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

[macson]

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When an individual end up investing into Bitcoin with money they really need for necessary expenses like rent, food or emergencies, every short term price movement can force them to sell at a loss.  So I think it's not just about holding your Bitcoin for long term, but also about knowing your financial capacity before investing.

It's important that a person understands their priorities when putting their money into Bitcoin. If they know their money is tight and they have more needs to take care of, then they can invest only a little of what they can afford --- they don't need to force themselves to invest when there are plenty of things that need to be handled first.

It's more important to take care of your needs first, and then you can think about investing. Investing should only be done when you are truly able to do so, otherwise, you may end up selling your Bitcoin too easily, which prevents you from fully maximizing your investment.

[bitcoin-shark]

Bitcoin can certainly transform our financial status—even overnight—from poor to rich; however, in my opinion, we shouldn't get carried away by excitement and simply wait for a stroke of luck. Instead, we should establish an accumulation strategy using the method that suits us best—whether that’s mining, trading, or doing small jobs that pay in bitcoin.

[Obulis]

Bitcoin price has little or nothing to do with Bitcoin taking people from rich to poor and from poor to rich. The problem and the solution is domicile inside the mind. Mindset makes or causes the great difference. When a rich person response to Bitcoin is just to keep trading since they have a job or business that making them earn steadily then they might not be too far away from becoming poor should anything happens to their job or business and for some one fall usually takes so long to rise again if not a life time. And when a poor person is always putting in that little amount of discretionary funds available even if not steady, they increase the buying amount as discretionary funds increases and are patiently willing to hold for even a decade or a decade plus, then Bitcoin will invariably offer them what they have opted for.

[abel1337]

Bitcoin can certainly transform our financial status—even overnight—from poor to rich; however, in my opinion, we shouldn't get carried away by excitement and simply wait for a stroke of luck. Instead, we should establish an accumulation strategy using the method that suits us best—whether that’s mining, trading, or doing small jobs that pay in bitcoin.

I don't think so. Investing on bitcoin wouldn't make you rich unless you are already rich and has enough capital to buy bags of bitcoin. It's not 2012 where we can assume we can definitely be rich by just investing or accumulating bitcoin. Don't get me wrong, we can still earn profit from holding bitcoin of course but we certainly can't get rich unless we are rich already. We can assume that we can get 2x to 4x at most at a single cycle. We won't get rich from that. I treat bitcoin as an asset that is better than other asset like gold, investment wise but same as gold, I won't get rich from it unless I have so many of it.

[Somegory]

A Chinese woman lost millions in dollars because he was deceived online by someone, she had millions in Bitcoin and she doesn't even understand how important her privacy must be as a Bitcoin holder.

For anyone who wants to keep their money in Bitcoin I advice they spend a lot of time on how to use Bitcoin wallet correctly and also what they must not do, I believe that Bitcoin investment and Bitcoin wallet isn't for everyone.

Sometimes having millions in $ is better left in your bank account especially when you are a very old person, don't bother getting into any complicated space, use what you are already used to.

[Uhwuchukwu53]

The understanding of some who engaged in Bitcoin they see trading as investment trading is different aspects, and the trading is the real gambling where one losses occur as mirage, I will completely believe op if he specifically mentioned trading as the aspect that have this criteria of making you rich as poor because of the high volatility the market could be. Though normal investment still little if making poor and research but anchor on the understanding of the investor if your short term investor who have no plan of Long term you may end up lossing because you may not hit appropriate target because Bitcoin is not quick to get rich scheme.