Topic: Bitcoin is not a get rich quick scheme. - page 9. (Read 1426 times)

The time has long passed when btc was a get rich quick kind of asset. Those early btc adopters had the opportunity to make good money out of their investment.
Those who weren't afraid to take risk got rewarded for their courage, most people back then did not believe in btc let alone hope to make money from it.
Short-term quick money is no longer associated with btc investment, you can only find that in alts and shitcoins. The only way to make good money from btc is long-term.

Well, if I'm going to analyze that it will still conclude that Bitcoin can make someone rich.

Maybe I find it different from what you think of it as a work area but bitcoin is the same just as other assets that have made a lot of people richer.
It will depend on how we're just going to be wise and spend the profit from there. But it is not undeniable that someone can be wealthy with Bitcoin if accumulated and held for a long time.

Expecting significant riches with bitcoin is something what filled up peoples' mind 2017. Bitcoin may not offer the explosive wealth-building potential seen in its earlier years. it acknowledges Bitcoin's potential to positively impact net worth, but still beneficial contribution to one's overall financial portfolio. This perspective emphasizes a realistic outlook on Bitcoin's current role in wealth accumulation.

But seriously, it's not bitcoin that makes you rich, but it's your work / effort to gain profit from bitcoin's fluctuating price. Bitcoin is a just work area.

I have to agree with this, many of the newcomers have been given bad narrative of what bitcoin is, if you check social media and will see many people spending anyhow and when asked on what they do most will tell you they are into crypto and that has made many people believe that there is excess money in this space. Yes we can’t deny the fact that when you invest into bitcoin you will make profit if you enter the market the right time and exit the right time, but that still doesn’t make you that filthy rich. The time where bitcoin in particular has high volatility to cause huge price rise has passed, the best one could get now is probably a 5x during bull run.

Where high volatility is now is the Alticoins, I wouldn’t deny the fact that most of them shitcoins could easily do a 1000x but is the risk worth taking i would say yes if you don’t value your money.


Even if you invest a lot of Time into bitcoin your investment will grow respectively to how huge you invest but making you filthy rich is something i would say you can’t get from bitcoin. What is most assured is your money invested into bitcoin will never go dust like shutcoins

It is true that bitcoin investment needs to be in a long term for one to be able to make profit from it,  and anyone who cannot sacrifice his time and money and endure while he is growing his investment wouldn't be able to be successful with in this type of investment. There is no investment without risk but for you to have it in mind that you are piling up your money in bitcoin because you see it as a store of value and an hedge to inflation will motivate you to keep your money in bitcoin for a long period of time.

Come to look at it from this angle not just saving your money from depreciation, your bitcoin can also generate profit for you in the long term, isn't this great rather than thinking that you can make quick profit from bitcoin when it isn't that easy to achieve. C'mon there are so many potential attached to bitcoin that should make you have some fractions of bitcoin that you wouldn't like to sell but keep it for many years so that you can have that joy that you have a bitcoin investment. Shitcoins can't give you a good feeling if you invest in it, when you know what you are doing because you might wake up one morning at itsvalue has turn to zero.  Shitcoins are like magic, because it is fast rise and fast fall.

You won't get rich quick. It takes time and effort, so some investors rush into risky investments in an effort to make a quick buck. I think investing is an opportunity that doesn't always exist and should deal with the situation in the crypto market over time and then invest. Bitcoin is more popular than before which is really a good sign so you should be patient because you can't always buy at low price just like you can't always sell at high price. Dealing with the crypto market is complicated especially for new investors.

Neither Bitcoin nor any other investment platform can ever make a person rich overnight. If you want to change your financial situation, you must focus a lot on your work and work hard, only then will your financial situation change. I think those who invest some money in Bitcoin and think that this investment will change their financial situation in a few days are completely wrong. Bitcoin will never make you rich overnight but trusting in Bitcoin and investing in Bitcoin for a long period of time and continuing that investment trend, this investment in Bitcoin can change your financial situation. We should never invest in Bitcoin with the hope that Bitcoin will change our fortunes overnight rather we should think that we have an investment that will give us something good at some point in time. If we can think like this, we will definitely get something good from Bitcoin investment.

Let's take a look at the chart.
To go back to $15k right now is still unlikely and Bitcoin is still held by some pretty strong support including at $30k as you said,
but exactly for the Trend Flip Area is at $32k++.
So the $30k-$32k price area is still a strong enough area to keep Bitcoin above the $30k price.

Then if the worst-case scenario Bitcoin has to enter the bear market again and break the $30k support, it will still be held in the $25k-$20k price area, it will be a strong enough area to hold Bitcoin above the $30k price.

Did you make any analysis to say that Bitcoin will dump to the $15K range?

Personally, I never see that price range again for Bitcoin, and the worst possible scenario can be 25K range apart from that I feel the resistance around the $30K range is pretty high and so if you see the price anywhere near then I will say go all in.

And you are talking about long-term like 5 years so based on the volatility nature there won't be much difference to invest at 30K and $35K.

I don't like posts that are too long, but I took my time to go through this post because of the topic I found interesting, and seriously, all that you said is on point. All people who think Bitcoin is a get-rich-quick scheme are a set of people who don't have any knowledge about Bitcoin and cryptocurrency in general and are referred to as newbies, if not anyone who has a good understanding of Bitcoin. They will never think that Bitcoin will make them rich quickly because it was never created for that purpose.
 
As you said, if someone wants to make a reasonable profit from their Bitcoin investment, they have to be patient enough to hold on to it over a long period of time, and they also need to invest a reasonable amount of money they can afford to lose, or use the DCA method, which means continuing to buy Bitcoin either weekly, monthly, or yearly, so that they can achieved a good amount of money invested in Bitcoin investment.
 
Many people that you see that are investing in altcoins are those who are looking for huge profits and quick profits in the cryptocurrency industry and thinking that altcoins can give them those profits because of some stories they Amy have heard about some people who were lucky to make some of those profits, but those people don't know that they are just gambling with their money because there is no assurance that you will profit from those shitcoins because they are pump and dump coins unless someone is just lucky. They are some altcoins that may have gained little trust but are still not reliable at all because anything can still happen if those that have more share decide to take their money from the project.

Sometimes people get interested on Bitcoin from the stories that they have told about how they supposedly made huge amount of profits from investing Bitcoin after a short period of time and this type of story just triggers and increase the anxiety of the new investor to rush into Bitcoin without properly being lectures or even making the research themselves on the truth about an investment in Bitcoin.

Bitcoin is not a lottery that you hit the jackpot. Bitcoin is an attractive option for a new investor in the cryptocurrency market. Maybe some people don't understand the hostility or don't get the right idea enough to invest in Bitcoin. Bitcoin can be bought and sold through individuals or companies, and it uses proprietary cryptographic technology designed to keep transactions and assets secure. You can earn Bitcoin or exchange it for one of the many cryptocurrencies. Bitcoin can be a get-rich-quick scheme for those who have a proper understanding of the ups and downs of the Bitcoin market, those with a large amount of money can get more profit by investing in Bitcoin in the short term, but those with less money have to wait for a certain period of time to invest in long-term.

If people still think that Bitcoin is a get rich quick scheme, they won't be able to get it. They will only panic more often when they see the price fluctuating and cannot stop themselves from holding Bitcoin. They don't want to learn how to become good Bitcoin investors. And that is also what causes them to fail to get big profits from Bitcoin.

If they are willing to learn how to use Bitcoin well, especially learn to become a Bitcoin investor, they will find that holding Bitcoin requires patience and persistence. They should try to buy Bitcoin regularly and hold it until the price reaches its ATH. Most people cannot be patient in waiting for the next ATH and fail by selling Bitcoin out of desperation.

That's why they need to learn about using the DCA method. This method teaches them to buy Bitcoin regularly for a certain period. After the Bitcoin price reaches its new ATH price, they can sell it at that ATH price to take the biggest profit. They can also still hold Bitcoin for the next few years because their price target has not been reached.

I believed op is talking about the newcomers and those who are judging bitcoin from afar. And as the op said those who not really understand and known bitcoin will think that bitcoin is a get quick rich scheme but when you come close to our and understand the investment process then you will come realize that bitcoin is not something one invest and get rich within 1-4 months. And also not everyone in the world understand that bitcoin is a Currency that can be used to buy things. And many at of them don't even know that it can be used for investment for a long period and have profit at the end.

What you said is also correct, those who are not using non custodial wallet or DEX will not know the tx fee increase because if they need cash they will just sell it in the exchange so they will not feel the tx fee. But the people who is sending to them must pay that high fee. And also those who have been in the system can make money every day from the system by trading. And trading pays instant and if the trader is very person is very good in trading then he will make millions within a short period of time.

You are right, Bitcoin has become a stable investment due to the bullish run. People tend to make investments in assets where they have more chances of getting returns, and BTC provides those chances. That's why newbies are rushing into buying BTC even with borrowed or emergency money. If we look at it from a different angle, then it is a good thing, but to some extent because most of the newbies must be aware of the time period if they are investing in BTC.

We could make money from alts too, but we (investors) prefer BTC over alts because there are high chances of making a profit in BTC, and that's for sure, but in alts, there is high risk and even a risk of total loss.

That's why BTC is the best choice for now, but yeah, newbies should avoid entering BTC with borrowed or emergency funds if they think they will make a profit in a shorter period of time. They have to take the idea of a get-rich scheme idea out of their minds.

I do not deny that satoshi mentioned bitcoin as a p2p currency in bitcoin's white paper. But do you see what's happening? Or are you stubbornly unwilling to accept the fact that people are treating bitcoin as an investment rather than a currency? Given what's going on, I don't see anything wrong with the OP advising people to buy and hold bitcoin long term to make a profit. I think it doesn't matter whether bitcoin is a currency or an investment, as long as it brings benefits and does not harm us, there is nothing wrong.
If you want to use bitcoin as a currency, go ahead and for those considering it as an investment, respect them as they respect you, no one is wrong here.

We know that bitcoin is not for get-rich-quick schemes, satoshi did not create with that method but for P2P transactions and his blockchain network, there is also a matter of investing in btc, so the price continues to strengthen, so many people think that investing in bitcoin is quite good, so many people do it.

While people who think with a get-rich-quick pattern then they are laymen who are new to it from someone who has just made a profit then do crazy things by selling all assets and then investing, so this is the wrong behavior.

I think with your method of DCA investment it may have been done a lot, and hold the long term but at least the purpose of bitcoin from the beginning is not that but of course I am happy with the price of bitcoin that continues to increase to become a valuable asset even as an important investment asset today.

Bitcoin holds the value of our money and on the other hand Bitcoin generates new ATH with a long period of time through which it is possible to make multiple profits and on the other hand its price is always fluctuating so it can be very profitable to trade.  So it is considered as a strong asset by all.  But like gambling it cannot make one rich quick.  Investing in Bitcoin requires patience and holding it.  A long term hold can give you a good profit

Exactly, people with lack of knowledge are the most targeted of these scheme. People without the knowledge may fall easily in that type of whatsoever. Yes, owning bitcoin is not to get rich instant. You may earn or lose money, so having patience is needed.

Current bitcoin have been on higher price I don't think its the way to make rich quick scheme based on many people mindset when investing their money in bitcoin, many people wrong perception when investing their money in bitcoin and want to get rick quick way due many people have been success when investing their money in bitcoin before. Many new investor in bitcoin not looking with some success investors how many years they have invested their money in bitcoin, just looking with the result or achievement by increasing the values of investment only without looking how many years needed for getting bitcoin on higher price.

Need to educate for new investor mindset when investing their money in bitcoin, don't blame with many people achievement have earned much profitable in bitcoin but don't forget with how many years their money put in bitcoin.