Different Types of Bitcoiners

[TOGIBI]

After reading several posts on this forum, I’ve come to the following conclusion:

Some people invest in Bitcoin to:
• Make a profit;
• Have more control over their own money;
• Protect themselves against inflation;
• Or combine these three goals.

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

Share your thoughts

[arzuo]

Bitcoin is not a hot topic that will make people rich, but rather something that will make your investment more valuable at a time when the world is facing currency 💶 devaluation and centralized (government 🏛️ currency control/inflation) financial 〽 losses.😭

If more governments and people 👨🏻‍👩🏻‍👦🏻‍👦🏻 hold Bitcoin in the future, its value will increase and this is naturally observed!!
Bitcoin's value is created by its acceptance and use. It was not created by any luck or control, but rather its decentralized independent economy and non-inflationary system is what makes it popular and valuable!💰

[BattleDog]

There are definitely different tribes of Bitcoiners, but I wouldn't separate them too neatly. Most people are some ugly mixture of all three depending on the day, the price, and whether their local currency is currently being put through a wood chipper or not.

Some people arrive for profit and stay for self-custody. Some arrive because their bank annoyed them... Some talk about inflation protection but panic-sell the first time Bitcoin does its usual 20% slap across the face. That's normal. Bitcoin has a funny way of sorting tourists from residents.

I also don't think wanting profit is automatically shallow. A monetary network that grows in adoption should, by design, reward early risk and patience.

[sergiorus]

After reading several posts on this forum, I’ve come to the following conclusion:

Some people invest in Bitcoin to:
• Make a profit;
• Have more control over their own money;
• Protect themselves against inflation;
• Or combine these three goals.

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

Share your thoughts

Nobody invests in Bitcoin for the sole reason of protecting themselves against inflation. They are always interested in it in at least one more way.
There are far simplier inflation hedges out there that have been around far longer and are less risky for that particular scenario.

Your other points seem legit. I would add cross-border payments and hedge against collapse of the whole financial system.

[elda34b]

Sounds like common knowledge if you're in the forum for long enough imo. I mean it's no secret that everyone buys Bitcoin to make profit in one way or another, you don't have to wait and send forms to 10k participants to make a decent conclusion. I'd be surprised if someone said they bought or own Bitcoin to spite their friend or something similar though. Sounds like a costly hobby to do. But anyway, everybody is free to do what they wanted, whether to burn their money or not.

[Orpichukwu]

With the level which Bitcoin's value has reached, it's no longer a thing of me thinking about how now it can make me rich. Those who are millionaires who spare some millions for investing in it can only make more millions if they hold it for a long time. What you are willing to risk should determine how much profit you can make out of it, but it can't elevate you from poverty, and all this will be determined by how much people still demand of it.

[Zoomic]

After reading several posts on this forum, I’ve come to the following conclusion:

Some people invest in Bitcoin to:
• Make a profit;
• Have more control over their own money;
• Protect themselves against inflation;
• Or combine these three goals.

Some are into bitcoin because they don't know what tomorrow has for us. They believe that bitcoin is the future of finance, so it will make sense for them to queue in now than to be late.

But among all the reasons above, the majority is here because of profit making. If bitcoin was to be a stable coin, many would not embrace it.

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

If bitcoin continues to grow in the future, how does it concern a poor man or an average man if it doesn't make them rich?
The end point is, even if bitcoin cannot make us rich, it should atleast make us comfortable.

[Amphenomenon]

-Snip-

Nobody invests in Bitcoin for the sole reason of protecting themselves against inflation. They are always interested in it in at least one more way.
There are far simplier inflation hedges out there that have been around far longer and are less risky for that particular scenario.

There are various reasons one invest in bitcoin and I doubt that there is ever a single reason for such.

Although some invest in bitcoin mainly as an edge against inflation while other options joins as secondary just like it will be for other main reasons.

 

Your other points seem legit. I would add cross-border payments and hedge against collapse of the whole financial system.

There are more views of bitcoin,I sometimes wonder if all can be listed because this is dependant on the context.

[aoluain]

Escaping the FIAT financial system in any shape or form is a very big goal for most Bitcoiners.
Taking your wealth out of the clutches of the banks and government is a big advantage.

Not everyone or I could say the majority of people don't have the patience needed to be "a Bitcoiner"
and they cannot get past what they perceive as a major negative point of the volatility of the
market. Once anyone can get your head around the points of: Decentralization, Bitcoin cycle
and FIAT system inflation they have a good grounding to become a Bitcoiner.

Making a profit is like the reward for becoming enlightened as to the above and becoming
a Bitcoiner.

[X-ray]

There is other type of Bitcoiners, the type where they put all their money into Bitcoin to escape from the grasp of tyrannical government as a counter measure.

This could be the most practical type of Bitcoiners who use Bitcoin and its decentralized nature to their advantage, using Bitcoin the way it should be used.

For these people, they don't care if Bitcoin make them rich, the most important thing is their asset won't be easily confiscated.

[GreatArkansas]

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

Well, each of us got different experiences with Bitcoin. For me, to answer your question about if they'll get rich by owning just a small fraction of Bitcoin - No, but you must appreciate the lessons you will learn along the way while exploring Bitcoin, especially if you are just learning about it, owning even a relatively small amount.

After I got introduced to Bitcoin, I am became more financial responsible, Bitcoin or not Bitcoin related, I started to value money after that and also help me to stacking Bitcoin over the time.

[Marvelockg]

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

Even though we are gradually shifting the discussion on what brings one to the bitcoin ecosystem to involve making profit and all, it's not the right way to look at it and certainly,  there are people that are into bitcoin not just because they can be profitable at it but because by staying invested in bitcoin, they've indirectly delt with the issue of inflation and can make seamless international transactions.

Even as hard as we try to avoid the discussion on trading, there are still a lot of traders that are looking for quick profit and so, there staying in the bitcoin ecosystem is just because they are looking for quick profit and nothing close to long term profitability. The idea of getting rich via bitcoin is just a reflection of the economic collapse that's happening around the world.

[Die_empty]

Share your thoughts

You didn't add for payment or financial transactions. Many people use Bitcoin because it's fast and has low transaction fees. Sometimes using banks to send or receive funds could be frustrating. They will tell you that the bank is having network issues which will affect transactions. This would be a problem for businesses and could be a big problem in times of emergency. Some banks charge high transaction fees, making Bitcoin a good alternative.

Anyone who sees Bitcoin as a get-rich-quick scheme will be disappointed. Bitcoin volatility is reducing, so the profit might reduce. To make more gains, you might have to put in more money. My advice is that such people should seek other means of income so that they can save enough to invest more.

[Livingleged]

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

Share your thoughts

If we look at it carefully you’ll understand that people have their various reasons for acquiring bitcoin but at the end it’s always centered financial freedom or gain.
I look at it from a trader and investors view, it’s all depends on Which of the categories you fall.

If you’re interested in trading bitcoin then you’ll be taking profits whenever there is profit Which actually slowdown the build of wealth and thats what investor doesn’t  practice.

And investors doesn’t care about taking profits at the moment he’s focused and preserved building long time wealth in other to achieve future goals and financial freedom.

So it’s likely that an investor might get rich from bitcoin investment  over time. but as for trader, getting rich from bitcoin chances are slim.

[BlackBoss_]

If we look at it carefully you’ll understand that people have their various reasons for acquiring bitcoin but at the end it’s always centered financial freedom or gain.

They want to be richer through Bitcoin but they don't actually want to gain financial freedom because if they store their coins on centralized exchanges, no freedom while risk of money confiscated, seizure is very high. They can see their portfolios growing in value but they don't actually own it and might lose it anytime if these centralized exchanges have big problems or scam.

I look at it from a trader and investors view, it’s all depends on Which of the categories you fall.

If you’re interested in trading bitcoin then you’ll be taking profits whenever there is profit Which actually slowdown the build of wealth and thats what investor doesn’t  practice.

Trading is very dangerous and with a fact that investment is more easily and certainly profitable if they invest rightly, it's recommended to avoid trading. It's not too hard for learning about investment, how to accumulate bitcoins over time without stress, pressure, and how to store their coins safely, then profit will come and become bigger with time.

[AprilioMP]

Personally, when I see some people wondering if they’ll get rich by owning just a small fraction of a Bitcoin, it amounts to underestimating the value Bitcoin offers.
The question isn’t, “Will Bitcoin make me rich?” but rather, “Will Bitcoin adoption continue to grow over time?”

Share your thoughts

People invest in Bitcoin to gain profits, maintain full control, and hedge, so that's the true goal, in my opinion.
It starts to go astray when it leads to wealth—with Bitcoin, the rich, that's where the misguided thinking begins.

The Bitcoin adoption rate is increasing daily, and generally, people adopt a certain amount of Bitcoin according to their financial means solely to gain profits, maintain full control, and hedge.
Behind other goals, I think those that lead to wealth also exist, though the numbers are likely small.