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

[Johnlomape]

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/?

True but people that are losing millions holding Bitcoin is due to their impatience or carelessness to buy and keep their Bitcoin in a wallet they have access to the seed phrase. Also majority that have lost their Bitcoin was due carelessness to keep their seed phrase safe from where it can not be accessed or hacked by someone else.

 The advise I used to give people when they want to invest in Bitcoin is to make sure that they keep their seed phrase safe and never keep their Bitcoin holdings on a centralized exchange. Lack of safety concerns can make an investor to lose their Bitcoin and it should be necessary for newbies to learn how to keep their wealth safe before ever investing in Bitcoin.

[SOKO-DEKE]

Some people lose money in Bitcoin, not because of anything else, but because they lack proper knowledge. This is what makes them make and take wrong decisions that lead to their losses.When someone is not patient enough and does not follow the right steps, they will definitely lose money in Bitcoin. Bitcoin is known for the long term, not the short term. Someone who is eager to make money easily will definitely end up trading, and we all know that trading is very risky. The chance of losing funds through trading is higher than making a profit, and the Bitcoin market is always very difficult to predict.It is a pattern: what someone puts into Bitcoin is what they will eventually receive. So, when people who are rich come into the crypto industry and lose their money through Bitcoin, it may be because of their approach.

[Sobz]

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.

It is the way people understand bitcoin that leads to the lose of one fortunes. If bitcoin is an asset and people invest in it and end up making profit by luck this is when bitcoin can be considered as an asset that people lose their fortune. The understanding of every individuals determines what they earn from bitcoin. If one understands bitcoin better their is good tendency of getting a better outcome from it and if the understanding one has is very shallow it can even make one to lose everything they have. People needs to develop a better understanding because this will make one yield good results.

[ZAINmalik75]

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.

There are two things that I want to point out here.

The first one is that we need to understand what 'poor' means, because when we say or anyone says that Bitcoin and cryptocurrencies help the poor, that is actually a wrong statement, because a person who is poor will not have resources to they can use for making investments, and you can't make anything out of cryptocurrencies without doing that. So a person must at least have some resources to begin with, and if they do, they could be called middle-class or something, but not poor.

The second thing is, we need to stop saying that one can build wealth from Bitcoin or crypto investments, because this is also a wrong statement. An investor is only going to earn good profits from their investments in crypto, even if it's Bitcoin, but wealth is something else. Building wealth is only possible through businesses and stuff and not just making investments, unless you become lucky and that asset blasts all of a sudden, but we know that isn't possible with Bitcoin anymore.

[Ryu_Ar1]

We can't shift the focus only to bitcoin here because until any time bitcoin will only be an object and regardless of what happens it is entirely purely dependent on what we do and how we can use sophisticated technology like bitcoin properly and correctly.

It is not wrong with the argument that bitcoin can make us rich and all this depends on us who use it.
When someone becomes poor because of bitcoin does that signify bitcoin is wrong?  of course not because it indicates that the person still doesn't understand how bitcoin works and usually this situation occurs when they are too focused on pseudo-profits such as when they are lured into big profits from trading by influencers who offer classes or those who are tempted by profits without having to think about how fluctuations by giving their money and others who manage or in other cases they are too careless in storing seeds. It all comes back to the behavior that we do so in this case it all comes back to ourselves who run it because any sophisticated technology when the user is stupid everything will still be destroyed.

[Joeboy]

But Bitcoin has also destroyed fortunes.

No. It is very rare to see anyone's wealth destroyed when they invested in Bitcoin for long term durations using their discretionary funds.. Bitcoin is a great asset on its own and if folks get ruined through their involvement in Bitcoin, well that definitely happened because they approached Bitcoin the wrong way.. Take for instance you came into Bitcoin and all your attention is geared towards timing the price so as to buy and trade...Of course, doing such could eventually result in more losses than you imagined simply because of how how volatile and unpredictable the market tends to be...And so you could get Bitcoin at $74,000 with the hope of selling when it appreciates, only for the price to dip, and then you panic and sell at a lower price which is way below your buying price ..But when you accumulate using the DCA strategy, you tend to get an average buy over the years, which would very well tend to appreciate even the more after some cycles...

[Marvelockg]

Building wealth and preserving wealth are two different games.

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

This is a clear situation of having a wrong or poor understanding of the concept of holding bitcoin. if you whole a large chunk of bitcoin and mess up till everything flies into thine air, same can still happen to you if you hold the largest amount of money in the bank and decide to spend it on the wrong thing or invest it wrongly.

If you are an investor, you can never go from bottom to up and back to the bottom because because has never had a period that it went that bad to have given you that degree of loss. if there is a loss to that extent it is only that you went into trading and exposed yourself to the kind of risk that is capable of eating up all the accumulation you have done prior to that moment. lack of proper planning in any form of investment will always lead to loss especially when you are dealing with a volatile asset. it is not about bitcoin.

[Iranus]

The first one is that we need to understand what 'poor' means, because when we say or anyone says that Bitcoin and cryptocurrencies help the poor, that is actually a wrong statement, because a person who is poor will not have resources to they can use for making investments, and you can't make anything out of cryptocurrencies without doing that. So a person must at least have some resources to begin with, and if they do, they could be called middle-class or something, but not poor.

Bitcoin and crypto are just like any other market or financial tool out there. They just open up a playing field, dishing out a mix of opportunities and risks, but the asset itself doesn't magically go around helping anybody.

Same goes for profit, it mostly comes down to the investor's mindset, strategy, and decisions. Bitcoin doesn't guarantee returns for anybody.

The second thing is, we need to stop saying that one can build wealth from Bitcoin or crypto investments, because this is also a wrong statement. An investor is only going to earn good profits from their investments in crypto, even if it's Bitcoin, but wealth is something else. Building wealth is only possible through businesses and stuff and not just making investments, unless you become lucky and that asset blasts all of a sudden, but we know that isn't possible with Bitcoin anymore.

That said, I see this bit different tbh. Imo investing is still one of the path to building wealth. But obviously it's not as simple as just buy and hold long enough and you'll magically get rich like a lot of people think.

It also comes down to how much capital you have, timing, risk management, and how you allocate your portfolio...

There are many ways to build wealth, but none of them come easy, and all of them require a lot of sacrifice.

[maydna]

No doubt that Bitcoin has created millionaires but only if they know how to do that. Most people can't be patient waiting for the time to sell and only think that investing in Bitcoin gives them big profits short time. But they don't learn how to prepares themselves before they start and that makes them choose the wrong way.

They suppose to remember that no quick money and anything needs knowledge to achieve the goals. So they must understand this and start to learn first and know when to start.

[Renampun]

snip
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's true that Bitcoin gives you the chance to make money from its price appreciation, but sometimes it's easier said than done.. because even though Bitcoin has long-term potential, not everyone is able to manage it.. most people just buy because everyone else is buying, and they only understand that when they buy, they can make a profit.. but they don't realize that the Bitcoin market tends to be volatile, and when the price drops, they actually sell out of panic and end up losing a lot. Bitcoin gives you the opportunity to make money, but you still need to be patient and consistent in investing until you can really make a profit from it.

[ZeroVinsonN]

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/?

True but people that are losing millions holding Bitcoin is due to their impatience or carelessness to buy and keep their Bitcoin in a wallet they have access to the seed phrase. Also majority that have lost their Bitcoin was due carelessness to keep their seed phrase safe from where it can not be accessed or hacked by someone else.

 The advise I used to give people when they want to invest in Bitcoin is to make sure that they keep their seed phrase safe and never keep their Bitcoin holdings on a centralized exchange. Lack of safety concerns can make an investor to lose their Bitcoin and it should be necessary for newbies to learn how to keep their wealth safe before ever investing in Bitcoin.

Whatever is lost is due to recklessness and maybe factors we can't possibly control, it's never that bitcoin destroyed fortunes, phrasing it like that is wrong, it is the need to make through greed that destroys people's life's, people tell themselves they need to buy as much bitcoin as possible, to an extent this isn't a bad thing to do but we should always be careful with what we are buying with.
Maybe some people were lucky doing it, pulling funds from different sources and putting them all into bitcoin, based on their timing that seemingly calculated risk might have made them a fortune but for others it also wrecked them to the point of no return, they bought with so much the rest of their lives got ignored, you can't sustain something like that and when bitcoin's price dropped they sold out of fear and lost everything.

[Rengga Jati]

They have different formula:

Bitcoin has created millionaires.

Knowledge + solid analysis + great effort + a strong mindset + sound risk and capital management + luck.

Whereas this one involves:

But Bitcoin has also destroyed fortunes

Pure FOMO + easy panic + impatience + no analysis + lack of knowledge + high leverage + uncontrolled emotions + no risk management + bad luck.

In short, it is the exact opposite. So, the choice is yours. Oh, and regarding luck. It is always a factor on both sides. But just place it last on the list. 

[Agbe]

Everyone has their own opinion on bitcoin. Bitcoin can only destroy someone if the person didn't plan well and only join in the mindset to get wealthy within a short period of time. And if he invested when the price is high and reaching the time of selling them and the price is low and he want them at that moment, he will be at the losing side. But if he planned it well and it is for long term then there is nothing to worry about. He will not lose.

But if he is in trading and he is not yet a professional, he will loss all. But that is not bitcoin that destroy him but his inability to understand the market strategy and tools. Bitcoin never disappoint and destroy. Unless wallets hacks.

[ArabBTC]

Well personally i feel the determining factor when it comes to gaining or losing in bitcoin investment regardless of once personality wether rich or poor is knowledge, the more knowledgeable we are about bitcoin investment the higher the chances of gaining financial freedom through bitcoin investment.

A good investor will always stand out, he will be knowledgeable enough to hold his investment on long-term basis and won’t be bothered about minor fluctuations in the market, he will also be fully enlightened about safer ways to secure his bitcoin and won’t get into the hands of scammers. It will be rare for a good bitcoin investor to fall from rich to poor, knowledge will remain a good investors winning edge.

[YOSHIE]

Bitcoin has created millionaires.

But Bitcoin has also destroyed fortunes.

This has been considered long ago in general by Bitcoin users, everyone knows that the true nature of Bitcoin is a high-risk speculative asset, that is clear and we all know that.

It is on this basis that Bitcoin really must be owned by those who really understand and learn about Bitcoin thoroughly, when they have true knowledge about Bitcoin they can multiply their wealth from the results of Bitcoin itself and vice versa when they are without it. consider risks, emotional, FOMO attitudes and so on the Bitcoin assets they own drastically destroy them, wiping out portfolios and triggering total losses.

For this reason, consider all the negative and positive consequences before buying Bitcoin to the maximum, so that it becomes a protector of wealth for the user himself, it is not the opposite that happens to destroy and impoverish, the concept is within ourselves.

[MainIbem]

...

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.

Exactly, it might be tough for people who choose trading with Bitcoin to admit, but it only takes a lucky few who choose to follow to get the opportunity of making lots of wealth with Bitcoin so we can't use that to justify that it's the right way  to be rich through Bitcoin. As a coin that increases overtime the right way of acquiring wealth with Bitcoin remains buying and holding for long term, it might take too long which might make it seem like time wasting but the past record of Bitcoin has taught us that it's always rewarding.

[virasisog]

Bitcoin has created millionaires.

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

Well said, crypto could help us earn, but nothing would change if you donyhave financial discipline, actually this also applied to those who are earning a huge amount, no matter how much you earn if your lifestyle doesn't match your income you would just keep on digging your debts.
I've seen some people who earns much more than a regular wage earners but still living like paycheck to paycheck and have a huge debt, cause of their lifestyle.
While there are people who earns just the right amount or considered as regular wage earner that are debt free with a good amount of savings and emergency funds cause of how they handle their money.

[Youngrebel]

Well said, crypto could help us earn, but nothing would change if you donyhave financial discipline, actually this also applied to those who are earning a huge amount, no matter how much you earn if your lifestyle doesn't match your income you would just keep on digging your debts.
I've seen some people who earns much more than a regular wage earners but still living like paycheck to paycheck and have a huge debt, cause of their lifestyle.
While there are people who earns just the right amount or considered as regular wage earner that are debt free with a good amount of savings and emergency funds cause of how they handle their money.

Earning more money does not mean you are becoming financially okay or you are finincial stable and even if you feel that way maybe it’s just for the main time thats if you don’t plan properly and if a person can keep increasing their lifestyle every time their income increases, naturally it is expected that they can still end up being broke or enter into dept that they don’t expect and thats why proper planning and spending wisely is very important and I do tell my friends that financial discipline is what actually makes a difference while trying to spend wisely.

[Pandorak]

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.

Only foolish and selfish people confidently borrow money and use leverage to generate more profits.

In some cases, i’ve actually seen that it’s mostly poor people who use leverage, because many of them are in a rush to make money quickly and earn huge profits that they hope will change their fate or help them escape poverty as soon as possible.

So in this case, i conclude that it all depends on the individual, it doesn’t matter if you’re poor or rich, if your mindset is wrong, the end result will inevitably be a total loss.

[yixichloro2xx]

Some people lose money in Bitcoin, not because of anything else, but because they lack proper knowledge. This is what makes them make and take wrong decisions that lead to their losses.When someone is not patient enough and does not follow the right steps, they will definitely lose money in Bitcoin. Bitcoin is known for the long term, not the short term. Someone who is eager to make money easily will definitely end up trading, and we all know that trading is very risky. The chance of losing funds through trading is higher than making a profit, and the Bitcoin market is always very difficult to predict.It is a pattern: what someone puts into Bitcoin is what they will eventually receive. So, when people who are rich come into the crypto industry and lose their money through Bitcoin, it may be because of their approach.

‎Knowledge definitely matters in our bitcoin investment. But I won't say it's the only reason why investors fails in their investment. The most common are the financial part(poor risk management, investing beyond your means) and poor mindset or mentality.  There are some people who just buy Bitcoin once and leave it for years even without understanding Bitcoin.  In the mindset aspect, someone can buy Bitcoin, but when they see a 10-30% drop, they start panic and selling at loss, then later see price recovers.
‎
‎Then on the financial part, is more of not planning before investing, not having/having little emergency funds etc. These two alone can contribute to why investors lose. People should understand what they are buying, manage their exposure and avoid chasing quick money. Back to the topic title, I don't think someone could get rich through Bitcoin (talking about average- low income investors)  except you invest with a big amount of money and hold and you can't be poor except you trade your entire money in Bitcoin in a short term market.