Bitcoin is not a get rich quick scheme. - page 7.

irsykes

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Quote from: legendbtc on November 18, 2023, 07:00:16 AM

Quote from: irsykes on November 18, 2023, 05:53:25 AM

Quote from: Dr.Osh on November 18, 2023, 12:08:16 AM

Quote from: bayu7adi on November 17, 2023, 09:19:16 PM

Usually, newcomers jump into the Bitcoin world because they've heard stories about friends making quick money from trading. They dive in without thinking about the challenges, only focusing on making a fast profit. Many people misunderstand this. Even though traders don't wear uniforms and ties, it doesn't mean they lack education. In trading, a mature mindset is essential, and every decision is driven by sound reasoning and facts.

Time often falls victim to misunderstandings about Bitcoin investments. Due to its volatile nature, people tend to think of it as a quick money-making scheme, which is far from the truth. The simplistic notion is that if trading Bitcoin brings significant profits in a short time, then many people worldwide should be wealthy by now because trading Bitcoin is perceived as easy.

This misconception is also fueled by promotional methods that entice newcomers with the promise of quick gains from trading.

Many people think like that, so they think that with Bitcoin, they can quickly increase their investment many times over. maybe for some people, they entered at the right time, namely before the bull market, and felt that they did it in a short time. However, in reality it takes an undetermined amount of time to get that moment. In fact, some people hold the bitcoins they own for years to experience big profits. However, it would be wise to seek complete information about Bitcoin before making a decision to invest. Additionally, there are some people who thoughtlessly sell their assets, or borrow to try to profit from bitcoin.

On average, those who have big hopes for Bitcoin are only beginners whose knowledge is still far from understanding buying cheap and selling high. Investment requires patience and knowledge of reading candle charts and crypto news. Sometimes investments don't always run smoothly to get maximum results. It's the same as people in real business processes who have to go through every test

I agree with you, the ideas to get rich quickly with bitcoin are mostly newbies and the main reason is that they do not have complete knowledge about bitcoin. I don't know about others, but I admit I also had that thought. When I first joined the market, I always thought I would get rich quickly with the volatility of bitcoin. But the longer I stay in the market, the more I realize that what I thought was just imagination, not real and not as simple as I thought. Since then, I gave up the idea of getting rich quickly and became more serious about my investments. Everyone needs experiences and lessons to grow, we should not be quick to criticize new people just because they have that mindset.

Beginners who fail to know about Bitcoin with big ambitions will only lose money, making that person have a negative mindset about crypto. even though if a beginner learns basic material about the world of crypto, they will not easily be carried away by the current of imagination that only thinks about the sweetness of getting easy money. On the other hand, you can earn side income

oktana

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Get rich quick schemes are always attributed to as ponzi, and that is very far from what Bitcoin is. Unfortunately, the get rich quick mentality is cause by those people who sell the wrong idea of Bitcoin. Recently, I was in a gathering and someone mentioned Bitcoin, and another claimed that Bitcoin did him dirty. He sounded like someone who bought with a lot of money but hodl-ed for short. I’m guessing someone told him he could make money quickly from Bitcoin and he rushed to invest with the mentality that he may buy a house overnight.

Quote from: Ruttoshi on November 17, 2023, 04:08:03 AM

…
Bitcoin is not altcoins that can be hype,…
…

Bitcoin can be hyped though; anything can be hyped. I mean… if shitcoins are hyped to the moon, what can’t?

Latviand

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Quote from: Ayers on November 17, 2023, 06:51:22 AM

I think the reason newbies think bitcoin is a get rich quick scheme is because they have heard about bitcoin's past huge returns. With that, the hype of shitcoin also spread and they assumed that bitcoin would too. Therefore, many newbies to this market have the misconception that bitcoin is a form of getting rich quickly, making money from bitcoin is very easy...But not just bitcoin, I think most people participating in any financial market will have that thought. But when they actually become investors, they realize things are not as they dreamed.

Can't really blame them because the mainstream media made the news of bitcoin's growth as sensational as possible so they can get more views no matter how inaccurate their reports will be, after all it's the sensational and controversial news that really sells right? I guess the only way that we can solve this kind of thing from happening is if we are to educate people too, make it known that you mess around with bitcoin and that you've made profit out of it, there you can see eager people wanting to learn more and instead of blindly learning bitcoin from the mainstream media, you being their other source of information makes it so that they can evaluate if they want to get into bitcoin or not, less chances for people being miserable because they've heard wrong when they've invested in bitcoin.

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Quote from: Kuntus on November 18, 2023, 10:00:21 AM

It is common knowledge that
Investing in Bitcoin carries risks, and success isn't guaranteed. While some have made substantial profits, market fluctuations make it unpredictable. It's crucial to conduct thorough research and be prepared for potential losses before considering it as a strategy for getting rich. So whoever comes into this space with a mindset of getting rich quickly is in for a long drive.

It is good when we know how to take risk as a trader in the market. Those that have nit learnt the act of taking risk in the market might not understand how to do things and make profits from the market. Crypto is very volatile and if we don't know how to take risks for a good winnings then we might keep making loses often because we have nit learnt the art of trading and investing very well.
The market is unpredictable for those that don't know how to trade or how to know a good project to invest their funds in.

Kuntus

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It is common knowledge that
Investing in Bitcoin carries risks, and success isn't guaranteed. While some have made substantial profits, market fluctuations make it unpredictable. It's crucial to conduct thorough research and be prepared for potential losses before considering it as a strategy for getting rich. So whoever comes into this space with a mindset of getting rich quickly is in for a long drive.

knowngunman

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Quote from: Jawhead999 on November 17, 2023, 04:47:46 AM

Bitcoin could be used as get rich quick if you trade it in futures, I think many people use this when they believe in Bitcoin and at the same time they want to take a big risk. Since most of them hold their coins in CEX, they don't feel if Bitcoin fee is high and should carefully to send it.

It's not about discussing holding Bitcoin must in non custodial wallet or don't trade in futures, but the CEX give such feature and that make people use Bitcoin like that.

Bitcoin futures and other types of trading can be actually tempting for people who want to make a quick profit. But the question here is, how many of them are rich with this strategy? Because this kind of trading is extremely risky and can result in significant losses. As you mentioned, you're definitely right that CEXs offer convenience and accessibility that can be tempting for users but we should remember that these features come at the cost of user control. One of the downsides of using a centralized exchange (CEX) is that users don't have full control over their funds. If you're interested in gaining more control over your Bitcoin, one could consider using a non-custodial wallet because Self custody is one way to take back control over your Bitcoin but it also comes with its own set of risks and responsibilities.

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There are several things in your "postulate", first selling at a loss is not bad, it is a trading technique and doing it at the right time is a skill of being a trader.

Which is the first thing that many new investors don't have, experience. Then it is as simple as what was planned not working out and you use that strategy of selling at a loss that allows you to recover part of your investment capital, that's it, but for others it is savings recover.

On the other hand, you say that bitcoin is a normal investment, not really, it is on that path...

Finally bitcoin produces income every second, but some only wait for the ATH, simply purchase bitcoin and manage your investment wisely.

HajiBagi

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Quote from: kentrolla on November 17, 2023, 08:46:19 AM

Indeed, Bitcoin is not a ge rich quick scheme but unfortunately that's what how it has been introduced to the outsiders I mean to those people who are not aware of Bitcoin. I have seen my colleagues discussing about investing in Bitcoin stating they will get rich by doing it but they have no idea about concept of Bitcoin and why it will make them rich, I feel Altcoin is a get rich quick or lose it allsor of scheme wherein Bitcoin is like gold with higher returns and a real life P2P transfer medium.

We cannot blame anyone here since there are no centralized stakeholders who are responsible to spread awareness. But, eventually once people become wise they will realise what is Bitcoin.

Yes, you are accurate in what you say about how bitcoin has been explained to outsiders. Bitcoin is an investment that makes people money, and when you make a profit on something and it's a significant profit, you also mean that it makes people wealthy. However, a lot of people don't know what bitcoin actually means, which is why some of them become confused. While alcoins may seem like an investment that makes people rich, the way they make profit is also how they cause people to lose money. Bitcoin is a long-term investment that you don't expect to make you rich because it is an investment that has the right time for sale.

Not that investing in Alcoins is a bad idea; I'm just trying to make sure that some newbies understand that, in my opinion, bitcoin is superior to Alcoins because, when you invest in bitcoin, you can hold your coin without worrying about anything. Many newbies view bitcoin as the way to go, but for them, investing in bitcoin is the best option because not everyone can bear the thought of losing money on something they won't be able to hold onto for very long.

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Quote from: irsykes on November 18, 2023, 05:53:25 AM

Quote from: Dr.Osh on November 18, 2023, 12:08:16 AM

Quote from: bayu7adi on November 17, 2023, 09:19:16 PM

Usually, newcomers jump into the Bitcoin world because they've heard stories about friends making quick money from trading. They dive in without thinking about the challenges, only focusing on making a fast profit. Many people misunderstand this. Even though traders don't wear uniforms and ties, it doesn't mean they lack education. In trading, a mature mindset is essential, and every decision is driven by sound reasoning and facts.

Time often falls victim to misunderstandings about Bitcoin investments. Due to its volatile nature, people tend to think of it as a quick money-making scheme, which is far from the truth. The simplistic notion is that if trading Bitcoin brings significant profits in a short time, then many people worldwide should be wealthy by now because trading Bitcoin is perceived as easy.

This misconception is also fueled by promotional methods that entice newcomers with the promise of quick gains from trading.

Many people think like that, so they think that with Bitcoin, they can quickly increase their investment many times over. maybe for some people, they entered at the right time, namely before the bull market, and felt that they did it in a short time. However, in reality it takes an undetermined amount of time to get that moment. In fact, some people hold the bitcoins they own for years to experience big profits. However, it would be wise to seek complete information about Bitcoin before making a decision to invest. Additionally, there are some people who thoughtlessly sell their assets, or borrow to try to profit from bitcoin.

On average, those who have big hopes for Bitcoin are only beginners whose knowledge is still far from understanding buying cheap and selling high. Investment requires patience and knowledge of reading candle charts and crypto news. Sometimes investments don't always run smoothly to get maximum results. It's the same as people in real business processes who have to go through every test

I agree with you, the ideas to get rich quickly with bitcoin are mostly newbies and the main reason is that they do not have complete knowledge about bitcoin. I don't know about others, but I admit I also had that thought. When I first joined the market, I always thought I would get rich quickly with the volatility of bitcoin. But the longer I stay in the market, the more I realize that what I thought was just imagination, not real and not as simple as I thought. Since then, I gave up the idea of getting rich quickly and became more serious about my investments. Everyone needs experiences and lessons to grow, we should not be quick to criticize new people just because they have that mindset.

Youngkhngdiddy

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Quote from: irsykes on November 18, 2023, 05:53:25 AM

On average, those who have big hopes for Bitcoin are only beginners whose knowledge is still far from understanding buying cheap and selling high. Investment requires patience and knowledge of reading candle charts and crypto news. Sometimes investments don't always run smoothly to get maximum results. It's the same as people in real business processes who have to go through every test

Bitcoin is best the way it is. If you see it as fast money or get rich quick scheme, then, you've missed the reason behind it. Notice those looking for get rich quick scheme eventually “get poor quick". This happens because they never get to learn about it and are only concerned about how to double it. I'd suggest you look up Gsrtinvest. Understand the differences between this and a get rich quick scheme platform. You should work on getting rich steadily and not quick. A lot of quick money don't last. Except if you're a professional and scalping the market.
Bitcoin isn’t a get-rich-quick scheme. It’s just that what you call “money” is a stay-poor-forever scheme. When you are poor, everybody else looks rich; and that’s what is happening with Bitcoin. What Bitcoin does is stay finite in number and gets minted in a predictable manner. The only opportunity you get to take advantage of it is by buying as much of it as you can and hold on to it tight. Obviously to someone who stays in the “stay-poor-forever” scheme which is money, something like Bitcoin is going to look like a get-rich-quick scheme since its so far outside the existing financial system.

irsykes

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Quote from: Dr.Osh on November 18, 2023, 12:08:16 AM

Quote from: bayu7adi on November 17, 2023, 09:19:16 PM

Usually, newcomers jump into the Bitcoin world because they've heard stories about friends making quick money from trading. They dive in without thinking about the challenges, only focusing on making a fast profit. Many people misunderstand this. Even though traders don't wear uniforms and ties, it doesn't mean they lack education. In trading, a mature mindset is essential, and every decision is driven by sound reasoning and facts.

Time often falls victim to misunderstandings about Bitcoin investments. Due to its volatile nature, people tend to think of it as a quick money-making scheme, which is far from the truth. The simplistic notion is that if trading Bitcoin brings significant profits in a short time, then many people worldwide should be wealthy by now because trading Bitcoin is perceived as easy.

This misconception is also fueled by promotional methods that entice newcomers with the promise of quick gains from trading.

Many people think like that, so they think that with Bitcoin, they can quickly increase their investment many times over. maybe for some people, they entered at the right time, namely before the bull market, and felt that they did it in a short time. However, in reality it takes an undetermined amount of time to get that moment. In fact, some people hold the bitcoins they own for years to experience big profits. However, it would be wise to seek complete information about Bitcoin before making a decision to invest. Additionally, there are some people who thoughtlessly sell their assets, or borrow to try to profit from bitcoin.

On average, those who have big hopes for Bitcoin are only beginners whose knowledge is still far from understanding buying cheap and selling high. Investment requires patience and knowledge of reading candle charts and crypto news. Sometimes investments don't always run smoothly to get maximum results. It's the same as people in real business processes who have to go through every test

KiaKia

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That's the last thing people want to hear about making money, they don't like it, keeping their money somewhere with no access until several years later is like killing them softly, in this case it's why I don't pity those who don't have money, because they show that they are not ready to put themselves in whatever you put yourself into and yet they will come looking for help.

I will say that whatever will actually work out, be you your dreams or money will always take a long time, this is normal but people don't want to believe this is normal, I guess that's why they are poor, I have come to know that the reason why many people are poor is because of their mentality about Money, I don't see anything that gets you set for life if it's not investment.

They still don't want to believe it, this is why millions of people go for gambling, until they try everything in gambling and they lose everything, patience is a rip off for those who don't have it, because people like quick results is why they are easily manipulated, even by their own government and rulers.

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Quote from: Myleschetty on November 17, 2023, 06:58:42 PM

I think the major problem is the people who introduce the newbie to Bitcoin for they bud their understanding and believe in the cryptocurrency market to be a quick-to-rich scheme without telling them how the market works and the chance of making a loss if care is not taken.

That is a very wrong understanding of the people who tell beginners about cryptocurrencies so the effect will also be quite crucial when a beginner faces the risks and losses that befall him when he starts entering the market like anyone else. The people who provide understanding to beginners should be truly complete and comprehensive, starting from profits, risks and things that can affect the market as a whole in every year or at every moment. So that beginners who receive understanding from other people can make their own considerations when they want to go further into the crypto market.

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Quote from: mk4 on November 17, 2023, 04:55:29 AM

Bitcoin right now probably can't make you rich, but it can help give a good boost to your net worth — obviously due to price appreciation, and depreciation of fiat currencies.

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

That's one way to look at bitcoin, probably the belief that it's a get rich quick scheme persisted this long because bitcoin's growth came out of nowhere for many people, bitcoin wasn't in the radar of many people at that time that it was slowly growing so it's surprising for many, also have to include that there are scammers out there that are using bitcoin for their evil schemes and so they sell bitcoin to their victims in a way that you can become an instant millionaire or something like that so they can attract these people into buying whatever scam that they are selling.

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You thinking is probably wrong Bitcoin is not the way to get rich quickly. Only Bitcoin holders know the journey of getting rich and its they know how much hard it's to hold a bitcoin. Bitcoin is the safest way to earn by investment you don't have to risk your money and there is very low risk to lost your money. But it's need time for long time hold. If you want to reach quickly you can go for trading it's a risky way to become rich because you have to risk your money a lot but this is the way you if you learn it then it will make you rich in very short time. But if you want to rich my invest in bitcoin then you have to hold long .

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Quote from: Ruttoshi on November 17, 2023, 04:08:03 AM

Bitcoin investment is just like a normal investment that when you start it initially, you take your time to grow, nurture and monitor it, with patient and discipline to make sure that the investment flourishes.

I guess this sums up what you said.

Bitcoin, like other investments out there, takes time to appreciate. Bitcoin is like any other asset out there it will take years before you gain some money investing in it. Of course, I'm talking about buying it, and holding it because it will be a different story if you are trading using Bitcoin, and you're currently profitable in it. All the people who are saying that you can get rich quickly using Bitcoin are all scams. Yes, it might be quicker compared to some other assets out there like the Stock Market, or the bond market, but it isn't as quick as "You will gain 100% of your invested money in a week or two." It still takes time for it to appreciate.

I just hope that all of the newbies out there who think like this will change their whole mindset because Bitcoin wasn't created like that, and it wasn't created as an asset in the first place because it was a currency. Nevertheless, follow what OP said that Bitcoin is like other investments out there. The only difference is how their price moves on a daily basis.

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It's a simple misunderstanding that most newbie investors have that Bitcoin or cryptocurrencies can be used to earn life-changing amounts of profit in very short periods and the biggest reason for that is that they don't know much about them and have never done any research themselves, which is why they only have a limited knowledge about them and they have their thought processes according to the knowledge they have instead of the actual realities.

You will barely hear such things from a person who has substantial knowledge about Bitcoin and other cryptocurrencies because they know the growth mechanism and they know how much a cryptocurrency can grow in a certain period of time and it is only one's luck that might make them rich after investing a small amount in a meme coin or a pump-and-dump coin.

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Quote from: Alphakilo on November 18, 2023, 12:50:17 AM

Quote from: mk4 on November 17, 2023, 04:55:29 AM

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

Bitcoin is not supposed to make anyone rich. It's supposed to give some people the ability to survive the atrocious Central Bank Monetary policy and subpar global banking infrastructure.

But we have seen that many people have succeeded in becoming rich by becoming bitcoin investors. This proves that bitcoin gives them the opportunity to make money from investing in bitcoin.
Even though Bitcoin has yet to be fully used to survive Central Bank monetary policy or banking, at least people can use the benefits of Bitcoin to change their lives first.
Later, when the government accepts Bitcoin in full, they will be ready with everything and can use Bitcoin as they should.
After all, it's okay if we don't use it as an alternative payment because bitcoin has not been approved in many countries.
And we have more time to make money from investing in bitcoin where it will be more meaningful for us so that we can accumulate bitcoin at times like now.

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Quote from: Ruttoshi on November 17, 2023, 04:08:03 AM

Bitcoin is not altcoins that can be hype, bitcoin has a solid foundation and has come to stay, the government knows this and that is why they are approving Bitcoin ETF, which US SEC will soon approve that. Can you just imagine when you build a house without a foundation, any little breeze will shatter it and that is how those altcoins are, they are pump and dump and they were created to scam people who are greedy and need quick profit or people who don't know the potential of bitcoin. Investing on altcoins will be the worst thing to do because it is the same as gambling.

Why are you after a quick profit investment, when you know that there is no investment that has lasted, that will give quick profit. The only way that you can profit from bitcoin is when you invest in a long term and focus your mindset on a long term goal with regular DCA. When you invest in bitcoin for a short term, the possibility of you to run at loss is high than when you invest in long term. Invest wisely...

What is your thought on this.

I think no one is denying the potential of bitcoin as the only crypto currency which is consistently giving good returns to people but the condition is if one invests at a good time. The government is approving the Bitcoin ETF because Bitcoin is the king of all cryptocurrencies. If Bitcoin is taken over, all other altcoins will be taken over. I would disagree with you that all altcoins are scams or that investing in altcoins is gambling.

There may be some coins in altcoins that have scammed people, but there are still projects that are still running and people have made a good profit. Sometimes we get cheated by our wrong choice if we do proper research and invest then the chances of getting cheated will be minimal. Altcoins can't be compared to bitcoins because no other altcoins have the features that bitcoin has, but I don't think it's fair to say investing in altcoins is bad.

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Quote from: mk4 on November 17, 2023, 04:55:29 AM

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

Bitcoin is not supposed to make anyone rich. It's supposed to give some people the ability to survive the atrocious Central Bank Monetary policy and subpar global banking infrastructure.

Topic: Bitcoin is not a get rich quick scheme. - page 7. (Read 1426 times)