Is cryptocurrency millionaire dream a thing of the past?

[jonald_fyookball]

I think the chance of making millions of just bitcoin has gone away. There's still money to be made and price will go up but it's not
Going to be 10000% profit lol or return on investment

i'll be happy with 2000% ROI.

[iluvpie60]

There are many millionaires made out of bitcoin in the past 5 years...But now its entering mainstream adoption..

is the dream of becoming a cryptocurrency millionaire much hard to become real now?

Even if there are new blockchain technologies like (ethereum, counterparty, Ripple etc.) will they have the same trajectory as bitcoin had, because things are very different now.

in short will the opportunity in 2009 still available or come again in 2014 and beyond ?

OFC its a thing of the past if you are buying now.

[DooMAD]

in short will the opportunity in 2009 still available or come again in 2014 and beyond ?

While I was reading this, the hourly timer on faucet I was using ran out in the other tab.  I switched tabs and it gave me the next captcha to fill in.  It pulled a "magic 8-ball" and the captcha text read:

very doubtful

Wish I'd taken a screenshot now. 

[Sandia]

I could see bitcoin going up over 20X in the next few years.  I am confident we will achieve at least $1K this year.  So my reply would be: will 20X your current investment make you a millionaire?

[cuddaloreappu]

I could see bitcoin going up over 20X in the next few years.  I am confident we will achieve at least $1K this year.  So my reply would be: will 20X your current investment make you a millionaire?

maybe

[keithers]

I think the chance of making millions of just bitcoin has gone away. There's still money to be made and price will go up but it's not
Going to be 10000% profit lol or return on investment

Well if potential scale is considered that is still a quite large return even if it's not as large percentage wise

This chart puts a lot of things into perspective. I wonder how accurate it is. For instance, I think most people's default assumption is that 1 BTC would be worth more than stated, if the BTC market cap equalled that of Paypal...

[GigaBit]

I think the first wave of millionaires were just that, the first wave.

I believe the next wave will have made even more than the first wave have.  This was also the case of the internet.  The first companies who first took advantage of it made/make the most because they now have that trust factor; but they were also a rare occurence in the mid 90's...  again, computers were a thing for nerds and brainy people.  It is still possible to still make a killing with an online business but you'll have to pay a lot more to make a living from it if you start today.  It's really not to hard but you need motivation and self discipline.

Most who start without having an offline business will find it tough to break through without spending a sizable about of cash.  Same with BitCoin, the first who adopted it made the most EASY MONEY because they turned a passion to profits.  Same could e said about Gold mining, try to find a decent claim today for a reasonable cost, they're rare and few in between.  Doesn't mean that miners today don't make as much as the pioneers did, many do.

Back then,t hey had easy Gold but little to no technology.  Now Gold is tougher to find and extract but we have technology to help us.  For Bitcoin, the first wave did the best cash with the least investment, the second wave got screwed most, third time's a charm?  Perhaps, only time will tell but when you consider the cost to get into BitCoin right now is very reasonable...  however, many people don't get in and will be left out.

Those the smart ones of us who waited at the perfect time to get in.  Price is decent and didn't matter if it dropped.  Next financial castastrophe will shoot BTC through the roof because, look at last time it went over $1,000, it was only a scare, imagine once the dollar dies or the USD loses its world reserve status, or worst yet, an audit of Fort Knox gets done.  Either way, it's looking better for us daily.

No one wants a collapse but realize that the current financial system is hanging by a thread.  If you have a vivid imagination and investment money you can make a million overnight if you want but you'll have to spend a lot to get there and have an above average IQ [I'd say] to make it happen.  Last scare, we seen that BitCoin is the first ever "Last Minute Hedge" as it is more readily, faster and easier to gain access to than Gold, which is physical only.

I wouldn't count the dream out yet, anyone with a creative mind could create an unlimited about of wealth and never have to buy nor trade a BitCoin ever.

[Jesu]

No, it's not a thing of the past but it's a little further away. If bitcoin goes mainstream we'll all make a pretty tidy profit.

[findftp]

Last scare, we seen that BitCoin is the first ever "Last Minute Hedge" as it is more readily, faster and easier to gain access to than Gold, which is physical only.

This!

I never understand goldbugs. It is so obvious the mass will dive on bitcoin when the bank holidays are announced.
It is just way easier to transfer your inferior digital (fiat) money into bitcoin than into gold.

[Robert Paulson]

it won't be possible making x10000 profits, only x100.
put 10,000$ in bitcoin today and in 10 years you got yourself 1mil USD (in todays USD purchasing power).
bitcoin is nowhere near mainstream yet, it won't be until its accepted in as many businesses as visa/mastercard.

i doubt there will be a better investment opportunity than bitcoin in our lifetime, we live in a unique point in history where all of the currencies on earth are simultaneously fiat and are being debased all at the same time.
AND at the same time cryptocurrencies which are the best form of money humans ever possessed has been invented.
this unique set of circumstances will lead to bitcoin becoming very valuable very rapidly and will not return.

[Yeezus]

I don't think people should worry about becoming a millionaire from it. If you believe in it good things will surely come once overs realise this.

[Jesu]

it won't be possible making x10000 profits, only x100.
put 10,000$ in bitcoin today and in 10 years you got yourself 1mil USD (in todays USD purchasing power).
bitcoin is nowhere near mainstream yet, it won't be until its accepted in as many businesses as visa/mastercard.

Just buy 100 coins and wait for 10k each. I think that's achievable.

[YBC]

I think invest slowly over time, $1000 a month or so, experiment with some altcoins and with a bit of luck you have a good chance.

[Finchy]

I'd leave alt coins unless you can spot one with great potential.

[keithers]

I think to sum it up, the dream of becoming a millionaire from BTC is still possible, it just requires a significantly larger investment than it did a few years ago.

[beetcoin]

obviously it's more difficult to become a millionaire by spending $1,000 on bitcoin, but it's still possible to make $1 million on a much bigger investment. so yeah, it's more difficult for those who are dirt poor, but people with some money can still do well.

[Cryptopher]

I think to sum it up, the dream of becoming a millionaire from BTC is still possible, it just requires a significantly larger investment than it did a few years ago.

Actually it just requires time, patience and luck. Oh and balls of steel to make act upon decisions. You can always make a sack of coin by placing speculative buy/sell orders. You will be surprised how often they get filled in a flash crash/rise.

[nickenburg]

People will still become millionaire because of bitcoin I think, today you indeed need more money to invest in bitcoin.
That is a problem for new people that dont have alot of money, and want to buy a few bitcoins.
So it definitely became harder to become a millionaire, but at the same time we dont know how much bitcoin is going to be.
If it's going to 100k per bitcoin it will make alot of people millionaires.

[ranlo]

I think to sum it up, the dream of becoming a millionaire from BTC is still possible, it just requires a significantly larger investment than it did a few years ago.

Actually it just requires time, patience and luck. Oh and balls of steel to make act upon decisions. You can always make a sack of coin by placing speculative buy/sell orders. You will be surprised how often they get filled in a flash crash/rise.

This right here is so true. People got scared back when BTC dropped down to $60, and then it went up 20x its value to 1200 shortly after. The idea that we're "late" to the party is far from the truth. We have no idea when the next increase is going to be, but it could be a massive one (such that even those that bought at $1.2k would still be happy with their return).

[franky1]

being a cryptocurrency million is mis-interpretted

to be a "BITCOIN MILLIONAIRE" logically you need atlast 1 million bitcoins.... yes i said logically and ill explain why later

but you can easily and cheaply own millions of altcoins.
find any altcoin selling for less then 10satoshis and you can be a cryptocurrency millionaire because you hold more than 1 million altcoins.

now then, back to logic.

being a cryptocurrency millionaire does not mean that you are a FIAT millionaire.
being a FIAT millionaire does not mean that you are a BITCOIN millionaire.

the chances of you holding 1million bitcoins and being a bitcoin millionaire. are so small you should not even bother hoping to hold 1 million bitcoins.
as for being a USD FIAT millionaire due to the actions of bitcoin.. well 2222 bitcoins last month ($450) would make you a USD FIAT millionaire last month. holding 1724 bitcoins today will make you a USD FIAT millionaire today.

if the bitcoin price rises to $5k then you only need to be holding 200 bitcoins to be a USD FIAT millionaire

now then.. thats USD.. lets think about other countries..
to be a chinese Yuan millionaire today, yes today. you only need to own 275 bitcoins