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Topic: Bitcoin Can Take You From Poor to Rich and Rich to Poor. (Read 808 times)

Decimetre

Full Member

Activity: 252
Merit: 138

Bitcoin has come to stay

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

Today at 05:18:40 PM

#101

Trading has given bitcoin a lot of bad names among the folks who hate either not aware that bitcoin is not only all about trading or seeking for quick profits. I was in a discussion with a friend recently when we started talking about bitcoin and his next statement - meaning of what bitcoin is was totally different, Trading. I tried explaining to him that bitcoin is not allowed about trading but he still sounded confused like someone who's hearing this different view for the first time.

Anyone that has the right knowledge of bitcoin will keep going higher because he will go into bitcoin investment instead of trading and one e he embraces investment, then he can easily rise from poor to rich but if he gets distracted and decides to trade bitcoin, he may also come back to poverty over time. I have seen friends that lost fortunes swiftly because of greedy trading. So it's right to say that greedy people can go from rich to poor in bitcoin while non greedy people can go from poor to rich in bitcoin.

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Johnlomape

Sr. Member

Activity: 686
Merit: 256

Need a campaign manager? Dm Hhampuz!

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

Today at 05:41:45 PM

#102

Quote from: EstherBtc on September 23, 2026, 12:16:26 PM

Bitcoin has created millionaires.

But Bitcoin has also destroyed fortunes.

Bitcoin is perhaps the only asset in modern history that allowed everyday people like students, developers, low income earners in developing countries to completely bypass traditional gatekeepers and build generational wealth from scratch.
https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/?

True but people that are losing millions holding Bitcoin is due to their impatience or carelessness to buy and keep their Bitcoin in a wallet they have access to the seed phrase. Also majority that have lost their Bitcoin was due carelessness to keep their seed phrase safe from where it can not be accessed or hacked by someone else.

The advise I used to give people when they want to invest in Bitcoin is to make sure that they keep their seed phrase safe and never keep their Bitcoin holdings on a centralized exchange. Lack of safety concerns can make an investor to lose their Bitcoin and it should be necessary for newbies to learn how to keep their wealth safe before ever investing in Bitcoin.

SOKO-DEKE

Hero Member

Activity: 1526
Merit: 736

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

Today at 06:01:21 PM

#103

Some people lose money in Bitcoin, not because of anything else, but because they lack proper knowledge. This is what makes them make and take wrong decisions that lead to their losses.When someone is not patient enough and does not follow the right steps, they will definitely lose money in Bitcoin. Bitcoin is known for the long term, not the short term. Someone who is eager to make money easily will definitely end up trading, and we all know that trading is very risky. The chance of losing funds through trading is higher than making a profit, and the Bitcoin market is always very difficult to predict.It is a pattern: what someone puts into Bitcoin is what they will eventually receive. So, when people who are rich come into the crypto industry and lose their money through Bitcoin, it may be because of their approach.

Sobz

Full Member

Online

Activity: 253
Merit: 131

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

Today at 06:44:27 PM

#104

Quote from: Umulala-alala on Today at 05:10:32 PM

From the previous record bitcoin hasn't destroy any fortune or even make people poor but bitcoin has always been rewarding long time holdlers unless those who choose bitcoin to be a short time investment for them, trading bitcoin can make one losses their money this is where i can agree with you that bitcoin can make one loss their fortune.

If you are investing in BTC you shouldn't have it in mind that you are going to get rich because bitcoin doesn't guarantee this, and this mindset could also make one to invest outside there discretionary income and wouldn't be patience enough to hold for a long time while they may also likely to sell in lost, so i think this is the only way bitcoin can get one to be bankrupted.

It is the way people understand bitcoin that leads to the lose of one fortunes. If bitcoin is an asset and people invest in it and end up making profit by luck this is when bitcoin can be considered as an asset that people lose their fortune. The understanding of every individuals determines what they earn from bitcoin. If one understands bitcoin better their is good tendency of getting a better outcome from it and if the understanding one has is very shallow it can even make one to lose everything they have. People needs to develop a better understanding because this will make one yield good results.

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