Topic: Bitcoin is not a get rich quick scheme. - page 5. (Read 1413 times)

This is the reason why it's still best to do your own research and educate yourself first before you will enter investing in the crypto market. Otherwise, if you rely on other people's say or ideas, they will find some ways on how to manipulate your way of thinking until you end up believing that bitcoin is actually a get rich quick. When that happens, your obsession for bitcoin grows that lead you to wrong decision making that will eventually put you at the losing end.

There's no real investment that is certainly a get rich quick. You have to put a lot of effort to make it work, but if you don't have the patience to wait, your success will definitely be put at risk.

If the analysis I made, why do ordinary people about bitcoin know Bitcoin as a scheme for rich quickly is because trading activities that use leverage such as Future trading, using dozens of dollars with a increase of a few percent can have a large multiple of profits.

I think this assumption is what concludes why people look like that, whereas in the fact that the spot investment cannot get tens of percent or hundreds of percent of their bitcoin, but with derivative products it can produce multiples that make a person able to make more money. Because however if you invest in Bitcoin spots we need investment with a long time to get a decent profit from Bitcoin.

This is the reason why beginners never stop chasing from earning quick profits because youtubers continue to deceive them through feeding them wrong information.  Bitcoin as a get rich quick is an overstatement, yes it could make someone rich but it takes couple of years or a decade to make it happen. There's actually no shortcut to success, just like getting rich quick never exist, except if you are in an illegal drug business or any monkey business that generate huge profits.

However, with bitcointalk forum that provides legit and reliable information, the number of beginners who fall for that wrong concept has been minimized. But with greedy newbies in the market, they still see bitcoin as an outlet to become rich and wealthy, which I think is possible if you work on it for and continue to maximize given opportunities in the market.

Perhaps, it is a working strategy by most scammers that inject wrong information about Bitcoin. In this way, it drives the mindset of these innocent people that they will become rich instantly when investing in Bitcoin not knowing that every single mistake the consequences is huge, and possibly losing the entire money.

As we can see, a lot of people show interest in Bitcoin but once they start and see how the market works, many are quitting.

Of course, getting rich with bitcoin requires a combination of many factors, but do you agree with me that bitcoin gives us the opportunity to get rich faster than other investments? If you agree with that, there's nothing wrong with some calling bitcoin a get-rich-quick investment.
Because with that amount of money and time, if you invest in gold or real estate, it will take 2 to 3 decades to become rich. But with bitcoin, it only takes you a decade, if that's not faster, then what is?

High profits mean high risks, everything is always proportional and I think every bitcoin investor is aware of that. There will be no investment that is both safe and highly profitable, including bitcoin.

If there are people who think it's easy to make money or get rich with Bitcoin, it can be said that they have a misunderstanding about it; maybe the person they talked to or explained to them didn't really know anything about the concept of bitcoin.

Or maybe it was just hyped because Bitcoin was used as a front to defraud investors, so it is very important to know or learn to research first so they know what Bitcoin can really bring to people who believe in it, because if they know and learn the right method, they will definitely move their lives forward in the right process and not in the quick way they think.

Both investing for long and short time duration can be profitable but it depends on the person involved in the investment as when you have taken time to learn how to trade and mastered it then investing for a short while you'll always make profits and not losses while as if you have developed the habit of patience and decided to go hodl your investment, you'll also make profits so everything depends on the person involved in the investment. There are some benefits of investing for a longer duration and that's why it's been advocated by forum members.

When you Investment goes long term, you take out the mindset of quick gains which are very wrong to have as you'll be seeing Bitcoin as a hyip when you're only after the short term profits. Hodling gives you more advantage to make more profits than trading (or selling too early) won't give you. You also don't have to be actively monitoring the market when you're hodling for a long time but a trader has to put himself out in the market and get exposed to the volatility of the market that can make you to lose your investment. Investing are meant to be long term focused generally.

 The time it takes for someone to become rich through Bitcoin varies widely and is influenced by various factors, including the timing of their investment, the amount of capital invested, their risk tolerance, and the overall performance of the cryptocurrency market. Some individuals became wealthy through Bitcoin relatively quickly, while others took several years or even a decade. Some of the earliest Bitcoin adopters, who purchased or mined Bitcoin in its early days (2009-2010), saw substantial returns on their investments. For example, Bitcoin's price was less than $1 when it was first traded, and early miners and investors could accumulate a significant number of coins. As Bitcoin's price increased over the years, these early adopters saw substantial wealth growth.
   It's important to note that while some individuals have become wealthy through Bitcoin, the cryptocurrency market is highly volatile, and there is a substantial risk of losing money. Timing, luck, and skill all play a role in achieving financial success with Bitcoin. As with any investment, it's crucial to conduct thorough research, have a clear investment strategy, and only invest what you can afford to lose. Cryptocurrency investments should be made with caution and an understanding of the associated risks.

In the long run, holding would generate a more efficient profit than with DCA and partial trading. Well, day trading could make more money than with just waiting and holding for a period of time however you won't always be winning given that its market value is lacking stability and that there are sudden market price changes whenever there are news or anything which could affect the demand in this technology. But since we all have our own preferences on how would we maximize our assets, eitherway would be valid.There's really no shortcut to success and even if this technology have created an impression of a quick way to get rich, we should still base on daily progress.

I agree with you , bitcoin is not an investment that will help us get rich quickly in just a short period of time like a few days or months. But if we compare it with investments like gold or real estate then it is clear that it is a get rich quick investment. Just to take an example if people invested in bitcoin at the beginning of the year at 17k, now if they sell their bitcoin they easily make x2 profit. This is unlikely to happen with gold, real estate will happen very rarely, but with bitcoin this is something that happens regularly and normally. So, it's probably not wrong to call bitcoin a get-rich-quick investment.

So many wrong information posted on social media sites and in Youtube so if they always go with that platform and will not do any verification regarding on the information they read then provably they will get a wrong info which can lead them in more risky condition. That's why aside for seeking information on those platform much better if we also do double checking so that we can check if the information shared by those videos is real and not created for the sake of hyping those crypto created by scammers.

Its really important for newbie to think critically so that they would not fall on wrong promises to easily get rich also to verify those information stated as valid one and not those randomly given since this will not result to any good to us.

If you're a long-term investor in Bitcoin BTC, then most probably you will only need to wait for a maximum of 4 years and you will be in profits in your investment. If someone has been the worst luck person who invested in bitcoins at all-time high at the peak of the bull market, he would only need to wait another 4 years, so bitcoin completes its 4 year bitcoin halving cycle, and he will be in profits again.

Unlike investments in real estate or stocks, where one has to wait for decades for the prices to go up, bitcoin investment is still the most beneficial investment. Though it should not be taken as a quick rich scheme, but still, it can still give you the more quick profits. Suppose you invest in Bitcoin now, you only have to wait for another year or 1.5 years to see Bitcoin 3x-5x from the current prices.

The mind of every investor must be prepared they are committing their money to what they would have to leave the money for at least a year, if not years. With this mindset alone, the investor would have written off the fast money-making mindset away from Bitcoin. Bitcoin is an asset just like any other asset and even if anyone preaches a get-rich-quick scheme of the coin to anyone, I expect the person to do their own research to know what this is about and get to know how to work with it and around it. What makes people suffer more fraud and disappointment is the inability to learn, and if you can't learn, you believe everything they tell you even if it would hurt you, so I blame the investor in this case.

However, what I commented about is for the investment part of Bitcoin. If you are such that could take Bitcoin further in trading, you can actually get rich quicker than you thought. But this is not applicable to all, it's applicable to a few sets of people that can know how to trade well. The trading aspect of Bitcoin is an ever-paying aspect that I am a witness to. But still, patience is needed because you never know if it would work for you or not.

What you’ve explained in the context of your post have said it all. There is no investment that can make you reach your goals overnight, if it happens to be so, then it is not an investment to invest in. No wealth or riches have lasted a long time when the profit is earned within a short time of investing. DCA method has proven to be the best form of investment if you’re investing for a long term, it gives you the opportunity to accumulate more at the comfort of your money without stressing you into investing not at will.

Assuming you are asked to narrate the risks associated with Bitcoin, what would they be? It seems that their is a unanimous concensus to associate Bitcoin with risk even when there is no data to substantiate this risk and make it perculiar to Bitcoin. In other words, every investment has some risk associated to them but seems that of Bitcoin is so hyped that anyone new to Bitcoin might just think Bitcoin is a direct way of wasting money.

Just like many people have argued in this forum, the greatest risk of Bitcoin is treating it like a get rich quick asset. The moment you have this mindset, then Bitcoin will unleash the mother of all risk to you. On the contrary, those who see Bitcoin as something that needs time to grow and are willing to give it time has a different story to tell regarding the supposed risky nature of Bitcoin. A lot of them are living comfortably with a future well secured while many people are still beclouded by the fear of losing money via Bitcoin investment.

It is high time we set the record straight so we do not mislead new investors who might consider Bitcoin as their choice. For long term investment, Bitcoin is less risky than many conventional investment instruments.

most influencers tend to exaggerate their experiences to attract people

they say the most extreme things like gaining profit quickly while it’s true that there’s money in bitcoin people still should learn about the fundamentals of bitcoin new investors usually just invest without bothering to learn how the market works they just know the price will go up thus they should put their money in it but if you ask them how and why the price goes up they might not be able to answer you


i started reading in here before i finally decided to put some of my saved money into bitcoin and until now i make it into a habit to check in on current events on the cryptoworld and seek for advices on how to approach my investments

In the periodic technical table, the value of Bitcoin always increases. This is what makes many people more interested in entering crytpo. So their main motivation remains money. Maybe they get carried away by influencers, Reef searchers, with fancy advertising ads resulting from crypto-related activities. Even today there are still many people who display profits on social media. But they hide the losses they get.

This is what happened, and many people are interested in crypto offerings. Many bad people take advantage by cheating. Take their money and never return. This always happens, and new people are always the target of scams like this.

This is very true. If a beginner learns about BTC investing via YouTube or other social media, they will definitely win
wrong information, BTC investment seems to be the only way to get rich. They will not get other information such as risks and even about wallets for storing BTC correctly and safely.

This is important for beginners to think critically and not be lazy about looking for information. Luckily we are in this forum because all the information about BTC investment is here, there are many beginners outside this forum who consider BTC investment as an attempt to get rich quickly without having to wait and be patient.

The way some people present Bitcoin to newbies who are interested in the technology, that's what makes them feel that Bitcoin is a get-rich-quick scheme. For example, you might ask a newbie to invest in Bitcoin, telling them that they will make a big profit in the next bull market. They might invest the way you have asked them to, but they might not actually know what the bull and bear markets are. They might not be able to handle the volatile nature of the market. But for the experienced Bitcoiners, they're all aware that Bitcoin is not a get-rich-quick scheme; Bitcoin investment takes time for you to reap your profit.

Can bitcoin make you rich the answer is yes. Because there are many examples of it around you. Of course it requires hard work and struggle. For this one has to face a lot of mental stress and losses. But it is not that working on crypto you will become rich overnight. This is the name of a continuous struggle.
Bitcoin Trading, Mining, Stalking These are the things that are done on Bitcoin. These are all very good. But earning money from them is also a risky job. And sometimes it is facilitated by good luck.