Topic: How Early Is It Now, For Those Who Missed Bitcoin In Its Early Days? - page 5. (Read 792 times)

I don't think there is any guarantee that investing in Bitcoin can make one a millionaire. It can be possible that his investment in Bitcoin can make him a millionaire, but there are also possibilities that he might lose some of his funds because of the fall in price. Although wanting to be a millionaire is not a bad aspiration, but I am always sceptical to advice or introduce people that are desperate to make millions to Bitcoin investment.

But my advice to your brother is that if he wants to invest on cryptocurrencies, he should consider only Bitcoin. For me it is not in the quantity but the quality. Since he is planning to invest for a long period, Bitcoin can also make him a millionaire.This is because Bitcoin have stood the test of time and it has also proved to be independent. For now, I only trust Bitcoin.    

You did not support that claim with any evidence, so although it is not illogical to think that cryptocurrencies have created a lot of rich people, I would not agree that their number has increased from 8.6 million (as many as there were in 2008) to as many as 62.5 million as there are today. What is even more important, what do you think is the ratio of those who profited from Bitcoin compared to those who sell various digital-crypto garbage, while using the pre-mined option and literally stuffing millions into their pockets while naive people buy a few thousand of their tokens for a couple of $ thinking they found a good investment?


If it's only about profit measured in millions of something, maybe it's even better for Bitcoin that some people pursue their dreams in another way, at least that way they won't be able to blame Bitcoin for not succeeding in life. I have advice for such people "Play the lottery", the chances of you becoming a millionaire are slim, but at least the whole thing is very simple and you can live in hope every day for literally a few $ a week.


You weren't really paying attention in math class, were you? Well, the calculation is very simple, if we take the current price, then 0.07 BTC is worth about $1350 - and an increase of x10 would mean that the value of that BTC increased to $13 500 - which in 10 years will certainly not be an amount that will have the same purchasing power as today.


Do you think that 0.5 or 1 BTC can make someone a millionaire in the next 10 years? Of course I'm talking about US dollars or euros, otherwise a lot of people can already be considered millionaires in their national currencies. I think that owning 1 BTC has a much greater psychological weight than the financial one, at least for some people who do not look at the whole thing only from the perspective of profit.

I also have friends who say that it is more pleasant to see thousands of shitcoins in your wallet at a time when you cannot buy 1 bitcoin for the same amount. I also came during the bounty campaigns and was encouraged by the number of tokens that fell into my wallet, thinking that I had found a gold mine. Likewise, I think that, as these times have not changed, those who believe in alternative coins will also be disappointed very soon, and ultimately understand the value and correctness of investing in bitcoin.
You just need to give such people time. They will wake up.

Most early investors lost a lot of unrealised gains too and this is something that's gone mostly ignored because a few people have made money out of it (some and probably quite a lot were wealthy before it and have gained money from their exposure or saying they were exposed to it).

If you're arriving "late" your options are going to be:
1. Invest in bitcoin because no one can predict the future and it could go a lot higher realistically.
2. Invest in stocks and learn how to do that, you'll risk a lot less of a loss and won't have the above issues of a beginners misfortune (such as lost keys or exchange hacks).
3. Invest in alt coins that actually look like they're innovating and constantly rebalance your portfolio (this is why most avoid altcoins and don't bother with them - if you're not going to actively monitor what you're invested it you're just going to throw money away and benefit others who will).

I had the same problem when I first heard of Bitcoin. And I wasted 1.5 years mostly with worthless altcoins.
I was lucky and the period I've wasted matched a bear market. But will your brother be this lucky? I doubt it. 1.5 years is already after next halving.

So you better convince him to DCA instead of wasting his money in coins that now worth 1$ and in 2 years they'll worth less than 1 cent. He doesn't have to buy 1BTC, nor 0.07BTC. He can start with even 0.007BTC or less; let him start much smaller until he gets comfortable with all this. Just make sure he doesn't waste too much with various exchanges' withdrawal fees (since it can be very disappointing at small amounts).

It is always easy to look at the past and say 'IF'

- If I have known about Bitcoin in earlier years like 2009 or 2013, I would have invested in Bitcoin.
People said the same IFs in 2013, 2017 and 2020. Now when they are given a great chance to actually invest in Bitcoin at cheap price, they are still saying if about earlier years. But they unfortunately reject to take the chance in this year.

Later, in future, in 2024 or 2028, other people will say the same Ifs
- If I have known about Bitcoin in earlier years like 2022, I would have invested in Bitcoin.

Do you know that since the invention of Bitcoin in 2009, the cryptocurrency space has produced more billionaires and millionaires than any other financial space/industry in the world ?

12 years ago, with a dollar($1), An investor can literally own a few thousands of Bitcoin, but today, an investor would have to spend at least, $20,000 to own one full bitcoin plus..(BTC1+)based on currently price that's a little above $19,000.

Knowing the above, I have this feeling that it scares small investors (that is those that can not afford up to 1 full bitcoin or even 0.5 bitcoin) from investing in bitcoin most especially, during bear market as we are currently experiencing.
Since one of the most reason why some people buy bitcoin is for monetary gains, they feel investing in bitcoin now can never make them the millionaire they dream to become, so they go for altcoins that are still very cheap instead thereby exposing their money to a higher risk for a higher gain kind of investment.

This thought is based on an experience I had with my brother yesterday, he is just joining the space, he has some money which he wished to invest in crypto, I adviced him to buy bitcoin for now, but after looking at the current price of bitcoin and comparing it to some other altcoins, and also that his money can only afford him about BTC0.07, he refused and said he would rather invest in an altcoin that it's  price is still below a dollar, according to him, he said that if he buys bitcoin at this current price, even if by 7 years from today, the price of bitcoin rises to $200,000 and above, it still will not give him the kind profit he wants, it won't make him a millionaire 🤣🤣🤣,

(please note that, I didn't bother calculating what 0.07 bitcoin would worth when 1 full bitcoin hits the price of $200,000)

 according to him again, he is ready to hold for at least 10 years, but he's not sure BTC0.07 would make him a millionaire in 10 years from now.
In the process, I gave the idea of making it a habit to save his monthly salary in bitcoin for atleast, 2 years while waiting for his target of 10 years, that by the end of that 2 years, his bitcoin balance won't be 0.07 any more, but a little close to BTC1 full bitcoin, and it's worth in dollars can even be much more if the price of bitcoin appreciate significantly in the course of the 2 years... He still refused, says he's not sure it will work out..

At the end of it all, I had no choice but to leave him to his choice, atleast, it saved me the stress I would go through trying to make him feel alright in the future if things later did not go as u envisioned for him.

So for all the newbie small investors out there that have this same mindset as my brother, what would you as an OG, advice them to do?
Remember, they wanna become a millionaire, but they think since they can not afford to buy up to 0.5 bitcoin atleast, then bitcoin can not give them that millions they so desire.... What would be your advice?

Let's discuss.