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

[Shineup]

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.

Borrowing to invest is not completely wrong, it is all based on your intentions of how you are going to pay back the loan, if you intend on paying back through profits that will be gotten from the investment then is completely a bad one and not what should be considered at all, profit making is not guaranteed in the long term let alone in the short term and I doubt if there are such loan terms and conditions that will be waiting much longer time enough until you made profit from your investment, but on the occasion that you are aware of the risk involvement of the investment, and other plans are on ground to repay your loan outside your investment then I don't see anything wrong borrowing to invest in Bitcoin because you can sort your self out, but for those who want to rely on their bitcoin investment to repay the loan, they made the wrong decision.

[Asuspawer09]

I mean this is all going to goes down to dicipline, since Bitcoin gives a huge opportunity to a lot of investors to make money, It is just important to remember how it is all done in a patient way.

People who already made a huge amount of money for sure might desire even more money, they might get into a bigger number if you ask me, they already have a funds to do everything just like you said like leverage trading, I mean it is just norma thing for people to do that, since you earning and taking profits you could already afford to lose much more than before, but I guess this is just a problem of getting greedy since they might forget how patient they are in the past because they are not chasing the huge money.

It goes both ways since even at your lowest you might just stay there if you are not doing the right thing and not getting patient, and you might not stay on top if you are getting greedy.

[AYOBA]

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.

That’s just the fact everyone has his own choice and that’s why some people go to the one they knows it can favour them, although that the trading is very risks which is why they choose the Bitcoin investment than trading. It’s truth but one thing about it is that, there’s some people who said that the trading is involve of so much risks and even if they choose to invest in Bitcoin they still don’t get what they don’t want from the market, and what cause all this is base on how some chasing money they just want to make it by false by fire; whereby everything in life need to be in a gradual way but lack of patience won’t allow most people to be endured.

[Ab de villiers]

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.

Having control of your mind and making decisions at the right time always have a great influence on life and its ups and downs. For people who want to have success, it's going to be all about their own way of how they work and have their things managed. It's not only bitcoin in every field, if these rules are implemented, anyone could become rich to poor and poor to rich frequently, just one good decision and one bad decision can bring all of this to happen. Peoples those are always make good strategy and also have enough way of staying on their good level always have good success they never fall down and face issues but peoples those always done wrong decisions and their mind is also not good in taking decisions faced enough problems and stays poor or if they are rich enough they surely going to be end poor due to their own weakness.

[Mate2237]

To build wealth from Bitcoin there are lots of things that you have to put into consideration, you cannot just move from poor to rich just because you invested in Bitcoin. There are people that have gained a lot from Bitcoin investment over the years but what happens next in 10 years time is what actually matters, it is sustainability over short term results. If it was that easy to from from poor to rich with Bitcoin a lot of people would have made a lot of money from it.


Without having psychological discipline there's no way you can actually make money through Bitcoin investment, this investment entails a lot of consistency and patience, it is easier said than done until when you actually start making an investment and realize how difficult it is. Bitcoin doesn't just automatically takes anyone from rich to poor, there are structures that must be followed to achieve this.

[Localhostspeed]

To build wealth from Bitcoin there are lots of things that you have to put into consideration, you cannot just move from poor to rich just because you invested in Bitcoin. There are people that have gained a lot from Bitcoin investment over the years but what happens next in 10 years time is what actually matters, it is sustainability over short term results. If it was that easy to from from poor to rich with Bitcoin a lot of people would have made a lot of money from it.

There is no short cut to wealth, not anywhere. If you try to do so, there is always a price to pay. Most people that have lose money to crypto investment mostly were looking for quick money and altcoins dunk their investment. The people that have made Bitcoin investment and are in wealth today have it because they were patience and didn't sell, that's the price you pay for holding Bitcoin. Anyone that hold Bitcoin today and are rich were patience.

Without having psychological discipline there's no way you can actually make money through Bitcoin investment, this investment entails a lot of consistency and patience, it is easier said than done until when you actually start making an investment and realize how difficult it is. Bitcoin doesn't just automatically takes anyone from rich to poor, there are structures that must be followed to achieve this.

May be this is applicable in some parts. I don't think there is any complications about making wealth with Bitcoin. The rule is simple, buy from exchange, withdraw to personal wallet and hold. If you plan to do DCA, stick with that and if to have one time plan on Bitcoin investment, buy it and do the necessary. However, there is no quick profits like before, you have to remove that mindset of quick money from Bitcoin.

[OcTradism]

There is no short cut to wealth, not anywhere. If you try to do so, there is always a price to pay. Most people that have lose money to crypto investment mostly were looking for quick money and altcoins dunk their investment. The people that have made Bitcoin investment and are in wealth today have it because they were patience and didn't sell, that's the price you pay for holding Bitcoin. Anyone that hold Bitcoin today and are rich were patience.

Investment is a very good way for people who are not rich to accumulate their wealth and change their financial lives to become the rich in the future. They of course will have to do intelligent investment by choosing good assets such as in cryptocurrency market, choosing Bitcoin will give them a safest investment portfolio.

If they decide to invest but do it wrongly such as spending money for shitcoins, they will very likely not get richer but actually get poorer, even bankrupted.

May be this is applicable in some parts. I don't think there is any complications about making wealth with Bitcoin. The rule is simple, buy from exchange, withdraw to personal wallet and hold. If you plan to do DCA, stick with that and if to have one time plan on Bitcoin investment, buy it and do the necessary. However, there is no quick profits like before, you have to remove that mindset of quick money from Bitcoin.

DCA is a classic investment strategy and it works well for strong assets like Bitcoin. DCA can be used for accumulation but also for take profit with time.

https://costavg.com/
https://bitcoindata.science/withdrawal-strategy

[Juicyhome]

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.

Bitcoin is more than a share , but just like company share where everyone buy and keep for lo g that's how everyone can benefit from Bitcoin investment be your poor or rich,  both has equal chance to be rich in bitcoin,  bitcoin indeed was created for everyone. People are very okay with company shares. They can keep for years bit once it comes to bitcoin they are always hurry to sell off because they have access to it.  Any body that complain that bitcoin ruin his finances know that his impatient investor.  They only buy bull run and sell in dip because of fear to lose all. Bitcoin reward only those that are patient and hold for long. If you don't have the ability to hold don't invest.

[HustleZ]

[…]

Bitcoin has created millionaires but it hasn’t destroyed fortunes. Most of the things we have created as humas for for our convenience and for making our life easy, also has its down sides and disadvantages so mainly it was created for a beneficial purpose but the disadvantages it brings to people will surely be due to the incorrect use of it so that’s the same with BTC, it was mainly created to produce wealth and give different benefits to people but the greed and FOMO of people gives them the “destruction”. So Bitcoin doesn’t destroy fortunes its the greedy and uncalculated decision of people that “destroys” their fortune.

[Faisal2202]

Borrowing to invest is not completely wrong, it is all based on your intentions of how you are going to pay back the loan, if you intend on paying back through profits that will be gotten from the investment then is completely a bad one and not what should be considered at all, profit making is not guaranteed in the long term let alone in the short term and I doubt if there are such loan terms and conditions that will be waiting much longer time enough until you made profit from your investment, but on the occasion that you are aware of the risk involvement of the investment, and other plans are on ground to repay your loan outside your investment then I don't see anything wrong borrowing to invest in Bitcoin because you can sort your self out, but for those who want to rely on their bitcoin investment to repay the loan, they made the wrong decision.

You are right. Taking a loan for investment depends not only on being rich or poor, that's just like a big broad word, but if we discuss it deeply, then Shineup, you are right. It depends on how we can handle the interest. We have a job as poor people, and we can afford to pay the interest, which is like rent for the money we took to buy BTC, just like any other rent we have to pay, nothing too big. But people who are extremely bullish, taking this chance just to acquire BTC for the long term, while people on the other hand only take this step when it is the last option to have a house, to have something important.

These optimistic people will definitely make a profit and can pay their loans and interest with their profit. The profit they will make can cover everything and can also leave them with a profit.

[nfuorus]

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.

The real question is
Do bitcoin create millionaire or proper risk management and strategic investing does?
Do bitcoin rake people to zero or the lack of this proper risk management and strategic investing does??
I have come to understand that people focuses majorly on the story of grass to grace people tell and top to bottom people narrate rather than asking the "WHY" question.
Bitcoin has proven over time to be the most purest form of digital gold but the approach people use in going for that digital gold have made and mere alot of people.

[Charcol]

To build wealth from Bitcoin there are lots of things that you have to put into consideration, you cannot just move from poor to rich just because you invested in Bitcoin. There are people that have gained a lot from Bitcoin investment over the years but what happens next in 10 years time is what actually matters, it is sustainability over short term results. If it was that easy to from from poor to rich with Bitcoin a lot of people would have made a lot of money from it.


Without having psychological discipline there's no way you can actually make money through Bitcoin investment, this investment entails a lot of consistency and patience, it is easier said than done until when you actually start making an investment and realize how difficult it is. Bitcoin doesn't just automatically takes anyone from rich to poor, there are structures that must be followed to achieve this.

Bitcoin poses a big problem for those who think of it as just a way to get rich quick. No asset can make you rich for sure. Bitcoin has risks, just like any investment. But Bitcoin rewards those who can endure these risks with patience. Bitcoin has created a good opportunity for many for more than a decade. But at the same time, it is also true that some people have bought at the wrong time, taken excessive risks, or sold at a loss out of fear. That is why those who have understood their risks and survived in the long run have been successful.

[Gost ms]

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.

The real question is
Do bitcoin create millionaire or proper risk management and strategic investing does?
Do bitcoin rake people to zero or the lack of this proper risk management and strategic investing does??
I have come to understand that people focuses majorly on the story of grass to grace people tell and top to bottom people narrate rather than asking the "WHY" question.
Bitcoin has proven over time to be the most purest form of digital gold but the approach people use in going for that digital gold have made and mere alot of people.

A person can become rich through Bitcoin only through proper financial management and proper planning. Because there are many people who are involved in trading in the name of investment and even under the condition of being involved in trading, they take a risky decision like trading without properly understanding the financial situation and capabilities of trading and they get involved in trading.

But the person who has continued investing with proper financial management and proper planning has definitely succeeded in investing in Bitcoin and has become very rich. Every person's goal should be long-term and if they can remain steadfast in their goal, then they will definitely be able to profit from Bitcoin and become rich.

[Z_MBFM]

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.

Bitcoin never influences anyone that if someone invests in Bitcoin, he will get rich quickly. However, if someone invests in Bitcoin for the long term, then he will be able to gain more profit from Bitcoin than he could have made from other investments. However, when someone trades Bitcoin and wants to gain a lot from Bitcoin quickly with high leverage, he is at a lot of risk and due to taking high leverage, if the price of Bitcoin goes in the opposite direction of his trading entry, he starts losing very quickly and in this case it works like a kind of gambling which can make him face very big losses very quickly if he uses a very large trading capital. So Bitcoin does not directly make someone rich or poor, but rather the decisions of each person in Bitcoin help them become rich and poor.

[batang_bitcoin]

the person who has continued investing with proper financial management and proper planning has definitely succeeded in investing in Bitcoin and has become very rich. Every person's goal should be long-term and if they can remain steadfast in their goal, then they will definitely be able to profit from Bitcoin and become rich.

There were many early investors who have left the market and sold their holdings at an early stage. But if that made them rich, good for them. Yet, there are still some of those that have never made wealth because they thought that it's just a one time thing but they were wrong. Those who became consistent in buying and holding bitcoin, they were the ones who have made it. They have believed that the potential of bitcoin is going to happen and that actually came to them and that's why they are now advocating that investing in bitcoin is a must, an investor should include it into their portfolios.

[Anayochukwu]

You are right and wrong at the same time op, indeed Bitcoin can change your financial position and it can also change your financial discipline and that's for people that are interested in preserving the wealth they have gotten from Bitcoin investments. Bitcoin has the potential of making anyone rich but not in a short period of time though and it doesn't destroy anyone's fortune unless you are not capable of investing or you probably going the wrong path and for anyone that wants to preserve their wealth in Bitcoin trading is never the best option even though it seems like it is for some people. basically, going from poor to rich or from rich to poor in Bitcoin depends on how disciplined you are.

[free-bit.co.in]

[…]

Bitcoin has created millionaires but it hasn’t destroyed fortunes. Most of the things we have created as humas for for our convenience and for making our life easy, also has its down sides and disadvantages so mainly it was created for a beneficial purpose but the disadvantages it brings to people will surely be due to the incorrect use of it so that’s the same with BTC, it was mainly created to produce wealth and give different benefits to people but the greed and FOMO of people gives them the “destruction”. So Bitcoin doesn’t destroy fortunes its the greedy and uncalculated decision of people that “destroys” their fortune.

By your logic, if Bitcoin wasn't created to destroy anyone's wealth, then it wasn't created to directly create wealth either. What it created is a market, and that market comes with both opportunities and risks.

If someone loses everything investing in Bitcoin, that's down to their own bad decisions, poor judgment and greed. Then when they make money and become a millionaire, that should also be because of their own decisions and calculations, nobody else's.

So you can't have it both ways, blame greed when they lose but credit Bitcoin when they win.

[Awaklara]

basically, going from poor to rich or from rich to poor in Bitcoin depends on how disciplined you are.

We all know the importance of discipline in investing. But human greed can also cause people to become poor because of the investments they have made. We can see people who initially see profits from Bitcoin over a few years become greedy and put all their money into Bitcoin. When the market moves against predictions and continues to reduce the value of the investments made. We can plan for long-term investments, but the psychological ability of an untrained person can very easily be shaken by small shocks in the market.

[Powerjumboo]

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.

Bitcoin can make most people rich if people can demonstrate their security and patience. Those who have held Bitcoin and held it for a long time have benefited from Bitcoin investment but those who could not buy Bitcoin and hold it and invested in Bitcoin on credit or bought Bitcoin and traded it and did futures trading and used high leverage have lost their Bitcoin quickly and they have suffered losses. It does not require much strategy to get rich from Bitcoin and does not require experience if we can hold our Bitcoin for a long time and provide it with proper security then we can definitely get rich from here and there is still enough opportunity.

[Outhue]

Invest only what you can afford to lose, I guess this advice is still accurate till date, getting rich from poor is massively possible with Bitcoin investment but getting poor from rich? That's crazy, things will have to go horribly wrong for this to happen, like losing access to your recovery seeds or private keys, but if what you can afford to lose is what's invested you won't go poor completely, you will only lose some money and you can bounce back pretty fast, so I think this advice is still a very good one, unfortunately I am not practising this because I've turned my Bitcoin wallet into my life savings account, I have to be very careful with my recovery seed is all.