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

[Callido]

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

Meanwhile, your topic is saying something else. Most crypto scam/hack or attack victims lose their assets because they made themselves vulnerable, it wasn't because Bitcoin failed to increase in price or the worst happened, that Bitcoin no longer exists.

Bitcoin is not a Ponzi scheme, any possibility of going poor depends on how you handle your Bitcoin. Neither is Bitcoin an altcoin, which leaves us in doubt whether it will succeed or fail, Bitcoin has already proved itself over a decade, all you need is a proper strategy and a good way to protect your wallet.

[Taricoins]

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.

I think that's the biggest difference between holding bitcoin and trading, especially those who aren't specialized or don't have adequate knowledge of it, I have heard of an experience from a colleague and some of his peer who did weekly short term investment with who guy who trades Bitcoin and he normally give them a percentage in returns monthly, it work for a while but I think he executed a very bad trade, probably a wrong time and that cost him and the so called investors lots of money. Trading is a two edge sword for those who doesn't have the adequate knowledge.

[BlackHatCoiner]

Bitcoin itself doesn't make anyone rich or poor, it just amplifies whatever habits you already have.

Most of the people I've seen get wrecked didn't lose because of price, they lost they panic sold at the bottom after buying the top. Hodling the BTC and not touching it during the crazy swings, is boring but it's what actually worked for most long-term holders.

[m2017]

Bitcoin has created millionaires.

From billionaires?

I think you're exaggerating a bit. You could become a millionaire by investing in bitcoin back then, but the returns are different now compared to the early days.

But Bitcoin has also destroyed fortunes.

Bitcoin could not have done this, as it lacks the nature of an entity capable of making decisions or interacting with finances. Most often, people themselves are the cause of the destruction of their own fortunes - either directly (through risky or flawed investments) or indirectly (through insecure asset storage).

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/?

Let’s first wait for "build generational wealth from scratch" to be implemented, and then we can rejoice at the possibilities offered by bitcoin.

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

This asset is merely a financial tool; therefore, like any tool, one must know how to use it. A hammer in skilled hands allows for the construction of new buildings, whereas in unskilled hands, it leads to broken and smashed fingers.

The answer isn't simply Bitcoin's price.

Of course not. The problem isn't just about "buying high and selling low" (something beginners often face); it goes much deeper.

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

As a rule, easy money (for example, from investments in crypto) tends not to last long (often due to the investor's own mistakes). Easy come - easy go.

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.

But to be honest, "success" is not guaranteed for either. When investing in risky assets (in general), things can go wrong at any moment.

Building wealth and preserving wealth are two different games.

Not games, but tasks that are carried out and accomplished using completely different "tools".

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

Well, yes - after all, financial discipline is shaped over the course of a lifetime (most often during one's early years), and no financial situation can alter it (financial habits remain unchanged if they are "deeply ingrained").

[Nrcewker]

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.

Why cant a wealthy person do what a poor person is doing which is holding Bitcoin and thinking long term? There is plenty of evidence that Bitcoin has generated huge returns over four year periods during bull markets so why cant a rich person simply hold and be patient?

I dont think there is any relation between whether the person holding Bitcoin is poor or rich. All that matters is not being greedy. If you know that Bitcoin can provide long term profits, then why take leverage and trade to make quick profits instead? IMO Bitcoin isnt for short term investing. If you have patience then invest in Bitcoin and try to accumulate coins regularly for maximum long term gains.

[Y3shot]

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 doesn’t really make people rich from a poor financial state. Investing in it can really elevate someone from one financial level to another. If you are rich and invest in Bitcoin, it can make you even richer, and if you are poor and invest in Bitcoin, it can help you become financially stable.

The mindset of Bitcoin making someone rich from a poor state is a flawed mindset. If you want to be rich, you must work toward it through your hustle, and investing in Bitcoin can add to your financial status.

[PostQuantumBTC]

Most of the people I've seen get wrecked didn't lose because of price, they lost they panic sold at the bottom after buying the top. Hodling the BTC and not touching it during the crazy swings, is boring but it's what actually worked for most long-term holders.

It is better for it to be boring than to be doing other things with your bitcoin. Some people will continue to check the price of their bitcoin and later they are afraid and they sold it also because of what you have said. Some people will hold their coins on exchanges and use it to trade because they want fast money. Holding bitcoin is boring but when the price start to increase, it is not boring at all, it is exciting.

[Rruchi man]

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.

Simply say financial wisdom because not many people have financial wisdom. Everyone can have the motivation to invest and even be in a financial place to risk some of their income for investment, but it's not everyone who has the capacity financially to manage the profit from investment when it starts coming in. This is why Bitcoin can take you from poor to rich, and then, due to lack of financial wisdom and financial literacy, you go back from being rich to being poor because you were unable to manage the resources that your investment in Bitcoin has provided to you. As you learn to invest, also practice financial literacy.

[Cityhunter34]

I don't support trading but I won't be against it cause everyone has their choice, while some want to make money with Bitcoin through patience, some want it very quick and don't mind the risk, it's their problem cause they'll face the consequences of chasing quick money with Bitcoin and if it favours them which is very tough then it's their luck. I'll always advise that people follow the proven way of making wealth with Bitcoin, it doesn't come quick but if they can be patient then there's hope that they'll be wealthy through it cause Bitcoin favours longterm holder more.

Of course, there's absolutely no point in being against trading because there's no way you would be able to decide for another person. But the truth still remains that a long-term goal is absolutely the best way to make a good profit from Bitcoin investment, because Bitcoin is not a get-rich-quick scheme.

So it's much easier for us when we follow the main process than trying to becoming rich overnight with Bitcoin. It's absolutely not advisable to start Bitcoin with a quick-money mindset, because it can only work for you by luck.

[KiaKia]

It's better to just be a long term holder if you want a higher chance of success with Bitcoin, no trading, no scheme doubling, no gambling either, just hold and wait.

Find a job that pays then keep adding more Bitcoin when you settled your bills, prepare for emergency funds too just in case, you don't want to come back into your portfolio and start selling.

Many Bitcoin millionaires made it with holding, and those who lacks patience looked into trading and lost every holdings, most people are not meant to be traders but I guess people don't try knowing what they are, many people don't know themselves.

[PVequalNRT]

Building wealth and preserving wealth are two different games.

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

I don't know if some people still think opportunity they can make in Bitcoin remain the same, we just have to be honest with each other that the way people made money in Bitcoin back then, such opportunity will be hard to see again. Bitcoin can protect your wealth against inflation, it can help you profit on your investment but helping the poor is what I don't think might see soon. Such opportunity are no more except if you have large investment.

[AmaGold70]

There is every truth that someone can build wealth with Bitcoin, and at the same become very poor by investing in Bitcoin, and how does this happen. There are many people who uses a wrong method to invest in Bitcoin, and sometimes they might not be fully aware of the danger associated with their wrong method of investing. For instance, some people invest in Bitcoin through ponzi schemes, and we all know that ponzi scheme is a wrong system of investing in Bitcoin, and as the business crashes their money is gone. Some also involve themselves in trading, and we all understand how risky trading of Bitcoin can be, I have heard many complain of how they have lost their Bitcoin, and they lost them either through trading or ponzi schemes. But those who are patient with their investment are always making profit on the long run.

[asriloni]

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.

What you've written above is going opposite to the your title. The fact that fate is in your hand, not bitcoin. Someone can be rich or poor by buying bitcoin and otherwise due to his own. No logic to put the blame on the bitcoin.

Bitcoin acted as a commodity asset only, but the outcome depending how smart people who used it.

Building wealth and preserving wealth are two different games.

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

You buy bitcoin, it's your decision. You leveraging your bitcoin, it's your decision. You sell lose your bitcoin, it's also your decision. Your dicipline is also determining the fate of yours, which is in result it's also changing your financial to go up or down.

[Miles2006]

Having this knowledge about bitcoin can be helpful while at some point you just have to hold consistent and ignore the wealthy ones who over spend or buy aggressively, while borrowing against their asset is not helpful an aggressive buying is obviously their strategy and they can keep up with this buying pattern for the long run so long as they have the financial support and a good management plan.
All what an investor needs to know is buy and hold for the long run with a proper management plan, I don’t see the need for poor and rich, anyone can go wrong with their investment plan but, this doesn’t have to do with the market price as stated by the op many fail to understand bitcoin first and they make a wrong step, aside this bitcoin investment is a profitable investment.

[BItcoin Guy@]

There is every truth that someone can build wealth with Bitcoin, and at the same become very poor by investing in Bitcoin, and how does this happen. There are many people who uses a wrong method to invest in Bitcoin, and sometimes they might not be fully aware of the danger associated with their wrong method of investing. For instance, some people invest in Bitcoin through ponzi schemes, and we all know that ponzi scheme is a wrong system of investing in Bitcoin, and as the business crashes their money is gone. Some also involve themselves in trading, and we all understand how risky trading of Bitcoin can be, I have heard many complain of how they have lost their Bitcoin, and they lost them either through trading or ponzi schemes. But those who are patient with their investment are always making profit on the long run.

When someone as start to trade, he should knows that he as started taking high risk, and he can lose is funds at any moment when the market didn’t go as planned. Bitcoin holders won’t regret there Bitcoin investment, except they sell when the price is low, but when a good investors as invest, they will always keep it for long term till they probably achieve huge profits before selling. When you’re rich in bitcoin and you later become poor, I can says is not investment that make you broke, he will surly be trading, since is only the thing that can make you lose everything in a minute when you used wrong methods without plan.

[Zaguru12]

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

Same thing with been rich, bitcoin cannot just make you rich because this is the wrong narrative that has been pushed for a while now, yes there is a good argument that with bitcoin many in the past had little amount turned to fortunes but let’s be honest here that level of volatility is no longer there again. Before a single cycle can have the market move more than 10% upward but it’s not right now because with the reduced volatility you can only see around 100%.

So it should be that bitcoin cannot make you rich except by holding for a very long period of time, bitcoin can indeed protect your money from Inflation but let’s not exaggerate the making of riches with bitcoin

[Jubilee58]

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.

Bitcoin is very profitable on the long term investment, weather you are a rich person or a poor person you can make profit so far you are patient with your Bitcoin investment, but I don't really advice borrowing of money either to invest in Bitcoin or to repay when your investment matures because to me, is another way of putting yourself into financial risk. Because it is possible anything unusual can happen to your portfolio either through hack or misplacement of your login details which is your seed phrase or key phrase.
There are circumstances where Bitcoin can make someone rich or poor. Regardless of your financial strength, not everyone is familiar with Bitcoin investing, you might be financially rich but if you engage in Bitcoin investing without gaining the right knowledge such person can actually become very poor. The reason is because you will panic , and sell your asset during bear market thinking it will continue that way.

[JoyMarsha]

Knowledge, they say is power. And the knowledge you have about Bitcoin investment will help you progress in Bitcoin investment compared to when you have no knowledge.

Bitcoin investment is not about being poor or rich that's when you will succeed with it. It's about having the right knowledge and learning to save up for emergencies and be able to invest wisely, rather than having fomo or dreaming of being rich overnight, instead of bearing in mind that the riches you desire are something that takes longer without promise date

[Felicity_Tide]

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.

Really?,
Last time I checked, students and low income earners are supposed to make up a larger percentage of those who live in every developing countries, so if you actually understand how tough it is for the majority of them, you would know that building a generational wealth isn't even what the majority of them live for because they're literally trying to survive. Let's try to be careful with how we exaggerated things.

And, I wasn't fully convinced with how you explained what makes people "lose fortunes and what makes other make profits".
Afaik, time, decision and capital all plays a crucial role when it comes to realising profits from an investment. When you go through Bitcoin's price history chart, it's much easier to understand how well Bitcoin has grown over time. A supposedly wise person should know what to do with that information. Capital as well unarguably plays a crucial role, while decisions ultimately tells what would become of your capital. Some people's decision is to trade, while others choose to accumulate and hold... Some people choose to panic sell, while others stick with their holdings, etc.

[Emitdama]

Most of the people I've seen get wrecked didn't lose because of price, they lost they panic sold at the bottom after buying the top. Hodling the BTC and not touching it during the crazy swings, is boring but it's what actually worked for most long-term holders.

It is better for it to be boring than to be doing other things with your bitcoin. Some people will continue to check the price of their bitcoin and later they are afraid and they sold it also because of what you have said. Some people will hold their coins on exchanges and use it to trade because they want fast money. Holding bitcoin is boring but when the price start to increase, it is not boring at all, it is exciting.

Holding might seem boring but let's not forget it comes with minimal risk. If we consider trading or investing elsewhere, risk would eventually increase. Holding has always been a safer option for me even if it gives minimum profits. Yes, I can earn way better if I prefer trading F&O or just the regular spot markets but I can't deny the fact that majority of my positions would wind up in loss and I would need better strategies to recover that loss and earn back some profit.

Holding is boring for those who prefer taking risks. For these people, trading is the best option because they can take risk their which would eventually pay off with huge loads of profits. Until and unless we are ready for that risk, holding is the best option we've got.