Topic: How to Get Rich with Bitcoin (Read 472 times)

Can you tell me please, what are the ways to get rich? I am a student. My financial situation has improved since I got involved in Bitcoin. But getting rich is not so easy. Because investing, trading is a risk. Instead of being rich, you can become poor. However, my opinion about buying bitcoin is that if you have extra money to meet your daily needs, then you can buy bitcoin.

Wow!!
Just get rich and the buy Bitcoin??
And That's all there is to getting rich right??
The riches would have to fall from the skies and we'll only go get them and then purchase Bitcoin with them.
Please OP, try to pay more attention to the kind of post you make, be more articulate and structural so we can get the message you're trying to pass clearly.

Thank you.

Maybe, but we can't erase the possibility that investing Bitcoin will give you losses as well for some instances. maybe we have to forget about getting rich investing in Bitcoin, we don't need to put this into the mind of the people as this is not exactly what happens in real life. We can make a profit, that's it.
In fact, I invest Bitcoin but look, I'd never become rich. Well, I guess, we better forget about getting rich. I know we still have the chance but that is only possible if we hold 1 full BTC, at least.

It means that if we have much money and we buy more Bitcoin, we will also get bigger profits, isn't it?
yes of course. But it also means higher profits, higher risks.
But, if we are not rich enough, it doesn't mean to close our chance to be rich, right? Although I also don't believe in being rich overnight because of buying Bitcoin, I also believe that some people have certain chances to be rich because of Bitcoin)trading, investing, staking, and others). With their knowledge, efforts, analysis, and expericnes.

Does it mean you don't need Bitcoin to be rich? 
Poor people dream to be rich by investing in Bitcoin. But rich people are worried to be poor by putting their money in Bitcoin. In our society, this assumption is commonly spreading among the people. I don't want to debate whether the assumption is true or wrong. But in reality, not all people believe Bitcoin can lead a person to be rich, even some people assume it is a risky investment that can make people be poor.

It is debatable, I am sure there should be people being rich by investing in Bitcoin. However, I agree that being rich instantly is only a pipe dream if you are still a newbie. Being rich won't happen suddenly, it needs a process and requires experience. You only have the right to dream of being rich once you have sufficient knowledge to realize it.

What do you mean, mate?
As far as I know, Bitcoin is a utility to improve your financial level, not to control it. May I miss something about this, please explain to me.

You are right mate. So if you are serious of achieving financial freedom the best way is to build something that beneficial to cryptocurrency.There is no shortcut of becoming rich. You need a lots of patience and hard work in order to achieve your goal.

I'm afraid they did it just because of an irresponsible invitation. In addition they may have high expectations. Terkang can also be because they are too eager to get a quick profit. Even I don't agree with that. It could be that later that person only adds new problems because they do not have a place to live and that is added if the investment is not successful and gets a loss. Actually the right investment is to use cold capital. Many news reports that I have seen that many people commit suicide due to the wrong investment, and even become entangled in debt cases. I think with cold capital it will bring peace and profit in raising money.

Maybe or maybe not since I do think it depends on every people's capability to make money with a less capital. But of course, if you can do it with low budget capital for trading, then I think you have a lot of experience as a trader that you have too much confidence that you can make profit with a small capital. And of course, it would take some time though since the capital isn't just that big.

If you have the right knowledge you can you will probably gonna get some profit and of course, with experience, trading can make you rich in the future.

In fact, there are other ways to acquire bitcoin such as concrete work paid in btc, which is also a less risky way because you don’t invest your money, just time.
Also, I think it is no longer enough to just invest some money in bitcoin and wait but we need to be proactive, monitor the crypto market and invest in promising projects, or trade crypto.
I read that some people even sold their house to invest in bitcoin, which is not a smart idea after all.
We should always invest wisely, only the money we can lose and never quit our job until we become financially free.

Looking at how volatile is the market, Holding your Bitcoin for profit should not be your bread and butter, you can HODL but you cannot last a year HODLING relying only on Bitcoin take a job, online and offline, and just HODL bitcoin while having a 9 to 5 job or running your own business, soon you will reap what you saw and you can buy more Bitcoin.
But you can still invest in Bitcoin even if you are not rich so I don't agree with your main post that

Such a "Hammer to the head" post! Spot on it clears the misconception that some newbies have to bitcoin particularly that their little and small fiat can make them rich if they just got some bitcoins. Truth is, your little amount has a better chance of making you rich if you invest and focus more on a promising altcoin than bitcoin itself. To benefit from bitcoin, you need to invest heavily, an amount that is huge and you can risk, it is not for people that are struggling to barely go by the month.

I have a different opinion, as we can get rich after we buy BTC. The key to success in BTC world is knowledge and patience, if you have both of these then sky is limit for you. Many fail in BTC world since they came with mind that BTC can make them rich over night. With this feeling they buy BTC ignoring the fundamentals of when to buy, result is loss of capital.

Interesting.. you have said it all and it interest me to read it again and again because you just said the truth, I have thought about it severally and that has been my conclusion. Its obvious people don’t understand how bitcoin works

That's exactly. You use money to get bitcoin,  bitcoin don't generate money without putting money on it and people tend to quit their job thinking that they can make it so fast in bitcoin. Get some doing and invest in bitcoin to be financially safe.

I have some Bitcoin, I dont do panic sales, I am not a retard (hope that I am not), but still not rich. What I am doing wrong ? Maybe I am not buying enough Bitcoin with every price drop? Maybe, because I have other IRL expenses. Probably I just need to hold. Question is, how long should I wait? Hope not until I retire and not a day before my death I will get a *ding* "you are rich now".

BitcoinBarrel is right, you need to first build a capital and be close to rich, Bitcoin will just make your last step easier.

What a crock of shit. It is a contradiction in terms that what you say, getting rich before buying Bitcoin and then buying Bitcoin is not getting rich with Bitcoin.

The best way to get rich with Bitcoin if you have modest finances is DCA, buy what you can every week, or every month. Buy, buy, buy. Wait a couple of cycles.  And then come and tell us about it.

Getting rich will depend on the definition of rich, but I'm sure that after doing DCA weekly or monthly for a couple of cycles you will be much richer than you are now.

It's hard enough to be what you say. If at first we have had the goal of making a profit with bitcoin then holding back it is something difficult. Especially if our funds are limited. I'm one of those people who have limited funds, so I experienced it myself. Even I who have known Bitcoin for almost six years and trading, the most difficult thing is to hold the coin and control emotions not to be greedy.

Some people just buy bitcoin and keep holding it and wait for the price to increase and so they can pull it out but again we need to consider the market volatility if we are heading forward for the price like BTC/USD we need to consider the market trend because it affects the value but if you are looking for the BTC as 1:1 neglect its value I guess ignore the price. Buy bitcoin when there's a chance because regrets when it pumps.

Most of the Long HODLers had other income sources to sustain the inevitable ups and downs of Bitcoin.

If they were living solely off their crypto, they would have cashed out at any one of the ATHs.

Many people, such as early adopters of bitcoin, for instance, have become wealthy because they believed in things and ideas that most would consider rather idealistic and childishly naive. It may well be they didn't want to get rich from bitcoin, but still, they were rewarded for their persistence, faith, and rational thinking. I tend to agree with you that nowadays it is rather naive to consider bitcoin a get-rich-quick-scheme able to make all your problems go away. But bitcoin may help "poor people" to develop certain skills, qualities, a mindset that are necessary to make seemingly pipe dreams come true. For example, bitcoin discourages people from unnecessary uncontrolled consumption, instead, it incentivizes people to postpone the consumption of even necessary things. People witnessing the ever-growing value of bitcoin start thinking for the future more than the present. The more they save, the better off they will be in the future when bitcoin is highly distributed and widely adopted. Not only does bitcoin incentivize people to save and defer consumption, but it also encourages them to learn and think about the state of affairs critically, which also may help them to make fortune because smart people will often make more rational investment decisions than complete idiots who refuse to read and learn.