Your definition of being Bitcoin Rich or wealthy? - page 2.

DooMAD

legendary

Activity: 3724

Merit: 3063

Leave no FUD unchallenged

Quote from: Beliathon on July 20, 2015, 08:23:49 PM

21 million BTC / 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

Nice, but my figures wouldn't be quite that optimistic, at least in the short term. Most big companies are estimating that by 2020, there will be somewhere between 4 and 5 billion internet users (currently around 3 billion). I'm assuming that not everyone will be using BTC, as there will still be people who don't recognise the advantages and will continue to trust banks. I'm going to go with .1 BTC which is assuming that roughly 5% of internet users are using Bitcoin by 2020.

21 million BTC / 210 million users = .1

If you've got at least a tenth of a BTC, you'll be doing okay.

Although I notice you used the qualifier "eventually", so yeah, I guess if you wait long enough then .0028 might be above average, but that will be in the fairly distant future, I think. Depends how long it takes for people to stop trusting the banks.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: Sithara007 on July 21, 2015, 05:40:06 AM

Quote from: UserVVIP on July 20, 2015, 02:10:05 PM

Owning just 21 Bitcoins makes you one in a million. In my opinion, this is enough to be quote-on-quote Bitcoin rich.

Check the Distribution of bitcoin wealth by owner thread by Rpietila.

https://bitcointalksearch.org/topic/distribution-of-bitcoin-wealth-by-owner-316297

According to the latest stats published by him, some 349,000 people own Bitcoins (i.e more than BTC1). Out of that number, some 14,000 own more than BTC100. So owning 21 Bitcoins will not make you one in a million (if you take the total number of Bitcoiners).

interesting thread.

but how can you tell exactly how much someone owns while usually people would spread their coins in different addresses. so it can't be decided on the address's balance.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

Quote from: Kakmakr on July 21, 2015, 05:31:47 AM

How did we get to the <21 Bitcoins = rich> number? I see that number coming up all over the forum. In my opinion 21 Bitcoins cannot even buy you a small car in my country. Sad

You must be joking. Where do you live?

You can get a lot of good cars for 20 BTC. For example this Mazda 3.

Q7

sr. member

Activity: 448

Merit: 250

bank accounts balances, asset holdings coupled with debts may not represent or use as an indicator. Probably all of that wouldn't matter some day because I think the biggest indicator right now is still the bitcoin price. It could change the scenario depending if price goes up or down. Let's look at the price. At 270, anybody holding 100 btc wouldn't be defined as rich based on current inflation rate. But somehow one day, if the price goes up to 5 times that amount, I would say the guy is probably well off.

Sithara007

legendary

Activity: 3276

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: UserVVIP on July 20, 2015, 02:10:05 PM

Owning just 21 Bitcoins makes you one in a million. In my opinion, this is enough to be quote-on-quote Bitcoin rich.

Check the Distribution of bitcoin wealth by owner thread by Rpietila.

https://bitcointalksearch.org/topic/distribution-of-bitcoin-wealth-by-owner-316297

According to the latest stats published by him, some 349,000 people own Bitcoins (i.e more than BTC1). Out of that number, some 14,000 own more than BTC100. So owning 21 Bitcoins will not make you one in a million (if you take the total number of Bitcoiners).

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

How did we get to the <21 Bitcoins = rich> number? I see that number coming up all over the forum. In my opinion 21 Bitcoins cannot even buy you a small car in my country. Sad

From all the comments sofar, I like this the most :

Quote from: Elwar on July 20, 2015, 11:18:44 AM

For me being rich is having enough money to last the rest of my life without working plus having no debt with my home paid off and self sustaining utilities. Then having enough money in an investment that gives me an income of a few thousand dollars a month to live on.

Once I hit that point I will retire.

If the amount of Bitcoins you have, can pay for every expense you have, without you having to work.
You have to be debt free, and be able to live comfortably on the Bitcoins you have for the rest of your life.

Depending on the lifestyle you are used to, this would be different for all people. Inflation is a @$%$... and living on any income, without a option to beat inflation, kills that idea for most of us. Angry

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: Beliathon on July 20, 2015, 08:23:49 PM

21 million BTC / 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

i would not counts every human, between them there are ill people and 0-3 years child, do you really thing they care about bitcoin

so it's more like the double of that, we can round it to 0.006

Quote from: TrueBeliever on July 20, 2015, 10:30:30 PM

Another problem is that bitcoins can't easily generate income yet. So you can't easily earn interest on your stash of BTC to live off. You have not choice but to slowly sell them to fund your wealthy lifestyle, not a good option.

Bitcoin Rich (today) would need at least a couple of million USD in bitcoin.

i don't see a difference with fiat, you earn bitcoin fairly easy without any regular job like with fiat, so it is much easy to earn bitcoin than fiat

2M is relative, it depend how many money you need to consider yourself rich, personally i would consider myself rich even with 500k, but better with 1M, more than that it's pointless for me

futureofbitcoin

sr. member

Activity: 322

Merit: 250

No idea about an exact amount, but I would say anyone in the top 0.1% of bitcoin owners can be considered bitcoin wealthy.

Because bitcoiners on average are probably slightly wealthier than the average population. So there are a bigger percentage of wealthy bitcoiners than just wealthy people in the general population, which I would put at less than 0.1%.

Dire

member

Activity: 112

Merit: 10

Crypto-Games.net: DICE and SLOT

Quote from: Beliathon on July 20, 2015, 08:23:49 PM

21 million BTC / 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

No. You'll 'eventually' be dead and maybe your kids will be wealthy. Depending on how long it takes.

Hold until you die just doesn't work. I think everyone should have a price to get out at, or have enough coins to gradually spend the increased price, yet it not adversely affecting their wealth.

TrueBeliever

member

Activity: 78

Merit: 11

Someone holding 100 bitcoins now is not Bitcoin Rich (today) because the value in fiat is still too low.

Another problem is that bitcoins can't easily generate income yet. So you can't easily earn interest on your stash of BTC to live off. You have not choice but to slowly sell them to fund your wealthy lifestyle, not a good option.

Bitcoin Rich (today) would need at least a couple of million USD in bitcoin.

wadili89

legendary

Activity: 1106

Merit: 1000

Richnes depend on how much money you have not how much money you spend each day or month wealthy is if you are spending money good money on your each need you are doing it your way spending alot of money and having good life but dont have a huge bankbalance then you are wealthy i prefer being wealthy over rich you seriously dont need to be rich to enjoy good life

notlist3d

legendary

Activity: 1456

Merit: 1000

Wealthy still stays in contact with how much they have, and try to earn more.

Rich has someone else doing the job of watching their money, they just go out and spend.

--Encrypted--

copper member

Activity: 924

Merit: 1007

hee-ho.

I consider anyone who owns 1% of the total 21 million bitcoin to be wealthy/rich. you can live happily ever after with that much money.

aso118

legendary

Activity: 1918

Merit: 1012

★Nitrogensports.eu★

Quote from: Beliathon on July 20, 2015, 08:23:49 PM

21 million BTC / 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

That is an interesting way to look at it. Almost everybody in this forum can be considered above average wealthy. Grin

Personally, I would consider anybody with over 100 bitcoins as being 'bitcoin wealthy'.
It may not be too high in fiat terms today, but I expect it to be very valuable some day.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

Quote from: PolarPoint on July 20, 2015, 02:43:26 PM

Rich or wealthy is beyond well-off. Well-off is having enough to maintain the an above average lifestyle compared the people in your community. There is no line to define rich because rich is comparative term. You call someone rich usually mean he or she is richer than you.

But why should we, people of the internet, should compare our lifestyles to those of our local communities? If a Bitcoiner from Ukraine had 100 BTC he would be considered rich in his community, but not in the UK or Germany. Same thing with age. If somebody had 10 coins at the age of 15 he'd probably be rich among his friends Wink

You are right of course that it's comparative and each of us will have a different view. Anyway, a 100 coins is considered a significant amount anywhere in the world, even in the rich countries. With that money you can start your own business or pay your bills for many months.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

21 million BTC / 7.5 billion humans = 0.0028 BTC per person. If you control more than .0028 BTC, you will eventually be above average wealthy.

PolarPoint

hero member

Activity: 672

Merit: 500

Rich or wealthy is beyond well-off. Well-off is having enough to maintain the an above average lifestyle compared the people in your community. There is no line to define rich because rich is comparative term. You call someone rich usually mean he or she is richer than you.

Harry Hood

sr. member

Activity: 266

Merit: 250

Quote from: UserVVIP on July 20, 2015, 02:10:05 PM

Owning just 21 Bitcoins makes you one in a million. In my opinion, this is enough to be quote-on-quote Bitcoin rich.

Hey man, the phrase is "quote, unquote". As in you're explaining that you're putting quotes around something you're saying. It's not "quote-on-quote", which doesn't make any sense but could be easy to confuse for the correct phrase if someone is saying it really fast.

I agree wit your 21 coins...1 in a million is a hot place to be! And if you have 21 coins now you're actually 1.5 in a million (since only 14 million coins exist right now)!

Possum577

sr. member

Activity: 434

Merit: 250

Loose lips sink sigs!

Quote from: Amph on July 20, 2015, 05:03:58 AM

there is no real correlation between being rich and having tons of bitcoin that now, would make you rich but that previously weren't worth so much

if your income is much greater than your expenditures(with a minimum of 1k salary), say x2-x5-x10, it is evident that you're very wealthy

I disagree, there is a correlation between being rich and having tons of bitcoin.

If you have enough bitcoin to make you rich in the fiat terms (within which you live), then you are bitcoin rich.

Don't downplay your wealth here, Amph, you're living light with a big BTCankroll...celebrate it!

P.S., just don't forget to let people know that your wealth is sponsored by Bit-X!

UserVVIP

sr. member

Activity: 294

Merit: 250

Owning just 21 Bitcoins makes you one in a million. In my opinion, this is enough to be quote-on-quote Bitcoin rich.

Topic: Your definition of being Bitcoin Rich or wealthy? - page 2. (Read 2692 times)