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

[Junii]

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

Yes i agree with that actually bitcoin is a tool that helps you in becoming rich now it is on you that how you use it and fortunately if you becomes rich then how you maintain that status because my father is in crypto from more then one decade and i remember he is accumulating bitcoin from the very long time and i know his profits also one of his friend he is in a real estate he buy bitcoin last year when it is above 100k and he is still holding but he is in loss even with a bitcoin. So moral of the story Bitcoin gives you the chance to make money but it does not teach you how to manage that money it is on you.

[Wind_FURY]

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.

That's not my viewpoint. Bitcoin, like Gold during a Bull Cycle, acts like a "Naturally-Occurring Ponzi". Because Bitcoin, like Gold, doesn't generate income, its increasing market value relies entirely on the expectation that new money comes in and the expectation that another person will pay more for them in the future.

BUT that's simply how the market works, it's not Bitcoin's fault that the Federal Reserve/other Central Banks print more money, and that money finds itself going into a hard asset/safe haven like Bitcoin.

[Rockstarguy]

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.

You see, this statement about Bitcoin can make people rich from being poor; it has to do with the consistency of accumulating Bitcoin and also being patient. This has to do with one working on their income, because without this, buying Bitcoin often becomes challenging.

It also relates to long-term holding and being disciplined to keep it, no matter the challenges one may go through. It is an investment plan that requires a good understanding of Bitcoin, and it is not every poor person who can achieve it. That is why people always say Bitcoin doesn't make people rich, because some people who think it does believe it comes too easily.

[TheUltraElite]

I think this is true for any speculative market out there because the asset being traded will be subject to movements from everywhere and seeing this many people with minimal experience on how to handle them will start doing the wrong order at the wrong time.

Hence becoming poor on the market is the easiest thing to do, effortless in nature.

But become rich from the market is something of a gimmick as well, because the time factor is never mentioned. Slow and steadily you can make money from the market and grow your money, quick usually is something for the devil.

[lovesmayfamilis]

I think this is true for any speculative market out there because the asset being traded will be subject to movements from everywhere and seeing this many people with minimal experience on how to handle them will start doing the wrong order at the wrong time.

Hence becoming poor on the market is the easiest thing to do, effortless in nature.

But become rich from the market is something of a gimmick as well, because the time factor is never mentioned. Slow and steadily you can make money from the market and grow your money, quick usually is something for the devil.

Right. I've seen examples where one young man hit the jackpot, if I may say so, by making money and making very good money on the growth of cryptocurrencies in 2017. Yes, maybe the quick profit "blew his mind," as he started spending a lot buying expensive things in expensive stores. He added his vanity to everything, because he suddenly decided that the world had fallen at his feet. But in this wealth, he forgot about the laws of a country where there was no permission to trade in the crypto or sell it, and with his unbearable behavior, he attracted the attention of the monitoring authorities, who very quickly found him an article in the law to confiscate everything from him, and in addition, he was imprisoned. Therefore, yes, the right attitude to investments is always respected, but the behavior of a person who has achieved sudden wealth, and who does not know how and does not know what to do with money, as you correctly said, is the devil's games.

[Supreme Donvic]

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.

True, 2 persons can be investing in Bitcoin one of them will be the one to succeed and make money from Bitcoin, just like you said the result that you get depends on the approach you used, long-term bitcoin investment is the best approach because it is more safe and gives good profit.
I'm not saying that trading is not good, trading is good but it is more risky and if you are not very knowledgeable in trading you are actually going to be at the losing side, if you want to avoid risk in Bitcoin then engage in long-term bitcoin investment.

[Sulegzy39]

They're much simpler to grow wealthy through long-term consistent Bitcoin accumulation, yet where an owner becomes poor suddenly may not always be their own doing, as hackers and scammers can clean out an account or even steal everything in the wallet despite its basic safety rules.
Most of the time, it is the fault on the owners and their carelessness that causes them to lose their assets; nevertheless, it might also be since they trust the incorrect exchange, utilised an unaware financial instrument, or for additional factors.

Thus makes it clear that safety and risk control is a priority when it comes to your Bitcoin investments and assets, because one can't be too vigilant nowadays when frauds are becoming more complex to identify.

[tbct_mt2]

Right. I've seen examples where one young man hit the jackpot, if I may say so, by making money and making very good money on the growth of cryptocurrencies in 2017. Yes, maybe the quick profit "blew his mind," as he started spending a lot buying expensive things in expensive stores. He added his vanity to everything, because he suddenly decided that the world had fallen at his feet. But in this wealth, he forgot about the laws of a country where there was no permission to trade in the crypto or sell it, and with his unbearable behavior, he attracted the attention of the monitoring authorities, who very quickly found him an article in the law to confiscate everything from him, and in addition, he was imprisoned. Therefore, yes, the right attitude to investments is always respected, but the behavior of a person who has achieved sudden wealth, and who does not know how and does not know what to do with money, as you correctly said, is the devil's games.

The story is interesting but I have never known about that, I try to find but can not have information about that case.

Who went to jail for crypto?
I search with jackpot but don't find anything, with confiscate, there is the following case that seems to be different with the one in your story.

The Notorious Case of "Bitcoin Baron" Grant West

Grant West, also known as the "Bitcoin Baron," was a prolific cybercriminal responsible for high-profile cyberattacks and data breaches. He targeted multiple companies, including popular online retailers and service providers, using phishing attacks to steal sensitive information and cryptocurrencies from his victims.

In 2017, the UK's Metropolitan Police arrested Grant West as part of "Operation Draba." He was found guilty of charges related to drug trafficking, cybercrime, and fraud. The court sentenced him to 10 years and eight months in prison, confiscating over £900,000 worth of Bitcoin.

No information about that jackpot case.
Getting Rich Off Crypto Didn’t Save Them—16 Millionaires Whose Lives Took A Tragic Turn .

[Sammysmart001]

But become rich from the market is something of a gimmick as well, because the time factor is never mentioned. Slow and steadily you can make money from the market and grow your money, quick usually is something for the devil.

When people hear that Bitcoin can make someone rich, time factor is one of thing they often overlook. Even if a long term mindset, amount they can accumulate depend also on financial situation and income.

A user with little income may hold Bitcoin for many years without even becoming rich from it. While someone else with more capital can reach a different result, so patient is so much important. But we should also focus on improving our income and accumulating within the range we can afford comfortably. We shouldn’t see Bitcoin as a quick shortcut to wealth but part of the journey.

[Dizciple]

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.

I didn't support the topic because when you are already rich and invest into Bitcoin, it gives you more leverage that if you decided to sell when the market has not reached it's highest price, you would still have made big profits because you were rich and invested with a very big amount of money. Rich people are the ones that have more advantages in the market and many of them are taking this privileges to multiple their wealth and they're amoung those selling because they have made big money but you that is poor is still following them to sell when you should be waiting so you can get full profits from your investment. Bitcoin can make you rich when you have the right strategy to invest and have patience so you do not be in a eush to sell when you could have made more money from holding. Bitcoin isn't going to make you poor in any way. It's just going to be a problem for you recieving less profits than you are supposed to get when you decide to sell earlier than when the market reach it's highest price.

[lovesmayfamilis]

The story is interesting but I have never known about that, I try to find but can not have information about that case.

The story happened in my country, and this guy was buying things in "Brioni" stores, in places where fairly wealthy people go. If you know. Such stores use a slightly different way of serving customers and almost always have their loyal customers. The appearance of a random person caused suspicion about his unexpected large money and thus the interest of the police. After asking where the money came from, the guy had to regret that he was so bragging about his wealth. You are registered on the forum at this time and probably remember the boom that is taking place against the background of various kinds of ICO projects.

[tbct_mt2]

The story happened in my country, and this guy was buying things in "Brioni" stores, in places where fairly wealthy people go. If you know. Such stores use a slightly different way of serving customers and almost always have their loyal customers. The appearance of a random person caused suspicion about his unexpected large money and thus the interest of the police. After asking where the money came from, the guy had to regret that he was so bragging about his wealth.

I did not know about that case even you shared more details.

More information shared reminds me about some topics in this forum, talked about going to pubs, restaurants, and talk about Bitcoin. People who did that, shared it considering they were contributing to Bitcoin adoption. With me, I feel it is a very dangerous practice because I will have risk of physical attacks after I leave such places or return to my home.

Stories are likely from some islands in Indonesia or Philippines, it's a long time.

You are registered on the forum at this time and probably remember the boom that is taking place against the background of various kinds of ICO projects.

I was here during ICO booms and I knew how spam the forum was which are reason merit system created.

[savetheFORUM]

That is true but not just with bitcoins. If you do not have control over your mind, any asset can take you on the ride from being poor to rich and poor again. Bitcoins have a huge potential to make us earn profits but with that potential, also comes the risk. If we are not ready to take that risk, we can only imagine staying away from such assets. Early adopters were the ones to get rich really fast because they believed in the future. A few of those might be poor again but majority of them are not millionaires living a wealthy life.

Anywhere we earn fast money, the chances of losing that money in a fraction would always remain constant. That's the reason why aged people prefer earning slow but stable money instead of chasing something like bitcoin. Bitcoins are meant for risk-takers.

[Saltysugar99]

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

Yes i agree with that actually bitcoin is a tool that helps you in becoming rich now it is on you that how you use it and fortunately if you becomes rich then how you maintain that status because my father is in crypto from more then one decade and i remember he is accumulating bitcoin from the very long time and i know his profits also one of his friend he is in a real estate he buy bitcoin last year when it is above 100k and he is still holding but he is in loss even with a bitcoin. So moral of the story Bitcoin gives you the chance to make money but it does not teach you how to manage that money it is on you.

It has never been said in any of the rules and regulations of Bitcoin that it will give anyone a guaranteed profit. By investing in Bitcoin, a person suffers a loss only through his financial management. If someone does short term trading and makes price predictions, invests in Bitcoin with his own required money, and wants to get rich quickly, then Bitcoin will become harmful for him. Because the price volatility of Bitcoin is not as per anyone expectations. But someone has accumulated savings with discretionary income for many years, has a backup fund, and has maintained secure custody. Even if Bitcoin drops by 50%, if he does not deviate from his regular accumulation of Bitcoin, he has a high chance of making a profit. Only those who have invested with a long-term mindset through proper financial management benefit from Bitcoin.

[EstherBtc]

The story is interesting but I have never known about that, I try to find but can not have information about that case.

The story happened in my country, and this guy was buying things in "Brioni" stores, in places where fairly wealthy people go. If you know. Such stores use a slightly different way of serving customers and almost always have their loyal customers. The appearance of a random person caused suspicion about his unexpected large money and thus the interest of the police. After asking where the money came from, the guy had to regret that he was so bragging about his wealth. You are registered on the forum at this time and probably remember the boom that is taking place against the background of various kinds of ICO projects.

I really wish you can give us a link to this story or an article that talks about this. It is an interesting one to read.
Also, i want to know if your country recently has adopted Bitcoin and can you mention the name of your country. Thank you

[knuckey]

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 agree with your opinion, consistency and patience are the keys to success, many people are destroyed because of their impatience and there are also those who feel panic every time they experience a downturn. Bitcoin is present here and is always growing and numerous, individuals and large companies and institutions are always increasing their Bitcoin holdings, what they want is definitely to change finances. so there is no reason for us to ignore it.
most of us cannot be disciplined in bitcoin, both rich and poor, both are the same success as you said comes from discipline not from rich or poor status

[Junii]

It has never been said in any of the rules and regulations of Bitcoin that it will give anyone a guaranteed profit. By investing in Bitcoin, a person suffers a loss only through his financial management. If someone does short term trading and makes price predictions, invests in Bitcoin with his own required money, and wants to get rich quickly, then Bitcoin will become harmful for him. Because the price volatility of Bitcoin is not as per anyone expectations. But someone has accumulated savings with discretionary income for many years, has a backup fund, and has maintained secure custody. Even if Bitcoin drops by 50%, if he does not deviate from his regular accumulation of Bitcoin, he has a high chance of making a profit. Only those who have invested with a long-term mindset through proper financial management benefit from Bitcoin.

Yes i agree with that and it is the reality actually people has to keep in mind that financial markets works differently also there is a difference between being trader and being investor both are different categories and watching market from both perspective like being trader and being investor is also different. If someone want to be trader first he has to gather the deep knowledge of a market in this case no need of huge capital is required less capital is enough as leverage option is available on the exchange but if someone want to be investor then he needs to have another source of income also he has to understand that great things takes time. May be it looks easy but both categories has their own risks and challenges and also needed different skills and mindset.

[Queen uloma]

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.

True, 2 persons can be investing in Bitcoin one of them will be the one to succeed and make money from Bitcoin, just like you said the result that you get depends on the approach you used, long-term bitcoin investment is the best approach because it is more safe and gives good profit.
I'm not saying that trading is not good, trading is good but it is more risky and if you are not very knowledgeable in trading you are actually going to be at the losing side, if you want to avoid risk in Bitcoin then engage in long-term bitcoin investment.

You’re very correct, two people can actually invest in bitcoin but it’s  their approach that will make their results different.

Long term holding can reduce Pressure that trading offers, most especially for someone who doesn’t have enough knowledge. Trading itself isn’t bad but it carries more risk, so an individual is suppose to understand what they’re signing into. Long term approach and patience makes more sense when it comes to bitcoin.

[Umulala-alala]

From the previous record bitcoin hasn't destroy any fortune or even make people poor but bitcoin has always been rewarding long time holdlers unless those who choose bitcoin to be a short time investment for them, trading bitcoin can make one losses their money this is where i can agree with you that bitcoin can make one loss their fortune.

If you are investing in BTC you shouldn't have it in mind that you are going to get rich because bitcoin doesn't guarantee this, and this mindset could also make one to invest outside there discretionary income and wouldn't be patience enough to hold for a long time while they may also likely to sell in lost, so i think this is the only way bitcoin can get one to be bankrupted.

[Decimetre]

Trading has given bitcoin a lot of bad names among the folks who hate either not aware that bitcoin is not only all about trading or seeking for quick profits. I was in a discussion with a friend recently when we started talking about bitcoin and his next statement - meaning of what bitcoin is was totally different, Trading. I tried explaining to him that bitcoin is not allowed about trading but he still sounded confused like someone who's hearing this different view for the first time.

Anyone that has the right knowledge of bitcoin will keep going higher because he will go into bitcoin investment instead of trading and one e he embraces investment, then he can easily rise from poor to rich but if he gets distracted and decides to trade bitcoin, he may also come back to poverty over time. I have seen friends that lost fortunes swiftly because of greedy trading. So it's right to say that greedy people can go from rich to poor in bitcoin while non greedy people can go from poor to rich in bitcoin.