Topic: How rich would I be? - page 2. (Read 757 times)

Your kid maybe the one becoming rich when Bitcoin reaches its limit meaning we can't mine Bitcoin anymore, You can compare from Bitcoin at a low price ten years ago and compare to present times and you can imagine how rich you will be if you hold until the Bitcoin reach its limit. But we never know what will happen to Bitcoin in the future so use your money wisely

It is not necessary that all the rich are unhappy, if a person knows how to find a balance in life, between family, leisure and work, then everything can be fine in his life.

It is also important to be able to take the maximum benefit from the money that you have, so as not to be stingy for every penny, but to be able to live in pleasure and possibly help others, do charity work, if money allows you to do this.

Poor people are also can be unhappy, and probably if you don’t have money, then there will be more chances to be unhappy and constantly think about where to get money to feed your family.

Money isnt everything and its true that people might have all the riches and buy everything that he do likes but no one can buy time,love, respect and other things which money cant really buy specially the happiness thats within.Of course in our entire life we would really be trying out to be happy but cant really be denied that money is almost turns thing to work around and without this
then you cant really be able to move which is something turns out to be in default. We are thriving on daily living and this is why people do make lots of ways for us to
sustain up on daily living.

we will not know when bitcoin mining will end and of course mining will be more difficult and certainly require costs and we will not know how much it will cost.

I think in this case we should be able to enjoy, namely by doing something that we can and we are capable of

Which is why money is such a flawed metric when it comes to success, as you mention many people think of success as having accumulated a great deal of wealth during their lives, and while money has a great deal of uses there are many other things that it cannot buy, and as a consequence we have many rich people out there which in theory may seem to have everything they may want, and yet they are completely miserable and unhappy with their lives.

As investors, of course we must dare to take risks if one day Bitcoin is worthless, if we want to be successful or rich from investment, the easiest thing is to buy as much as we can then hold with the profit target that we expect, many people are successful and patient do not sell When they have received a profit of 100x or even 1000x, and their patience paid off because they could get profit up to millions of dollars with a capital of less than $ 1,000 they bought 12 years ago.

If he can have a lot of bitcoins from DCA results, he has the potential for big profits after bitcoin gets a bull run. And although no one knows when the actual bull run will come, he should not despair in waiting for the bull run and prepare himself to follow this bitcoin journey.

He can invest in good altcoins but unfortunately, he has to analyze the altcoins on the market one by one, and that is not easy, and it takes a long time until he really gets the right altcoin. He could buy altcoins in the top positions, but does that guarantee him a big profit? That's why he should find the answer. So instead of looking for altcoins, it's better to keep investing in bitcoin unless he has had it for a long time and is just waiting for the upcoming altcoin season.

How much rich are you now? answer to this might make my prediction more correct about how rich you will be when btc minting is going to stop. Well i presume. You have zero investment now and you are not rich ( just presume if you are rich). Then it depends on the DCA intervals at which you take entry in market. Let's say you enter in market at today price of BTC around 22,366 Dollars. and i can see market is going down due to the conspiracy of silverbank's bankruptcy maybe there could be many other factor included too. But if you managed to invest 200 dollars out of your total 1000 capital at around 21k to 28k then you would make profits ( just my assumption as your question is full of assumptions and predictions so i have to give answers in as IFs as i can) after gaining profits and losses. you need the time like when does the minting will stop. lets say it stays for next 4 to 8 years you would convert you 1000 dollar of btc 10k dollars easily in the time span of 8 years. by doing DCA. if you are smart enough. let be tell you the minimum level of richness like around 4k maybe.

Now assuming the upper scenario, would you become rich with this money. i have to say no haha, because there is inflation too. the value of money will decrease over time. if you invested 1000 dollars today and withdrawal 10k dollars after 8 years. which things you could buy from 10k dollars after 8 years. becuase prices will be 8 times higher than today after 8 years. ahah. so i should say you will not become rich until you hold a bunch of btc separate and bunch of btc to do dca for becoming rich. I might be wrong be dyor because its all assumption.
Well if along with the DCA in btc you invest in other platforms too you might become rich with proper strategies and by not falling prey to market sentiments.

It's not that easy to achieve the goal of getting rich mate, because basically no one can guarantee someone to be rich in ten years even if he holds Bitcoin very tightly and firmly without thinking of selling it in a short time. I say that because Bitcoin is a currency that moves up and down every year and doesn't stay at a single price, so that in ten years as you mentioned there will definitely be some declines which will also create barriers to increasing the price to very high level as you said, which is $1million.

And in my opinion, you say that price speculation is excessive because for now I myself have never imagined such a high price on Bitcoin except for the highest ATH and even then not for a price of $100K. Because when Bitcoin has been able to pass the price of $70K, that is enough to say the highest ATH in Bitcoin and everyone who still holds it will certainly feel the benefits and will make themselves rich people if they have more Bitcoin in their wallet at that time.

I think the potential of Bitcoin in the future will continue to improve and the value will be more expensive, I'm sure someday the price of 1 BTC can reach $ 1 million, it may occur 10 years, as long as we can survive for Bitcoin Hold, we have the potential to be rich from bitcoin, If we focus on the long run then never panic when the Bitcoin Drop value in a short time.

This depends on how much money you set aside for the DCA and how much bitcoin you believe you can purchase overall, but I don't believe there is enough for you to gain from investing in Bitcoin. It's not a bad first step, but you can't expect to make as much money as you can when you invest in good altcoins (not shit coins). In order to diversify your portfolio, you may also buy bitcoin and altcoin together. If you keep them until the next bitcoin halving and bull run, they will provide rewards that you could never have imagined.

It is the increasing quest to make money by all means that has meant the society to be surrounded by criminals and there are a lot of crimes in the society which the government cannot tackle. Because of the desire of the people, especially young people to make huge amount of money. Therr is s no regard for principles anymore and the success of an individual is now tied to how much money the individual has made.

A very few people want to be successful in charity.
A few want to be successful in their career.
While many just want to be successful in making money.
Money is just a paper and if the government wants everybody to own it in abundance, they will just print billions of the paper money.

And that is the thing, many people out there want to achieve a great deal of wealth without understanding how hard you need to work to reach it, the enemies you will make along the way, the sacrifices you will have to do and all the things you will miss in the process, and when I think about it, while it may seem nice to have all of that money it seems to me it is way better to go for a goal that is easier to achieve than to aim that high and fail.

This guy provides some interesting insights into how long Bitcoin stay dormant in addresses and how investors behave during bull or bear markets. The statistics show that during bull markets people do tend to take profits. That isn't all too surprising, but I mention it because those who bought Bitcoin at cents and then held to this date has decreased over the years. Yes there are a couple of guys who even held through the crazy bull runs we had, but the idea that someone who says he got to know Bitcoin in 2011 must have profited in 2017 doesn't always apply. There are also lots of guys who sold along the way up.

Now when you start DCA today there is nothing wrong about that. But the times of 1000x within very short periods of time are over. Bitcoin could still outperform the market any time so it is a viable investment option. Regarding the total limit of Bitcoin and its impact on scarcity and price, I yearly block reward is already negligible and won't have much of an impact on the price one way or another.

You are basically referring to a pattern which is not something we can rely on from an inconsistent market behavior in this technology. As it is reaching the limit, that won't mean that the price will move in a consistent manner.

Well, problem is how an individual defines being wealthy. Ofcourse everyone wants to buy all the things that they want, go to places they didn't experience, have a large house, and to taste every food they can imagine. Investment, not only bitcoin, COULD be a way to such lifestyle if you will be able to make the right decisions on your asset. Things are not as easy as 1,2,3. As many people in this industry have said, there is a risk involved from investing into this technology therefore making it true to manage risks than to just dream of being rich. It is free to dream but would cost you big amount of money to fail. So atleast manage as well the expectations.
And not all step would bring you to a better place. Part of that journey is mistake.

Being rich is not determined by how fit we are in what we do, it's simply by our efforts in working towards it, we can decided to be a rich person overnight but it will definitely take some time to have it cone to pass, those that forces this in place go extra miles doing it the illegal ways, no one is birn poor, we choose whom to become through our hardworks, resilience and determination in life and it all begins with taking a positive step.

Sometimes it does not matter how rich one wants to be.
Because you may not be as wealthy as you think you can be or you will be. What is the most important thing is that you being able to live well, being able to satisfy your family and also being able to atleast own a home and have some Investments. It is not everyone's dream to be overly rich.
Some people will not want to make the kind of sacrifice that will bring such amount of wealth. So they are okay with being comfortable.
Bitcoin can give you such a comfortable life if you work hard and not a flamboyant richness.

The very first thing that someone needs to do is to be honest about the level of wealth that they want to achieve, it is easy to think that if you invest in bitcoin you will achieve very high levels of wealth, but this is not achievable for the majority of the investors out there as this will require holding for a very long time, investing a lot of money in bitcoin which we may not have or both, so we need to reduce the expectations we have about the potential returns we may get, and once we do this then it will be way easier to reach the financial goals we have set for ourselves and that we want to reach in this market.

This is something that was bound to happen.
Different heads must have different goals whether it's in terms of wealth or thinking and I agree because everyone can make their own targets about wealth, especially with human nature which basically will never be satisfied with the condition of wealth, it is possible that something like this also happens because we will always have a greedy feeling when talking about wealth and power.

Talking about bitcoin, they will not fully bring us to wealth but this is one of the options and a good bridge even though the final result is determined by ourselves whether we can use bitcoin as a means of wealth or not.

How come you have not researched about "when the last bitcoin will be mined"??
To break it to you, the last bitcoin will be mined by 2140 and there is literally no possibility that this process can be fast forwarded. Neither we have that much advance tech nor any manufacturer will be able to do it unless and until they end up investing on quantum computing of that kind.

This is a fact that can not be changed really. Now, coming back to your question how rich you could be is as volatile as the bitcoin itself! I mean bitcoin could be millions of dollars worth in the future so even if you hold one full bitcoin properly in today's date then you would easily up surge your profits with it.

However, reverse is also same. Have you analysed the fact that what if bitcoin gets downgraded by authorities and it just vanishes? You could loose everything. Instead of thinking that far, one can think about decades timeline to enjoy the slow growth and profits along the way. That rich one can become easily.