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

[Primark]

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.

Although Bitcoin is known as a strong asset in the long term, it is not a completely safe asset. You are right that there are many people in history who are probably in a good position today by having faith and patience in Bitcoin. But those who have Bitcoin are still very volatile assets. So the investor has probably made a good decision by deciding to invest in an asset like Bitcoin. But at the same time, he has to consider how much he is investing within his capacity, whether he is keeping emergency funds and whether he can hold on if the market drops by 50%. If someone is forced to sell at a price drop even after making a long-term plan, he will have to face losses. Therefore, while Bitcoin has good potential, its risks cannot be denied.

[Luka123456]

Well said. Bitcoin is an incredible tool for financial freedom, but leverage and overconfidence are what usually destroy fortunes. It's not the asset itself that makes people lose money, but their own lack of discipline and risk management

[Bit-Mj1014]

Success in Bitcoin investment is a two way stream depending on your choice of strategy which is very important, it doesn't matter if you are rich or poor and that is the beauty of it, there is no particular advantage you just have to be discipline yourself to get rich with Bitcoin.

[Futurexxx]

Success in Bitcoin investment is a two way stream depending on your choice of strategy which is very important, it doesn't matter if you are rich or poor and that is the beauty of it, there is no particular advantage you just have to be discipline yourself to get rich with Bitcoin.

If we are going to be realistic with ourselves on the matter of getting rich through Bitcoin, we can all agree that it will take a lot of capital through constant accumulation to build a huge stash of it, and holding for like three circles or more before you can get rich through it, because we can't just invest only $1k dollar or below and be expecting to be rich with the figure Bitcoin is presently.
It might obviously make some profit for you, but making you rich is what I seriously doubt because for Bitcoin to do 20x of it current price in the nearest future seems unrealistic at all, and these are the reasons most folks prefer risking their hard earned money on alt coin than Bitcoin because they can easily make you rich if it goes your way, just that they are more of gambling than an actual investment like Bitcoin.

[Makus]

Indeed, Bitcoin investment is two sides of a coin, you can either get rich from it or go broke but it all depends on how you invest and by that I mean the amount of money you put into it and the decisions that you take. Before making any decision you need to understand that having knowledge makes you take better steps and also having control over your emotions as well, without any of these you would fall under the category of people that end up getting poor from investing in Bitcoin.

Bitcoin investment can also take you from rich to poor when you take it as a quick money making scheme, a lot of people that do this end up selling their coins too early or taking out their investment to put into something they consider might give them a quick return.

[DPHOR]

I think you are missing things here as bitcoin has never made anyone poor as you may think. Normally anyone who experiences much lost from their investment are a result of not able to have enough patient for their investment to got the required duration and time before they could sell to fiat. Those who might have claimed to lose money in bitcoin are those who thought that bitcoin is just like a Ponzi scheme where they put specific amount of money and expected to cash out within few minute or few days. If you hold bitcoin for long time such as 4-12 years you would definitely see their profits. However, on those who invested in altcoin that will definitely say that they lose money since that is more volatile than bitcoin itself.

[qwertyup23]

How can the same asset help someone escape poverty while someone else loses a fortune?

It's unfair to have this type of argument specifically only telling about that it's Bitcoin's doing to make someone fortunate wealthy while the others losses their wealth.

In every asset and market, there's always the losers and the gainers. And this description has been weaponized by the bitcoin haters that whenever someone profits, there's someone that losses.

That's the zero-sum game, that's the core idea and basic economics that we are a part of.

I think this argument also applies to any kind of investment and business- it's all about managing your risk as part of your strategy in order to maximize your winnings.

Just like any other investment, it can go both ways- you either be part of that successful number of people; or you can be part of the majority where failure is nothing but part of the process of being successful.

The argument that OP posits that crypto can make or break you is arguably correct but it will all depend on how you would manage your resources. If your aim is for long-term investment, I doubt that it can make you poor in a short amount of time. However, if you play with your cryptocurrencies via trading, then there is a huge chance of losing everything in the process.

[#CapsLOck]

What's often neglected. However is the fact that the same price action may result in totally different implications as a result of the exposure that a specific person may have to the price action. While a small investor with a small amount of BTC may feel that a market correction is not so bad. It can be an entirely different situation for the large investor who invested most of their wealth in Bitcoin. That's why the shift from wealth creation to wealth preservation is important. Yielding to a number of years will take some pressure off for a short time. But it won't eliminate concentration risk. While Bitcoin can be a powerful asset. Position size and risk management are still crucial.

[Cgrexp]

Indeed, Bitcoin investment is two sides of a coin, you can either get rich from it or go broke but it all depends on how you invest and by that I mean the amount of money you put into it and the decisions that you take. Before making any decision you need to understand that having knowledge makes you take better steps and also having control over your emotions as well, without any of these you would fall under the category of people that end up getting poor from investing in Bitcoin.

Bitcoin investment can also take you from rich to poor when you take it as a quick money making scheme, a lot of people that do this end up selling their coins too early or taking out their investment to put into something they consider might give them a quick return.

An investor's success depends on their methods, planning, and decisions. Anyone driven by excessive greed must also accept the risk of losing everything. The root of the problem lies in overstepping one's limits; if someone invests an amount they cannot afford to lose, financial ruin is the natural consequence of a loss. After losing everything due to ill-conceived actions and exceeding their limits, many console themselves by blaming Bitcoin, yet one must ultimately bear the consequences of one's own decisions.

[moneystery]

...
Therefore, while Bitcoin has good potential, its risks cannot be denied.

It's true that even though Bitcoin offers good potential in the long run, it still carries the risk that its price can drop at any time due to its volatile market. That's why people who invest their money in Bitcoin need to consider that it's a long-term investment and use money they're already prepared to invest, like from their discretionary income, and they also need to have an emergency fund ready so that if an emergency happens, they don't have to sell their Bitcoin.
So basically, investing in Bitcoin isn't something you do randomly, it requires careful consideration to reach its full potential, or else someone will just throw away their money in the market because they can't afford to hold it and don't have any preparation.

[fredericktaylor]

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.

Although Bitcoin is known as a strong asset in the long term, it is not a completely safe asset. You are right that there are many people in history who are probably in a good position today by having faith and patience in Bitcoin. But those who have Bitcoin are still very volatile assets. So the investor has probably made a good decision by deciding to invest in an asset like Bitcoin. But at the same time, he has to consider how much he is investing within his capacity, whether he is keeping emergency funds and whether he can hold on if the market drops by 50%. If someone is forced to sell at a price drop even after making a long-term plan, he will have to face losses. Therefore, while Bitcoin has good potential, its risks cannot be denied.

It is absolutely true that there is a risk of losing money by investing in Bitcoin, a volatile asset. It should not be forgotten that there is a risk in any investment, so if you are knowledgeable about Bitcoin and invest within your means with discretionary money by maintaining consistency and do not lose confidence quickly after seeing Bitcoin's volatility, you can patiently hold Bitcoin for a long time, thereby reducing investment risk.

To reduce financial losses by investing in Bitcoin, long-term planning and discretionary income continuity and creating an emergency fund and finally, your confidence can gradually lead you to specific goals. The more research you do about Bitcoin the stronger your confidence will be, so it will be easier for you to walk the long way.

[Sulegzy39]

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.

You are getting it wrong, in my opinion, no one should borrow money from anybody because you can't predict market strategic, sometimes markets will rise and sometimes they will fall by the time you borrow money from someone to invest, and you can't get it clear how you will pay the person immediately.

Anyone who wants to invest should get the capital first so that anytime market strategic scratch, you will have faith for that and it will not make you feel you are owing anyone. Having capital to invest is very important to every individual that has interest in bitcoins investment. Bitcoin investments are not where you will invest and be thinking you will get quick money, that's why you don't need to borrow money from anyone before investing.

[BALIK]

If you hold bitcoin for long time such as 4-12 years you would definitely see their profits.

I agree that with proper spot HODLing Bitcoin has never disappointed anyone across 4 to 12 year cycle. But in real life not everyone is just die hard HODLer!
It was not just impatience and panic selling that caused everyone to suffer losses. Many have gone broke in single day while engaging in margin trading or future with 1:100 leverage. And that’s not even counting incident of hacking , scam or losing secret phrase!

So even though Bitcoin market itself does not forcibly impoverish anyone but people have ironically lost everything because of Bitcoin due to lack of knowledge, risk management, also impatience as you mentioned. NGL, it's foolish to deny real risk!

because we can't just invest only $1k dollar or below and be expecting to be rich with the figure Bitcoin is presently.

Those who aren't satisfied with safe 2x or 3x profit but instead engage in futures trading on shitcoin, driven by greed for 100x gain, deserve to see their balance wiped out to zero.

Hmm, given Bitcoin's current market cap, 20x increase in short term is almost fanciful. So, in my opinion, if you have small balance, you should be patient and use DCA.

[Hazink]

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.

Let me assume you are just using the wealthy people as an example, because they have all it takes to take a loan, and you are not generally saying rice makes some of the worst investment decisions when it comes to Bitcoin, because if we are to look at it from another way, the poor are impatient investors who are quick to rush into things are their greed cloud their judgment more than anything.

In reality, anyone can make the right investment decision as long as they studied and understand Bitcoin. It's hard to lose money when you are just holding and buying with free money and not borrowed funds. Bitcoin can preserve wealth at the same time as create wealth. I don't believe in the logic of it leading to people losing fortune.

[Donk1]

Well you said wealthy people not regular folks, which means these rich folks already know the risk before making use of leverage in the market. Best to say being a Bitcoin trader or being a Bitcoin holder are two majorly different things, and these things are what determine a person's capacity both physically, mentally, and psychologically.I believe being disciplined is one thing that can only be gotten through experience or the value you give to your assets, but considering the fact doesn't really determine the movement of the market whether it will make you wealthy or not is based on how patient and how well you can tolerate the risk of a volatile asset like Bitcoin, both in trading and in investment.But one thing is for sure a person who can't be responsible for their assets isn't ready to prioritize self custody, so they should probably find other means of investment. Basically it's not everything that works for one person that will work for another, so we should learn to take note of our ability and capacity. Well, that's just it.....

[Agbamoni]

Bitcoin has created millionaires.

Bitcoin has been a life-changing technology in this world. In various aspects, it has shaped the life of many and im proud to be one of them.

But Bitcoin has also destroyed fortunes.

When people become too greedy and lack patience, they will not succeed in Bitcoin. Invest for long-term you won't have destroyed fortunes.

How can the same asset help someone escape poverty while someone else loses a fortune?

Bitcoin isn't a get-rich scheme. This get-rich-quick mentality is the reason why people are regretting.

[GbitG]

Hmmm, that's bit tricky.....!!!

In fact Bitcoin is not the case which make you wealthy despite your own self is the reason for becoming a rich like Bitcoin is an asset it may can give you profit or lose liken it's an tool as similarly to knife. If you knew that juggling with knife can cause you hurt then probably you will not try it once. Similarly if you understand Bitcoin volatility then probably you wouldn't take unnecessary risks by using a huge lot size over a short period....

So the moral of the story is that it's up to you if you have the capacity then probably you will made something good wether you are poor or wealthy On the other hand, if you have a reckless approach you will most likely end up in the red whether you are poor or wealthy like it's not about poor or wealthy it's about discipline scale

So always mark the risk management instructions before dive in....

[nara1892]

Are you trying to get us to hate Bitcoin? Bitcoin does have the potential to lead someone to wealth, and of course, this doesn’t come without effort it requires consistency, patience, and ambition. However, that doesn’t mean Bitcoin will destroy your wealth. While this asset does carry risks, the loss of wealth depends on how you manage your finances and your approach to risky assets, such as Bitcoin.

[Faisal2202]

Borrowing to invest is not completely wrong, it is all based on your intentions of how you are going to ...

You are getting it wrong, in my opinion, no one should borrow money from anybody because you can't predict market strategic, sometimes markets will rise and sometimes they will fall by the time you borrow money from someone to invest, and you can't get it clear how you will pay the person immediately.

I am also against borrowing because it will become a habit for borrowers to get loans from anyone for anything. People are not that smart really, so saying I can easily leave the smoking habit later, it's better to not get into it unless you have a dire need and can't survive without it. A loan is the last resort for everything, but banks and everything have made it so convenient and mainstream that everyone thinks a loan is nothing. The biggest example of this ease is credit cards.

I never used them for this. The credit score is not relevant here though, and my life rule is plan, don't disturb anyone for loans just to invest in something. They can do it, but they are trusting you with their money because they think you might be in dire need. Banks here don't give interest free loans even if they say so, and interest is something I also avoid.