Topic: How Early Is It Now, For Those Who Missed Bitcoin In Its Early Days? - page 4. (Read 792 times)

Idk, just the fact that he's relying on a single investment to make him a rich man doesn't seem correct in the first place already. He's probably not even looking to be a millionaire by looking at it years from now, he wants to be a millionaire as soon as possible already, which more often than not simply kills their investment early on. This is what I would consider as a gamble instead of an investment tbh.

Then there's the idea of thinking that buying a coin that's below the price of a dollar for 1 makes a good investment, well it's not. The original mindset he has should be changed imo, Thinking that an investment like Bitcoin which compounded investments 1000x in the past would happen again is really really minimal, one shouldn't even consider that such a scenario would happen when investing in anything. 

For investment alternatives, altcoins are always there, he just has to do a LOT of research not just on the coin itself but also on the team behind it, whether the project can even boom in the first place. Even riding just the initial hype and getting out should be enough to be called a success.

Can i tell you one simple truth?
By next year thereabout or after bitcoin having same this your brother would walk to you and ask if actually you still advised him to buy bitcoin, saying "what do you think, are you still on the opinion he should buy or what"? And then as a brother to you, you will say Yes go buy. If is someone like me, i won't answer such questions anymore; Same thing happened to me where i was trying to let a friend buy bitcoin and what he always does is that he would say i should notified him when bitcoin price is dip, whenever i noticed the bitcoin price is in a good position to buy i would called him.

Guess what?
He would say are you sure is the right time don't you think is too high for me to buy now let us wait a bit and monitor's it within the month or so, to cut the long story short, he ended up not buying any bitcoin till the price gets to very higher and he came crying to me if he knew he could have bought at the first time he called me.
This is why i said your brother would likely do same thing, and besides i don't think if altoin have disappointed him before ( Like those pump and dump token/coin) At then he would realised he made a very huge and expensive mistakes. So don't kill yourself rather i will tell you to keep today's record or buy some fractions of bitcoin and hold secretly without him knowing maybe in the future when the prices surges again then you can show him that this units or fractions of bitcoin was bought that same day he came to you. Let it be as a reminder to what he missed then.

We should continue to learn and we must try as hard as possible and we also have to prepare our mental from now to be able to improve our lives to be better in the future, actually questions like how early is it now for those who missed bitcoin in the past all the answers depend on each of us, because it is not necessarily the people who adopt bitcoin early have enjoyed the results, maybe they can't be patient and can't survive, maybe people who adopt bitcoin now can become billionaires in the future, because of the supply bitcoin is very limited so maybe if we dare to hold bitcoin now we can be successful in the next few years, basically take advantage of every opportunity that comes.

Im an altcoin enthusiast and bitcoin investor too. We cant weigh the gravity of effectiveness at one source. Yes bitcoin could be the best option, but we cant turn down potential of alts when the bitcoin market goes back once again. If we are talking about great multiplier, at the current market then alts will be the best move here. Provided that you are into right one.

These profits from altcoin are safely converted into bitcoin in the longer period. Anyway just my thought.

To try to give an answer to the question in the OP's title: Amazon circa 2009 (remember it was ~4-6$ then, recovering from the 2007/08 crisis bear market. Now it's about 120$, with an ATH of 170$ - see here).

Basically, I believe that Bitcoin has the potential to reach the capitalization of gold (10-11 trillion USD). This would be, approximately, a 20x from now. It is however not a safe bet, but safer as most altcoins.

Thus, your brother wouldn't become a millionaire. But if he believes that crypto is worth it, then he could invest:

1) half to 2/3 of his money in Bitcoin - the probability is very high that this investment will at least double in the coming years.
2) from the rest, about a third to half in promising bitcoin and crypto businesses.
3) And the rest into altcoins.

While I'm a "moderate Bitcoin maximalist", I believe there is at least space for 3 to 10 strong alternative blockchains or cryptocurrencies.

But take care: Most blockchains, even most top-10 altcoins, are basically centralized. These will be perhaps awesome for short term gains because they have enormous marketing budgets (with their premines, they print money out of thin air for bounties, airdrops and other stuff), but in the long term they will perhaps not preserve their value well because the blockchain is a very inefficient technology for centralized applications.

So if you're short-term oriented choose a centralized blockchain, which could go x20 or even x50, and then crash. If you however want to be fine long term search for really decentralized projects. I think a "decentralized Ethereum competitor" could be something like the ideal altcoin to try some risk money out.

I think the future will be to alts not btc, yes both will be used more and more, eventually price will go up with time, but in my opinion if you want a better ROI I would focus more on alt than on btc

Wanting to become a millionaire with an investment of 0.07 bitcoins at current prices is the main mistake for me.

First you should study what bitcoin is, and from there decide whether you want to buy or not, but nobody knows how profitable it will be in the future. We know what it has given in the past, yes, but we also know that many people sold when they got 10x their investment.

If you want to become a millionaire, buying bitcoin should be part of your plan. Having a good job or business so that over the years you have more income, looking for alternative sources of income and investing wisely (including buying bitcoin) is a better way.

I only partly agree. It's a lottery for most people who don't know what they're doing, but there's definitely ways to know if a certain altcoin could perform good in the mid-long term. Though I'm not saying that it becomes not-so-risky of course; it's still highly risky, but it becomes a lot less of a lottery if you know what you're doing.

Try showing past altcoins deaths to your brother such as the most recent one being Luna, a potential altcoin with a market cap of $60 billion has collapsed in just 2 weeks and caused thousands of investors to stumble, even commit suicide, believing that investing in altcoins can make them rich fast. Most newbies have this mindset, they always think bitcoin is too old to be profitable for them and they look to newer altcoins. Let them invest in altcoins but tell them don't invest too much, invest a little bit, let them experience it for themselves they will learn their lesson and come back to bitcoin soon.

I'll give the example of Cathie Wood. She bought bitcoin @ $250 each and she has bought worth of $100k for it. She's the founder of Ark Invest.

--> https://www.coindesk.com/business/2022/10/24/cathie-wood-still-holds-bitcoin-she-purchased-years-ago-at-250/

Whether she has sold at the top or not, she's still in profit right now around to nearly $8M. Tell this story to your brother and let's see if he's going to be inspired by her or that wouldn't enough for him to be encouraged to invest only in bitcoin.

This is basically what I do. I have to accept that I haven't done it in a while, because I bought some stuff, and I am not regretting it because I really needed them, I literally couldn't work because I didn't had a proper working PC, which means I can work without a problem. However, normally before all of that, I have been here for nearly 9-10 years now, and I never saved for a long time, and in 2019 I realized saving is the way instead of just buy/sell trading style. Buying and selling never profited me, but ever since I started to put %5-10 of my salary into bitcoin, I made a great deal of money. If you start now, and put %10 of your money into bitcoin, then I guarantee you that you will be able profit enough to retire in 10 years. It is just that good to invest into bitcoin.

Dumb decision or totally crazy things been done eh? You would really be boggling up your mind on how the hell these people do consider on panic sell on a bear market which we do eventually know that recovery is always

next online? Yes, having these reactions or emotions are pretty common.We dont like to lose money with our investment but with the volatility aspect or behavior then those things could reversed out.

Speaking about those early days or years prices then there's no way we could take it back.This is why some people do keep an eye on altcoins yet we cant really be having those 10-100x
multiplier of profitability.We might be seeing bitcoins price on shooting up 3x-5x on some long years and not all would be that patient enough.

Unfortunately MK4 there are stories going around of how others got to be millionaires from
altcoins, unfortunately the people being influenced don't realise that altcoins are a lottery.

There is also a degree of impatience, those people attracted to the lure of altcoins
cannot see the long term, it's not attractive.

I think the OP needs just to warn the brother and let him learn from his mistakes, it seems
like there is no turning him, unfortunately.

Mate. I don't know how others understand the concept of invention. As for me and Oxford discovered, it means creation and discovery, and if this what you also understand and used it here then the date of the invention mentioned is probably misinformed if newbies are here. I am not trying to prove it wrong but I am trying to give the meaning from my point of view. If invention is discovery and also synonymously to creation the bitcoin was invented in 2008 then launched  (send out) to the ecosystem or space in 2009. This is how I understand the concept. So bitcoin was invented in 2009 sound odd to my hears.

Concerning your brothers Investment on bitcoin,  I believed this is the second time I have come encountered this part of the thread. The stories are very familiar but there are different users. Tell your brother that the 0.07 BTC can't make him a millionaire in 7-10 years to come. He should remove that mindset in Investment. Although he might become one but he should not think of it. Since he said he will hold the bitcoin till the ten years interval, that is a good long term Investment. And he should also prepare for the volatile nature of the currency. Thanks you for encouraging your brother. Keep it up.

For anyone who "missed" out on early prices, the current market is basically like traveling back in time 5 years.  I'm still shocked that friends I have who basically buy the top every 4 years and sell at a loss aren't holding anything right now.  That's as good as sign as any that you should be dollar cost averaging into the market right now.  Sure, there's still some downside risk, maybe as much as 50%, but the upside to me could potentially be 20x from here.  That's a hell of a good bet as far as I'm concerned.  If you've been on the fence and reading about Bitcoin for years, now is a good time to start dipping your toe in the water.

Getting rich by buying an asset under 1$ and selling it in 5-10 years for ×100 or ×1000 is not something which comes around regularly. Simply put, Bitcoin was not acting like regular assets which many were into. With such investments, a profit of 5-15% annually was a huge one and what people fell back on when looking for where to keep their money.
But a potential ×10 or 1000% growth doesn't seem attractive enough now?

If you want to become a millionaire invent something or start up a business, or learn a useful skill
If you want a hedge fund which would be resistant to inflation and potentially appreciate in value over time, them buy Bitcoin.

Majority of altcoins would not exist in a decade and your investments in then would be lost along with it.

The understanding about the market varies from person to person. Majority of the early holders believed without much of expectations. Some could've understood well about it and invested into it. When I got into bitcoin usage I believed in some sense and slowly get to know well about it.

When I got to know about Bitcoin it was around $300 or $600, I don't know exactly. I couldn't afford that at that time. I believed in it, but didn't had the investment. So, it is also the situation that drives people away from cryptocurrency investment.

there's no doubt about this but in other words too, some have gone extremely wrecked down by not knowing how to channel their way with handling the financial digital currency in bitcoin, such are the ones that don't know how to trade (buy or sell) but engage doing it, they have less speculative abilities with bitcoin price, they don't know the difference between exchanges, they don't even know how and why bitcoin is the lead digital decentralized currency, they are the types that got mishandled their wallet keys and the likes, but of no doubt, many investors through bitcoin have made it in live as long as they were intentional with their investment.


they should still maintain their boundaries with bitcoin alone no matter how small the interest that comes through it might be, business or investment is meant to grow, it needs to time to mature and grow over time, patience is one of the keys needed, there use to be time for bitcoin bullrun, set the target for this period and buy the dip to sell high when the price increases, bit without been patient, such newbie or anyone can fall into the hands of other cryptocurrencies with worst experience.

I'd tell them to learn to understand markets in general so they can make their own educated decisions on what to invest in if they want to actually be a millionaire.

Also — investing, and especially with doing investing to become a millionaire, doesn't require one single lump sum investment especially if you can only afford 0.07 BTC. The trick is to slowly but surely add capital to assets you think would appreciate.

It's never to late to make smart investments and build businesses.

Take any successful entrepreneur and strip all their resources and assets from them. They will be able to build wealth right up to where the were before because they have the knowledge.

Keep learning, keep growing, and keep making efforts to improve your life. Then success will come.