If you Knew About Bitcoin in 2010 Would you Really Have Been a Millionaire?

[MisFoxie]

We always think about our past why I didn't know about Bitcoin if I could buy even 10$ worth of Bitcoin in 2010 I would be a millionaire now.. But Even if you know about Bitcoin in that time and know the potential it could be extremely difficult to own Bitcoin from Nigeria. There was many reasons for it.

Bitcoin wasn't a product in 2009–2011
At that time Bitcoin existed but wasn't available in market, no app or exchange were available. only command software were available. Without technical knowledge no one could use Bitcoin. For normal user there wasn't any tutorial, cryptographers and programmers only discuss to themselves. You understand you need technical knowledge and ability to properly run a software.

There was no place to Buy Bitcoin
The first real exchange Mt. Gox only start in mid 2010. But it only support USD. It required international banking access. In our country we couldn't use PayPal to buy Bitcoin from it. Because PayPal wasn't available. Banks also made it almost impossible to buy Bitcoin with it. Wire transfer was slow it take weeks to sent money internationally. Basically we need a USD account abroad or a trusted foreign agency but it's risky. Internet was also slow and very expensive.

Mining was the best option
Mining was the main way a Nigerian could get Bitcoin safely even with basic laptop Bitcoin mining was possible at that time no ASICsor gpu needed that time. Miner could get 50 BTC per block. Electricity cost was also manageable compare to now. But there was also obstacle internet quality was poor and need technical knowledge. Only people who is a student of a University or a programmer could mine Bitcoin successfully.

Buying Bitcoin peer to peer
There was no Nigerian crypto exchange that we can buy Bitcoin with Naira.. If someone you know abroad and he/she can buy Bitcoin or own any Bitcoin you could buy from them with Naira and receive bitcoin to your wallet directly.

Faucet and Giveaway
In 2010 some websites give whole Bitcoin for free, here

anyone with the access of internet could get Bitcoin. this is also the easiest way to earn bitcoin. I just feel proud of them who actually claim those faucet that time. Can you imagine If they hold those 5 Bitcoin how much would it actually be?

note: This is not a versus or comparison, I created this topic to highlight the limitations we faced. while some country gets full access to everything but we lack awereness also infrastructure, and the ability to fully participate . What your thoughts about it if you knew about the Bitcoins potential which method would you use to get Bitcoin?

[Mia Chloe]

~nip

Well if you ask this question to a lot of people it's pretty much very easy for them to say yes and in reality it's not always the case. It takes a very calculative person and someone with a very good psychology to HODL that long without wavering to sell off after a while. Some persons had the opportunity but never believed in it.

If you look at a lot of whales today you'll discover that majority of them where very lucky. Some bought forgot they ever did and after some years Found their keys.

[Marvelockg]

What your thoughts about it if you knew about the Bitcoins potential which method would you use to get Bitcoin?[/i]

I rather not talk about the past that I can literally do nothing about when there's a lot about the present that I feel I'm still not getting the best out of. For records sake, even at the early phase of bitcoin when it was easy to buy bitcoin at an affordable rate, some investors ended up selling Thier bitcoin for a token even after buying it and what does that tell you? It's  not about being present at the time Bitcoin started. If you're not seeing the future clear enough to perceive that bitcoin will get to what we have now, chances are damn high that you will never hold bitcoin to the present or might have sold it out before now.

Same way earlier investors had challenge holding bitcoin is the same way we are facing ours because we're still unsure as to what the future holds for us in the coming years.

[promise444c5]

Owning Bitcoin isn’t really the hard part, but being able to HODL over the years is, it takes real understanding and strong belief to hold Bitcoin through all those years. A lot of Bitcoiners sold along the way at different levels as the price climbed to new heights. I don’t need to know the specifics, it’s just human nature.

Hence, the price might still be very cheap at the moment..OP, I hope you’re not only focusing on what’s in the past instead of planning for the future.

[Mate2237]

What you should consider again is the worth of Bitcoin back then and the influence that it carried especially in the Nigerian society. Not much people knew about Bitcoin back then as far as Bitcoin is concerned so owning a Bitcoin were not easy. Bitcoin was see in Nigeria as one of those Ponzi schemes that, are there to scam people of their monies this was the psychology that was there them you can't even blame most Nigerians because apart from Bitcoin struggling to gain ground in the global stage, the Nigerian environment too played a significant role in making sure that adop rate were low.


But back to your question if I know Bitcoin back then and removing all the obstacles you highlighted about the in accessibility to buy Bitcoin from this part of the world due to know crypto exchange in Nigeria then , I would have made millions back then using Bitcoin but that is not always the case .

[Cryptoprincess101]

~nip

Well if you ask this question to a lot of people it's pretty much very easy for them to say yes and in reality it's not always the case. It takes a very calculative person and someone with a very good psychology to HODL that long without wavering to sell off after a while. Some persons had the opportunity but never believed in it.

In 2010, bitcoin was worthless and only few people were able to invest and hodl while others sold so early before the price could skyrocket. I want to tell you that most of those who even hold their bitcoins till it started experiencing potential growth was those that even forgot about that they own bitcoins in their portfolio and some of them even forgot their private keys.
     Let's just imagine a scenario whereby one of these altcoins that are below a $1 now will have potential growth that will almost be in equivalent with bitcoin in the future, now tell me how many people are investing in such a coin now and how can they identify that it will have a potential growth so that was basically how bitcoin was within those early time of its discovery. No matter how enticing any coin is, people will still have doubt in it so that was exactly what happened to bitcoin in those early years. No matter how calculative and how psychological you are, it is difficult to see a future in a coin that was worthless so the only person that we owe gratitude is Satoshi Nakamoto who is the inventor because only him could see this milestone of bitcoin but sadly, he could have moved on to other things as he said.

If you look at a lot of whales today you'll discover that majority of them where very lucky. Some bought forgot they ever did and after some years Found their keys.

The whales were extremely lucky because they bought bitcoin with small amount, but their investment has grown so big and most of these bitcoin whales didn't really start investing with huge amounts, it was the growth of their investment that made them big not really the amount invested. Some of the investors then even lost their private keys and were unable to recover them till now which means that the bitcoins in those wallets have been lost forever since ''not your keys not your coin''.

[Ambatman]

No but in Nigeria standard I would be rich but not in millions of dollars
I'm more of a critic easily see the negative in things first than the positive.
Make I use my view today
E nor really get any coin way you go tell me say na the next Bitcoin or e go change the future way I go believe
Same might have occurred with Bitcoin


But if I know Bitcoin and also Bitcointalk then yes I go for be millionaire.

[Livingleged]

Not like I didn’t hear about it around that time of course I did but I never understood what it was and I never cared to knw, I was totally ignorant about it. but for sure I heard about it as at that time. I was jut not interested in  anything that wasn’t useful to me. thats what still hurt me today. i didn’t believed in it. and even if I had bought it at that time I would have sold it when it gained more value.

Not just bitcoin I had a similar case with BNB I can’t believe I sold BNB for $24 something worth $800k now that just the consequences  of panic and not been able to hold for a little longer.

[Dr.Bitcoin_Strange]

If I had all the knowledge of Bitcoin that I possess right now back in 2010, I definitely would have been a trillionaire because the knowledge would have let me mine so much Bitcoin that even if I had sold some of it when the price keep increasing, I still would have had enough Bitcoin that would have given me enough profit by now or I also would have used the profit I realized from the Bitcoin I held to achieve something great that would have been giving me a passive income. So, I think I would say yes, I could have been a billionaire if new about Bitcoin earlier.

[FirmWars]

I no sure say any Nigeria person get the opportunity to buy Bitcoin that early 2010, and I fit guess say no body even know about bitcoin faucet right at that time, why I they talk this thing nah because I never even see any Nigerian way boast say them done sabi Bitcoin since 2010, people way go get the early information go be those people way they for country way they more technology exposed pass we country.  People mostly start to talk about Bitcoin here when the value been done they make sense small small.

Bitcoin done they do all time high since in first halving and I no fit guess whether I for fit continue to they hold until this last all time high way in do last year, I for done sell my Bitcoin tey tey when in do the first all time high or when in do the second all time high. True true, even say we all sabi Bitcoin that time, na only small people for they rich ooo.

[AVE5]

We always think about our past why I didn't know about Bitcoin if I could buy even 10$ worth of Bitcoin in 2010 I would be a millionaire now.. But Even if you know about Bitcoin in that time and know the potential it could be extremely difficult to own Bitcoin from Nigeria. There was many reasons for it.

A lot of people actually had the opportunity to own bitcoin in non-purchase acquisition but by bitcoin freelancing while in other words, can also acquire bitcoin cheaply during the earlier days.
But with all pictures about those being regretting now is due to their skepticisms that bitcoin is a joke as holding worthless values. Look at them today's, they're regretting it.
So I'll say you should just forget about the emotions of them who feels they knew about bitcoin in the early time because them too on their ways want to give excuses why they haven't buy bitcoin yet.
Perhaps bitcoin price had only added wealthy values that's almost being attractive to most people but yet not buying yet because bitcoin price is high.
Hold to see bitcoin reach $250,000, such categories of skeptic enthusiasts will still feel regret why they didn't buy when it was $100,000.

[Mr_Brilliant$]

Owning Bitcoin isn’t really the hard part, but being able to HODL over the years is, it takes real understanding and strong belief to hold Bitcoin through all those years. A lot of Bitcoiners sold along the way at different levels as the price climbed to new heights. I don’t need to know the specifics, it’s just human nature.

Hence, the price might still be very cheap at the moment..OP, I hope you’re not only focusing on what’s in the past instead of planning for the future.

Exactly, this is what I really wanted to talk about.. Do you know the level of discipline it took for people that held Bitcoin since 2010 till now ??
Mind you, and as at that time, there were a whole lot of uncertainty, because no body really knows it will do well and will be accepted by many persons as it is now.. So it is easy for  people who bought when it wasn’t worth much to just sell off..
And also another way people sold off, was when the price stated increasing, some persons couldn’t hold and sold all their holdings..

[MisFoxie]

Some persons had the opportunity but never believed in it.

I agree with you. Those who got access to Bitcoin early never believed in Bitcoin they may just come to explore it. Some earn Bitcoin and left it as a valueless item. But years after when they gets the key become rich. But for normal people like us it was something we never heard about it
You see even after getting all access to Bitcoin we still didn't believe in it and those who believe in it like Cameron Winklevoss and Tyler Winklevoss, Roger Ver, Charlie Shrem, Barry Silbert and (more we don't even know about ) maked billion. Although they were already rich back then still they see the future of Bitcoin.

-Snip-

I understand your perspective. Many people who got the access to Bitcoin in early days sold their coin when they make profit. but my point was never that it was if you knew the potential of Bitcoin that could make you rich at that time what was the obstacle you could face at that time.. basically i highlighted you limit access and how we could obtain Bitcoin that time.
Well you can't change the past but you can learn from the past and refine yourself.

[Doan9269]

Knowing about bitcoin since 2010 could have been of a great opportunity for us to make more profits from bitcoin, because we might have been in possession of this coins in huge numbers and we can see how much is even 1 btc today in relation to USD, but the only most annoying part of this could be that if we had the opportunity as at then, but lose the hold of our bitcoin because we never thought of holding as it is of less value then, such could have been the most painful decision made by us, considering the value of bitcoin today.

[IceLincoln]

Sincerely my answer is no, at 2010 my knowledge of digital currency and assets was little to none and I no sure say I for trust am to invest big or even the least cos I for still Dey doubt am and at the time my income sef no much to let me invest.
A lot of people been hear of bitcoin when e com out and that time dem too disregard am but if to say dem follow up some later buy am and some sell before this all time high now.
Some people were lucky to witness the early stage and hold on till date or 100x or more.

[CryptSafe]

My answer to this question is yes. I could remember as far back as 2008 when I ventured into the digital space in source for livelihood and digital knowledge. As at then I was still in the university and was trying to see how I could be financially free and responsible for myself. Then I encountered all these pay per mail and pay per click websites were you will be paid to perform some exercise and activities but all are fake. Then I had no knowledge about it to be fake but there was one I did back then which I was able to sell some token and made a little money from it but one day something happened, my system got hacked and I lost so many things and log in details. After that experience , I stopped anything online and funny enough it was the following year Bitcoin was discovered which means if I hadn't given up maybe I would have been lucky enough to be amongst the first set's of individuals who would have gotten or mined Bitcoin only God knows. I could have been able to hold tight till the price appreciates very much higher before I take profit.

[Jamestown70]

The fact here is, as at then you’re not certain of Bitcoin reaching the hight it had ascertained now so there’s every possibility that even if you’ve by passed all the limitations to acquire bitcoin once it has hit 2x to 4x since you couldn’t predict the future after that, there’s no assurance that you would still be holding up till this day. But lets assume I was able to accumulate bitcoin as at that time, the best approach would have been accumulating bit by bit as financial capacity can accommodate , which is now known as DCA method now. But then, we still have have the opportunity at our finger tips now and even in more easier and approachable phase, cause in the next 8-10 years or thereabout some person will still ask the same question you’re asking now, so it’s better to utilize the opportunity before you to the max, instead of thinking of the past that you probably had no idea about.

[ScienceStudent]

Your topic should have rather be... if you invested in bitcoin in 2010 would you really have been a millionaire? because you can know about bitcoin then and still not invest just like many others who knew about bitcoin then but didn't invest because they thought it was a scam coin not knowing that it will grow to this extent.

Anyways i will speak for myself, if i invested in bitcoin since 2010 i may not have hodl till today but i would have definitely hodl up to a decade which is 2020 and the price of bitcoin then was $29,000 which is not a bad price for someone who invested in 2010 when the highest price was $0.30. The price was worth nothing as at 2010 so i don't think any reasonable person will worry much about selling off before the price started showing major uptrend. I am someone that have perseverance so i can endure till i see a reasonable profit in my investment.

[sokani]

Even some pipo wey get to know Bitcoin around 2013 or 2014, still sell their bitcoin because dem no know about am and some of dem believe say nah scam. So even if some of us here know about Bitcoin as early as 2010, I no sure say the person for still hold the coin till date. The person go most likely sell am after a few years because Bitcoin no get value and e no dey popular. Nah around 2017 wey the interest in Bitcoin come increase well well.

[Uhwuchukwu53]

The issue there is most person who even mined Bitcoin Lost their Bitcoin as result of not knowing what the future holds, one thing is to have possession of thing another that follows is your endurance to hold it for future. A close friend show me the Bitcoin he has in time last but guess what happened he used them to run some ponzi game, reason been that he lack what the future holds over what he was holding or in possession with. Those who have the foresight about it can boldly come out millionaire without doubt if they truly endures and keeps investing till dates.