Getting rich off Bitcoin is impossible for the majority

[bitcoindusts]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

If you are talking about get rich quick, then yes it is impossible but if we are talking about a decade of holdings, then as long as Bitcoin trends upward, it is still possible.

I believe that being of service is what will get anyone rich, if I am wrong why are your favourite Crypto YouTubers wanting to make videos every day to get paid by YouTube service?

This makes sense and the most possible route to get rich in Bitcoin.  Integration of Bitcoin into their service, creating videos and articles about Bitcoin can make the person rich. Imagine millions of customer to avail for the service daily if your service become popular.  Even with just a cent as service fee, with millions of people using the service everyday, there is no doubt being millionaire is just around the corner.

You think I am wrong? Then tell me how I can better my life using Bitcoin with $50 monthly salary, there are millions of people like me in my country earning this same amount.

No, you are not wrong, what you said makes sense.  With a mere $50 monthly salary, using your skill to create apps or services or be a popular influencer using BTC as your topic can make you millionaire but using 40% that $50 monthly to buy Bitcoin won't get you near millions in a cycle (4 years).

[uchegod-21]

For people who think like the op of this  thread, it will do you alot of good if you do not get your hopes high by expecting to get rich overnight with bitcoin. The best way to approach bitcoin is to consider it a suitable savings plan where you lock in your earnings for a reasonable duration of time, specifically for years. There is no way you will not get a significant amount of profits capable of making you rich if you are consistent and manage the profit well.

You should also know that, bitcoin alone may not make you rich, diversification will. When you get your profits from investing in bitcoin, you can invest the profits in other kinds of investments that will bring you consistent returns so you do not have to rely on bitcoin alone. Bitcoin is not a get-rich-quick investment.

[Lida93]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

It is certainly possible to become rich by investing in Bitcoin, because if you invest for a short period of time, then there is a possibility of only a small profit. But you have to invest in Bitcoin for a long period of time, then only then you will be guaranteed to become rich, now if you dream of becoming rich by investing a small amount of money in Bitcoin, then this will be a false dream.
You have to invest half here and invest as much money as you can become rich by investing and hold it for the future, you will be able to profit more than the amount of money you invest.

I don't really know but am not sure the the main reason for creating bitcoin was to make people rich as we have always given emphasis on that aspect more than any other. I think it's much well thought if we see bitcoin investment as not only a means to make money to become rich but a means to save our money from losing value in the future due to inflation that have continued to collapse the value of fiat money every year. Bitcoin doesn't just give profit for investment but also sustain as store of value

[Findingnemo]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

You are just contradicting what you are saying, profit making is possible but getting rich isn't? Doesn't make sense.

I believe that being of service is what will get anyone rich, if I am wrong why are your favourite Crypto YouTubers wanting to make videos every day to get paid by YouTube service?

And I believe bitcoin isn't the only way to get rich so they are doing content creation or selling nudes or whatever they can still make money.

High skills is sure to get you there than expecting to get rich with Bitcoin, today getting rich with Bitcoin is almost impossible for people like myself, because how much I earned every month as salary, getting rich out of Bitcoin investment today suits already rich people more not strugglers...

You think I am wrong? Then tell me how I can better my life using Bitcoin with $50 monthly salary, there are millions of people like me in my country earning this same amount.

You need to learn more about wealth creation, it is not about how much you are making but how much you are investing, so there can be millions of people making $50 but how many of them can use that to buy bitcoin, and imagine someone did that a decade ago then probably they will be having atleast few hundred bitcoins and if they did the same thing in 2011 then probably few million bitoins.

[HONDACD125]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

I believe that being of service is what will get anyone rich, if I am wrong why are your favourite Crypto YouTubers wanting to make videos every day to get paid by YouTube service?

High skills is sure to get you there than expecting to get rich with Bitcoin, today getting rich with Bitcoin is almost impossible for people like myself, because how much I earned every month as salary, getting rich out of Bitcoin investment today suits already rich people more not strugglers...

You think I am wrong? Then tell me how I can better my life using Bitcoin with $50 monthly salary, there are millions of people like me in my country earning this same amount.

Even though the main point of your thread is correct, which is that one cannot become rich by making investments in Bitcoin anymore, but the way you explained it is probably not the main reason for this, so I would like to explain in my way the reason why it is not possible to get rich by making investments in Bitcoin.

So we all know that the price of Bitcoin is above $80k right now, which means that for someone to make 5x on their investment on Bitcoin if they buy right now, its price will have to reach $400k, and for 10x, it has to reach $800k. So, if they are investing $1,000 in it, they are going to get $10,000 when Bitcoin reaches $800k, and we know how many cycles that is going to take for Bitcoin to finally reach that point. Besides, someone who can afford to invest $1,000 would obviously not get rich by getting $9,000 on top of that, it will only be very good profit.

This is why, it is not possible for current investors of Bitcoin to become rich through their Bitcoin investments.

[Davidvictorson]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

I believe that being of service is what will get anyone rich, if I am wrong why are your favourite Crypto YouTubers wanting to make videos every day to get paid by YouTube service?

High skills is sure to get you there than expecting to get rich with Bitcoin, today getting rich with Bitcoin is almost impossible for people like myself, because how much I earned every month as salary, getting rich out of Bitcoin investment today suits already rich people more not strugglers...

You think I am wrong? Then tell me how I can better my life using Bitcoin with $50 monthly salary, there are millions of people like me in my country earning this same amount.

Personally I invest in bitcoin because it is a store of value for me. It has saved me from the woes of inflation. I don’t look at bitcoin for the standpoint of making generational wealth, it was back in the days when bitcoin prices where 10x with just a little investment that it was possible right now, not so much. And yes, to get rich off bitcoin requires additional skills and services offers to people within and outside of the bitcoin community.

[OgNasty]

The problem people have with understanding Bitcoin is that they think of it like it is a profit tool.  It isn't.  It is a savings tool.  So you don't get rich off Bitcoin.  You earn money and enjoy a higher savings rate by saving in Bitcoin.  Sure, over time this may make you rich, but it would be the result of your earnings and saving in Bitcoin.  Instead of focusing on trying to trade your way to riches, focus on becoming a person of value and fix problems.  Then you will be well compensated and can save in Bitcoin for the long run.  Trading and trying to make millions only enriches the exchanges.

[JoyMarsha]

Bitcoin didn't promise anyone a generation of wealth, nor did it promise anyone profits. We are having such reasoning because of what we have learned about Bitcoin over time that we stand to gain profits if we choose to hodl Bitcoin longer. But that's not the core reason behind Bitcoin's creation by Satoshi in the first place.

The core reason was to cut off the middleman from our daily transactions(banks), use Bitcoin as another means of payment, use Bitcoin as a hedge against inflation, and use Bitcoin as a digital asset.

The profit-making wasn't in Satoshi's white paper about Bitcoin in 2008. The profits to make are an individual thing, and it is based on the amount each of us invested.

[purple_sparkles]

Bitcoin didn't promise anyone a generation of wealth, nor did it promise anyone profits. We are having such reasoning because of what we have learned about Bitcoin over time that we stand to gain profits if we choose to hodl Bitcoin longer. But that's not the core reason behind Bitcoin's creation by Satoshi in the first place.

The core reason was to cut off the middleman from our daily transactions(banks), use Bitcoin as another means of payment, use Bitcoin as a hedge against inflation, and use Bitcoin as a digital asset.

The profit-making wasn't in Satoshi's white paper about Bitcoin in 2008. The profits to make are an individual thing, and it is based on the amount each of us invested.

I think that time sets its own rules, and the opportunities we have with bitcoin are a valuable bonus that wasn’t originally outlined in the white paper. I believe starting your investment journey with bitcoin is a good option, and it can potentially be a strong source of profit in the long term. Even if your initial investment is small, it doesn’t mean that with proper financial management you won’t be able to build significant wealth over time.

[GeorgeJohn]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

From the profit you make in bitcoin you can equally get rich from it...getting rich from bitcoin depends on the how much you invested and how much you profited...

I believe that being of service is what will get anyone rich, if I am wrong why are your favourite Crypto YouTubers wanting to make videos every day to get paid by YouTube service?

Base on this indication, everyone is not pursuing the same thing...they're people who make money through faceless content on YouTube and they're people who do not make because they don't know the procedures....

[LGD2Business]

If you invest regularly and wait at least 20 years, you could get rich from Bitcoin. Other than that, it's hard to get rich. You can make a profit, but getting rich is a whole different story. You also mentioned you have an income of only $50 a month. That's nothing. At least for most of the world. The best thing you can do is try to increase your income and set aside as much of that money as possible to buy more Bitcoin.

[Hamza2424]

You think I am wrong? Then tell me how I can better my life using Bitcoin with $50 monthly salary, there are millions of people like me in my country earning this same amount.

You are not wrong, bro, but you are not quite right either. Look, bro, you want to be rich, but in order to be rich, you have to increase your monthly salary. You can only do that by working harder part-time, finding other high-paying jobs, or trading in Bitcoin to start making more money. It does not matter how much you earn at the start because, with time, you will learn and you can earn more.

Rich people were not rich from day one, and they did not become rich in one day. There is a difference, and the difference is that there is always a "day one" for someone. Your day will come too, but for that, you have to be at day one, meaning you have to start your days with work and effort. Put it somewhere, bro. It is not necessary to be in Bitcoin, but if you want it to be, then you can make money day by day and become rich.

[bhadz]

The advantage of the early investors can't be compared anymore to the recent ones. Those who became rich with Bitcoin took them years before they've sold and enjoyed their money. People still think that they're the only ones who will become successful in this asset. It's a wrong thinking, each investment has those early investors who became patient and probably did a lot of things just to avoid selling off their holdings. So, you are wrong in so many aspect thinking that you'll not be rich in Bitcoin because if you are having a mindset like that. It also means that whatever you'd do, you'll never become prosperous with it. You can't be rich by putting the lowest risk that you can ever be. The richest have took the biggest risk of their lives.

[Synchronice]

I'll tell you why getting rich off Bitcoin is impossible for the majority. Bitcoin's market cap was lower in early years and those who held it for years, were the ones who won the game. Today, the market cap is too enriched, it costs more than a trillion dollar. Today, you can't invest in Bitcoin and expect enormous profit, so it's only for rich ones. For rich people, even 20% profit can be a huge success but for poor people, with a few hundred bucks, it will change nothing.

[el kaka22]

Obviously it is wrong, otherwise why are we even investing? Why do people still invest? Yes it is still profitable and you can still get rich with it. I mean if you really do want to then you can always make as much money as you can, but it is not going to be as easy as it used to be.

There are a lot of things that we need to realize that we can't really make this work for the better, it's just not worth it, we should be careful about it on the long run because you can't just buy and forget anymore, you need to consistently put in, and never take out for as long as you can, before you become rich.

[mcdouglasx]

getting rich out of Bitcoin investment today suits already rich people more not strugglers...

The profit in Bitcoin is currently proportional to your investment. It's not like before when you mined thousands of BTC and held onto them until you became rich. Now you buy BTC so that in the future you can generate a profit commensurate with it, possibly higher than the interest you would get from banks. However, you can learn to code and develop a project based on Bitcoin or other cryptocurrencies that, with luck, becomes popular and allows you to become rich. Becoming rich overnight requires effort and luck, but that's not all, because then you have to keep that wealth afloat.

[Miles2006]

This discussion has been for long and it will not stop any time soon, no doubt people still think in this manner whereby bitcoin is seen as a get rich quick scheme yet people end up losing out along the line because they fail to hold for the long run.
Seeking quick profit from bitcoin is impossible and I must agree with op concerning the money spent on buying bitcoin and viewing the size of salary earn how can bitcoin provide quick profit immediately, Definitely bitcoin is a profitable investment which allow investors to plan properly during the long run although investors take out profit due to the target after a good portfolio.

[Odusko]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

It is certainly possible to become rich by investing in Bitcoin, because if you invest for a short period of time, then there is a possibility of only a small profit. But you have to invest in Bitcoin for a long period of time, then only then you will be guaranteed to become rich, now if you dream of becoming rich by investing a small amount of money in Bitcoin, then this will be a false dream.
You have to invest half here and invest as much money as you can become rich by investing and hold it for the future, you will be able to profit more than the amount of money you invest.

I don't really know but am not sure the the main reason for creating bitcoin was to make people rich as we have always given emphasis on that aspect more than any other. I think it's much well thought if we see bitcoin investment as not only a means to make money to become rich but a means to save our money from losing value in the future due to inflation that have continued to collapse the value of fiat money every year. Bitcoin doesn't just give profit for investment but also sustain as store of value

Bitcoin is a financial tool that give more freedom than it gives profits, but some make Bitcoin sound as if it is some Money printing scheme that gives you x amount profits within a short period of time, some of them forgetting tht steps that is required of an investor to actually arrive at that profit position instead just wishing that everything plays out as quick as possible as they thought,. Some of these set of people sees Bitcoin as too expensive and then jump on the few altcoins that make their matter worse compared it they have sticked with Bitcoin.

[Myleschetty]

Making Profit is the only thing that I can guarantee anyone who is investing in Bitcoin today, but getting rich by buying Bitcoin? I don't think that's completely true.

I believe that being of service is what will get anyone rich, if I am wrong why are your favourite Crypto YouTubers wanting to make videos every day to get paid by YouTube service?

Depending on how well you comprehend the four-year cycle of the Bitcoin market, your capital, the DCA investment method, how disciplined you are to hold for a long time, and how you use your knowledge of BTC to make money, investing and purchasing Bitcoin can make you wealthy. Not everyone will be a YouTuber or an influencer, but if you can earn extra money and use DCA in the long run, you're good.
 

High skills is sure to get you there than expecting to get rich with Bitcoin, today getting rich with Bitcoin is almost impossible for people like myself, because how much I earned every month as salary, getting rich out of Bitcoin investment today suits already rich people more not strugglers...

You think I am wrong? Then tell me how I can better my life using Bitcoin with $50 monthly salary, there are millions of people like me in my country earning this same amount.

I think your desire to purchase a significant amount of Bitcoin all at once is the disadvantage you have. People who are struggling can still become wealthy with Bitcoin if they reduce their expenses.
Like you using $10 of the fund to accumulate a portion of the BTC while spending $5 to $10 on learning a new skill that will boost their income later on.

[aoluain]

getting rich out of Bitcoin investment today suits already rich people more not strugglers...

The profit in Bitcoin is currently proportional to your investment.

Correct, I'm not sure that some people realise this.

a 25% rise in Bitcoins market price is 25% for everyone, not a select few and its all relative.

Person 1. 12 months of putting $50 into Bitcoin gets you $600, 25% is $150, hardly a life changing
amount of profit.

Person 2. 12 months of putting $1000 into Bitcoin will yield a profit of $3000, thats equivalent to
5 years worth of saving for Person 1.

The dats of getting rich from Bitcoin are gone for the majority. But everyone should ask themselves,
whats a better alternative? Answer: there is none.

getting rich out of Bitcoin investment today suits already rich people more not strugglers...

. It's not like before when you mined thousands of BTC and held onto them until you became rich.

Or when they were been given away in the 100's for free!