Topic: Bitcoin is not a get rich quick scheme. - page 8. (Read 1426 times)

Most of the new investors assumpiton about Bitcoin is that they think only by investing in this platform they can multiply their invested money. There are a lot of investors invest without any knowldge and when there is little price drop they can't hold on their investment. An investor should never expect too much from Bitcoin. When there is excessive expectation there will be more chances of loss than profit.

Before investing in Bitcoin an investor should have a good idea about several things which are:

• Market volatility
• Wallet security
• Advantages of long term holding
• Its future potentiality

An investor definitely will go ahead to realize his dream if investing in Bitcoin considering the above factors. One positive aspect of Bitcoin investing is that those who can hold their investments for the long term will definitely succeed by their investment.

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.

In my eyes bitcoin is a digital land invest and forget about it for at least 5 to 10 years and then get a big return for sure.

That's simply not true. The main use of Bitcoin today is as an investment and P2P use is in the minority, more and more, and with the regulations that are being implemented and the increasing KYC, it is going to be even more in the minority. The legislations, except in El Salvador, treat it as an investment in which you have to report every transaction you make to calculate the potential tax to be paid. That's why many people use CEX, to have everything clear and transparent to the authorities. As of today, it is far from being a cash P2P and less and less.

If anyone told you about big profit from trading, but did not tell you about risk or loss from trading, it does not worth to take it seriously.

Because trading is risky. More people lost money to trading than gained profit from trading. The market and trading are zero-sum games. There are more losers than winners so if the minority of participants in the game are winners and they won big, losers had to lose big.

DYOR is what all people have to do for their money, investment and risk management. It is so stupid to quickly believe in anything without Doing Own Research.

Investing and trading are all very challenging and not all people can practice investment or trading well to gain profit. The most common requirement is knowledge, patience to stick with plans and avoid panic, FOMO.

Without good control of emotion, without good discipline, a person will surely fail in investment and trading, with all kind of assets, not only with Bitcoin.

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.

While it's true that Bitcoin has a strong foundation and long term sustainability but it doesn't necessarily mean that investing in altcoins is  pure gambling. I accept that some altcoins indeed follow a pump and dump trajectory track but it's essential to acknowledge that not all altcoins doing same thing. most of altcoins working on long term roadmaps, innovative technologies, and trusted teams who working on real utility and adoption but problem is that we enter into altcoins without researching while Investing in these projects requires deep research to identify those projects with potential longevity.

Bitcoin is not made for quick profit. If anybody have a dream to become millionaire in one day or week then go for gambling or ponzi scheme but I am 100% sure you will loss your capital also. Bitcoin is good competitor of no risk asset like Gold, Silver and real estate investment and whenever we talk about quick profit our means is, better and fast return then above mentioned assets because Bitcoin is secure, easy to use, cheap, more volatile and biggest unique feature is decentralization.

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.

This mindset often occurs. Even though basically, Bitcoin is volatile, it goes up and down easily. Indeed, sometimes during a bullish era, the price of Bitcoin can rise very quickly in one day. And if you have large capital, the profits will of course also be higher. but the problem is, if the capital is large, automatically, that person is already rich, right? So, the mindset of wanting to get rich quickly doesn't apply here. Well, the problem is if we have small capital but hope for multiple profits and to get rich quickly, this is certainly difficult to happen. unless it is a scam scheme to attract he victims.

Although I know that sometimes a miracle can happen because of really good luck, and nothing is impossible. but if we look at the usual and normal conditions, this is indeed difficult to happen. So, instead of giving these people very high hopes by saying yes you can, it's better to just tell them the facts. that investment in Bitcoin is not as smooth as expected. There is a process that must be passed. Of course, this process may not be easy. Moreover, if you want to invest in Bitcoin, make sure that we understand all this first, so that we can also set reasonable and realistic targets.

Bitcoin have served as a quick rich scheme for few people around the world. This had happened out of their better understanding about bitcoin and the technology. Because of the same they kept hold of the bitcoins from the earlier days and made themselves rich. Some even got lucky to make themselves rich out of bitcoin. Even now it isn't late, just on someone had made themselves rich we shouldn't expect the same to happen for us. Our responsibility is to learn, understand and move forward. We can be successful in the long run.

they will learn fast that this market is not their path to get-rich-quick scenario. once they are in, for sure, they will be confused on why they are not getting the profits that they want. in time, they will understand that there's more than meets the eyes in this market.
a lot of new users for sure are jumping on this market for that mere thought of getting their riches. we can't blame them as those have been portrayed countless times in social media and other clickbait videos of online scammers.

To me, bitcoin is a get rich faster scheme than other traditional investments like gold or real estate but it is not an investment that can make us rich overnight or in a few months . People who think bitcoin can make them rich quickly are mostly newbies and they are not wrong. Because they like us, lack knowledge and understanding when entering the market, so there will be such misunderstandings. Over time, they will gradually realize that things will not be as they think and they will become more mature. Instead, we should not criticize but help them understand that.

Future trading is a risky type of trading that requires a lot of experience, so I don't see how that can be a get-rich-quick scheme. They have to do the work and take the risk. Get-rich-quick schemes are advertised as investments with zero risk. There's no experience needed and profit is 100% certain. That is why it is usually a scam because there's no way you can call something an investment if it carries no risk. How do you define investment without including profit and losses?

Compared to the past things have changed much. In the past quite often we can see people getting caught into traps and losing their hard earned money. The awareness people have got through different ways have made it better than before. In the old days myself have got trapped into multiplier schemes, and I'm not aware of those things and I don't have the understanding. Just on going through the testimonials had a try and lost money. So, better learning keeps us on the safer side as the volatility have got the ability to make you reach the peak as well as push you down to the bottom.

Even the early Bitcoin investors and adopters took time before they became rich with Bitcoin, which means it is not a get-rich-quick scheme because you need to invest and wait for a long time before you can get a profit from the investment.
The way people get introduced to Bitcoin is what makes some of them think that they can quickly make money from it. When people who are already into Bitcoin investment are explaining how it works to others, some of us do tell them that that is the only investment that can earn you money with less risk, which is one of the main reasons many newbies come with the intention of making it big quickly through Bitcoin investment.

Well, I believe that Bitcoin can still make many people rich who are into the field of trading because the volatility of Bitcoin is still better than many stocks and the ones who are good at Bitcoin trading can still earn substantial amount of income from it. But, I agree that anyone who still buys Bitcoin and hold it for 2-4 years may not get rich because the price won't grow as crazily as it used to grow.

These have been discussed a lot on the forum, but still, we are struggling to understand Bitcoin movements. The main problem is that we don't have enough knowledge about Bitcoin, and we always consider it an investment opportunity. If we know the goal behind Bitcoin creation, then we may be aware of how Bitcoin works. Still, many people compare Bitcoin with the Ponzi scheme, which is totally wrong. It's just due to a lack of knowledge. However, we have to invest that we can afford to lose. Bitcoin is a highly volatile cryptocurrency, and we may need to hold it for a long time to get profits from it. If someone is looking to become quick rich, Bitcoin isn't for them.

There are still many people out there who buy bitcoin because they read the news that the price will rise quickly this year and some other FOMO news, if they are patient then they will definitely be able to make a profit but if they are impatient, they will definitely immediately sell bitcoin because they feel that Bitcoin is not really for making rich quickly.  Satoshi created Bitcoin so that people can protect the wealth they have because inflation happens quickly and suddenly but Bitcoin will not be affected by inflation, that's what makes buying Bitcoin the best way for someone to protect the money they have from inflation instead of getting rich in short time cmiiw

In fact, this is already very basic general knowledge. However, in practice, many people or especially beginners are more interested in things like this. So, they come to Bitcoin just because they hear that they can get more money or get rich quickly by investing in Bitcoin. No matter how much education we always give them, sometimes they ignore it and only focus on one thing, getting rich quickly from Bitcoin. Moreover, what they see is the success of many investors in this business. Plus various promises from affiliates of platforms, influencers, etc. which of course only provide sweet promises that are extraordinarily brilliant and convincing without explaining the risks.

This is actually very dangerous, especially for beginners, because there is misinformation or inaccurate delivery of information. It cannot be denied that Bitcoin is a very worthwhile investment, but that doesn't mean you will get rich in a short time, especially overnight, unless you really have a lot of capital and are very lucky in at that time there was an extraordinary price increase. But in reality, the Bitcoin market is not only about rising prices but also falling prices. So we have to be smart and wise in every decision we make and also set expectations. We need certain process to get there, not the instant one with very high process.

Bitcoin can't make you rich quickly, but it will if you know how to manage it long term. That is the real challenge of bitcoin, hodling it long term despite of the high market volatility, without falling to the market and get bothered and panic until you decide to sell lower from its entry price.  And those who successfully overcome the risks in hodling bitcoin, are definitely the people who can create a good boost to their net worth.

However, with the present price of bitcoin, its not surprising if you end up being rich in the coming bull run, as long as you start buying your bitcoin when the market is still bearish and decide to sell it when its new all time high has been achieved.