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

[Ambatman]

This is false
Bitcoin doesn't turn the rich to poor
Trading or even using leverage on Bitcoin is on you not on the coin
You took a risk at least the least you can do is take some level of responsibility.
Bitcoin isn't a get rich quick scheme or even a get rich scheme
It's just a money that isn't plagued by the short comings of Fiat like being centralized
Or having to explicit limit to what is been created.

[Asiska02]

.
Building wealth and preserving wealth are two different games.

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

One thing with bitcoin is this, as long as you play by the rules and not allow your emotions, overconfidence to decide for you, there is no loss in bitcoin investment. The attitude and how people react to changes in the market has a very big effect of how the market is being perceived by them.

It is said that only invest and hold for the long term, but this simple rules are not what others can keep. They invest for the short term, get to touch their investment halfway due to FOMO and then missing the right moment to invest at a good price just because they’re waiting for a market drop in price.

These are all some of the things that don’t allow for a seamless flow in bitcoin investment and most of them end up in losing instead of gaining. Bitcoin design from inception has being in an uptrend trajectory, what then still make people lose money in bitcoin if not emotional instability over their investment.

[Bigjoe33]

?

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.

I don't think Bitcoin should take any blame in any bodies misfortune while investing in Bitcoin, and like you said @Wind_FURY,  it's all our decision and our risk to bear.

With the high level of volatility in Bitcoin, anyone investing in Bitcoin should know that it's a long term something and may not give returns immediately, so shoul be mindful of the money you will be using for the investment. If you borrow money to invest or take money out from an already established business venture that gives you money to put into Bitcoin and it declines rapidly, it's your personal decision and should bear the risk. We shouldn't blame Bitcoin, but take the blame for taking wrong investment decisions, by using wrong money to buy Bitcoin.

[Baki202]

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.

And the funny thing about trading is that despite everything, even the risk we are talking about, I feel like people are still making money from trading. We know that holding is much safer than trading, but at the same time, people are making money. Even though trading has its own losses, the thing is that trading and holding are a different game, and it is still all about consistency because when you are consistent, then you will be better at it.

Because there is no way that you will trade and you will not lose money, it is better for us to understand that just because you lose money does not mean you should give up. The more you trade, the better you get at it. That is the secret, and that is why a lot of people will even suggest a demo account. The more you are able to use a demo account, the more you will know what you are supposed to avoid. And beginners should understand that it takes time.

[Faisal2202]

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.

I was going to say you should not borrow to invest in BTC because it is volatile regardless of your financial status, you can make a loss and profit both. Market doesn't care if you are rich or poor, but if a rich person can bear the interest rate while BTC drops by 50% and takes time, then the rich might pay the interest rate but the poor might not, so that's why we should not borrow money if our financial situation is not stable.

If I have to choose from two options like borrowing for investing and borrowing for trading, I will say trading is even riskier. I said this point needs discussion, and I have been in a place like this one before, when someone asked for money and he said he wanted to trade, and I had to refuse because I knew he was a newbie. He thought he understood the market while it was just a bull run.

BTC can change anyone's financial status, it all depends on what decisions we make.

[Cleanshit]

Because there is no way that you will trade and you will not lose money, it is better for us to understand that just because you lose money does not mean you should give up. The more you trade, the better you get at it. That is the secret, and that is why a lot of people will even suggest a demo account. The more you are able to use a demo account, the more you will know what you are supposed to avoid. And beginners should understand that it takes time.

Yea beginners do need time to learn before taking trading seriously but also I don’t think that trading more would automatically make someone better. If they don’t know the reason behind their losing they can keep repeating same mistake for years.

This where demo account is useful. Not only for practicing entries but also for testing w strategy and seeing whether and how it works before trying with real funds. And after moving to real trading keeping position size little can give a you room to learn without a bad trade causing serious damage.

[masulum]

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

this is the valid points!
i see a lot of people success in the past by participating in Bitcoin airdrops or faucets by collecting them, they accumulated their holdings and sold them when they need something to buying it. in the end, their lives remained unchanged even got a lot of Bitcoin. Some even feel they are already have enough money for his life and but they are forget to keep it for investment and just spend for something, their lack of discipline in managing that money will prevent them from improving their financial situation in the future. however, i participate in signature for years, but till today my life unchanged 

[Die_empty]

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.

This is not an exaggeration, mate; it is applicable. To create, you need to sacrifice or pay a high price. Let me use myself as an example: for me to keep accumulating Bitcoin as a low-income earner, I endured hardship. My kids were homeschooled, we moved to a cheaper apartment, and I took an extra job. Yes, most people in developing nations are focusing on basic needs, but some of them are doing their best to save and invest.

None of us can predict how high Bitcoin's price will get in the future. Accumulating a small amount of Bitcoin over a period of time could help someone achieve their financial goals. The goal is to keep accumulating with what you can afford and keep hodling.

I am not saying Bitcoin is a get-rich-quick scheme; however, it has the potential to make someone rich. It would take patience, sacrifice, consistency, knowledge, and bravery to make that happen. Let's be motivated to keep accumulating no matter ho small.

[Ummeettaa]

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.

It's entirely true about all what you have said about investing in Bitcoin, no doubt Bitcoin have over the years changes some people's financial status from grass to grace and inversely too.

What I can say a little about people that have become wealthy after investing in Bitcoin is that, such people before investing in Bitcoin might have learnt and gain some knowledge about Bitcoin and likely followed all its factors before investing.

Some might even have a mentor that coaches and guide them all through the investment processes, and even after the investment have been done.

While some people just jumped into Bitcoin investment without knowing anything about it, how it works or the factors to consider before investing, hence cause the failure and loss of their Fortune.

If a person should seek and have knowledge on how/what Bitcoin works/is and strictly follow the important factors of Bitcoin investment before investing, the person's investment is likely to be a success and yield into something big.

But if a person should just invest in what they know nothing about, not to talk of the key attributes to uphold for the success of the investment, that person is likely to loose all investment made.

So it is always adviced to know about Bitcoin before investing in it, and also to adhered to all the factors needed to succeed for a Bitcoin investment to likey be a success and grow.

[lionheart78]

Bitcoin has created millionaires.

But Bitcoin has also destroyed fortunes.

It is the discipline of a person that destroys his fortune.  I agree with the earlier reply when the reply states that Bitcoin does not destroy fortune.  If we look at the price history of Bitcoin, the projectioni is upward not downward.  If there is something that destroys one fortune, it is the financial discipline, patience and knowledge of a person.  If the person is lacking financial discipline, lacking knowledge and is impatient, this person may end up buying at a high price and selling at a low price due to panic.  And we all know a well verse trader, patience and have financial discipline will never panic when the price of bitcoin is plummeting.  Instead, they wait for sometime until the market stabilized and plan for their next move.

So, for me, Bitcoin can give us an opportunity to get rich, but our attitude and character can ruin it.

[Yorubek]

Bitcoin has created millionaires.

Bitcoin is completely volatile, so it is not guaranteed to become a millionaire through investment. Since the supply of Bitcoin is limited and the demand is very high, the price is increasing gradually. If we look back, we will see that those who have invested consistently with specific knowledge and long-term planning and have held on to it for a long time with confidence have achieved success or have earn big money. Consistency, patience and confidence have contributed the most to this, so it is reasonable to invest and hold on to it for a long time.

But Bitcoin has also destroyed fortunes.

When we start investing without proper knowledge or planning or awareness about risk management in the hope of becoming a millionaire quickly with short-term plans, it is absolutely clear that all the money invested will be lost. Therefore, it is reasonable to invest the money that we can loss, which will not lead to big financial ruin , in Bitcoin, which will save us from destroyed.

[tabas]

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

You have put the bold code wrongly so I have removed the excess. Well, yes it's true that it has changed a lot of our financial statuses and yet if we're reckless with discipline everything can shatter. Those who have made a lot of bitcoin's in the past, we can't blame them and that's not recklessness for them. If there's a need to sell it at the early stage for them to solve their financial need, then it was still spent correctly. But those who have made it, sold at high and made a bunch of money and still poor today. They need to consult financial expert to help them how to be savvy with the wealth they have accumulated through btc.

[uchegod-21]

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.

One problem some people who have lost their wealth in bitcoin have is that they don't know the right way to build wealth with bitcoin. Some are just following the crowd to do what they believe will bring them profit. Believe me, alot of people have no business with trading, they should have simply bought bitcoin and hodl it for  long-term. The level of deception in this bitcoin community is too much; traders and investors deceiving themselves. Some bitcoiners seriously do not know what they are doing, that is why they panic easily and have no real sense of direction. They are losing and are not building any wealth with bitcoin.

[Ziskinberg]

Simple answer, those who are investing in bitcoin with high knowledge, determination and focus will definitely make them rich in the long run, while those are who investing or trading like gambling, they don't come here to gain and take advantage of the potential profits, but to lose all their hard-earned money because they are dealing with bitcoin the wrong way.

Bitcoin is risky and complex. If do not know how to navigate bitcoin, don't come here and expect quick profits, because it can literally be the other way around and lose your life savings.

[CryptoHeadlineNews]

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.

The analogy to how Bitcoin can make a person loses a fortune is still not clear to me, because Bitcoin investment is not forex trading while such statement can be said and it can be clear, due to the fact that trading doesn't fluctuates, but rather crashes to either a win or a lost immediately a trade have been executed. So I totally disagree with what you just said about Bitcoin as been an asset that can make a person lose a fortune, as what makes people lose money in Bitcoin is mismanagement and lack of accountability of funds.

[Maslate]

Its not bitcoin that can make you poor nor rich in the long run, its how you deal with your different choices and decision making regarding bitcoin that will lead to its different outcomes.

If you seize every bitcoin opportunity and make the most of it with patience, discipline and consistency, the chances to get rich in the future is certainly high. But if you are missing the point why you are in bitcoin and miss every opportunity that comes because your negativity beats positive thinking, and you are seeing bitcoin like you are gambling, don't expect getting rich, because your wrong decisions and actions will become the biggest reason why you are consistently losing from bitcoin.

[Slow death]

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.

In the cryptocurrency market, wealthy individuals make far more money than the poor. Although I haven't seen any official studies on this specific topic, the news I’ve followed throughout my years in this market suggests that the wealthy manage to generate much higher profits. Consider a wealthy person: they can easily cover their living expenses, so they might take $1 million to buy Bitcoin at, say, $50,000. If the price drops to $10,000, they won't sell or panic; they have the funds to pay their bills and maintain a comfortable lifestyle, allowing them to wait years for the price to recover and turn a profit.

In contrast, a person with limited means doesn't have the luxury of time. If they invest $1,000 in Bitcoin at $50,000 and the price falls to $10,000, they are likely to panic and sell just to salvage whatever remains of their capital. I find it highly unlikely that the wealthy would engage in leveraged trading on exchanges to the point of losing everything and going bankrupt. Just look at this list:

The 10 Richest Individual Crypto Holders

source: https://info.arkm.com/research/the-10-richest-crypto-holders-individuals-2026

The rich keep getting richer; they have the brains and the time, so they can afford to buy in large quantities and wait as long as it takes for the price to rise and yield a huge profit.

[EstherBtc]

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.

Everything i wrote is easy to comprehend. People who invested in bitcoin at it early stage were gamers, students, tech gurus and every other person. Most of them believed in the project some just stumble on bitcoin by chance either they were gifted while some were paid through bitcoin, then bitcoin became a phenomenon and grew to what it is today, making people rich.

Also the people who have lost fortune or money while investing in bitcoin can be blamed not bitcoin itself. Either they invested in scams, joined the market at a bad time without sufficient knowledge or lost their bitcoin holdings to attacks which i won't blame them for.

[Sanitough]

Yes, bitcoin can make you rich, but it can also make you the poorest of the poor, not because of its highly volatile and unpredictable price movements, but because you set your own wrong rules when investing or trading bitcoin. However, there is no secret tips on how to become rich with bitcoin, but if you follow the strategies of those early investors and holders of bitcoin, you will surely  end up with a profitable outcome.

On the other hand, if you use your greed as a driving factor and chase not just those opportunities but even those losses you have endured, success will hardly come, and if ever it'll come, you will pass through series of losses first before you will achieve the goal of success and profits.

[Alphakilo]

Yes, bitcoin can make you rich, but it can also make you the poorest of the poor, not because of its highly volatile and unpredictable price movements, but because you set your own wrong rules when investing or trading bitcoin. However, there is no secret tips on how to become rich with bitcoin, but if you follow the strategies of those early investors and holders of bitcoin, you will surely  end up with a profitable outcome.

On the other hand, if you use your greed as a driving factor and chase not just those opportunities but even those losses you have endured, success will hardly come, and if ever it'll come, you will pass through series of losses first before you will achieve the goal of success and profits.

It is quite easier to get rich from long term consistent Bitcoin accumulation but where a holder becomes poor overnight may not be sometimes their fault because hackers and scammers can make one become poor overnight having cleaned the account and stealing all in the wallet despite security protocols setting inherent.
Most times it is the fault of the holders and their laxity that makes them lose their holdings, at other times, it could be because they trusted the wrong exchange or used a wrong unsuspecting wallet or for some other reasons.
That's why risk and security management is a too priority when it comes to Bitcoin investment and holdings because one can't be too careful these days when scams are getting more sophisticated to detect.