Bitcoin Can Take You From Poor to Rich and Rich to Poor.

[EstherBtc]

Bitcoin has created millionaires.

But Bitcoin has also destroyed fortunes.

Bitcoin is perhaps the only asset in modern history that allowed everyday people like students, developers, low income earners in developing countries to completely bypass traditional gatekeepers and build generational wealth from scratch.
https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/?

How can the same asset help someone escape poverty while someone else loses a fortune?

The answer isn't simply Bitcoin's price.

It's what people do before, during and after their wealth changes.

The poor person who patiently accumulates may benefit from long term appreciation.
But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.

Building wealth and preserving wealth are two different games.

Bitcoin can change your financial position. But it cannot change your financial discipline for you.

[_act_]

But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.

Some people that said they are into bitcoin are not into it. Some people are into bitcoin trading and use leverage to lose all their money. Trading is different from bitcoin holding. Some people lose just because they are not patient by selling early maybe because they are afraid. People that hold bitcoin and not sell it will not later regret, they will later earn profits. Anything that has to do with leverage means the person is trading.

It is also not good to borrow money because of bitcoin investment or trading.

[Joy_learns_crypto]

Bitcoin doesn't destroy fortune, if you put a fortune on Bitcoin five years ago you will be in profit by now, Bitcoin preserves and increases your fortune over time than many asset globally.

Even if a rich person takes a loan to invest in Bitcoin with time they will be in profit, although you should not be borrowing to invest in a asset as volatile as Bitcoin and a rich man should not be borrowing to invest in Bitcoin and if they do it will very likely be a long term loan.

It is the choices you make in Bitcoin that can take you from poor to rich and rich to poor.

[EstherBtc]

Bitcoin doesn't destroy fortune, if you put a fortune on Bitcoin five years ago you will be in profit by now, Bitcoin preserves and increases your fortune over time than many asset globally.

Even if a rich person takes a loan to invest in Bitcoin with time they will be in profit, although you should not be borrowing to invest in a asset as volatile as Bitcoin and a rich man should not be borrowing to invest in Bitcoin and if they do it will very likely be a long term loan.

It is the choices you make in Bitcoin that can take you from poor to rich and rich to poor.

That's what the post is about, bitcoin can not make you poor but the choices you make, the time of purchase, poor and unsafe custody of your bitcoin just like the recent attacks happening

[SuperBitMan]

You are right, bitcoin can actually make you wealthy and bitcoin can also make you poor.
If you are a trader and you are trading bitcoin, there is every possibility that you can become poor through bitcoin trading however if you are someone that is accumulating and holding bitcoin for a long term there’s every possibility that you can become wealthy or rich through that bitcoin investment.

There are people who have been made poor through trading and that is why it’s always advisable to use only your discretionary income or just 50% of your discretionary income to trade if you most trade.

What made people rich in bitcoin was long term investment not trading, however even if you are into long term investment you can lose everything if you are not security conscious.

You choose your path, and your path chooses your destination. your decision in bitcoin determines everything.

[sunsilk]

How can the same asset help someone escape poverty while someone else loses a fortune?

It's unfair to have this type of argument specifically only telling about that it's Bitcoin's doing to make someone fortunate wealthy while the others losses their wealth.

In every asset and market, there's always the losers and the gainers. And this description has been weaponized by the bitcoin haters that whenever someone profits, there's someone that losses.

That's the zero-sum game, that's the core idea and basic economics that we are a part of.

[lovesmayfamilis]

Nonsense. Are you saying that rich people are so stupid that they always do everything wrong with greed? Tell me then, how did they become rich? And the poor, according to your philosophy, are intelligent and decent people who patiently wait for their hour of wealth? How long are they waiting? And why have they been poor for so long? Bitcoin is completely useless here. Those who do not know how to manage their finances will definitely lose. And yes, most often mistakes are made by stupid people who take out loans, knowing that they will have nothing with which to repay them, hoping for a miracle. Where does this thinking come from? People are uneducated. Try to ask yourself how self-sufficient and rich people save their savings by investing their money in business. What do the poor do when they suddenly have an extra penny? They spend it on things that were not available to them, not knowing how to properly manage, eventually losing everything. Therefore, yes, having a lot and wanting a lot are different things, and they are worlds apart (if you understand.)

[Franctoshi]

Two persons can invest in Bitcoin at the same time, and one will lose money whereas the other will earn profit. Results totally depends on your approach or what you do afterwards. You don't expect to be rich or make fortune from BTC just buying today and selling tomorrow, it definitely will take you some years and some patients to achieve such result. Bitcoin only rewards those with the right investment approach or mindset.

[348Judah]

How can the same asset help someone escape poverty while someone else loses a fortune?

I like seeing a newbie asking this kind of question, because they intend to know more about Bitcoin and the possible risk that may be involved when we choose to invest in it, we have to be more conscious of the things we do in Bitcoin network and that is is why every of our step must be aligned to the normal procedures expected of us.

Knowledge is one of the key principal things we cannot do without; the more you are informed, the better it becomes for you, don't take privacy and security with joke and forfeit the necessary things you should guide from your end. Once there is no vulnerability coming from your side as a newbie, your chances of being at risk of losing are very low. You only have to understand the market strategy and the time when you should buy or sell at a profit.

[hyudien]

The key lies in how we execute our strategy, and the clear strategy is long-term investment; after all, those who suffer losses or fall into poverty are typically traders—people seeking a quick path to riches. If we focus on the long term, Bitcoin can be the catalyst that transforms our financial future.

[greysonz]

Bitcoin has created millionaires.

...
The poor person who patiently accumulates may benefit from long term appreciation.
But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.

Building wealth and preserving wealth are two different games.

Bitcoin can change your financial position. But it cannot change your financial discipline for you.

Today FMC wrote a comment that fits perfectly into this thread, as a response to your words.

...
So, looking ahead, we need to be realistic about the returns we can expect. Bitcoin is worth holding for many reasons—such as how difficult it is to confiscate or censor—but the days of becoming a multimillionaire by investing a small amount of capital and waiting out a couple of cycles are over.

Everything else outside these words is the fantasies of those who play with leverage, which, in essence, is no longer investing and not even trading, but gambling. And these are not serious things.

[qurbanshah02]

Two persons can invest in Bitcoin at the same time, and one will lose money whereas the other will earn profit. Results totally depends on your approach or what you do afterwards. You don't expect to be rich or make fortune from BTC just buying today and selling tomorrow, it definitely will take you some years and some patients to achieve such result. Bitcoin only rewards those with the right investment approach or mindset.

Bitcoin will take us from poor to rich only when we continue to do DCA for a long time and invest in Bitcoin as much as possible and this will require a few years and you will have to work with DCA continuously. It will not happen on a daily basis but still we should do DCA once a week. Apart from this, Bitcoin will never let us go from rich to poor because this will happen only when you are trading and even then when you are losing money repeatedly. Apart from this, the chances of becoming poor are very low. CZ, who is the founder of Binance, had his only apartment which he sold and added to Bitcoin and today he has a large number of Bitcoin. To be successful with Bitcoin, it also depends on you because how you hold Bitcoin patiently for year.

[terrific]

The key lies in how we execute our strategy, and the clear strategy is long-term investment; after all, those who suffer losses or fall into poverty are typically traders—people seeking a quick path to riches. If we focus on the long term, Bitcoin can be the catalyst that transforms our financial future.

I agree, depends on the strategy still.
There are lucky short term holders and still make it, while there are some long term holders but due to panicking they create themselves a mistake.
Just like any othe asset, it's a hit or miss for many but the advantage of bitcoin is that it's here to stay and it's not solely relying on hype.
Having bitcoin literally embodies the saying; 'patience pays off'.

[hd49728]

Nonsense. Are you saying that rich people are so stupid that they always do everything wrong with greed? Tell me then, how did they become rich? And the poor, according to your philosophy, are intelligent and decent people who patiently wait for their hour of wealth? How long are they waiting? And why have they been poor for so long? Bitcoin is completely useless here. Those who do not know how to manage their finances will definitely lose.

If it's about rich people who are self-made rich, they are smart and have good financial management which all helped them to build up their wealth. The other rich people who are not self-made but by inheritance have higher chance of having bad financial management and they will have risk of becoming poor in the future.
The second type of rich people have worse foundations than the first type and they must learn, improve their financial management and be more careful with fortune inherited.

And yes, most often mistakes are made by stupid people who take out loans, knowing that they will have nothing with which to repay them, hoping for a miracle. Where does this thinking come from? People are uneducated. Try to ask yourself how self-sufficient and rich people save their savings by investing their money in business. What do the poor do when they suddenly have an extra penny? They spend it on things that were not available to them, not knowing how to properly manage, eventually losing everything. Therefore, yes, having a lot and wanting a lot are different things, and they are worlds apart (if you understand.)

Both the rich and the poor if can not manage finance well, will become poorer with time. It's right that most of the poor people don't have right mindset for their financial management, and they only care about enjoying their life with money they have temporarily. They have no idea about investment and don't mind to do investment too.

The rich if have wrong mindset, will spend most of their money very quickly, and if they don't realize their mistakes, it will be too late when they become the poor before realizing about that with massive regret.

[CucakRowo]

Bitcoin has created millionaires.
But Bitcoin has also destroyed fortunes.

Bitcoin offers everyone level playing field. But not everyone possess same level of greed and patience!

But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.

This isn't any investment, it is a pure gambler's mindset.

The poor person who patiently accumulates may benefit from long term appreciation.

Yeah his patients are his strength.
When a low-income middle-class person or student enters crypto space, they know they have nothing to lose.
That is why he accumulates Bitcoin gradually using Dollar-Cost Averaging.

[EjiukaSpecial]

It is the same Bitcoin that can be held by someone with a long-term mindset, that someone that's constantly chasing the next pump with borrowed money can still buy however, it's the result that actually differentiates them. So basically Bitcoin on it's own doesn't build wealth neither does it destroy it but it's your risk management and emotional discipline that determines the outcome of your Bitcoin trading/investment. Bitcoin came with opportunity but it's the decision you make after buying it that dictates wether the opportunity is transformed to financial freedom or a huge lesson in how you manage risk.

[Hyphen(-)]

The poor person who patiently accumulates may benefit from long term appreciation.
But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.

Building wealth and preserving wealth are two different games.

Bitcoin can change your financial position. But it cannot change your financial discipline for you.

It’s all about understanding and the discipline we have financially.
Bitcoin gave both the poor people and the rich the opportunity to have financial freedom, it is not mainly about being rich through Bitcoin or getting poor after investing in Bitcoin, it is about the financial freedom we get if we hold Bitcoin, it means we are preserving our wealth for the future against inflation, I don’t like people referring it it as something to make them rich within small time range.

However, taking about how it makes some people rich and poor at the same time, I think it goes to the future traders who use high leverage to trade Bitcoin, the wealth people with the money to take risk that can gain them more money immediately, while the poor investors will simply have to accumulate their Bitcoin gradually, since they don’t have the money to trade or buy at once, they use the DCA method to accumulate their Bitcoin gradually.

[Danica22]

Bitcoin is an unstoppable financial tool or weapon.

It offers everyone financial freedom.

However, how you handle that weapon and whether or not you shoot yourself in foot, is entirely your own responsibility.

And I agree, without discipline, it is impossible to survive with Bitcoin or any other asset.

[Wind_FURY]

Bitcoin has created millionaires.

But Bitcoin has also destroyed fortunes.

Bitcoin is perhaps the only asset in modern history that allowed everyday people like students, developers, low income earners in developing countries to completely bypass traditional gatekeepers and build generational wealth from scratch.
https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/?

How can the same asset help someone escape poverty while someone else loses a fortune?

The answer isn't simply Bitcoin's price.

It's what people do before, during and after their wealth changes.

The poor person who patiently accumulates may benefit from long term appreciation.
But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.

Building wealth and preserving wealth are two different games.

Bitcoin can change your financial position. But it cannot change your financial discipline for you.

?

Why blame Bitcoin for the bad financial decisions that made "that person" poor?

  ¯\_(ツ)_/¯

Bitcoin didn't do anything.

It simply exists for PLEBS like us to either get involved with it, OR ignore it. What a PLEB does with it is his/her decision, and therefore the results of his/her decision can't be blamed towards anything else.

[Hatchy]

Bitcoin has created millionaires.
Bitcoin can change your financial position. But it cannot change your financial discipline for you.

Bitcoin can help build wealth, but it doesn't create wealth out of thin air. You should understand that the profits you make from the Bitcoin market come from the capital you put into it. You can have all the knowledge in the world about Bitcoin, but if you don't invest, that knowledge alone won't suddenly make you rich.One reason many people lose their wealth is that they don't develop a strong security mindset. Investing in Bitcoin is one part of the journey, but protecting your coins is another major aspect that many people overlook. Bitcoin is just like any other asset we accumulate. If you don't protect it properly, it can eventually be lost or stolen from you.