How to become a bitcoin millionaire

[mysidia]

I've lost out on so much potential coin by not buying in lower, despite the talk of this next bubble.

The last time the price was below $400 per B⃦,  was also a time when crypto currency was younger  and more unknown and there was even more risk and uncertainty than there is today.

Some of those who 'bought in lower'  lost it to Gox;  or lost the value in some other way.   So anyways, buying in today is somewhat lower risk, so less reward.

I don't expect massive growth in value of a BTC vs Fiat Units in the short term, and the current price probably reflects a bit of speculation.

It's entirely possible that almost everyone who is going to adopt cryptocurrency for a while has  ("the early adopters").

Historically speaking -- it is not unusual for a new idea or technology to quickly saturate the market of innovators, and  then growth stalls,  and sometimes dies there,   because mainstream audiences are fundamentally different than the early adopters,  the mainstream is less likely to pick up new ideas -- old traditions are strong, and new ideas are adopted at a lower rate with reluctance and risk aversity.

There are lots of theories about 1 B⃦  becoming worth a large amount of fiat.
But it's not really going to happen,  unless and until crypto currency  begins to be adopted by the average person  who is risk averse and hesitant to jump onto just any cool new idea that comes along,  and if you are waiting for to happen --- it is probably 6 or 7 years,  if it will happen at all.

For now, most chance to growth of BTC will be more early adopters coming onboard; your best bet is new startups,  banks/bankers, hedge funds/wall st. traders,  small retailers,   retailers that themselves are trying to get into the market  as a new competitor ---  in other words  they are so small, even the "innovator" / "early adopter"   markets are valuable to them --- and by offering to do business in BTC  they have an edge,  that may  get their business some new customers.

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[Catmoonglow]

I read a story a bit ago about a guy who become a "Bitcoin millionaire" and I was curious about how the process of "Trading" occurs within banks

[Cryptopher]

I read a story a bit ago about a guy who become a "Bitcoin millionaire" and I was curious about how the process of "Trading" occurs within banks

I'm not sure if you're referring to the process of loading funds and cashing out, but there are a number of avenues to take with Bitcoin. You can hold, or sell some for cash (hard cash, bank, another electronic source), you can trade for gift cards and buy from popular marketplaces, or you can simply buy stuff using your coins as is.

[Catmoonglow]

I'm assuming that if I were to amass over $20k from selling bitcoins if I were to suddenly deposit all or even in small increments my bank would be alarmed and it would probably be investigated. I don't want to end up putting myself on the radar but I would like to sell some bitcoins in the future keeping it about 50% cash 50% bitcoin but I value my privacy and don't want to raise alarms.

[Cryptopher]

I'm assuming that if I were to amass over $20k from selling bitcoins if I were to suddenly deposit all or even in small increments my bank would be alarmed and it would probably be investigated. I don't want to end up putting myself on the radar but I would like to sell some bitcoins in the future keeping it about 50% cash 50% bitcoin but I value my privacy and don't want to raise alarms.

Yeah you're right, you would need to launder it lol. Like I say in my previous posts there are various ways.

Some might say that the solution is to not cash out at all, but instead store your funds elsewhere.

[ellen_me]

I read a story a bit ago about a guy who become a "Bitcoin millionaire" and I was curious about how the process of "Trading" occurs within banks

It will be more interesting to read the whole story of it.

[Catmoonglow]

How do people like the "Bitcoin millionaire" go from having an average amount of money go into being millionaires privately from bitcoins without raising alarms and hindering their privacy?

[Cryptopher]

How do people like the "Bitcoin millionaire" go from having an average amount of money go into being millionaires privately from bitcoins without raising alarms and hindering their privacy?

The trick is that they are Bitcoin millionaires, the millions that they hold is in held within the value of the bitcoins they own. I'm sure that they don't pull out many funds to their banks, rather that they just hold their bitcoins and use them to buy things.

[kokoarm]

yes I want to be a bit coin millionaire - please pm me. thanks.

[zimmah]

if you buy a house they'll ask where you got the money though.

[Cryptopher]

if you buy a house they'll ask where you got the money though.

So you don't buy a house with bitcoin or money from bitcoin. Or you do buy a house with bitcoin or money from bitcoin and then explain it if/when any official organisation requires explanation

[Mr Crabs]

Buy 100 bitcoins now then sell at 10k. Profit.

[franky1]

your only a bitcoin millionaire if you have a million bitcoins.

otherwise selling 100 coins at $10k in the future makes you a FIAT millionaire..

.. think about it logically

cant think logically?

how about this. by calling yourself a 'bitcoin' millionaire based on a value of FIAT you receive from selling bitcoin... makes you dumb

you might aswell hold $170k and call yourself a dollar millionaire based on the value of yuan you receive from selling dollar
you might aswell hold £100k can call yourself a pound millionaire based on the value of yuan yo receive from selling pounds

[Ikaex]

holy buying now god damn

[Cryptopher]

Buy 100 bitcoins now then sell at 10k. Profit.

Didn't Phinnaeus Gage allegedly pay almost double that to get Bitcoin Foundation Platinum member status? Guessing that he is already a 'Bitcoin millionaire' to be splashing out all those hodlable funds.

[hilariousandco]

Buy 100 bitcoins now then sell at 10k. Profit.

Didn't Phinnaeus Gage allegedly pay almost double that to get Bitcoin Foundation Platinum member status? Guessing that he is already a 'Bitcoin millionaire' to be splashing out all those hodlable funds.

Pretty sure he didn't pay anything and was just chatting shit.

[jonald_fyookball]

your only a bitcoin millionaire if you have a million bitcoins.

otherwise selling 100 coins at $10k in the future makes you a FIAT millionaire..

.. think about it logically

cant think logically?

how about this. by calling yourself a 'bitcoin' millionaire based on a value of FIAT you receive from selling bitcoin... makes you dumb

you might aswell hold $170k and call yourself a dollar millionaire based on the value of yuan you receive from selling dollar
you might aswell hold £100k can call yourself a pound millionaire based on the value of yuan yo receive from selling pounds

Aren't you the same guy that said the term "goxxed" only applies to actual mt gox company? 
Like another poster said, it's like saying it's only a Ponzi scheme if mr. Charles Ponzi was involved.
No need to be so literal.  To me, bitcoin millionaire is someone who has holdings of bitcoin a worth
$1,000,000.  Simple.

[bitsmichel]

To me, bitcoin millionaire is someone who has holdings of bitcoin a worth
$1,000,000.  Simple.

You only need 55 BTC to be a bitcoin millonairei n that sense (1090100.00 Russian Rubles) 
I think to be a bitcoin milloniare in the literal sense you need 1 million bitcoins, this would cost about $562.155.000 USD (~ 500 million USD), I have this laying around in my pocket 

[jonald_fyookball]

To me, bitcoin millionaire is someone who has holdings of bitcoin a worth
$1,000,000.  Simple.

You only need 55 BTC to be a bitcoin millonairei n that sense (1090100.00 Russian Rubles) 
I think to be a bitcoin milloniare in the literal sense you need 1 million bitcoins, this would cost about $562.155.000 USD (~ 500 million USD), I have this laying around in my pocket 

55 coins?  No that would be only worth only $31,000

[bitsmichel]

55 coins?  No that would be only worth only $31,000

yes, but more than a million russian rubles