Getting rich or Financial jailbreak?

[m2017]

We all know that bitcoin isn't really a get-rich-quick scheme,

But the majority (public opinion) believes that this is precisely the case.

but we can also agree that entering bitcoin is all about getting rich after years of trading and investing.

Yes, exactly. In the public consciousness, cryptocurrencies are now closely linked to finance and the economy. First and foremost.

It can be a slow process of wealth creation, but the idea of getting rich with bitcoin is always there.

Well, investments are usually a slow process. Bitcoin won't necessarily make you rich, but at the very least, it helps you avoid losing what you have to inflation and preserves your current value. That in itself is already quite good.

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

I believe the "value proposition" of bitcoin plays a key role - at least for the majority of users (for whom the idea of ​​"breaking free from the traditional financial system and achieving independence" is something abstract and remote). However, there is a segment of users for whom financial freedom is significant; for them, bitcoin offers a way to "shake off" an intrusive, greedy intermediary that tries to control everything (KYC, transaction tracking, local transaction limits, etc.). I wouldn't venture to say exactly what percentage of the total user base falls into this category, but I suspect it isn't very large.

While in the early days of bitcoin, practically every user was a cypherpunk, their numbers have since been "diluted" within the general mass of users who view bitcoin merely as a financial instrument for getting rich.

In reality, bitcoin has no inherent essence. We, the users, are the ones who "imbue" this crypto asset with meaning through our usage, each in our own way. To some, it is a digital "gold bar" for a rainy day; to others, it represents "financial freedom" - the ability to manage one's assets however one pleases, limited only by the boundaries of the planet (at least until Musk colonizes Mars ).

[Obulis]

We all know that bitcoin isn't really a get-rich-quick scheme, but we can also agree that entering bitcoin is all about getting rich after years of trading and investing. It can be a slow process of wealth creation, but the idea of getting rich with bitcoin is always there.

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

When you access mostly riches and rich people, it's usually not an immediate or overnight venture, a certain long time is usually part of the effort required (patience). And even when so much money comes too quick mostly to an average or poor person, keeping this money as in becoming rich will require time.

Bitcoin is actually a long-term money making asset and when you invest, it's not without the hope of profiting from the funds you had put into Bitcoin. The only thing here is not being carried away with quick gains to manage the probable uncontrollable loses that are usually part of trading the medium of quick gains in Bitcoin.
On this, a deep look into the question "if Bitcoin is all about getting rich or it's one way of escaping the system that has been manipulating us", you will see that they're both mutually inclusive. So for everyone, it is either both or one is true.

[FinneysTrueVision]

Reading you response really got me thinking if there was ever a time getting access to bitcoin was much easier than fait most especially when bitcoin was at its early age, However, I’m not doubting your claim, but I’m just wondering how that could be possible when we all have being in this captivity of fiat and the traditional banking system all together.

A big focus among early bitcoiners was on trying to promote BTC to communities that were considered unbanked or underbanked. It might seem like a small amount as a percent of the total population, but there are certainly millions of people whose circumstances do not permit them to easily open a bank account and transact in fiat. When most of my income was from Bitcoin and crypto, I had even less of a reason to use a bank account or apps like PayPal.

[Donk1]

Well, true Bitcoin might not be all about getting rich that's what most folks might say , but if you calculate the global scale of value, then you'd know everything is measured in how much it's worth, when and how. To me I like to believe that the aim of every Bitcoin enthusiast when it comes to Bitcoin is more like a goal, a purpose or its ultimate utility. If Bitcoin wasn't a store of value, then it would just be another bank that is decentralized, and folks would be like, It's too risky and it's not worth it,especially if a person was to lose their seed phrase, since there is no customer service to call folks had probably considered that as a downside. That said Bitcoin is considered unique but still we often have to look at what is driving it, then what it offers before we start mentioning the risk and why it's all worth it. Still store of value or not, most folks would have probably made use of Bitcoin though, but global adoption wouldn't have been like it is now. That's all........

[Z-tight]

if you aren't weak and buy when blood is all over the charts, your money could easily double in just a year.

Yeah that's my point. If you stick with the right strategy and perfect timing in the market, you will definitely maximize your profits and end up getting rich. It isn't a matter of who's early to invest and who's not, but if you know how to adopt the mindset of those whales, and be those diamond hands in the crypto market, the chances of getting rich is undeniably high.

It sure does matter when you invested in BTC, especially if you bought in early. And i wouldn't also compare whales who have bottomless pockets, with normal retail investors. Like i already stated, the amount of money available to you would determine how large your ROI is going to be, and if we can actually talk about getting rich through it.

So, let's say BTC pumps 500% from its bear market low to its peak all time high, and since it is a cyclical network, that would take ~ 4 years. Now someone who invested $50m and another who bought for $500 in the bear low would both see their portfolio rise at the same %, but there is a huge gap in their returns in $.

[Bitcoin_people]

We all know that bitcoin isn't really a get-rich-quick scheme, but we can also agree that entering bitcoin is all about getting rich after years of trading and investing. It can be a slow process of wealth creation, but the idea of getting rich with bitcoin is always there.

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

We know that it is possible to get rich from Bitcoin but it is not quick but it can be done through long-term investment and trading. When a person invests in Bitcoin with the intention of getting rich quickly, they fall into the trap because they should not only think about making profits but also maintain a sense of discipline. Of course, if you want to invest, the main purpose should be to create wealth so that in the future you can benefit a lot from Bitcoin and improve your finances. Bitcoin is not just about getting rich but it is a system where your privacy and financial freedom are combined, and you are in complete control of Bitcoin. So I think that besides just benefiting financially from Bitcoin, it also serves more important purposes.

[Catenaccio]

We know that it is possible to get rich from Bitcoin but it is not quick but it can be done through long-term investment and trading. When a person invests in Bitcoin with the intention of getting rich quickly, they fall into the trap because they should not only think about making profits but also maintain a sense of discipline.

People like that will dislike investment that takes them more time, or they can start with investment but change to trading later. While we know that between investment and trading, trading is more risky and traders have very high failure rates with trading so if they change from initial investment to trading, they might lose most of their capital.

Investment is quite safe and profitable but as all things, there are conditions to invest successfully and get profit.
- Invest with own money.
- Don't borrow money for investment.
- Don't use leverage.
- Always have other capital parts for regular bills and emergency funds.
- Know fundamentals of Bitcoin market from market cycle to psychological cycle.
- Know good investment strategy like Dollar Cost Averaging.
Then do right practice, maintain good discipline, investment will bring profit in long term.

[Grease5000]

We all know that bitcoin isn't really a get-rich-quick scheme, but we can also agree that entering bitcoin is all about getting rich after years of trading and investing. It can be a slow process of wealth creation, but the idea of getting rich with bitcoin is always there.

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

I think the getting rich part is where many people miss the bigger picture. Because if bitcoin was only about becoming rich, then there would be no difference between bitcoin and any other asset people buy hoping for a higher price.

For me, one of the things that  makes bitcoin different to me is the ability to own and transfer value without needing permission from a central authority. It no doubt that the price matters, especially for long term investors, but I don't see it as the only reason to hold it.

And I would not  say that  bitcoin is simply about escaping a central authority either. Because most of us still live and transact within the existing financial system. For me, it is more about having an alternative and having some control over my own money.

By doing so if the price makes me wealthier over time that is a welcome outcome,  But for me the monetary properties and the freedom to hold my own asset are what make bitcoin worth paying attention to in the first place.

[MisFoxie]

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

Many people have made different kinds of comments based on this question but from a personal point of view becoming rich by investing and trading in Bitcoin is a difficult matter. Most of the time one has to face losses through trading, but among them very few people can make a good amount of profit through trading. For this reason regarding becoming rich the matter of investment should be given priority by leaving aside the matter of trading.

However if someone can get a reasonably good profit by investing in Bitcoin for a long time then maybe the person will become rich but this is not always possible. For this reason regarding becoming rich, investment will help as much as trading will not because by trading one has to face losses every moment. But along with investing for a long time, if trading can be done by analyzing the market well and using one's own intelligence then maybe good profit can be obtained.

[ColdLava40]

It sure does matter when you invested in BTC, especially if you bought in early. And i wouldn't also compare whales who have bottomless pockets, with normal retail investors. Like i already stated, the amount of money available to you would determine how large your ROI is going to be, and if we can actually talk about getting rich through it.

So, let's say BTC pumps 500% from its bear market low to its peak all time high, and since it is a cyclical network, that would take ~ 4 years. Now someone who invested $50m and another who bought for $500 in the bear low would both see their portfolio rise at the same %, but there is a huge gap in their returns in $.

Actually most new investors do not know about this fact.

Even if you follow a good strategy, follow your risk management plan your financial breakthrough in Bitcoin investment would depend on how much capital you put into it.

This is why I do not see bitcoin investment as a one time investment. It is something you have to do continually, stacking up your investment using DCA at every opportunity the market brings.

If eventually the market goes into the bull season, you will have a very high Roi. So to have a good financial breakthrough is to have enough capital to invest.

[MainIbem]

I see Bitcoin to be a financial system created to break us out of the financial control we have been under over the years the introduction of money come into existence. Despite the fact that Bitcoin cannot replace native fiat currencies, but if exposed the secrete behind Fiat's control and those who seats at the top doing the whole manipulations stuff.Bitcoin is not a get rich quick kind of investment asset, but an asset that accumulates wealth over time, making it a tool that requires patience to be financially free from controls.

That's right, treating it like one is very risky cause when you do that, you'll either hope on being lucky or lose everything you put into it, acquiring wealth shouldn't be fully dependent on luck but built overtime with either skill, strategy or good ideas and one of the best way to acquire wealth through Bitcoin buying consistently, holding and patience. Bitcoin is a very good alternative to fiat cause it can serve the purpose of carrying out transaction and also gives value to the money you put into it including the sovereignty it offers.

[Tongley]

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

Many people have made different kinds of comments based on this question but from a personal point of view becoming rich by investing and trading in Bitcoin is a difficult matter. Most of the time one has to face losses through trading, but among them very few people can make a good amount of profit through trading. For this reason regarding becoming rich the matter of investment should be given priority by leaving aside the matter of trading.

However if someone can get a reasonably good profit by investing in Bitcoin for a long time then maybe the person will become rich but this is not always possible. For this reason regarding becoming rich, investment will help as much as trading will not because by trading one has to face losses every moment. But along with investing for a long time, if trading can be done by analyzing the market well and using one's own intelligence then maybe good profit can be obtained.

I think that trading along with investing is never a good decision. Because the nature of a trader is to buy at a low price and sell at a high price. When he sees some profit in his investment, he can become greedy and sell it. Because the nature of a trader is like this. If he faces a loss while trading, he may sell his investment to trade again.

Every person's goal should be long-term investment. Because the possibility of a person becoming profitable in long-term investment is much higher and since the beginning of Bitcoin's journey, every person has been successful in long-term investment and it is hoped that everyone will be successful in the future.

[Rabata]

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

A person may have different objectives for holding Bitcoin. Some may hold it because they think that if they keep it for a long time, they will get more returns from it. Because it is decentralized and there is a fixed supply of Bitcoin. Due to its additional advantages, people's demand for it will increase and those who invest here will benefit by buying it at a low price and selling it at a high price. A person will make a decision according to his objectives. There are some who want to keep themselves independent from the conventional financial system. They want to keep their assets with themselves. They want to be free from the traditional way of holding their wealth.

Though there are many advantages in using Bitcoin, due to the policies and regulations of various governments, they do not get the opportunity to use Bitcoin as they wish. However, a common trend is seen among most people to hold Bitcoin. Bitcoin does not guarantee that a person will become rich, but if held for a long time, it is possible to get good returns from it.

[ZAINmalik75]

A big focus among early bitcoiners was on trying to promote BTC to communities that were considered unbanked or underbanked. It might seem like a small amount as a percent of the total population, but there are certainly millions of people whose circumstances do not permit them to easily open a bank account and transact in fiat. When most of my income was from Bitcoin and crypto, I had even less of a reason to use a bank account or apps like PayPal.

But even if someone is unbanked and is earning money through crypto or Bitcoin, they will still be needed to convert their crypto assets to fiat before they can spend them, because we know that Bitcoin and cryptocurrencies are currently not accepted everywhere, which means we still need fiat currencies for day to day purchases and expenses. Bitcoin can surely serve as a medium which can be used to keep your funds because if you have all your money in Bitcoin, you won't need a bank or traditional account, but I guess we still need them at the end of the day.

Bitcoin and fiat currencies will mostly always go side by side based on what I just said above, because governments will not allow Bitcoin to be used for everything, they will always keep fiat the main currency within their economies and we as citizens will have to abide by it because we won't have a choice. So I think even if Bitcoin was created as an alternative and can act as one, but for now, it can't be used individually and fiat is still a part of everything.

[Curious T]

Bitcoin can somehow cover our financial record if and only if our Bitcoin never touches centralized exchanges and the Bitcoin wallet we use has never touched a centralized platform that requires KYC.

Tbh, in today's world, this is not even possible. I don't think you can use Bitcoin to cover your financial record because you won't be able to use Bitcoin to make transactions. You will still need fiat and the banks. To me, what Bitcoin does is give us control. At least, we have total control of some of our funds, so if anything should happen, you don't need to wait for anybody before you do what you need to do. If the goal is to cover your financial record, Bitcoin today won't do that for you. There are only a few things you can pay with Bitcoin. And it is becoming increasingly difficult to do a completely P2P transaction for fiat without a centralized exchange, especially for reasonable amounts. Bitcoin gives you the control and the privacy, but it cannot cover your financial records.

[Franklyn-wood]

I see Bitcoin to be a financial system created to break us out of the financial control we have been under over the years the introduction of money come into existence. Despite the fact that Bitcoin cannot replace native fiat currencies, but if exposed the secrete behind Fiat's control and those who seats at the top doing the whole manipulations stuff. Bitcoin is not a get rich quick kind of investment asset, but an asset that accumulates wealth over time, making it a tool that requires patience to be financially free from controls.

Bitcoin is a way of freeing people from financial bondage that fiat keeps us under the influence of financial limits and control that keeps.
It's the creates an avenue for personal control over ones funds and unlike the fiat when we don't have control on what, when and how to use our funds. Fiat in the original plan is to enslave people from having total control over there money, by limiting how much one can collect or use as at the time you want to use it. Bitcoin can be used as an investment but have to be a long time investment before it can produce enough profits.

[Sonia_123]

Bitcoin makes us rich if we are able to abide to the rules and regulations of a long-term investment of 4-10 years or more using your discretionary income and be patience to allow it grow with time and not hurry about the the investment. It's a step by step access to wealth and financial freedom without stress which the reward now makes you rich.

Getting invested in Bitcoin gives you a soft landing of accumulation of wealth, with Bitcoin investment is a trusted though risky for those that believes that life is all about sacrifice, it's not a get rich quick investment, it appreciates in price with time and not devalued, decentralized, censorship- resistance that is why the governments are not that comfortable with it since it can't meet their demand of total control .

Bitcoin is a decentralized digital currency which has excluded the control of any third party originally from it's creations therefore bridging the gap between the people and the government by making it an alternative to traditional currency  that can be used anytime around the world for anything as long as the both parties are involved in Bitcoin, we can also say it's an escape root from the plan of the government on fiat, as every Individual's has to control their finance not any agency or government.

[SPIDERMAN008]

Well, true Bitcoin might not be all about getting rich that's what most folks might say , but if you calculate the global scale of value, then you'd know everything is measured in how much it's worth, when and how. To me I like to believe that the aim of every Bitcoin enthusiast when it comes to Bitcoin is more like a goal, a purpose or its ultimate utility. If Bitcoin wasn't a store of value, then it would just be another bank that is decentralized, and folks would be like, It's too risky and it's not worth it,especially if a person was to lose their seed phrase, since there is no customer service to call folks had probably considered that as a downside. That said Bitcoin is considered unique but still we often have to look at what is driving it, then what it offers before we start mentioning the risk and why it's all worth it. Still store of value or not, most folks would have probably made use of Bitcoin though, but global adoption wouldn't have been like it is now. That's all........

Bitcoin has features like decentralized, permissionless transfer and fixed monetary policy, so it is important as a store of value and its adoption is increasing over time. And for the common people  along with all these features, the increasing price over time as a store of value also creates more interest in Bitcoin.

If the price of Bitcoin had not increased, people might have used it only as transaction. I even doubt whether its popularity would have been so high. So you are right, global adoption might not have been as it is today without the store of value. But ultimately people want to make a profit. People's main objective is to become financially secure through Bitcoin. They want to increase their wealth through Bitcoin holding or trading. That is the main objective.

And when Bitcoin provides financial security and freedom, people's interest increases even more. This is why Bitcoin has become so different and popular from altcoins.

[laijsica]

We all know that bitcoin isn't really a get-rich-quick scheme, but we can also agree that entering bitcoin is all about getting rich after years of trading and investing. It can be a slow process of wealth creation, but the idea of getting rich with bitcoin is always there.

But for a lot of us here, my question is, is bitcoin all about getting rich or its one way escaping the system that has been setting us an authority to make us controlled and secretly manipulated? Your different points of view are highly welcome.

Literally Bitcoin is definitely a way to get rich, but if you want to get to that point, you have to build a Bitcoin stash. To build this stash, you have to be a long term investor. Those who have short term plans  such as trading attitudes will not be able to reach a sustainable level of wealth.
Those who expect to get rich overnight have risky trading strategies, so they may temporarily profit or become rich but it is not sustainable. In a long term investment strategy you have to accumulate Bitcoin regularly through discretionary income, only then will you have the possibility of becoming a sustainable wealthy investor.

[drangos]

I believe financial freedom is not just a good enough reason to love Bitcoin. It's a better reason than expecting its price to go up. While the profit is dependent upon the market demand. The self custody also allows us to have direct control over our money without being dependent on the bank or payment provider. But freedom brings responsibility as well. If you're going to lose your keys. You could lose your access to your cryptocurrencies forever. And some regulated services may still be necessary to convert BTC into fiat. Bitcoin can provide greater financial autonomy. But it can't eliminate all limitations and provide all wealth.