Getting rich off Bitcoin is impossible for the majority

[Kelvinid]

Do not expect to get rich with bitcoin if you just stay buying on your safe zone. You have to take some risk and maximize bitcoin in your portfolio so that when bitcoin price goes to the moon, you will also gain an excellent amount of rewards.

And consistency plays a big role when aiming to get rich. You have to stick on your plan and be a consistent investor as long as you can.

[CryptoYar]

[...]

It is consistency that is Superpower here, yet it only works if you have Mental Fortitude. Most people stick to their plan when price rises, but when 20% correction occurs they abandon their plan. Objective should not be simply to get rich, it should be to be Antifragile, to have portfolio big enough to matter but, one small enough to be kept in check by logic. In dull sideways runs, if you do not ramp up risk, you will not experience Moon returns you are striving for.

[Taskford]

[...]

It is consistency that is Superpower here, yet it only works if you have Mental Fortitude. Most people stick to their plan when price rises, but when 20% correction occurs they abandon their plan. Objective should not be simply to get rich, it should be to be Antifragile, to have portfolio big enough to matter but, one small enough to be kept in check by logic. In dull sideways runs, if you do not ramp up risk, you will not experience Moon returns you are striving for.

People don't have same level of patience since not everyone can deal with Bitcoin consistently for long term. One big factor on why they can't buy and hold it for long term is because they have financial problems. Its hard to be consistent if we are in that state, that's why people usually  settle up buying Bitcoin then just sold it when they see a good pump came.

Although yeah we all know that action is not sustainable. But who knows maybe in future situation change and those people does not have capability to buy now will have some life changing gains from past actions they have done, then they could able to buy and hold Bitcoin.

[Zlantann]

The fact that Bitcoin has appreciated in value over the years does not mean someone cannot be rich if they buy now. The thing is, the amount you have in mind is just too small. $50 on a monthly basis will not get you there. If you want to be rich, you will have to up your investment. $500 on a monthly basis is a good start, and if you can hold on for up to 10 - 15 years, that should be a whole lot of money.

You might have missed the point. The Op didn't say he wants to invest $50 monethly. His monthly salary is $50, so we don't know how much would be left after his monthly expenses. Maybe the OP would have to wait for more decades to make more profit.

Do not expect to get rich with bitcoin if you just stay buying on your safe zone. You have to take some risk and maximize bitcoin in your portfolio so that when bitcoin price goes to the moon, you will also gain an excellent amount of rewards.

And consistency plays a big role when aiming to get rich. You have to stick on your plan and be a consistent investor as long as you can.

They told us that they earn $50 per month, so they don't have much to risk. You would not expect them to go hungry for an entire month because they want to invest in Bitcoin. People who don't have much should focus on seeking alternative jobs to boost their monthly revenue.

[Hewlet]

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...

Of cause, we have to understand what bitcoin is and it place in creating wealth and also understand the place of other services that are tide down to bitcoin that can be leveraged on which can also help one gain a lot of financial benefit while staying invested in bitcoin. You can benefit from bitcoin by investing in it but in addition to that, you can also get funds from other sources like blogging on bitcoin, you tubing focusing on the technicals of bitcoin and the likes.

All of these can be done in addition to buying of bitcoin and buying of bitcoin does not in any way suggest that you should shy away from selling out your knowledge for a reasonable amount. There's already this fact which is that you need money to get money and for bitcoin, before you can even benefit from it, you need an high amount of money which an average poor person is destitute of.

[michellee]

I know maybe that is hard to do but I believes if there is a will, there is a way to do. We will search for more opportunities or part time jobs so we have earn more money and use it to invest in Bitcoin.

No easy way to make money or profit but we can learn from many ways. Someone who lack of everything can change his life slowly if he have strong will and no wasting time he will do because he wants to change his life with Bitcoin.

Bitcoin is not a way to get rich but Bitcoin offers to anyone who wants to have a new investment type but Bitcoin can gives you profit if you investing with right but you must learn.

[knowngunman]

Despite the fact that Bitcoin has the potential to make one profit from investing in it, it's still not mandatory that everyone has to invest in it because it's a risky, volatile coin and when one who earns like you do and doesn't have another stream of income, it's not advisable because what about the bills you have to pay, how will you cope with that?
Bitcoin investment isn't just for the rich, it's for those who have the risk tolerance and can do it with money they can afford to lose so in your case, doing that is setting yourself up for big challenges you're not ready to face.

Op can still invest in Bitcoin if he plan very well but of course, it'll take him longer time to accommodate a reasonable amount of coins that will worth something reasonable. If you're interested to invest, it doesn't matter how much you invest, it can be little, it can be much depending on your financial strength. What matters the most is to ensure that what you're investing is definitely what you can afford to lose.

Op, your topic sounds somehow and it's contrary to what your thread contains. I think it suppose to read "getting rich through bitcoin is impossible for the majority" because it align more with the content of your thread. Bitcoin can only make you more richer if you're already rich because the bigger your investment, the bigger profit you'll expect but that comes with bigger risk too.

[Lida93]

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.

Well, not many think of it as a financial tool but just as a means to make profit and quickly swap it to fiat to avoid volatility causing the price to fall from current range. Bitcoin has many use cases that solves real life problems but the profit aspect has being a major drivers for the most x number of the people that are into bitcoin today both retail and institutions adoptors.
Bitcoin would continue to be expensive to anyone who sees it so, because the price you meet it today would not be same in next couple of years.

[sfjordhalvson]

I know maybe that is hard to do but I believes if there is a will, there is a way to do. We will search for more opportunities or part time jobs so we have earn more money and use it to invest in Bitcoin.

No easy way to make money or profit but we can learn from many ways. Someone who lack of everything can change his life slowly if he have strong will and no wasting time he will do because he wants to change his life with Bitcoin.

Bitcoin is not a way to get rich but Bitcoin offers to anyone who wants to have a new investment type but Bitcoin can gives you profit if you investing with right but you must learn.

bitcoin is not some magic way to get rich fast, but it can help people slowly improve their future if they stay patient and keep learning. Not eveyrone starts with a lot of money. Some people just invest little by little from extra work or savings over time. Strong mindset and consistency matter more than trying to get rich quickly. Bitcoin is more like a long term opportunity, not an instant success button.

[Promocodeudo]

Do not expect to get rich with bitcoin if you just stay buying on your safe zone. You have to take some risk and maximize bitcoin in your portfolio so that when bitcoin price goes to the moon, you will also gain an excellent amount of rewards.

And consistency plays a big role when aiming to get rich. You have to stick on your plan and be a consistent investor as long as you can.

I think it is about consistency, buying on a regular with your discreationary income is a good aproach as thats what you can afford at that time, as a serious Bitcoin investor buying within your buy does not stop you from buying in lump sum, it depends on dedicated and determined you are, A long-term hodler can swim into profit as he continues to invest, for someone who's aiming high in Bitcoin, buying aggressively and lump suming helps a lot, the size of your portfolio determines how much reward you will get in the future and to me it is is not about how much you started with but how much you were able to accumulate overtime, with combination of Bitcoin accumulation strategy rightfully applied we can acatulize our dreams in Bitcoin investment.

[snowpega]

I think it is about consistency, buying on a regular with your discreationary income is a good aproach as thats what you can afford at that time, as a serious Bitcoin investor buying within your buy does not stop you from buying in lump sum, it depends on dedicated and determined you are, A long-term hodler can swim into profit as he continues to invest, for someone who's aiming high in Bitcoin, buying aggressively and lump suming helps a lot, the size of your portfolio determines how much reward you will get in the future and to me it is is not about how much you started with but how much you were able to accumulate overtime, with combination of Bitcoin accumulation strategy rightfully applied we can acatulize our dreams in Bitcoin investment.

You are emphasizing a message in a very good way while explaining the member in deep but I think you should also tell him/her the strategy name. And after reading your post, I get the idea that you are talking about the DCA strategy. Which is the best approach of investing in Bitcoin for a long-term holder. And this really helps the investors to keep buying and accumulating more and more at different price ranges for the best profit at the end of the day. At the same time if we talk about lump sum stratgy then it is also depend on one mindset and goals.

I think lump sum strategy suits more better for such kind of people who have big money and care less about the price tag and tracking the bitcoin price after time to time so that they can buy more in case if market makes any correction. So those who follow the lump sum strategy jsut enter the matrket at once and wait for the target point to hit so that they can then exit the market after booking thier profit. But still i think DCA is the best approcah.

[BitBrainers]

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.

Bitcoin is not a get-rich-quick scheme. It's a don't-get-poor-slowly scheme. There's still a lot of upside, but for someone who just sits on 5 thousand dollars, it's not going to change his life. What this person must do is look how to increase his cashflow, so he can buy more overtime.

It's really a cashflow problem. How to grow your money once you have it is a solved problem. Just buy bitcoin and forget. The primary problem in the modern world is to have a successfully operating business that generates good cashflow.

This is the most honest framing in this thread. Bitcoin is not a cashflow generator, it is a cashflow preserver. The real problem is income generation, and Bitcoin does not solve that. What it does solve is the slow theft of purchasing power that happens while you figure out the income problem. Those are two completely separate problems and most people confuse them.

[ndutndut]

Do not expect to get rich with bitcoin if you just stay buying on your safe zone. You have to take some risk and maximize bitcoin in your portfolio so that when bitcoin price goes to the moon, you will also gain an excellent amount of rewards.

And consistency plays a big role when aiming to get rich. You have to stick on your plan and be a consistent investor as long as you can.

Absolutely. Don't expect to get rich with Bitcoin let alone get rich quick. On the other hand Bitcoin can also make you rich especially if you are willing to step out of your comfort zone and take risks responsibly. So, we really need to have a healthy mindset about Bitcoin.

Because there's no such thing as getting rich quick. Perhaps there were some people who got rich quick from Bitcoin, but those were those who got in very early in 2010-2013 and took crazy risks. But right now it's very difficult to get rich quickly from Bitcoin. You need patience because with patience you will get rich.

What I mean is that Bitcoin can make you rich slowly because it's an asset with strong long-term fundamentals. So, a sensible strategy to achieve that wealth is to use DCA and HODL for the long term. Essentially, Bitcoin isn't a get rich quick scheme, but one of the best assets in the current digital era. While the risks are high, the potential for profit is also quite large if you're patient.

[Rubuchi]

Do not expect to get rich with bitcoin if you just stay buying on your safe zone. You have to take some risk and maximize bitcoin in your portfolio so that when bitcoin price goes to the moon, you will also gain an excellent amount of rewards.

And consistency plays a big role when aiming to get rich. You have to stick on your plan and be a consistent investor as long as you can.

I think it is not just all about taking risks because some risks are too dangerous and unethical. If you want to take risk in bitcoin or crypto in general you have to ensure that such risk is a calculated one and not just some random risks which will cause you more troubles. If you want to gain big profits in bitcoin you have to stay at alert and keep your consistency tight. If it does not pay today, have it at the back of your mind it will pay tomorrow and continue accumulating. Also have a long term strategy and have a winner’s mindset which also means a positive mindset. Bitcoin is not difficult to get rich but it is only easy for those who are patient and willing to stay longer in their investments while having a very close look out on the market.

[CryptoHeadlineNews]

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.

Gone are the days when you can just invest less than a dollar in Bitcoin and get 1000x to 5000x profits in 10-15years after investing in it just like the people who invested back then in 2010 till 2013. And because of that, it still doesn't mean you can't get rich after investing in it, but what matters is the timeframe through which you will get rich through it. Because before you will be able to get rich by investing a small amount can take you from 20years to 50years of holding it steadfastly. Hence, it's advisable you don't invest in Bitcoin with the intention of getting rich,, but with the intention of being in control over our asset.

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?

Being in the opportunity where you can offer value, services or products in exchange for money is the only way to get rich. And what these crypto YouTubers does is offer value through their respective content, of which they earn a reward through Google ads. And for the fact that they are rich is enough reason for them to stop creating content. Because we humans have an insatiable needs, and because of that, even the richest man in the world @Elon Musk still looks for money and service services that generate him money everyday.

[Mate2237]

Bitcoin is just like any other business were you put money and expect profit on the long run, you should know that every business takes times before it can transcend from the realms of making profit to actually making one rich. Bitcoin can make you rich but on a Long term basis not something that you can cash out immediately.One can continue to accumulate Bitcoin and wait for the Long term when the bull run starts to cash out big there are actually people who has become rich through Bitcoin accumulation.



But the problem is that you don't expect to use $50 to accumulate Bitcoin and expect to become rich, when it comes to Bitcoin investment the amount used in accumulation matters because That will determine your profit on the long run.

[serjent05]

Do not expect to get rich with bitcoin if you just stay buying on your safe zone. You have to take some risk and maximize bitcoin in your portfolio so that when bitcoin price goes to the moon, you will also gain an excellent amount of rewards.

I agree, if a person go all in today and wait for 3 decades before he cash out, probably he will end up a millionaire.  That is enough to make him rich, IMO.  Just imagine the amount the person will invest in Bitcoin if he goes all in, investing in Bitcoin in every possible way he can.  High risk, high reward.  With Bitcoin as its price history, this high investment maybe won't have that high risk.

And consistency plays a big role when aiming to get rich. You have to stick on your plan and be a consistent investor as long as you can.

True, one example is DCA-ing in constant interval no matter what the price is.  Slowly accumulating Bitcoin and hodl it for a long time, enough to give the person a 3-digit multiplier of his investment. (Decades of DCA-ing and holding)

[Patikno]

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.

There is no need to be discouraged right now, and there is no need to rush into investing in Bitcoin. You can start increasing your income, whether by improving your skills to earn extra income, or by pursuing side hustles with various available job opportunities. So, when you earn more (additional) income, you can set aside a portion of it, to save, or invest in Bitcoin.

Do you think all wealthy people didn't struggle to become wealthy? No, in fact, many wealthy people started from the lowest point, then struggled by investing their time and energy to become wealthy. Furthermore, many of them who already be wealthy people; are still seeking sources of income to further enrich themselves, including actively working. The point is, you should also consider the many wealthy people who are still willing to dedicate significant time to generating income, and they don't rely solely on passive income.

So, the question is; are you ready? or, do you have a strong intention?

[macson]

I think anyone who promises you'll get rich investing in Bitcoin is an influencer selling trading classes or referral links. Anyone who thinks they'll get rich instantly will only be disappointed in the end, as they won't get rich even if they invest their $100 USD savings in Bitcoin today.

Investing in Bitcoin isn't about getting rich instantly. It's a long-term progression, where you invest regularly with money you've set aside with the goal of earning a return in the future.

If you want to change your life, then what you have to do is increase your knowledge and then look for opportunities that can provide you with a better income. That's the only way that makes more sense than constantly blaming circumstances.

[GeorgeJohn]

Despite the fact that Bitcoin has the potential to make one profit from investing in it, it's still not mandatory that everyone has to invest in it because it's a risky,

Everyone don't need to invest in bitcoin, but know that bitcoin investment doesn't have a barrier to people that will invest on it, the thing is that many people misunderstood bitcoin investment...some motive to invest in bitcoin is for them to be rich or make quick money..whereas bitcoin wasn't meant for such...

If we understand the reason why bitcoin were introduced, most of us will not be seeing bitcoin as means of enriching ourselves...Bitcoin were created as a digital currency or currency for transactions purposes, such as exchange of goods and services...