Wealth is not backward compatible. Those who can hold Bitcoin are inherently wea

Gormicsta

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Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle. Maybe those free blockchain games can help them understand a little bit about tokens. However, even if they have saved a lot of tokens in the game, when they want to put it forward, they will hesitate when they see the high fee. In the end, these tokens are either used in the game or sold to wealthy investors. After all, wealth is really not easy to flow into the hands of ordinary people.

Even if they have tokens, they may be unable to utilize them effectively due to excessive costs or other hurdles. And some initiatives are attempting to make cryptocurrencies more accessible to individuals in underdeveloped nations, such as by inventing payment systems that do not require financial system. There are other programs that aim to reduce transaction costs through the use of innovative technologies. So although this would make it more easier for individuals to use, it would also make their data more exposed to hackers or government monitoring, and there is a compromise between availability and protection.

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Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle. .

I don't believe this to be true. It is easier now to be rich than in the past. Many poor people will claim to riches at the end of this halving bull. It will take effort of perseverance to invest in a profitable project not necessarily bitcoin.

Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

After all, wealth is really not easy to flow into the hands of ordinary people.

No one should give up hope that wealth is not easy to flow into ordinary people's hand. Your plans sees you through and like they say "he who doesn't plan has already plan to fail". So you don't only hodl bitcoin, if you can't afford it you can try hodling some altcoins, surely they will also increase during the bull run proper.

botupai

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Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle. Maybe those free blockchain games can help them understand a little bit about tokens. However, even if they have saved a lot of tokens in the game, when they want to put it forward, they will hesitate when they see the high fee. In the end, these tokens are either used in the game or sold to wealthy investors. After all, wealth is really not easy to flow into the hands of ordinary people.

Imo, even individuals with limited resources have the potential to save and invest, albeit in smaller amounts.

the way I see it, the primary challenge isn’t necessarily the accumulation of wealth, but rather the accessibility and understanding of the technology itself. Bitcoin and blockchain concepts can be complex and intimidating for newcomers, which could deter participation.

Moreover, disparities in access to technology and the internet can further increase these challenges. Therefore, efforts should be focused on enhancing the accessibility of these technologies and simplifying their complexities.

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Quote from: paxmao on March 28, 2024, 04:24:47 AM

Quote from: Hispo on March 27, 2024, 12:08:56 PM

Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

Wealth is something that takes years of hard work to build, every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family which is possible too if they manage to find the secret of making money. Wealth can be destroyed in short time but as I said it takes era to make it so one who is responsible and have the skills may reach the financial state that he wanted to achieve.

No offense, but I believe the figure of the self-made millionaire has been highly romanticized and mystified within the popular culture. The typical person who starts from the ground up and manages to build and company in a few years or make money in the free market through their sharp intuition.
In reality, most of the wealth of that size seems to be generational, in my opinion, those are given to the next generation thanks to inheritance, rather than hard work or sacrifice of the person who got the money.
The sacrife and the hard work was done generations ago and those who enjoy the money today did not have anything to do with it.
Donald Trump is a good example, actually, most of the work which translated to the wealth of his family comes from at least two generations before him, if it was not for the work of his father and his grand father, he would be a regular joe today.

...

For me is not as much about becoming "rich" but to actually create a family culture in which building up, preserving and being responsible is encouraged across generations.

Ironically, when comes to creating the "rich" mindset and keeping it within the family circle it could be very difficult. I am the kind of person who believes the modern world and our western societies have trained us to seek for immediate satisfaction, as soon as we are able to it get.
One of the biggest examples of this culture of consumerism is how companies and banks are giving options like "buy now, pay later". Nobody thinks about investment and the accumulate of wealth through his generations, so the next one can continue own.
Specially in countries like mine, a child would not expect to hear about investment and money management from their parents, it is more common to hear them talking about football, low quality politics, gossip, and how they are eager to get some money to buy a new phone (despite of their current phone working just right and covering hm their needs).

It is sad how people do not longer think about generational wealth and instead engage in generational debt. Being direct debt or indirect one

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Quote from: Hispo on March 27, 2024, 12:08:56 PM

Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

Wealth is something that takes years of hard work to build, every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family which is possible too if they manage to find the secret of making money. Wealth can be destroyed in short time but as I said it takes era to make it so one who is responsible and have the skills may reach the financial state that he wanted to achieve.

No offense, but I believe the figure of the self-made millionaire has been highly romanticized and mystified within the popular culture. The typical person who starts from the ground up and manages to build and company in a few years or make money in the free market through their sharp intuition.
In reality, most of the wealth of that size seems to be generational, in my opinion, those are given to the next generation thanks to inheritance, rather than hard work or sacrifice of the person who got the money.
The sacrife and the hard work was done generations ago and those who enjoy the money today did not have anything to do with it.
Donald Trump is a good example, actually, most of the work which translated to the wealth of his family comes from at least two generations before him, if it was not for the work of his father and his grand father, he would be a regular joe today.

Not to disagree with you, as I'm sure there are plenty of inheritance millionaires. Speaking for myself though... My family was bankrupt when I was born. I watched my parents pull themselves out of poverty and I did the same. Meanwhile, I've seen countless people inherit a ton of money and spend it all within a year or two finding themselves back to square 1. That's why I think people underestimate what Donald Trump has done. 75% of the time people squander their inheritance. 90% of the time family money is gone in 2 generations. By Trump just not going broke, he beat the odds (let alone the fact he's grown his inheritance by a huge amount). If his kids don't lose all his money, they'll be in the 10% of people who don't lose it all after 2 generations. I imagine that money will last several generations, so I would put a little respect on the name. Compared to the average, Donald Trump looks like a financial genius.

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Quote from: shanhaigamefi

Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle. Maybe those free blockchain games can help them understand a little bit about tokens. However, even if they have saved a lot of tokens in the game, when they want to put it forward, they will hesitate when they see the high fee. In the end, these tokens are either used in the game or sold to wealthy investors. After all, wealth is really not easy to flow into the hands of ordinary people.

Poor people are hodling BTC for the price of their choice to come before they can market them to earn profits, but not all poor people have the ability to hold BTC for long when there is nothing to eat at home or nothing to spend at the moment which it can push them to sell them without considering the price of the market.

If you want to be wealthy, just make sure you plan your life very well by looking for a job that will be giving you monthly salary you can invest the half of the money on BTC and save the remaining money for future purpose, I believe if you can maintain that system in 5 years, you will surely be among the wealthy investors in your society.

Dunamisx

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Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle.

Why can the poor have same access to bitcoin holding as every other holders, bitcoin is meant for all and since it is not centralized, anyone can invest at his own desiring capacity and hold.

Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

Maybe those free blockchain games can help them understand a little bit about tokens.

All these are not free as well to use, if they really something free and easy fir them to start from, they may have to consider the use of faucets, or probably learn on how to earn bitcoin or tokens from what they can offers as service.

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Quote from: Frankolala on March 27, 2024, 01:17:44 PM

Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family

I disagree with you on this statement that every millionaire today are not from a wealthy family. Only few of them are not from a wealthy family, while the rest of them are wealth that was inherited. This is why there is a say that 'the rich get richer and the poor get poorer.

Wealth is been transferred from generation to generation through companies and investments, if not why would a rich man write his will. A poor man does not have any will to write because he has nothing in his possession. Those poor or average people can became wealthy was due to their innovation and focus with hard work. Such people will also passion the wealth to their children. Imagine a king, when he dies, his son takes over the throne. The same applies to wealth.

I don't have any official reports but I said based on the multiple podcasts which I used to hear, where they stated over 80% of all millionaires are first generation people while the remaining 20 is from the inheritance. Personally I knew some guys who became multi millionaire in just 10 years of time which is what convinced me that this statement can be true.

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Quote from: Hispo on March 27, 2024, 12:08:56 PM

Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

Wealth is something that takes years of hard work to build, every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family which is possible too if they manage to find the secret of making money. Wealth can be destroyed in short time but as I said it takes era to make it so one who is responsible and have the skills may reach the financial state that he wanted to achieve.

No offense, but I believe the figure of the self-made millionaire has been highly romanticized and mystified within the popular culture. The typical person who starts from the ground up and manages to build and company in a few years or make money in the free market through their sharp intuition.
In reality, most of the wealth of that size seems to be generational, in my opinion, those are given to the next generation thanks to inheritance, rather than hard work or sacrifice of the person who got the money.
The sacrife and the hard work was done generations ago and those who enjoy the money today did not have anything to do with it.
Donald Trump is a good example, actually, most of the work which translated to the wealth of his family comes from at least two generations before him, if it was not for the work of his father and his grand father, he would be a regular joe today.

Agree, for every "self-made" that started from zero, you have 100 that started from a good positions in a reasonably wealthy family and very frequently with the right contacts. Elon, Gates, Zuky... they all could afford to fail and go back in the game unscratched. But I guess that is how private property works, you get an inheritance for something you have not done, you get an education paid with work you are not doing and you get (mostly) free food, shelter and clothing from mom and dad.

For me is not as much about becoming "rich" but to actually create a family culture in which building up, preserving and being responsible is encouraged across generations.

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Quote from: shanhaigamefi on March 27, 2024, 01:30:23 AM

Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle. Maybe those free blockchain games can help them understand a little bit about tokens. However, even if they have saved a lot of tokens in the game, when they want to put it forward, they will hesitate when they see the high fee. In the end, these tokens are either used in the game or sold to wealthy investors. After all, wealth is really not easy to flow into the hands of ordinary people.

Poor people can join the circle if they have the ability to flow with the wealthy. The value of what you are worth or have to offer can sometimes lead you to unexpected places. To become wealthy, you must have that influence; money alone cannot get you what you want in all circumstances, and once you understand the difference between money and influence and know where to use them, you will become the newest rich person in your family, and you will no longer need to rely on those blockchain games to sell for rich people. Not everyone is born wealthy, but if you understand how to make money, you can earn a lot and become wealthy. It is not your fault that you’re born poor but it could be when you live a poor life throughout without getting wealthy.

Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

Wealth is something that takes years of hard work to build, every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family which is possible too if they manage to find the secret of making money. Wealth can be destroyed in short time but as I said it takes era to make it so one who is responsible and have the skills may reach the financial state that he wanted to achieve.

Wealth is heavily influenced by hard work, and not just any hard work, but smart hard work. It is not always about the effort you put into becoming wealthy, but make sure you do it wisely in order to achieve your objectives faster than you can imagine. Not all wealthy people come from wealthy families; some had to work hard to achieve their wealth, and they are the true wealthy, who understand the value of their wealth and not those born into it.

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Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family

I disagree with you on this statement that every millionaire today are not from a wealthy family. Only few of them are not from a wealthy family, while the rest of them are wealth that was inherited. This is why there is a say that 'the rich get richer and the poor get poorer.

Wealth is been transferred from generation to generation through companies and investments, if not why would a rich man write his will. A poor man does not have any will to write because he has nothing in his possession. Those poor or average people can became wealthy was due to their innovation and focus with hard work. Such people will also passion the wealth to their children. Imagine a king, when he dies, his son takes over the throne. The same applies to wealth.

Hispo

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Quote from: jrrsparkles on March 27, 2024, 07:34:08 AM

Wealth is something that takes years of hard work to build, every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family which is possible too if they manage to find the secret of making money. Wealth can be destroyed in short time but as I said it takes era to make it so one who is responsible and have the skills may reach the financial state that he wanted to achieve.

No offense, but I believe the figure of the self-made millionaire has been highly romanticized and mystified within the popular culture. The typical person who starts from the ground up and manages to build and company in a few years or make money in the free market through their sharp intuition.
In reality, most of the wealth of that size seems to be generational, in my opinion, those are given to the next generation thanks to inheritance, rather than hard work or sacrifice of the person who got the money.
The sacrife and the hard work was done generations ago and those who enjoy the money today did not have anything to do with it.
Donald Trump is a good example, actually, most of the work which translated to the wealth of his family comes from at least two generations before him, if it was not for the work of his father and his grand father, he would be a regular joe today.

jrrsparkles

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Wealth is something that takes years of hard work to build, every millionaire you see today is not from a wealthy family, most likely they are their first millionaire in their family which is possible too if they manage to find the secret of making money. Wealth can be destroyed in short time but as I said it takes era to make it so one who is responsible and have the skills may reach the financial state that he wanted to achieve.

shanhaigamefi

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Most of the people who can hold Bitcoin are people who have some assets in their hands. For poor people, it is really not easy to access this circle. Maybe those free blockchain games can help them understand a little bit about tokens. However, even if they have saved a lot of tokens in the game, when they want to put it forward, they will hesitate when they see the high fee. In the end, these tokens are either used in the game or sold to wealthy investors. After all, wealth is really not easy to flow into the hands of ordinary people.

Topic: Wealth is not backward compatible. Those who can hold Bitcoin are inherently wea (Read 142 times)