Can someone become wealthy through Bitcoins?

[Starmix]

Investing in Bitcoin has the potential to generate wealth, but it comes with significant risks and uncertainties .These are the following info that may hamper one's desire to become wealthy through Bitcoins:

1. Volatility;
2. Long -term investment
3. Diversification;
4. Research and Due diligence;
5. Security, and
6. Regulatory environment

Sources: N26, Forbes Advisor India and Clear Tax

 

[King Belieal]

Bitcoin has already made at least a hundred millionaires that I know. It is only people that are panicky that lose in bitcoin.

 

[Starmix]

Indeed, many became millionaires through Bitcoins. They understood risks and when to invest. They're not pushing themselves to invest if not the right time.

 

[eLdavis]

I believe it's very possible since we have seen it happened over the years, and it is still happening even now.

 

[magnus2022]

Yes! I know many lucky twho have become extremely rich through bitcoin and other cryptocurrencies. Till date, a lot of smart people are still making money with bitcoin and other cryptocurrencies.

 

[Starmix]

Agree with you all that many became insanely rich because of crypto or a Bitcoin. Lucky are those who became millionaires.

 

[Sanjeev]

I don't invest in cryptocurrency because there is lots of risk in it. I have seen people lost their money in the past.

 

[riberet19]

You can get rich in fiat terms, but as I always say, if you enter Bitcoin with the aim of getting rich, you will surely end up losing money and achieving the opposite, since, first, Bitcoin is not an asset in order to get rich, and second, you are already investing in an asset with the need to "get rich" which will cloud your judgment and you will act more than probably emotionally, better study what Bitcoin really is, that will make your triumph with said asset more likely

 

[Webster]

Investing in Bitcoin has the potential to generate wealth, but it comes with significant risks and uncertainties .These are the following info that may hamper one's desire to become wealthy through Bitcoins:

1. Volatility;
2. Long -term investment
3. Diversification;
4. Research and Due diligence;
5. Security, and
6. Regulatory environment

Sources: N26, Forbes Advisor India and Clear Tax

Well said there; at this point, I consider Bitcoin (and other cryptocurrencies) as simply another investment tool. Do your due diligence and research, consider the risks/benefits and make the best decisions you can.

And yes, always consider the regulatory environment of wherever you live; being in America, I am confident that, barring either a wholesale collapse in crypto or an outright regulatory ban the money I put into crypto (currently around $120 dollars or so) over time will grow with investment and reinvestment.

 

[Starmix]

Well said there; at this point, I consider Bitcoin (and other cryptocurrencies) as simply another investment tool. Do your due diligence and research, consider the risks/benefits and make the best decisions you can.

And yes, always consider the regulatory environment of wherever you live; being in America, I am confident that, barring either a wholesale collapse in crypto or an outright regulatory ban the money I put into crypto (currently around $120 dollars or so) over time will grow with investment and reinvestment.

I have not yet started investing on crypto. I am still hesitant to do it. But I may invest this year including Binance and Solana.

 

[Nomad]

In theory you can, but in terms of practical point of view, you need to invest a lot of money to become rich

 

[Webster]

In theory you can, but in terms of practical point of view, you need to invest a lot of money to become rich

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[Suba]

Bitcoin is no different from stocks, many people become rich because of Bitcoin, many people become poor because of Bitcoin, investing in Bitcoin and stocks requires analytical skills and patience, don't panic easily and don't be greedy. The aim of investing is not to get rich quickly, but rather to focus on making a profit.

 

[Kross]

I know real life people, some are my friends that have become very wealthy through Bitcoin. It has a potential to create millionaires if you know how to invest in it.

 

[Starmix]

There's no doubt about the possibility of getting wealth through Binance, Bitcoins, or crypto if you also have a big capital skilled, and knowledgeable.

 

[Fidelia]

Crypto in general has made so many people rich. Young billionaires have risen from crypto than any other ventures.

 

[Suba]

Crypto in general has made so many people rich. Young billionaires have risen from crypto than any other ventures.

I agree, but Bitcoin has higher volatility than stocks, so we must have the knowledge/skills to be able to make profits even if they are small. We also have to know when we should buy, hold and sell.

 

[Webster]

but Bitcoin has higher volatility than stocks

I go back to what I said earlier....

Do your due diligence and research, consider the risks/benefits and make the best decisions you can.

And yes, always consider the regulatory environment of wherever you live.

 

[SilverLance]

It's possible for someone to become wealthy through investing in Bitcoins. Many early adopters of Bitcoin have seen significant returns on their investments as its value has increased over time.

 

[Webster]

It's possible for someone to become wealthy through investing in Bitcoins. Many early adopters of Bitcoin have seen significant returns on their investments as its value has increased over time.

Agreed.