If someone holds 1 bitcoin in 2023, can he call himself rich ? - page 2.

Blitzboy

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Quote from: LogitechMouse on October 23, 2023, 10:38:49 PM

Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

The term "RICH" is a very broad term.
A person in the street can claim that he's rich. I can also claim that I'm rich. A businessman who is successful can call himself rich. Anybody can say that they're rich. Like I said, the term "RICH" isn't only used in money, but in other concept of life as well.

Now to answer your question if having 1 Bitcoin this 2023 can make him be called as a "RICH" person, yes. I can call myself rich if I have 1 Bitcoin. It all depends on the person who are holding it. If you let Warren Buffet hold 1 Bitcoin, of course that will not make him say that he's rich because even though he don't have 1 Bitcoin, he's rich already. On the other hand, if an Average Joe, or how should I classify myself, maybe a middle income earner like me has 1 Bitcoin, of course I can call myself rich already knowing that our yearly income if being paid at a minimum wage is around $2,650. 1 Bitcoin is worth ~10 years of working time or even more.

Overall, being called as rich doesn't define by how much Bitcoins you have, but to answer your final question, for me I guess having at least 5-10 Bitcoin can make me rich, but TBH, I can call myself rich already even though I only have 1 Bitcoin or even lower.

What you say about the word "RICH" is interesting. What each person thinks of as "rich" is very relative and unique, right? If you say that having one Bitcoin in 2023 makes someone rich, thats a very narrow view. We shouldnt hold Warren Buffet and the average Joe to the same level of wealth. This is about more than just that, though. If how rich something is just depends on your point of view, then the value we give to things like Bitcoin is also subjective.

Lets get to the heart of the matter more. If exactly one Bitcoin is worth ten years of work for a minimum wage worker, then getting that one Bitcoin is like getting ten years of their time back. In a lot of ways, time is more important than money or cryptocurrency. Still, you say that 5–10 Bitcoin can make you feel rich. That tells me you're not just after a number; you want the security, freedom, and power that come with having that much value. Not the Bitcoin itself, but the life it stands for.

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Actually, it depends on where you are residing because, in some parts of the world where essential needs are not expensive, you are actually a millionaire when you have that amount of money and you can survive there for a long time or maybe get old with no problem of looking for a job to support yourself. Here in our country, you can survive with that for another 10 years with just minimum spending and that's what I like about bitcoins, you don't need to show people that you have some money with you, just get what you need and keep your bitcoins in your personal wallet as long as you want.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

In my area, having 1 BTC seems to be enough to be called rich. But among the ranks of rich people there is also a ranking of its own. So for those who have 1 BTC, perhaps they can be said to be the lowest ranking rich person. Because usually the top rich people in my country even earn more than 1 BTC per day.

But if we live in a village or in a remote part of the country then I think having 1 BTC is enough to be called the richest person in that village area. I don't have 1 Btc yet but I hope someday I can have more than 1 BTC.

But in developed countries having 1 BTC may only be considered an ordinary person and not a rich person. But in developing countries having 1 BTC would be enough to be called rich. but in each country it may be different.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

The term "RICH" is a very broad term.
A person in the street can claim that he's rich. I can also claim that I'm rich. A businessman who is successful can call himself rich. Anybody can say that they're rich. Like I said, the term "RICH" isn't only used in money, but in other concept of life as well.

Now to answer your question if having 1 Bitcoin this 2023 can make him be called as a "RICH" person, yes. I can call myself rich if I have 1 Bitcoin. It all depends on the person who are holding it. If you let Warren Buffet hold 1 Bitcoin, of course that will not make him say that he's rich because even though he don't have 1 Bitcoin, he's rich already. On the other hand, if an Average Joe, or how should I classify myself, maybe a middle income earner like me has 1 Bitcoin, of course I can call myself rich already knowing that our yearly income if being paid at a minimum wage is around $2,650. 1 Bitcoin is worth ~10 years of working time or even more.

Overall, being called as rich doesn't define by how much Bitcoins you have, but to answer your final question, for me I guess having at least 5-10 Bitcoin can make me rich, but TBH, I can call myself rich already even though I only have 1 Bitcoin or even lower.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

You should know the parameters for the concept of being rich. Like, here in my country, you must have many properties and must have enough liquidity to be termed as rich...and sometimes you have to be showy for your riches for others to think that you are one. The point is that being rich is a very subjective term. Now, having 1 BTC will not make you rich...maybe I am suggesting you HODL that 1 BTC for around 20 years who knows the price of that in 2043. As of press time, in my own personal estimate, you must have at least 50 BTC for me to call you "rich" and not anymore poor.

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The definition of rich depends on each individual, other people will judge whether someone is rich or not based on the reciprocity of the assets they own. The concept of richness is very broad, some people define richness by various possessions owned by other people, wasting money on unnecessary needs and having lots of luxury items.
People who have limited capital and are just starting to invest in Bitcoin will call you rich because you have one Bitcoin, they also want success like you so they can collect one Bitcoin. If you look up, there are still many people who are richer than you, but if you look down, you will be called rich by people whose level of wealth is lower than you.

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We are in late 2003 and the way the market is currently growing, it looks like the Bitcoin market may touch $50,000 very soon. Everyone is talking about investing in Bitcoin from late 2022 to mid 2023 and experts are commenting that the price of Bitcoin will increase significantly between late 2023 and mid 2024. The price of Bitcoin went from $32,000 to $35,000 in a matter of hours and is now hovering around $34,000. Naturally, those who bought 1 BTC amount or more in 2022 or early 2023 have made huge profits today. Many people who invested large sums of money when Bitcoin was worth $17,000 can be called successful investors today.

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Rich is a very general term. What's rich for you? It's also relative. If you're a citizen of Burundi, for example, you can certainly consider yourself rich if you have 1 Bitcoin. If you're a resident in my country, you may not be rich, but you're definitely not poor. But if you're living in Singapore or in New York, that's certainly not much. You're not rich. That amount can't even build you a decent house. You probably still need to wake up every morning to go to work.

Anyway, to further illustrate my point, I recommend you to take time and enjoy reading these 3 interesting threads:

*For images that don't show, you can click the quote button on the post and get the link. Open it on another tab.

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Quote from: taufik123 on October 23, 2023, 08:30:53 PM

Quote from: Wexnident on October 23, 2023, 06:04:52 PM

I guess you'd have to define what rich is first. $30k is definitely enough to be called moderately rich in my country (PH) but I wouldn't consider it being "rich" just yet. It might seem big but really, once you start trying to invest in land/buildings it'd disappear rather quickly. This is considering PH, if you were to consider countries like the US, then by no means is $30k enough to be called rich, or even moderately rich imo. If asked, I'd definitely go for at least 10BTC before even considering really.

$30k or 1BTC if converted into my country's currency (IDR) then it would be worth the price of a house and could also buy an SUV.
But that doesn't make someone rich if they don't have other supporting assets.

In developed countries like the US, $30k does seem small and it can be earned by anyone with a part-time job.
Defining wealth is not only on how much money someone has, but on the business they build and become a good passive income.
If we have 10BTC or even more and it can continue to earn, then people will say it is a Rich person, without thinking about financial development anymore.

That's right, being rich is not only about determining the amount of money you own, but also about how to maintain that amount of money or find ways to increase your assets every day. Only then can you be called rich. And if we have 1 million or 2 million USD but we spend it wastefully and do not work hard to replenish what we have spent, then sooner or later that wealth will disappear. So I don't consider that person to be rich.

1BTC is worth a lot to many people like us here but it is not a large amount of money for us to become rich.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Rich is a flexible definition.

You can make your math with value of 1 BTC in 2023. You can take its price at start of this year or today. Example today price, it is $33,642 and is $33,642 enough to make a person rich?

It depends on where that person lives and how cheap or expensive daily expense in that local area is.

If that person is living in an area that only needs like $2 or $5 to live for a family in a single day, you can consider 1 BTC is enough to help that person rich.

If living expense is higher, more expensive, then $33,642 from 1 BTC is not enough to help someone rich.

bayu7adi

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A question with answers as relative as this one seems likely to yield a plethora of diverse responses. Hence, I shall proffer my own perspective.

In my view, richness equates to a life filled with happiness. Granted, if an individual can find contentment with a single Bitcoin, it implies that they may be considered wealthy. However, how long can one derive happiness from possessing 1 BTC? Is it for a day, a month, or a year?

I believe that living a life of freedom is another factor that contributes to my happiness, and for that, 1 BTC might be adequate for a carefree existence over a span of 6 months. Yes, I feel prosperous for the next 6 months when I possess 1 BTC in the year 2023. I reside in a rural area, and the cost of daily living here is not as exorbitant as what individuals in Europe and America spend every day.

But when that 1 BTC is depleted, it signifies the end of my freedom. I must toil for 8 hours a day and can no longer revel in that sense of liberation. It is at this point that my happiness begins to wane, and the aura of affluence gradually fades away.

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Quote from: Wexnident on October 23, 2023, 06:04:52 PM

I guess you'd have to define what rich is first. $30k is definitely enough to be called moderately rich in my country (PH) but I wouldn't consider it being "rich" just yet. It might seem big but really, once you start trying to invest in land/buildings it'd disappear rather quickly. This is considering PH, if you were to consider countries like the US, then by no means is $30k enough to be called rich, or even moderately rich imo. If asked, I'd definitely go for at least 10BTC before even considering really.

$30k or 1BTC if converted into my country's currency (IDR) then it would be worth the price of a house and could also buy an SUV.
But that doesn't make someone rich if they don't have other supporting assets.

In developed countries like the US, $30k does seem small and it can be earned by anyone with a part-time job.
Defining wealth is not only on how much money someone has, but on the business they build and become a good passive income.
If we have 10BTC or even more and it can continue to earn, then people will say it is a Rich person, without thinking about financial development anymore.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich? If not, how many bitcoins holding is equal to being rich in your opinion?

It will be difficult to say how much Bitcoin is needed to be rich because there is no such standard for the rich. However in my view, it is dependent on the location where you are living and the people interact If you are living in the village side then I think one BTC is enough, the people are not so rich in that area if you exchange your Bitcoin for your local current it will make a huge amount. On the other hand, if your connections are very strong and they are very rich then one BTC is a very small amount at least you have to have 10 or 15 BTC in your wallet. But as you all see inflation is over high in the whole world because of the two wars between Russia and Ukraine, and Hamas and Israel, the prices of things going very high so in this situation one who called him a rich person must have 60BTC in his wallet.

Wexnident

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I guess you'd have to define what rich is first. $30k is definitely enough to be called moderately rich in my country (PH) but I wouldn't consider it being "rich" just yet. It might seem big but really, once you start trying to invest in land/buildings it'd disappear rather quickly. This is considering PH, if you were to consider countries like the US, then by no means is $30k enough to be called rich, or even moderately rich imo. If asked, I'd definitely go for at least 10BTC before even considering really.

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I think definitions vary country-wise. If you live in a poor or developing country, holding 1 BTC would be considered rich. If you live in a developed country like the US, then I don't think it's enough to be called rich. You should hold more bitcoin. My opinion is based on the current price when writing the post. Now you have to decide whether you are rich or poor.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

In my place, if someone hold 1 BTC today, he is a millionaire in our currency since the conversion of the current Bitcoin price to my country's currency is around Php1.818M. I do not know if people with such kind of amount is rich since the price of commodities now adays is too expensive. Maybe we can consider them as average since the amount will easily get exhausted if the funds is not replenished.

About being considered rich, I think 10 BTC is enough in my country.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Rich people do not have a definite definition, there is no certain amount to be called rich. Wealth is relative, so it depends on your own point of view. If you think having $30,000 is rich then 1 btc is enough. But if you think a rich person is someone who has $1,000,000, then you need to have 335 btc

But if you save 1 BTC for the long time, I'm sure you will become rich because the price of Bitcoin in the future will be more expensive. But bitcoin is not a path to instant wealth, we need time for bitcoin to have a good price.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

You're rich in Bitcoin but you aren't rich in fiats yet if that's what you're asking about, I said you're rich in Bitcoin because you're among the few people that'll have the opportunity to own 1 Bitcoin. You won't be rich currently but you'll definitely be rich in the future when Bitcoin gains more global acceptance. We're still early in the industry as a lot of people are yet to come into the industry and that's because they're still doubting how successful the market will be. This set of people are those that'll be buying Bitcoin costly in the future as they will be regretting doubting the future if the market.

We shouldn't be after the short term profits and wanting to be rich quick but investing for the future and keep on buying and hoarding (accumulating and Hodling). The reward will be gotten in the future and that's where we should be setting our target for and not after what's happening in the market in 2023. We still have a very long way to go so we shouldn't be disappointed but be motivated to keep on investing in Bitcoin.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Inflation in my country is so high that the cheapest new car now costs more than 1 Bitcoin. If owning a car is wealth, we can say that, but I don't think owning a car has anything to do with wealth.

The concept of wealth varies from person to person. For some, even a small amount of money can last a lifetime, while for others a small amount of money may not be enough to achieve their goals. It is directly proportional to how we live and what we want. That's why having 1 Bitcoin is far from the concept of wealth for most people.

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Quote from: karabiber on October 23, 2023, 03:32:44 PM

Quote from: Sophokles on October 23, 2023, 01:58:50 PM

It depends on where you live and your lifestyle. In some parts of the world, $1 million isn't much, but in others, it's a lot. Also being rich means you can afford to fulfill all of your needs and your net worth is enough to lead a comfortable life for you. This number won't be the same for people who live in the USA and India. Both places economic conditions and lifestyles are different when one place's monthly wages can be equal to another's yearly wages.

If I had 1 BTC, i certainly wouldn't call myself rich. Wealth is not something that depends on your lifestyle. You are rich or you are not. For a person with a house, a car and a regular income, having 1 BTC will not add anything extra to their life and will not raise their standard of living extraordinarily. Even if a person with no material assets has 1 BTC, it will not make them rich, it will only increase their welfare level. However, i cannot say whether having 1 BTC will make us rich in the years to come. Maybe the 1 BTC we will bequeath to our grandchildren 50 years from now will make them real millionaires. It is very difficult to predict this now and we should know that wealth cannot be achieved with 1 BTC.

As I have mentioned it varies by region and lifestyle. A place like berlin is more expensive to live in than a place like somewhere in India. People from both regions lead different lifestyles, which results in different monthly expenses. In some places on the earth people live with less than $100 per month, which is ridiculously low for most of us. It is what it is and people from that part of the world will consider themselves rich if they have 1 BTC.

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