that person can still invest.

He may not know about the DCA method, maybe he may have little idea about how to continue investing regularly, how to create a backup fund, all these things. But if someone really wants to invest, then all these simple things will not be an obstacle. By doing some research on his own, he will be able to learn about these issues and start investing very easily.

[Fiasem20]

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.

And that's what makes Bitcoin special: anyone who wants to invest can do so whenever they want. Since you want to hold for a long time, all you need to know is the fundamentals. I will tell you that once you have the knowledge, it won't be a problem. However, even if you are disciplined and don't follow the proper steps, like having an emergency fund, you will still end up selling what you already have, which is one of the biggest mistakes when you want to hold. People simply need to understand that they only need a few things to be successful in their holding. Even if discipline is there, I still believe that discipline is necessary in the same process.

Some people problem na lack of knowledge and wrong perspective,who con come up with the ideology say bitcoin na only for the rich.So na only rich people nai only dey worthy to invest,if those rich people no start from somewhere dem for no dey the position wey dem dey so but dem strive with effort to become successful,na so those poor people no wan leave their poor state because dem dey think say dem no fit risk am make am,rich people go risk am still count all those risk as eye opener.Then most poor people dey neglect the fact say dem go start small,no be to start small be the koko but the koko na how consistent and disciplined you dey.Lastly,no dey complain about your little beginning instead accept dem and strive with effort.

[Loyang]

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.

And that's what makes Bitcoin special: anyone who wants to invest can do so whenever they want. Since you want to hold for a long time, all you need to know is the fundamentals. I will tell you that once you have the knowledge, it won't be a problem. However, even if you are disciplined and don't follow the proper steps, like having an emergency fund, you will still end up selling what you already have, which is one of the biggest mistakes when you want to hold. People simply need to understand that they only need a few things to be successful in their holding. Even if discipline is there, I still believe that discipline is necessary in the same process.

Some people problem na lack of knowledge and wrong perspective,who con come up with the ideology say bitcoin na only for the rich.So na only rich people nai only dey worthy to invest,if those rich people no start from somewhere dem for no dey the position wey dem dey so but dem strive with effort to become successful,na so those poor people no wan leave their poor state because dem dey think say dem no fit risk am make am,rich people go risk am still count all those risk as eye opener.Then most poor people dey neglect the fact say dem go start small,no be to start small be the koko but the koko na how consistent and disciplined you dey.Lastly,no dey complain about your little beginning instead accept dem and strive with effort.

This is because of the lack of knowledge of many people, this idea is created among many. They do not do proper research on Bitcoin and are willing to invest after hearing about Bitcoin from someone or somewhere and when they see that the price of Bitcoin is 100,000 dollars or less or more than that, they think how can I buy a Bitcoin, but if they had done a little research or gained a little knowledge, then they might not have kept this idea in their minds. Because Bitcoin can be purchased even with $ 10.

If a person continues to buy with $ 10 continuously, then he will definitely be able to create a very large portfolio in the future. It is very important for us to have the right knowledge, if we do not have the right knowledge, we will definitely fall behind and we will definitely put ourselves at risk by stepping on many wrong paths.

[sotelorene]

Some people problem na lack of knowledge and wrong perspective,who con come up with the ideology say bitcoin na only for the rich.So na only rich people nai only dey worthy to invest,if those rich people no start from somewhere dem for no dey the position wey dem dey so but dem strive with effort to become successful,na so those poor people no wan leave their poor state because dem dey think say dem no fit risk am make am,rich people go risk am still count all those risk as eye opener.Then most poor people dey neglect the fact say dem go start small,no be to start small be the koko but the koko na how consistent and disciplined you dey.Lastly,no dey complain about your little beginning instead accept dem and strive with effort.

You made a very valid point here which is "lack of knowledge" and I don't blame anyone who has the mindset that Bitcoin is meant for the rich alone, this is not an ideology it is a systematic error which is our bias. Lack of knowledge about Bitcoin made me to believe and think before that Bitcoin is only for big people because of the value or worth of Bitcoin that was the reason for this my bias but thank God for knowledge because I later realized I was wrong because anyone can invest so long they can figure out a discrestionary income.

[Tetu100]

You made a very valid point here which is "lack of knowledge" and I don't blame anyone who has the mindset that Bitcoin is meant for the rich alone, this is not an ideology it is a systematic error which is our bias. Lack of knowledge about Bitcoin made me to believe and think before that Bitcoin is only for big people because of the value or worth of Bitcoin that was the reason for this my bias but thank God for knowledge because I later realized I was wrong because anyone can invest so long they can figure out a discrestionary income.

Just as they said that what you don't know is bigger than you and that is why knowledge is power. Many people have got stucked in this same mentality for years not knowing that they were only seeing things from the wrong perception which prevented them from investing back then. But it's good to know that every set of persons is given the opportunity to invest.

Secondly, when investing in bitcoin investment, I don't think it's fine knowing just the sugar side of it, knowing every other aspect of it including it volatility nature so that dude can get prepared towards that direction is also a good idea. No doubt bitcoin is for every set of humans including the poor and the rich dudes but I think it's mostly for the well prepared mind and for the self determined set of persons.