Will owning 0.01 BTC really make you rich? - page 13.

Ryker1

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Quote from: Zilon on January 06, 2022, 04:35:59 PM

Yes indeed owning 0.01btc can make you a millionaire if you can be patient enough to hold on to your coin following the high volatility rate of Bitcoin and how much investors are trooping into Bitcoin causing a high demand in the crypto asset. Achieving this with 0.01btc would determine how patience and discipline you can have when it comes to investment

Well, I would say --not now.
It could make you rich when bitcoin becomes more expensive like after another 10 years of existence and that year maybe you are rich enough.
That amount also can be used as your capital in trading, it could make sense if you are going to manage yourself for being massive losses.
Just hold it now and forget for a while, soon you will be rich on that amount.

Slow death

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Quote from: Abiky on January 06, 2022, 09:45:09 AM

What do you think? Is it really possible to become rich with 0.01 BTC in the future?

this is impossible, if we look at the price of bitcoin and realize that it is impossible

Quote from: Abiky on January 06, 2022, 09:45:09 AM

If not, why?

because we would have to have a very high capitalization market to the point that it would not be possible to take money from all over the planet to buy bitcoin for the price to reach 10 million dollars

dothebeats

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Just look at how other people in the early days were able to make millions with the minimum investment that they had for bitcoin. Also, the masses still appreciate bitcoin more and more, and it still receives quite a lot of attention from deep pockets making it a viable investment still. But for your specific question, depends mainly on how much bitcoin climbs. Your 0.01 bitcoin might make decent profits, but still not enough to consider you as a rich person from where you are at.

Or the opposite could happen and bitcoin goes to nil the very next day. Who knows?

Zilon

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Yes indeed owning 0.01btc can make you a millionaire if you can be patient enough to hold on to your coin following the high volatility rate of Bitcoin and how much investors are trooping into Bitcoin causing a high demand in the crypto asset. Achieving this with 0.01btc would determine how patience and discipline you can have when it comes to investment

The Cryptovator

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The problem is there is no end to the future. We can't ignore that we can become a millionaire with 0.01BTC. Because we don't know what will happen after 50 years. Although there is no guarantee that we will be alive for more than 50 years, if Bitcoin exists during that time then we can expect that we would become rich and millionaire as well. Everything is possible in cryptocurrency. It would dump as well, we can't ignore that's also. Because Bitcoin is a volatile cryptocurrency pump or dump that would happen at any time. Same like we can't predict exactly but we can expect.

titular

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This is a question of perspective and perspective only.

If bitcoin somehow surpasses $1M per coin, then 0.01 btc will only land you $10,000. If you are a person living in a third-world country, that 10k may classify you as "rich". That picture changes when you are in a more developed country. That same 10k in the United States will seem like a whole lot less.

My point is, you need to figure out what you classify as "rich" and then see what that 0.01 btc can do for you.

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Quote from: Abiky on January 06, 2022, 09:45:09 AM

What do you think? Is it really possible to become rich with 0.01 BTC in the future? If not, why?

No, it will not. 100BTC would not make you rich either as the purpose of bitcoin was not to grow wealth, but as a medium of exchange which does not require a third party. The value started from zero, so it naturally had to increase to reach its actual worth; hence the speculative value. This does not mean the price of bitcoin would keep rising exponentially forever, I believe it would instead experience reduced volatility and balance out at a certain value with time.

0.01BTC is a huge sum now for many and could get significantly higher, but simply hodling bitcoin would not make you rich.

haasanjui

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0.01 BTC is equal to 431$ According to current price and that is not enough to make someone rich because it is less then 1k$ and we can't do anything from 431$. We can sell 0.01 btc and invest fund in another crypto coin then we can get little profit.

Welsh

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Quote from: stompix on January 06, 2022, 01:26:01 PM

Oh, wait, I knew I was missing something..
Since when is the purpose of BTC to make us all rich? Roll Eyes

Since the media spun it that way. I'll be honest I'm not going to have any qualms about Bitcoin making me rich, while also guaranteeing me security, and the freedom to manage my own money. That would be pretty neat, but its never been the purpose of Bitcoin to make anyone rich. I see that as a useful side effect of popularity, and demand.

Unfortunately, the original purpose or at the very least the original message has been lost on many of then new investors we see today; that's exactly what they are speculative investors looking to make a quick buck. I'm not trying to ridicule that either, perfectly fine for them to get into Bitcoin because of that, but I do think the proper benefits of Bitcoin are lost on many of the people.

stompix

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Quote from: Abiky on January 06, 2022, 09:45:09 AM

To become a millionaire with 0.01 BTC, the price of one Bitcoin must be $100m.

And thus the total value of the 21 million coins would be...2100 trillion, or about 5 times the total wealth of the entire world. Cheesy

Of course, 100 million could be achieved, the problem is that by that time 1 million might not make you rich even in an average country, not a 3rd or 4th world one.

I doubt 0.01 would make us rich, and if it does it will probably make us so by the time it makes really no difference since we're too old to care, with 0.1 the situation changes quite radically, raising the bar to 0.5 and that a real possibility. But, as usual, even here is a catch, you need somebody who has 20k right now to invest, and you won't find that many in a country where you can live like a king with 1 million.

The second problem, if in order to escape poverty 500 million people would buy and own 0.01 BTC, making them rich , how are you going to define rich since there is 10% of the world population has at least the same amount of money as you?

Oh, wait, I knew I was missing something..
Since when is the purpose of BTC to make us all rich? Roll Eyes

Welsh

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Quote from: mindrust on January 06, 2022, 12:30:34 PM

Depends.

...on lot of things.

How much money do you need to feel "rich"? 0.01 btc can make you rich indeed. I am pretty sure 0.01 btc is so big for a guy that lives in Africa, he is making retirement plans on that amount.

Few years ago, today's 0.01 btc used to have the same dollar value of 1 btc. BTC did x100 against the dollar since then. Would you consider yourself rich if BTC does another x100?

That's the real question. 100k to someone who's not living in a developed country is quite a bit of money, and probably is considered rich. Whereas, if you have that in the Western World especially that's not even enough for a roof over your head.

Almost everyone that's invested significantly into Bitcoin, i.e a substantial part of their wealth is invested in Bitcoin, would likely be either considered rich or much better off than they ever would be if Bitcoin x100, so there's not a lot to lose, right?

Okay, there's definitely a real chance that Bitcoin doesn't continue to go up, that's almost guaranteed at some point, though I'd say the outlook for the next couple of years are more or less pretty good.

SquirrelJulietGarden

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It is possible and if Bitcoin keeps rising, I would become richer with any amount of Bitcoin I owe.

I am not sure rich here is millionaire or billionaire or simply richer is rich. If it is about millionaire or billionaire, we will have to wait for long to see 0.01 BTC has a value of $1M. I don't know I can live till that day to witness this unbelievable price of Bitcoin.

Positively, 4 years ago, 0.01 BTC did not have high value but now it is valued around $400 that is very cool. If Bitcoin reaches to $400,000, 0.01 BTC will be exchanged at $4,000 that is very good value. I think I can wait for that price and it is safer to hold 0.01 BTC and wait for a day I can sell it at $4,000 than invest in new altcoins.

Gozie51

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You can be rich with such amount of btc especially with the prospect of btc rising in the future. If you had a little amount of Satoshi forgotten in your wallet around 3 years ago, you will see how much you have today when you open it. $0.01 you have today as bitcoin is around $45k , it will not be same with $0.01 when bitcoin is $200k for example.

mindrust

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Depends.

...on lot of things.

How much money do you need to feel "rich"? 0.01 btc can make you rich indeed. I am pretty sure 0.01 btc is so big for a guy that lives in Africa, he is making retirement plans on that amount.

Few years ago, today's 0.01 btc used to have the same dollar value of 1 btc. BTC did x100 against the dollar since then. Would you consider yourself rich if BTC does another x100?

DeathAngel

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Owning 0.01BTC will not make you rich any time soon. It will one day but we are talking years here, like 30 or 40. Even then I’m going to advise you try & stack far more than 0.01 BTC.

Sterbens

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Friends, don't worry or doubt, anything can happen in the cryptocurrency world. Do you still remember the $1 story that Davinci Jeremie suggested 10 years ago? Now that has proven that nothing is impossible if with 0.01 BTC in the future it will make us rich. It depends on how we are resilient by being long-term holders. It all started with doubts, in fact, the audience in Davinci Jeremie video regretted not following the advice he had given.

Falconer

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Quote from: Abiky on January 06, 2022, 09:45:09 AM

What do you think? Is it really possible to become rich with 0.01 BTC in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

No, although bitcoin still has the potential to reach much higher price in the future, I don't believe 0.01 bitcoin will make me rich if I don't manage it well. If bitcoin can reach $1 million, then 0.01 is only $10K and that's not enough to tell people I'm already rich with that amount.

I'm also not sure to see bitcoin hitting $1 million in the future (maybe very difficult), but I'm very curious about how long it will take bitcoin to hit $100K. So if I consider price fluctuation then 0.01 won't make me rich. But if I have 100 bitcoin, then even now I can state that I am already rich with bitcoin. Lol

Raflesia

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when I said a few years ago when the price of bitcoin was still considered trivial it would be very likely that we wouldn't even consider 0.01 bitcoin to be valuable. but for now, actually 0.01 is quite valuable especially if they can reach $100k of course it will be very valuable.

but maybe 0.01 bitcoin in the future in the next few years will be more valuable and we can be considered rich just because we have 0.01 bitcoin

ChiBitCTy

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When I first bought bitcoin, .1 was 20 dollars. Now take a look at what .1 is. Now there’s a difference between rich if you live in say Thailand versus if you live in say the United States. I think bitcoin has a lot of room to run, but I think it’s going to take a lot of time to get to the point of .1 making any of us rich. I sure hope so! lol

Ararbermas

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0.01BTC is enough capital and yes definitely it can make you rich especially if you know how to handle it and how to make it grow and etc. Indeed bitcoin is so very reliable when it comes investment or should i say proven and tested wherein no need to worry because for sure with that kind of amount you can always get a good return after all.

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