Topic: How to Get Rich with Bitcoin (Read 458 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.

I may guess your words. It is probably about having much money to buy more Bitcoin, buying at that dip, holding, and waiting until the price can rise up significantly. So, you can gain money again based on the profits. Here is a simple way, actually not to be rich, but to increase our rich or wealth 

But for someone not rich, never imagine being richer with bitcoin in an easy way.
We need more patients, knowledge, and also analysis
Patient if we can buy Bitcoin in  $30k and then hold them, sell them at $100k.
Knowledge and analysis, if we are going to trade Bitcoin (in the Spot or even Future) with of course every high risk, then collecting profits steps by steps to get richer.
But this is exactly very difficult to do, but it is possible

If not able to invest huge and buy more bitcoin to become rich in future, just invest a little every month or when ever you can so that it piles up one day and it grows double with huge profit. Never borrow and invest. Just invest what ever you can from your monthly income. Buy few more best altcoins with cheap rates with high trading volume. One or the other coins will certainly make you richer when you go for a long term trade.

I was shocked too but then I had another thought that OP was merely trying to catch cruise. Again, it's misleading for anyone to even think that Bitcoin is a shortcut to riches. If it happens, it happens. But it shouldn't be the sole aim of anyone buying it. Wealth takes time to nourish and grow.

I will like for you to put out the link to this supposedly good faucets here. I'm one of those who believe that faucets are a complete waste of time and data.

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Every work in life demand concentration, hard work, and study. Same the condition is there in bitcoin. You will have to follow the basic rules of business and market. You will not be a millionaire immediately after joining this business. But there is a continuous struggle to gain experience & success.
Bitcoin business will give you financial and social security & stability. It will solve your financial problems and give you a respectful earning. It will also fulfill your dream of becoming rich.

I think we should definitely buy some btc for long term not a short term prospects. Because first thing 1 Bitcoin is not possible to buy everyone. But they can buy in some fraction in parts and again some investment on next month. That is possible for everyone to get a rich. Rich is not mandatory to buy Bitcoin but you can some investment as you can on some parts for long term for a rich 😉

Millionaires speaks!!!!
This is valid and accurate for me to agree....the rich are getting richer then the poor that thinks he/her is rich.
The rich are busy killing the game with Bitcoin and in Bitcoin.

That only becomes possible when we invest 1 full BTC. But unfortunately, poor people can't really make it and so they are still poor? They can still be rich in some other way. Buying small chunks of Bitcoin could even make us rich somehow in the future, not instantly. As you keep investing in Bitcoin as your main goal to have 1 full BTC someday, it finds no reason that we couldn't be becoming rich. Yes, of course, to rely upon only Bitcoin is not a good idea but to have multiple sources of income aside from having crypto could somewhat help a lot to fasten the development and make the reach of your goal in a shorter time.

And Bitcoin investment isn't an income source? Also, not everyone is young and unemployed, I'm pretty sure a lot of beginners on this forum actually have some sort of career and are looking at Bitcoin to increase their wealth.

And I wouldn't say that it's impossible to get rich with Bitcoin. It is not 100% guaranteed and it is even risky, but it can happen. If this wasn't the case, no one would HODL it. I agree that you shouldn't plan your life on the idea that Bitcoin will go to the moon while you sit back and relax.

As I have said, things are different today. Bitcoin could make us rich even with just a thousand USD, but that's applicable only in the past. It can't be applied now. How much Bitcoin could you buy with your $1,000 today?

Indeed, people don't have to buy one full Bitcoin. They don't have to buy 0.5BTC or 0.3BTC or even 0.1BTC. But given that they could only afford to buy small fractions of a Bitcoin, would that be enough to make one rich? No.

So, if one's impression is that Bitcoin is a get-rich-quick investment, one is definitely wrong.

When moon 
https://youtu.be/7wBg1lBKtyg

Do you intend to turn water into wine? Then try shitcoins with your holdings

I hope you don't come back one day and be like Buybitcoins.com that once sold bitcoin for 15 bitcoins at a dollar.

Copied from HERE

Sorry, but this sentence is not very logical.
Anyone today can buy bitcoin, and this action doesn't require any wealth or even some great knowledge  
Bitcoin can even be earned through various paid projects.
If you mean the amount of 1 btc, it is true that today it has become too much for ordinary users, but it is no problem to buy a smaller amount and earn from the increase in the price of bitcoin.
I agree that it is important to invest your time in learning new skills and gaining new knowledge but most people will make money from bitcoin and without special skills, just hodling btc in their wallet  

Come i'm poor how long before i become a millonere with my 12.50$ i've hodling for the whole week and i'm still poor bitcoin doesnt work 

I assume he was attempting to attract attention with the title.
If the Op post was made in 2018, when Bitcoin initially reached its all-time high, we would still be having the same conversation. Does it really matter on the price we pay to get bitcoin? I've noticed recent threads where people make references to similar statements like:
I am I late, I was able to accumulate 10 btc. I wish I have bought btc in $10,the current price is $250. All these aren't necessary. Do you ever expect Bitcoin to tick 60k? that's the same way it will become so high that it will become difficult for an average person to get hold of 1BTC. Buy or cost average at any opportunity you have and hold for long term because it goings to be something of regret seeing BTC around $1m when the world finally settle down for bitcoin. I know your mind will say that It will be impossible? Slavery was abolished afterwards, and all humans accepted to freedom without hesitation, this will likely to happen to BTC in the future.

Bitcoin isn't a meal ticket or short term investment, the time, tolerance and money is needed.

I'm not rich but bitcoin helped me to have a stable status.

It can. We saw and read those stories of early investors and adopters that have held bitcoin. They've become rich just like this kid: This 20-year-old high school dropout bought $1,000 worth of bitcoin at the age of 12 — now he's worth $4.5 million.

This is actually a good point that you've brought. Newbies these days when they hear someone who owns bitcoin, they'll think of it as quickly as they can that the person is rich. I agree with your suggestion and that's really the process that everyone should conduct. Until you can make yourself financially free and you can live with the amount of bitcoin you have even without working, I guess that you have to keep on working smartly.

This thread is amazing..if i should respond to this thread is via the table of content. The body of the text is absolutely contradictory, so "How to get rich with bitcoin" so getting rich from Bitcoin come from two units, the first is long term investment in cryptocurrency, secondly trading of bitcoin and buying and selling of bitcoin, these two points is the major objectives of existing for earning profit in bitcoin...but i don't know if these, is what you have in mind to portray or create this thread.

We can even stack smallest unit of btc which is satoshi and 1 btc is equal to 1 million sats so we can easily get whatever we desire to and hold it for long period and then you can get returns over it which will be sufficient enough for you.You need to be rich if you want to be btc Whale as accumulating more and more will cost you more but why go that way if you can't? So it's better to invest what you can and enjoy in later years with profits you can get through them.

I really thought  there is a content inside upon opening the title. Somehow I feel it is clickbait. I don't think to become rich is so easy then buy bitcoin. The better way is buy crypto ( not bitcoin * bet on altcoin) and literally wait for it to go to 100x to 500x and you'll somehow attain becoming rich. That's more better I think.

I understand the post is to debunk the misconception that Bitcoin is a get-rich-quick scheme. It isn't, especially nowadays.

It's not a matter of whether or not we can buy Bitcoin in small amounts. We can. But will it make us rich? No. You can only buy what you can afford. If you aren't rich, you cannot get rich with Bitcoin because, in the first place, you can only buy a small fraction of a Bitcoin. If you want to get rich with Bitcoin, buy a lot of them, but it takes a lot of money to be able to do that. So get rich first before buying a lot and be rich from it, or more precisely, richer.

I guess this is the logic OP wants to convey.

I am not rich but I am able to buy bits of bitcoin. In short, anyone can buy as long as you have money to buy bitcoin. As what tranthidung explained that you don't have to be rich to buy bitcoin. I think it's a common mistake that only rich can buy bitcoin which is not correct. I thought it was bitcoin will make you rich but It is not what I thought. We still can earn free satoshi but only in gambling site that have faucet like freebitco.in but it will take a long time to accumulate enough btc to withdraw.

I disagree

You don't need to be rich to buy Bitcoin. Because you can buy satoshis, not mandatory to buy a whole 1 Bitcoin. It means people are free to buy 1 BTC, 0.1 BTC to 0.01 BTC or smaller amount.

There is a Dollar Cost Averaging strategy to accumulate Bitcoin over time. The given link is an example for $30 weekly DCA in 3 years. Results will be as follows:
Total Invested: $4,710
Total Value: $25,628 for 43,569,000.00 Satoshis
Percent Change: 444.14%

https://dcabtc.com?sd=2019-01-08&sda=3_years&f=weekly&d=3_years&ac=3000&c=false

I agree, at least as far as the current situation is concerned. Of course, it wasn't the case just a few years ago. Generally, though, the impression is that Bitcoin is a way to easily make wealth. Again, it may apply before. Now, it is hard for your money to double even with the corrected price of Bitcoin. You want to get rich with Bitcoin, get rich first.

When I got into Bitcoin, you could save for a few months and buy a few BTC. You'd already be rich today. Now, a full BTC is just even a dream to many.

There are some good faucets and I have made decent money using the trusted ones. Completing offers, clicking ads, etc. It is small earning at first, but can grow over time.

Free crypto is still free crypto! First Bitcoin Faucets gave out whole Bitcoins and it wasn't worth much then.

Thank you for your input. The point I am making is that trying to get Rich FROM Bitcoin is a pipe dream. It is better work on skills that offer real value and invest in income sources than to rely solely on HODLing crypto.

Bitcoin is a great utility to take control of your finances,  but I would suggest any newbie focus on how to use Bitcoin in your business and not making Bitcoin your business.

I thought this was written by a newbie but checked again to find a Legendary member doing this. A higher rank is supposed to set an example for the lower ranks to follow. Your activities on www.bpip.org show there has been no change of password or email in the last 30 days. So I assume the account hasn't changed owners and it is just you not caring enough to put some effort into your writing. And enjoying the freedom of one line lasts and you have been getting away with it since.

I am wondering how your site is about bitcoin faucet and you came up with the idea of how someome can earn bitcoin? I hope other members can check if your site in your signature is legit or not. But to make my own opinion, faucets are no more profitable, it wasted my time in the first few weeks I started to know about bitcoin.

First you Get Rich, then you Buy Bitcoin.