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

[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.

[BABY SHOES]

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.

During the purchase of bitcoin, do not then reinvest it into a platform with high returns, then they hit the trap of a ponzi scheme.
Just buy bitcoin and keep holding, it's that simple.

About security it's very important, now that's a lot of cases of bad news events about securing assets, such as hacks, exploits, wallet draining, this is what needs to be careful... however, this must be learned from the beginning.

[stadus]

The ability to get rich with bitcoin comes with rich mindset as well, meaning you don't just invest there and reap instant success and wealth, but you manage to shift your focus from short term gains to long term value. You chose DCA over lump sum buying, and you treat bitcoin as your lifetime saving and retirement.

While those who deal with bitcoin with poor mindset, like they are here for a get-rich-quick scheme, and has seen no long term value for bitcoin, then for sure they will never make it with bitcoin.

[Queen uloma]

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 totally agree with you, bitcoin and trading are not the same. A person can go into leverage trading and still lose everything, while another person is holding patiently without allowing fear to make him sell too early. But even with holding, profit isn’t still guaranteed. One thing I strongly agree with is that borrowing money to buy or even trade bitcoin is a very dangerous move to make, because if market didn’t go as planned, the money you borrowed is still waiting for you.

[Natalim]

Bitcoin is just a tool, whatever the outcome you will reap from bitcoin is a refection on how you deal with risk management and the right attitude towards bitcoin. If you can maximize them, most likely you will have a good future with bitcoin and experience financial stability and freedom.

But if you rush into bitcoin without initial knowledge and clear background on how the market moves, you might end up messing your funds and waste your time and energy, rather than making profitable income and enjoying the fruit of labor in the end.

[Nothingtodo]

Of course, Bitcoin can make you rich from poor and at the same time it can make you poor from rich. All these things will depend only on you. If you invest in Bitcoin at the right time and hold it for profit for the long term, it will definitely take you from poor to rich. Again, if you cannot save Bitcoin properly and you destroy or lose your wallet, then you can also go from rich to poor. So how to save it by investing in Bitcoin and how you will hold it for the long term will depend on you.

[Hamza2424]

The ability to get rich with bitcoin comes with rich mindset as well, meaning you don't just invest there and reap instant success and wealth, but you manage to shift your focus from short term gains to long term value. You chose DCA over lump sum buying, and you treat bitcoin as your lifetime saving and retirement.

Bro, anyone can choose lump sum over DCA and can become rich if they were poor.

No one is restricted to choose DCA over lump sum just because they want to make wealth from Bitcoin in the long run.

I buy in lump sum today and hold it for the long term, I can make wealth. Maybe I don't become rich because making $1k now is easier than it was making 20 years ago, so purchasing power is decreasing while numbers are increasing, while the definition of rich is not changing for everyone.

[JiiBs]

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.

In the same way you can make a lot of money by holding, money you might not get to spend because, liquidating it for cash simply means, you’ve cashed in on the profits you’ve made of it and wouldn’t have your holdings no more.

However, if you liquidate when the market isn’t on the side of the bulls, you might not be poor but certainly wouldn’t be happy about how you handled your Bitcoin investment and that’s for sure.

It’s a whole different ball game when you go into Bitcoin or cryptocurrency trading. The difficult in predicting the trends and price direction could lead you into taking several wrong trades that can sweep you out of months or years of savings and that’s you returning back to zero.

[AgriTrack]

For a moment I thought you are going to say something against Bitcoin and blame Bitcoin for people who lose money, and I was already ready with an answer, but then I read the whole thread and realized it's not about that and you already know the reason and that's what's being discussed.

There is no doubt that people who become overconfident often have to face the consequences of their actions and thoughts that incurr after they become overconfident. Someone who has a lot of money might think they can easily multiply it if they trade with it using high leverage, because they believe the market can't make them lose everything because they have a large margin available to cover everything, but that's not true. Sometimes, the market can surprise everyone, and we have seen this happening so many times in the past.

It's all about knowledge and understanding of things one is going to do. Whether you are wealthy or just starting, your mindset and thought process will decide whether you will succeed or fail.

[2Pizza410000BTC]

Bitcoin gives everyone financial freedom, but those who can maintain this freedom benefit from Bitcoin, and those who cannot maintain this freedom suffer in various ways through borrowing, investing in Bitcoin and trading. However, in my view and in my opinion, Bitcoin has helped most people financially. For example, I was once unemployed, when I was unemployed, I did nothing, but this Bitcoin gave momentum to my unemployed life, I was able to create my own employment through this Bitcoin and today I am able to live a good life. I will say from another perspective that Bitcoin has changed my life, I don't know if it has changed anyone else's life, but I will be forever grateful to the person who created this Bitcoin for changing my life.

[Patikno]

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.

Basically, the examples cited by the OP stem from misconceptions or poor decision-making. Such individuals lack patience, and possess little knowledge about Bitcoin itself. Yet, a simple look at Bitcoin's historical price trends should make it clear that it cannot generate overnight wealth. Furthermore, greed often drives people to risk their money in such highly hazardous ways.

By the way, as far as I know, wealthy people generally possess a highly disciplined mindset, especially regarding financial management, and risk. However, the poor mindset the OP described is not typical of the wealthy,unless; the person simply inherited the wealth without inheriting that disciplined mindset.

[As-Soon-As]

Holding Bitcoin depends on what you are doing, because if you trade at this moment, there is a high possibility that you will lose. Because Bitcoin not only helps the poor, but if you use it without any purpose, then you will face losses no matter who it is. However, holding Bitcoin for a long time will definitely be profitable and you will be able to build wealth, in this current situation you must follow different strategies to be profitable.
It is not a matter of being poor or rich, what we see is only the intention. The person who can hold Bitcoin for the right purpose and move forward towards the future, that person will be successful.

[bhadz]

The ability to get rich with bitcoin comes with rich mindset as well, meaning you don't just invest there and reap instant success and wealth, but you manage to shift your focus from short term gains to long term value. You chose DCA over lump sum buying, and you treat bitcoin as your lifetime saving and retirement.

Correct, it comes with the right thinking that it's not as quick as it can be. Patience is required for it, and also consistency not only in accumulating or DCA but also in holding it. When we don't have the patience and have to sell due to some inappropriate reasons, the regret will strike us back and will make us feel how bad that decision is.

While those who deal with bitcoin with poor mindset, like they are here for a get-rich-quick scheme, and has seen no long term value for bitcoin, then for sure they will never make it with bitcoin.

This never gets old, even in our country we see a lot of people who remains thinking that bitcoin is sort of that because only see the success of people who shares it on social media.

[Peanutswar]

Bitcoin has created millionaires.

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

It depends on the bitcoin hodlers how they will use their bitcoin, seems at the first place is their agenda is like others. Buy low and sell high but in reality, is you could get a roller coaster of emotions with the current market situation if you also bought at the top of the market price also you can add here people who are into DCA because they are buying every day/weeks/month so possible they are into it too.

Now if you are these bitcoin hodlers or crypto users who have a plan to entry and exit in the market and you are mental and emotional strong you can be a millionaire in crypto but.. of course if you utilize the crypto space such as you are not solely focus on spot trading and futures but also into trend what are the ways to earn, there is always a risk in crypto so it can turn millionaires into poor in an instant with wrong decision.

[shinratensei_]

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

I always disagree with this kind rhetoric, "bitcoin can make you that and can make you this" rhetoric because it's a tool. Speaking from historical data of bitcoin if you are only holding, realistically you should be in profit, even if you buy at all time high you're still in profit the next bullrun because bitcoin has recorded higher all time high everytime it sees a bullrun. Bitcoin can't make you go from Rich to Poor, proven scientifically from the historical long term chart and price action data, it's your action that makes you Rich to Poor by doing side gig such as speculating on the market, if you're simply holding bitcoin without trading it or anything, just hold, you're going to be rich.

[Wind_FURY]

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.

It's called "Ponzinomics", BUT it's not Bitcoin's fault. From a tech-first perspective, Bitcoin is our generation's Tour De Force, NOTHING will change THAT.

But from a market and value perspective, more money must come in the market for Bitcoin to surge in market value, AND the Federal Reserve/other Central Banks around the globe are doing Bitcoin a favor by printing more money. IT'S THEIR FAULT.

 

[OcTradism]

It's called "Ponzinomics", BUT it's not Bitcoin's fault. From a tech-first perspective, Bitcoin is our generation's Tour De Force, NOTHING will change THAT.

But from a market and value perspective, more money must come in the market for Bitcoin to surge in market value, AND the Federal Reserve/other Central Banks around the globe are doing Bitcoin a favor by printing more money. IT'S THEIR FAULT.

Ponzi scammers can take advantage of anything available to scam with their Ponzi offers. They don't have to create their own cryptocurrency to shill their Ponzi offers, and because Bitcoin is available and also a very strong cryptocurrency, it's a most favorite name to be used by Ponzi scammers.

However, scammers only abuse Bitcoin name, add it into their Ponzi offers while Bitcoin is not responsible for that, and has no role in their Ponzi scams. People only need to know very basics of finance to realize Ponzi scams. They also have to know "There is no free lunch" and if there is any free lunch such as very "too good to be true ROI offers" from Ponzi scams, they must avoid such offers as farthest as possible.

If people understand about Bitcoin history, its very high ROIs in past years, they will choose investment in Bitcoin than take risk with Ponzi offers.

[Silikiem]

Of course, Bitcoin can make you rich from poor and at the same time it can make you poor from rich. All these things will depend only on you. If you invest in Bitcoin at the right time and hold it for profit for the long term, it will definitely take you from poor to rich. Again, if you cannot save Bitcoin properly and you destroy or lose your wallet, then you can also go from rich to poor. So how to save it by investing in Bitcoin and how you will hold it for the long term will depend on you.

Most investors make bad investment decisions that cost them to lose a fortune and they end up blaming it on bitcoin itself. The way you handle your investment have a hand towards the future success of your investment. Understanding bitcoin and how it works is one thing that’s very important for investors before investing in bitcoin or even after investing, your ability to continue learning and be able to make some important investments decisions will be key to success in bitcoin investment. Most people lose a fortune in bitcoin not really because of the price volatility or severe price crash but they loss their fortune to mostly greed, poor security, storing in an exchange that could be bankrupt and prone to hackers and scammers. Theses are the set of investors who can move from Rich to poor, but those who knows what bitcoin investment truly is and will move from poor to rich will rather chose self custody instead of a centralized exchange, they will be serious with their bitcoin security, and will not allow greed to overcome them.

[uchegod-21]

It's called "Ponzinomics", BUT it's not Bitcoin's fault. From a tech-first perspective, Bitcoin is our generation's Tour De Force, NOTHING will change THAT.

But from a market and value perspective, more money must come in the market for Bitcoin to surge in market value, AND the Federal Reserve/other Central Banks around the globe are doing Bitcoin a favor by printing more money. IT'S THEIR FAULT.

Ponzi scammers can take advantage of anything available to scam with their Ponzi offers. They don't have to create their own cryptocurrency to shill their Ponzi offers, and because Bitcoin is available and also a very strong cryptocurrency, it's a most favorite name to be used by Ponzi scammers.

However, scammers only abuse Bitcoin name, add it into their Ponzi offers while Bitcoin is not responsible for that, and has no role in their Ponzi scams. People only need to know very basics of finance to realize Ponzi scams. They also have to know "There is no free lunch" and if there is any free lunch such as very "too good to be true ROI offers" from Ponzi scams, they must avoid such offers as farthest as possible.

If people understand about Bitcoin history, its very high ROIs in past years, they will choose investment in Bitcoin than take risk with Ponzi offers.

I once received a message from a scammer who tried to introduce bitcoin to me. He said alot about doubling my capital in few minutes and it sounded so good to be true. Even if I was not already investing in bitcoin and knew nothing or less about Bitcoin already, I will still not fall for a scam as that.

It now gets me wondering why people fall for such scams as obvious as the one that was sent to me? Greed, ignorance or just lack of knowledge?

You are right, if the name "bitcoin" was used to scam anyone, it is definitely not bitcoin's fault. The scammers and the person who believed such a lie without trying to research Bitcoin, should be blamed for trying to tarnish Bitcoin's image.

[The Cryptovator]

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.

It can; the same assets would react differently based on the circumstances. Alcohol would save your life, and it could destroy your life as well. Because alcohol is also used for treatments, cleaning operation accessories, and so on. Bitcoin would make you rich but not overweight. Don’t dream it.

Bitcoin would destroy as well based on your wrong decisions. If you leverage or buy top and lose patience and then sell at a loss, then definitely it will drive you to become poor. So you are the one who has to decide how you are going to handle your Bitcoin, and based on this, there will be an outcome.