Getting rich off Bitcoin is impossible for the majority

[m2017]

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.

Yes, I agree that these aren't the glorious times when everyone accidentally invested in bitcoin (and then accidentally forgot about it for years) and became rich. But believe me, even making a profit from investing in bitcoin is still quite good.

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?

I wouldn't put it in that order, because bloggers primarily pursue profit, and only then can it be considered "service" to people. There's far less altruism in this world than they advertise.

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...

In fact, success and wealth have always been achieved through hard work, luck, and consistency (systematic approach). It's just that bitcoin has ceased to be the "magic wand" that allowed you to relatively easily and quickly turn your life into the color of dollars.

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.

To improve your life, need to improve your life , not try to cheat using bitcoin.

To improve your life, you need to analyze it, first, your capabilities, prospects, and options for upgrading and training, so you can sell your skills for a higher price. 

[SuperBitMan]

If $50 is your take-home pay after other expenses, it wouldn’t be a bad idea to put it into Bitcoin. For me, a monthly salary of $50 isn’t enough to set aside for investment.

No one earning a monthly salary of $50 should even consider buying bitcoin.

The first priority should be increasing your income and building financial stability. Only after you can comfortably cover everyday living expenses and put some savings aside should you start thinking about investing in bitcoin or any other similar assets.

I don't think if this is true because the most important thing is if they have discretionary income to invest into bitcoin investment. Anyone that earning $50 as a salary can still buy bitcoin provided they have the discretionary income to do so
 Like they can get a bonus from work or even an extra cash as a gift from Friends. So if they decide to use this money to buy bitcoin I don't think if it is a bad idea.

If someone wants, they can invest in Bitcoin with their extra income or money from any field, but the most effective initiative is to invest regularly from their discretionary income. If the investor follows the DCA strategy and continues to accumulate Bitcoin in the long term, then he will be able to benefit the most. Those who think that they have to increase their income before starting Bitcoin investment are rather wrong in their concept. When investing in Bitcoin, it should be remembered that he can invest with a part of his discretionary income, no matter what the amount. If the investor can increase his income in the future, he can also invest aggressively or add that extra money to regular DCA. When investing in Bitcoin, he should invest as soon as possible without delay.

Yeah you are right, when you are investing in bitcoin you use only want you have to invest, if your discretionary income is $20 that is what you should be using to accumulate or invest in bitcoin and if it is below $20, that is what you will only use, don’t go above your discretionary income, don’t feel that your discretionary income is to low, if you can be consistent in using your small discretionary income to invest or accumulate bitcoin you will become successful, the most important thing in bitcoin investment is consistency and patience if you have this two qualities you will succeed in bitcoin investment, high discretionary income is useless in bitcoin investment when it’s not being used to accumulate regularly but low discretionary income is useful when it’s used to accumulate regularly.

[Queen uloma]

I could remember those days when someone buys bitcoin with little amount and still become  millionaire overnight. due to because the price was very low then, but currently now bitcoin has up graded from that level. So for someone who receive $50 every month, can not be rich by investing small amounts of money. But one thing bitcoin always do up till date, is that it still helps to grow small wealth over night and it still helps to improve a person’s financial condition. Majority of all this crypto influencers are content creators and they also market  products online which they’re paid hugely for that. Bitcoin isn’t a means of coming out of poverty but it can help to improve a person’s life.

[Just Say]

Anyone that earning $50 as a salary can still buy bitcoin provided they have the discretionary income to do so
 Like they can get a bonus from work or even an extra cash as a gift from Friends. So if they decide to use this money to buy bitcoin I don't think if it is a bad idea.

Why do you think that someone who is earning $50 salary can have a discretionary income? Let's be realistic and stop talking as if we don't know how the economy is now. Regardless of the bonuses you receive at your work place it won't be enough to take care of your needs and have a discretionary income from it. Someone who is earning $50 should find another source of income to alternate with his main source of income, then he can have discretionary income to invest with.

If a person has an monthly income of $50, then it is a difficult path for him to generate discretionary income because with such a financial situation or this amount of money, even basic needs may not be met properly and meeting family needs with such a poor middle class income is not conducive. Besides we have received advice from experienced and various Bitcoin whales that one can buy fractional amounts of BTC i.e. a few thousand satoshis and start with limited capital but this advice does not imply that a person earning $50 a month can actively invest without facing any obstacles. Also I know that if someone can find another way to earn money in addition to their local currency income source, then their wealth will increase if they are disciplined in investing in Bitcoin over the long term.

[ChisomP]

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.

I believe getting rich depends on individuals, you maybe earning $50 and if you maybe get like x100 of that, you might just consider yourself rich, meanwhile, some other person will consider $5000 as average or sustainable. So it varies from person to person.
Getting rich have a lot to do with money management than anything else, someone can be earning same salary as you, and will end up being better than you financially in the long run. But when you talk about real financial wealth that will truly elevate your status in society, you certainly will need luck for that.

[uneng]

I could remember those days when someone buys bitcoin with little amount and still become  millionaire overnight. due to because the price was very low then, but currently now bitcoin has up graded from that level. So for someone who receive $50 every month, can not be rich by investing small amounts of money. But one thing bitcoin always do up till date, is that it still helps to grow small wealth over night and it still helps to improve a person’s financial condition. Majority of all this crypto influencers are content creators and they also market  products online which they’re paid hugely for that. Bitcoin isn’t a means of coming out of poverty but it can help to improve a person’s life.

Profitability is always proportional to the risks involved. More than a decade ago, the risks were higher, as Bitcoin was still at the beginning, with low adoptions and unknown perspectives about the future. As adoption increased, whales and institutional investors came into the play, the risks decreased and Bitcoin became more stable. At same time, profit margins from cycle to cycle also become more stable (although still highly profitable compared to investments in general).

It's not possible to make outstanding profit, but it's still possible to make very decent profit margins. In every cases, if it's still not interesting for the investor, he should be looking for a niche of financial market which has potential, but hasn't been explored yet, just like crypto enthusiasts did in the early years regards this industry.

[Franklyn-wood]

If $50 is your take-home pay after other expenses, it wouldn’t be a bad idea to put it into Bitcoin. For me, a monthly salary of $50 isn’t enough to set aside for investment.

No one earning a monthly salary of $50 should even consider buying bitcoin.

The first priority should be increasing your income and building financial stability. Only after you can comfortably cover everyday living expenses and put some savings aside should you start thinking about investing in bitcoin or any other similar assets.

$50 a month is very little, and in his mind, it’s not enough to even consider investing. It’s not even enough to buy the things he wants. The monthly amount mentioned is simply too small.

Life does revolve around basic necessities and other expenses like electricity and internet service. If there’s anything left over, it goes into savings.
If income is slightly higher—enough to cover daily expenses for a full month—only then does the idea of investing for the future come up.

The economic situation currently is alarming and highly discouraging, people are going through serious experience that they can't even explain to other. Many men in our region have to leave there families and travel to long distance in search of jobs that could help the with means of survival, which is not always enough for them to feed themselves not to talk of there families. So to be able to achieve this,they stay away from there families.
People in this category and weven with something worse that this can still participate in Bitcoin with a steady and uncompressed determination.

[fredericktaylor]

I could remember those days when someone buys bitcoin with little amount and still become  millionaire overnight. due to because the price was very low then, but currently now bitcoin has up graded from that level. So for someone who receive $50 every month, can not be rich by investing small amounts of money. But one thing bitcoin always do up till date, is that it still helps to grow small wealth over night and it still helps to improve a person’s financial condition. Majority of all this crypto influencers are content creators and they also market  products online which they’re paid hugely for that. Bitcoin isn’t a means of coming out of poverty but it can help to improve a person’s life.

Those who invested in Bitcoin at the beginning of their journey and confidently endured for a long time have achieved success. Their patience and confidence have played the biggest role in leading them to success. If you buy Bitcoin in small amounts consistently with the right knowledge and have a long-term plan and use the opportunities correctly with confidence during market volatility and wait patiently for better times in the future, success can come. Success does not come quickly, it takes a lot to endure, the price of Bitcoin is very volatile, so it is wise to be patient for the right time and not get disappointed quickly.

[Johnlomape]

I could remember those days when someone buys bitcoin with little amount and still become  millionaire overnight. due to because the price was very low then, but currently now bitcoin has up graded from that level. So for someone who receive $50 every month, can not be rich by investing small amounts of money. But one thing bitcoin always do up till date, is that it still helps to grow small wealth over night and it still helps to improve a person’s financial condition. Majority of all this crypto influencers are content creators and they also market  products online which they’re paid hugely for that. Bitcoin isn’t a means of coming out of poverty but it can help to improve a person’s life.

Those who invested in Bitcoin at the beginning of their journey and confidently endured for a long time have achieved success. Their patience and confidence have played the biggest role in leading them to success. If you buy Bitcoin in small amounts consistently with the right knowledge and have a long-term plan and use the opportunities correctly with confidence during market volatility and wait patiently for better times in the future, success can come. Success does not come quickly, it takes a lot to endure, the price of Bitcoin is very volatile, so it is wise to be patient for the right time and not get disappointed quickly.

Where the problem usually surface is when they have to hold after they have successfully bought enough Bitcoin hoping the price will shoot up to their favour quickly. Investors that decided to invest in Bitcoin due to the news they have been hearing about how they can be successful putting their money in Bitcoin are the people that join the market to make quick profits and leave before any bearish movement surfaces. Gathering adequate understanding about the market is what is going to help invetsors to know when to hold and when to expect bearish movement in the market.

[monetizator4]

Bitcoin's value has certainly shifted over the years. Back when prices were more accessible, smaller investments could lead to significant gains quickly. Now, $50/month might not transform into millions overnight, but it can still contribute positively to your financial health. Many people find small investments like that help them save and grow their wealth over time. Just be mindful of market volatility and consider a diversified portfolio

[Versatile_choice]

if you can be consistent in using your small discretionary income to invest or accumulate bitcoin you will become successful, the most important thing in bitcoin investment is consistency and patience if you have this two qualities you will succeed in bitcoin investment, high discretionary income is useless in bitcoin investment when it’s not being used to accumulate regularly but low discretionary income is useful when it’s used to accumulate regularly.

Being consistent with your investment does not give a guarantee of making profit from bitcoin investment rather it will only help you to achieve your investment goal on time but the profit aspect of it is what we are not sure of, because bitcoin is highly volatile. today you might see the price dropping and in the next minutes you will see it surging high again, but since the price has been increasing over the years then there's a chance of making profit if we Invest and HODL for Long term investment.

[Fivestar4everMVP]

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 am definitely tempted to agree with you, but on a second thought, I actually think it's possible to get rich investing in bitcoin but the thing it, it will take a really really long time..

Lets assume from your monthly salary of $50, you find of a way of investing $20 monthly on bitcoin, do this for 20 years (not realistic maybe, but can be realistic if you treat this as your retirement savings and do it consistently with tough determination), you would have saved $4,800 on your own, now add all the profit you would have made from bitcoin's price increase over the years, the price of bitcoin is currently around $77k, there is the possibility that in 20 years from now, the price of bitcoin may not be below $500k, you would have made money that even though you might not be considered super rich, but you are comfortable and can afford your basic needs easily

[iBaba]

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.

I don’t think you’re wrong at all. These days getting rich from bitcoin alone is much harder for average people especially when most of their income already goes into survival and bills even daily needs. That’s why many struggling people can not really relate to the idea of just buy bitcoin and get rich.

For me, I still believe that skills services and creating value is what truly builds wealth long term because bitcoin can help  protect and grow savings gradually but that consistency, skill and that ability to earn more income is still what changes peoples lives the most

[Popkon6]

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 should use the DCA method in Bitcoin to move forward with Bitcoin holdings in the future. If you hold Bitcoin investments only in the long term, the chances of profit are definitely higher and the risk is much reduced. In the current position, you earn $ 50 per month, from here you spend $ 30 for your family and the remaining $ 20 you buy Bitcoin and hold it for the future. If your source of income increases further in the future, you increase your investment amount, the only DCA method will be an effective method for you.
So if you can invest according to the Bitcoin DCA method for 12 to 15 years, then your portfolio will definitely be much larger. And your dream of becoming rich will come true.

[bricky2ndlife]

You should use the DCA method in Bitcoin to move forward with Bitcoin holdings in the future. If you hold Bitcoin investments only in the long term, the chances of profit are definitely higher and the risk is much reduced.

DCA is for long term accumulation and investment. This strategy is helpful for averaging your entry price in the market of your investment portfolio but increasing or decreasing risk of your investment, it truly depends on how you use this strategy, how you invest your money.

If you only purchase bitcoins with your own money, the DCA strategy is very helpful for decreasing risk of your investment capital.
However, if you use leverage, borrow money for purchasing bitcoin, a longer time and more purchases you make, I believe that the more risk you take for your investment capital. This practice this way only increasing risk for your initial capital and this investment strategy (with leverage) is not recommended.

[philipma1957]

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.

If you only earn 50 usd a month

I need to know what do you spend in a month as I need to know what is left for you at the end of the month .

5 dollars
10 dollars?

[Abiky]

Profitability is always proportional to the risks involved. More than a decade ago, the risks were higher, as Bitcoin was still at the beginning, with low adoptions and unknown perspectives about the future. As adoption increased, whales and institutional investors came into the play, the risks decreased and Bitcoin became more stable. At same time, profit margins from cycle to cycle also become more stable (although still highly profitable compared to investments in general).

It's not possible to make outstanding profit, but it's still possible to make very decent profit margins. In every cases, if it's still not interesting for the investor, he should be looking for a niche of financial market which has potential, but hasn't been explored yet, just like crypto enthusiasts did in the early years regards this industry.

For years, it has been predicted Bitcoin will reach $1m per coin. At the pace adoption is growing, this becomes more of a possibility than it ever was before. Especially with institutional investors and governments in play. While Bitcoin is much more "stable" than it was in its early days, it's still volatile. You can make profit during the "ups and downs".

There's no excuse not to get rich with Bitcoin. It's just that people are either lazy/snobbish, or are living paycheck to paycheck. The current economic situation is challenging, making it almost impossible to spare money to invest into BTC. A higher market price for Bitcoin, makes matters worse. I can only hope things go back to normal soon.

[Peanutswar]

I could remember those days when someone buys bitcoin with little amount and still become  millionaire overnight. due to because the price was very low then, but currently now bitcoin has up graded from that level. So for someone who receive $50 every month, can not be rich by investing small amounts of money. But one thing bitcoin always do up till date, is that it still helps to grow small wealth over night and it still helps to improve a person’s financial condition. Majority of all this crypto influencers are content creators and they also market  products online which they’re paid hugely for that. Bitcoin isn’t a means of coming out of poverty but it can help to improve a person’s life.

If you made an investment with your bitcoin at the early days for sure you will get tempted to sell when you have seen there is a value already, but sure it gives you a mental and emotional stress before you handled to earn these into millions. These people sometimes forgot they have their bitcoin and then manage to recover their coins and become millionaire instantly but right now? I dont think so people will do forgot they have their coins that has a large value right now. Right now even its just a 50$ for a DCA but your goal are for a long term investment it could be compounded and accumulated into a bigger amount.  

[Bitcoin_people]

It is possible to make a profit by buying Bitcoin and many people can make a lot of profit from it but getting rich is almost impossible. Especially for those who invest a small amount of money but those who invest a large amount of money who have enough money can easily become rich by investing in Bitcoin. There are some people for whom it is almost impossible to get rich by investing in Bitcoin, especially those who are in financial crisis whose salary has to meet the needs of their family, and who plan to invest in Bitcoin with a small amount later. I think those who can buy a large amount of Bitcoin and can make a large profit but those who buy a small amount give a small profit to those who struggle with their lives and continuously invest a small amount of money in Bitcoin can never get rich because their money is small and as a result they can make a profit accordingly. But those who can invest with a sufficient amount of money get more profit and they are suitable to become rich, that is why we can say that getting rich in Bitcoin is not for everyone.

[gabbie2010]

Early investors are the only setup of people who are already rich I mean investors who bitcoin at a very cheap and low price many years ago, of course those You tubers are justc promoting their videos to get more numbers of views and earn money, I don't think anybody can get rich again by investing in bitcoin now though there are speculations that the price might hit million dollar in the nearest future I don't believe in that speculation, however I think the best bet for any newbie in crypto particularly bitcoin should learn how to trade and take profit consistently thus earning some decent money as an additional source of income.