Topic: Are Early Adopters rich? - page 3. (Read 1496 times)

Bitcoin will hit $1 million for 1btc, that's a very high price. If we pass up the opportunity of not knowing about bitcoin as early as others, we have not completely lost the opportunity from now on. To be honest, the adoption and usage of bitcoin is increasing and more popular than previous years but looking at the world population density and the number of people knowing about bitcoin is still very low, so we still have a lot of opportunities with bitcoin. Let's not regret not knowing bitcoin early or ignoring it in the past, let's focus now, just collect a lot of bitcoins and hold for 5 years or 10 years, and we too can become should be rich.

If you did "hodl" Bitcoin before the price surge, then it's probably you would've become rich by now. It all depends on your spending habits. Not everyone is lucky enough to become wealthy. As I've said before, some early adopters became rich because they bought Bitcoin when its was low in price and then sold it when it went all the way to the moon. But others simply lost everything as a result of scams, hacks, and/or theft.

I think it's still the perfect opportunity to become rich since crypto/Blockchain tech isn't fully mainstream yet. Adoption for Bitcoin and other coins increased lately, but there's still a large portion of the world's population that hasn't either heard or used Bitcoin before. The time is right to buy BTC before it hits the projected target of $1m per coin. No one knows what the future holds for Bitcoin, so we can only hope for the best. Just my thoughts

Just some common sense right? If they do able to hold until this moment then they are very rich but if not then move on specially to those who had lost their harddrives and keys which
these people might be banging up their heads on the wall and end up on great frustration and regret that they should have give out importance into those keys or coins that they do have.
Early adopters does really have that opportunity on making themselves rich but if they are only able to hold for long time or even in short but profit is profit, right?
So this kind of question doesnt really need some complicated answers.

It totally depends on how they manage their Bitcoin assets.
If they are holding their Bitcoin until it reaches ATH such as in 2013, 2017, or 2021. And, they sold their Bitcoin assets at the right time. So, they are probably rich men nowadays. Moreover, if they regularly bought at the bearish and sold at the bullrun in each 4 years cycle. I'm sure they are very rich already.

Not all the early adopters are rich. Another thing, users who made their entry into the market at the right time were rich according to me. Most of the investors haven't made fortune out of bitcoin, but altcoins like ethereum have made them filthy rich. Even I was into cryptocurrency usage when the price of ethereum was $1, but I didn't made an entry to make millions by now.

A good Investor sets a limit/target of what they wat to archive from their investment and if their target is meet, they take out their profit and move on.  Some early investors made fortune 🔮 from Bitcoin when they thought they have made enough out of their investment.

If you read carefully, you will find out that Peter Saddington of Atlanta first heard about bitcoin back in 2011 and bought some for less than $3 per coin and when the price of bitcoin became around $7,500, the profit on those early investments became approximately 250,000%. "I’ve never seen anything like this,” said Peter Saddington.

When each Bitcoin was worth $12 in 2011, Erik Fineman borrowed $1000 from his grandmother and with the help of his brother at just the age of 11, he invested in bitcoin, at the end of 2013 when the value of Bitcoin became $1200, he made a fortune.
Early adopters are rich if they understand the rule of investment. To make an investment you must set the target you want to take your profit, just hold, hold and keep holding and your target is going to come.

https://medium.datadriveninvestor.com/5-people-who-became-because-of-bitcoin-and-their-stories-1925ef6934fe

It is the regret of thousands of people, more than just you, that bitcoin is as valuable as it is today. Bitcoin has never been expected to be so valuable in the past, bitcoin's value today is something that no one could have imagined. Early adopters when the value increased 10 times, 100 times they probably sold all of their bitcoins too, it is difficult to overcome the temptation with such a large profit. Unless you forgot your keys, you probably won't sell until today .

That proves that long term hodling in crypto has always never been easy as there should be a lot of patience and determination before you can say you've overcome your struggles and you succeeded in it. The early adopters who eventually become rich today can prove it. That is why only few of them got rich and the rest still remain poor these days because they were never that determined to hold bitcoin for long. And they have never that strong faith in bitcoin which those early adopters who are now rich certainly have.

Well, you could say that there are some people who made a fortune HODLing majority of their BTCs at their designated wallets.

While majority of these people have sold their BTCs during the time when its price was relatively low, there are a quite few people that I know that HODLed their BTCs and until now, they have quite a few at their wallets. But imagine if you were one of those people who were fortunate enough to have lots of BTCs back in the days, chances are that you would probably sold them at a price around $100 when it first came out.

I think only few would have been lucky to resist the temptation on selling their Bitcoin when they gained a lot of profit on the earlier years.
I am curious on how many early adopters are still holding their early investment up to this moment.

Probably, if early adopters have tend to forgot their investments and only remember it today, then surely they'll gonna be instantly rich. But i doubt it as most of them have not expected for bitcoin price to go this far, and they just spend or sell it right away when they see small profits. So definitely, early adopters have become rich if they hold them even for 10 years, but for those who are quick enough to sell them, i think they must be regretting today, wishing they have not sell them earlier.

I think early adopters of bitcoin benefited more because then bitcoin was not expensive like the way it is now.  Those who were able to hodl bitcoin had much profit, I think volatility,  the rate which bitcoin price increases was kind of fast. Then world inflation was not high and inflation was not affecting the market.

But by the same token, there are enough early adopters who aren't rich to make a worthwhile distinction.  Anyone who automatically assumes a particular early adopter is rich could easily be making a mistake.  And if you assume all of them made a profit, you might also be mistaken.  Some may have lost everything by losing their private keys.  There's definitely no profit in that.  I know people who got into Bitcoin before I did and spent it all on the darkweb buying recreational substances.  They could have been rich, but they just had a few wild parties instead.   

Hindsight is a bitch.  Not everyone HODLed.  HEDL?  Whatever the accepted past tense for HODL is.

Isn't it quite simple that the ones who are still holding have become rich and the ones who sold early lost the opportunity.
At the same time, who are the early adopters really ? May be we are the early adopters too if bitcoin price crosses $1 million per coin in future.
So if we hold throughout then may be the people from future will call us the early adopters as well.
Strong hands will survive.

They can only be rich if they were able to buy a huge amount during its early years and still manage to hold at this point. I consider myself an early adopted since I saw bitcoin when it was just $200 but since I was just a student at that time, I have no capabilities to buy it. Though I manage to accumulate from bitcoin faucets during those times, I wasn't able to avoid spending it since I need some money to support my studies.

Yes most early adopters must would have made a handsome profit on Bitcoin. Bitcoin is still an evolving crypto, the gains anyone made depends on when they purchased the Bitcoin and how they managed it. Anyone who bought in dip and  then sold it at peak got profited. Money never stays with reckless people. While smart people make money when everyone else is losing. The key is to stay analytical and make wise moves and keep hodling even in dip and wait for then bull run.

Bitcoin was launched in 2009, bitcoin was the first crypto currency and became the most successful compared to other coins, most billionaires get rich by creating ecosystem products and services, they also keep bitcoins for a long time, they also get rich because of them. dare to take risks and recognize profitable opportunities and they dare to collect or mine in the early days and stay afloat, in my opinion there may be some people who become rich, maybe the rest does not exist, because most of us do not dare to take risks.

This is a dumb question to be honest with you op. The answer is obvious. If they somehow managed to HODL their BTC for a long period of time, they did become crazy rich. If not, they clearly didn't, but profited anyway.

One of the best examples of an early adopter who became rich in this manner is Erik Finman who became a millionaire through some really smart choices.

There are also some early adopters who forgot/lost their stash and recovered it later on which instantly made them rich.

i bought some coin in 2012 to start me off, GPU mined some(btc and LTC(converting to btc)) and won some others in competitions and other stuff, projects etc . and was loving the volatility and arbitrage opportunities of day trading 2012-13. it was a very entertaining time flipping between btc-usd-ltc-btc(and reverse) on a couple exchanges in 2012-13, my yield was increasing fast and it was great fun riding the waves and pump and dumps that were rampant then. arbitraging was just easy and i was loving every second of it.

as things progressed i started to not trade my hoard but keep it out of exchanges and start playing with % of hoard. as the price went up the less % i was playing with (risk adverse tactic)

ive only sold-out completely(exited) a very small percentage of hoard, mainly i was in 2013-16 day trading small percentages on different exchanges to increase my yield and occassionally taking fiat out on those day trade profits (small percentages of small percentages)
 
i have not sold my main hoard so i dont consider myself a millionaire. because i dont have my hands on actual millions of fiat. though value wise of bitcoin would suggest otherwise.

i dont live an extravagant life nor need to show off or act like an elitist or pompous richguy.(you will never see me do a youtube influencer 'lambo' video)
 yea i got the freedom to live and travel without a a$$hole manager/boss/employer. so i live a good life not a pompous life, and im happy

..
looking deep at my mindset of the years.
i started off when btc was about $6 each
and when it leaped to over $100 and then $1200 in 2013 and then back down to $200-$400 in 2014. my mind transitioned to the thought that the price was above my initial acquisition costs so im not at a loss so no need to stress or worry or rush to sell. so i didnt sell on the $1.2k high.
at the time i was planning for the 5-10 year involvement. seeing what the next halving would look like

now i have no exit date/plan, so now i just think of it as a retirement plan(not any time soon),
where no matter what i 'could' sell out and always make a profit, but i have no need to sell my hoard.

i have what i need go where i like and dont wanna waste any headaches on taxes and fiat crap just to hold it in fiat. so why sell out just for receive fiat headaches where holding fiat earns me nothing, has no purpose in my life to just have a bank account of large amount of fiat that just depreciates due to inflation.. (well who would be silly to prefer to hoard inflationary fiat that depreciates in value.. ?)

then(2014+) i just stopped looking at the total value/price of my hoard, because i always knew it was in profit so no need to keep checking on it daily. much like people dont check on their pension plan account balances daily
so i just put it aside and stopped worrying/caring/concerning myself with thinking about.

i just used a very small amount for entertainment play on exchanges day trading. and using profits of the small percentage to cover any real life desires.

in the years of 2014-16 i did lose few a coins to defunct exchanges(the usual "we been hacked see ya never" excuses of crappy exchanges) and some asics that become obsolete quick.. and looking back, yea i could have got upset about the value of those spend/lost coins at todays value. but then again those lost/spend coins were only a small % so its not a big deal in the grand scheme of things.

yep 60coins for a 2nd/3rd gen asic(circa 2014) of only a few hundred ghash, would now seem like a huge waste in todays value. especially when network difficulty/hashrate was rising so high so fast the hash competition didnt even return all ROI
but oh well .. its still a good foot stall and room heater even today.(i dont use it for that purpose. but i could)

i have never traded via emotion or hope/dream. i trade via logic. its seen me good when day trading to increase my yield over the years. and also cover real life stuff.

heck i have the hoard and dont need to increase it. yet even this year when the price calmed back down and corrected from the $70k bubble back down to reasonable cheap coin for this cycle/era. yep i threw in a few thousand in spare fiat to buy more coin for a medium term ROI when the next cycle spins up. because,.. well why the hell not take the opportunity. buy low sell high. and again not need to touch the main hoard

I believe the rise in the price of bitcoin can be considered the most unexpected even for the creator of bitcoin. In 13 years, no one could have predicted bitcoin would be worth tens of thousands of dollars and that the $100k milestone would be broken soon. Back in 2010, programmer Laszlo Hanyecz got excited when he bought 2 pizzas for 10000btc and the situation was then considered a huge hit with bitcoin, from something worthless and can now buy several products. So it can be said that very few people will hold bitcoin so far, they cannot avoid the temptation of bitcoin price when bitcoin hit ATH in the past.