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Topic: Your definition of being Bitcoin Rich or wealthy? (Read 2760 times)

Beliathon

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 12:23:49 AM

#21

21 million BTC 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

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darkangel11

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 12:58:58 AM

#22

Quote from: PolarPoint on July 20, 2015, 06:43:26 PM

Rich or wealthy is beyond well-off. Well-off is having enough to maintain the an above average lifestyle compared the people in your community. There is no line to define rich because rich is comparative term. You call someone rich usually mean he or she is richer than you.

But why should we, people of the internet, should compare our lifestyles to those of our local communities? If a Bitcoiner from Ukraine had 100 BTC he would be considered rich in his community, but not in the UK or Germany. Same thing with age. If somebody had 10 coins at the age of 15 he'd probably be rich among his friends Wink

You are right of course that it's comparative and each of us will have a different view. Anyway, a 100 coins is considered a significant amount anywhere in the world, even in the rich countries. With that money you can start your own business or pay your bills for many months.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 01:21:09 AM

#23

Quote from: Beliathon on July 21, 2015, 12:23:49 AM

21 million BTC 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

That is an interesting way to look at it. Almost everybody in this forum can be considered above average wealthy. Grin

Personally, I would consider anybody with over 100 bitcoins as being 'bitcoin wealthy'.
It may not be too high in fiat terms today, but I expect it to be very valuable some day.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 01:28:01 AM

#24

I consider anyone who owns 1% of the total 21 million bitcoin to be wealthy/rich. you can live happily ever after with that much money.

notlist3d

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 02:00:49 AM

#25

Wealthy still stays in contact with how much they have, and try to earn more.

Rich has someone else doing the job of watching their money, they just go out and spend.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 02:14:20 AM

#26

Richnes depend on how much money you have not how much money you spend each day or month wealthy is if you are spending money good money on your each need you are doing it your way spending alot of money and having good life but dont have a huge bankbalance then you are wealthy i prefer being wealthy over rich you seriously dont need to be rich to enjoy good life

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 02:30:30 AM

#27

Someone holding 100 bitcoins now is not Bitcoin Rich (today) because the value in fiat is still too low.

Another problem is that bitcoins can't easily generate income yet. So you can't easily earn interest on your stash of BTC to live off. You have not choice but to slowly sell them to fund your wealthy lifestyle, not a good option.

Bitcoin Rich (today) would need at least a couple of million USD in bitcoin.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 02:47:34 AM

#28

Quote from: Beliathon on July 21, 2015, 12:23:49 AM

21 million BTC 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

No. You'll 'eventually' be dead and maybe your kids will be wealthy. Depending on how long it takes.

Hold until you die just doesn't work. I think everyone should have a price to get out at, or have enough coins to gradually spend the increased price, yet it not adversely affecting their wealth.

futureofbitcoin

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 02:55:52 AM

#29

No idea about an exact amount, but I would say anyone in the top 0.1% of bitcoin owners can be considered bitcoin wealthy.

Because bitcoiners on average are probably slightly wealthier than the average population. So there are a bigger percentage of wealthy bitcoiners than just wealthy people in the general population, which I would put at less than 0.1%.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 08:04:03 AM

#30

Quote from: Beliathon on July 21, 2015, 12:23:49 AM

21 million BTC 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

i would not counts every human, between them there are ill people and 0-3 years child, do you really thing they care about bitcoin

so it's more like the double of that, we can round it to 0.006

Quote from: TrueBeliever on July 21, 2015, 02:30:30 AM

Another problem is that bitcoins can't easily generate income yet. So you can't easily earn interest on your stash of BTC to live off. You have not choice but to slowly sell them to fund your wealthy lifestyle, not a good option.

Bitcoin Rich (today) would need at least a couple of million USD in bitcoin.

i don't see a difference with fiat, you earn bitcoin fairly easy without any regular job like with fiat, so it is much easy to earn bitcoin than fiat

2M is relative, it depend how many money you need to consider yourself rich, personally i would consider myself rich even with 500k, but better with 1M, more than that it's pointless for me

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 09:31:47 AM

#31

How did we get to the <21 Bitcoins = rich> number? I see that number coming up all over the forum. In my opinion 21 Bitcoins cannot even buy you a small car in my country. Sad

From all the comments sofar, I like this the most :

Quote from: Elwar on July 20, 2015, 03:18:44 PM

For me being rich is having enough money to last the rest of my life without working plus having no debt with my home paid off and self sustaining utilities. Then having enough money in an investment that gives me an income of a few thousand dollars a month to live on.

Once I hit that point I will retire.

If the amount of Bitcoins you have, can pay for every expense you have, without you having to work. <Basically being on pension>
You have to be debt free, and be able to live comfortably on the Bitcoins you have for the rest of your life.

Depending on the lifestyle you are used to, this would be different for all people. Inflation is a @$%$... and living on any income, without a option to beat inflation, kills that idea for most of us. Angry

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 09:40:06 AM

#32

Quote from: UserVVIP on July 20, 2015, 06:10:05 PM

Owning just 21 Bitcoins makes you one in a million. In my opinion, this is enough to be quote-on-quote Bitcoin rich.

Check the Distribution of bitcoin wealth by owner thread by Rpietila.

https://bt.irlbtc.com/view/316297.0

According to the latest stats published by him, some 349,000 people own Bitcoins (i.e more than BTC1). Out of that number, some 14,000 own more than BTC100. So owning 21 Bitcoins will not make you one in a million (if you take the total number of Bitcoiners).

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 10:32:52 AM

#33

bank accounts balances, asset holdings coupled with debts may not represent or use as an indicator. Probably all of that wouldn't matter some day because I think the biggest indicator right now is still the bitcoin price. It could change the scenario depending if price goes up or down. Let's look at the price. At 270, anybody holding 100 btc wouldn't be defined as rich based on current inflation rate. But somehow one day, if the price goes up to 5 times that amount, I would say the guy is probably well off.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 12:18:44 PM

#34

Quote from: Kakmakr on July 21, 2015, 09:31:47 AM

How did we get to the <21 Bitcoins = rich> number? I see that number coming up all over the forum. In my opinion 21 Bitcoins cannot even buy you a small car in my country. Sad

<snip>

You must be joking. Where do you live?

You can get a lot of good cars for 20 BTC. For example this Mazda 3.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 12:41:02 PM

#35

Quote from: Sithara007 on July 21, 2015, 09:40:06 AM

Quote from: UserVVIP on July 20, 2015, 06:10:05 PM

Owning just 21 Bitcoins makes you one in a million. In my opinion, this is enough to be quote-on-quote Bitcoin rich.

interesting thread.

but how can you tell exactly how much someone owns while usually people would spread their coins in different addresses. so it can't be decided on the address's balance.

Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 03:04:54 PM

#36

Quote from: Beliathon on July 21, 2015, 12:23:49 AM

21 million BTC 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

Nice, but my figures wouldn't be quite that optimistic, at least in the short term. Most big companies are estimating that by 2020, there will be somewhere between 4 and 5 billion internet users (currently around 3 billion). I'm assuming that not everyone will be using BTC, as there will still be people who don't recognise the advantages and will continue to trust banks. I'm going to go with .1 BTC which is assuming that roughly 5% of internet users are using Bitcoin by 2020.

21 million BTC 210 million users = .1

If you've got at least a tenth of a BTC, you'll be doing okay.

Although I notice you used the qualifier "eventually", so yeah, I guess if you wait long enough then .0028 might be above average, but that will be in the fairly distant future, I think. Depends how long it takes for people to stop trusting the banks.

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 03:09:19 PM

#37

i would consider myself rich if i have enough money that i don't have to work any more and in terms of bitcoin i would like to have something of around 1K to be satisfied ,

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Re: Your definition of being Bitcoin Rich or wealthy?

July 21, 2015, 10:09:03 PM

#38

Quote from: abcdave on July 20, 2015, 03:42:38 PM

Quote from: LiteCoinGuy on July 20, 2015, 03:37:08 PM

Quote from: Elwar on July 20, 2015, 03:18:44 PM

For me being rich is having enough money to last the rest of my life without working plus having no debt with my home paid off and self sustaining utilities. Then having enough money in an investment that gives me an income of a few thousand dollars a month to live on.

Once I hit that point I will retire.

why are people like Bill Gates, Elon Musk etc still working then Wink

Well they still have enough money to stop working, some just choose to keep going. For some it's not just about the mopney but success or making a difference.

They are still working because their kids are not Bill Gates or Elon Musk Cheesy

And the reason is now they can't afford just to stop working. They are addicted to work and making money it is as simple as that. For me the definition of rich is like you keep on spending but it doesn't affect the size of your bank account. That is the rich person in true sense Grin

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Re: Your definition of being Bitcoin Rich or wealthy?

July 22, 2015, 02:19:19 PM

#39

I don't think Bitcoin was invented to make any one rich or wealthy. I think the purpose of bitcoin invention was to do some things that could not be done by fiat system and do it with WHATEVER bits you have. Tongue

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Re: Your definition of being Bitcoin Rich or wealthy?

April 05, 2016, 10:28:22 AM

#40

I'd say a person is rich when he has more money than he or his family can spend. A person is wealthy when he has far more stuff than he needs, but all these does not necessarily bring happiness. A person is happy when he has learnt to be satisfied with what he has worked for with his hands, without comparing with another. Grin

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