Topic: Bitcoin millionaire: Lucky or possesses more qualities that we don't have. (Read 626 times)
November 17, 2023, 02:14:19 PM
The last thing such people count on is luck, IMHO. And yes, don't forget that bitcoin millionaires didn't necessarily earn their bitcoins. Maybe these people are fiat millionaires in real life, and the amount of bitcoins they have is just their investment, that they just bought bitcoins with the money they already have.
November 17, 2023, 01:50:16 PM
Timing, is what most people get lucky with. Its like most opportunities is life.
October 13, 2023, 06:10:43 AM
You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.
It would be crazy to see some people who are willing to sell their houses or expensive asset just to invest on bitcoin without even researching. Don't spend something that is important to you or atleast a "needs" to you for something speculative and volatile like bitcoin with just the hopes of it going up in price, it's a bad way to make an investment. With the years of me on cryptospace, I won't personally sell my house for the sake of investing on bitcoin. I'm a bitcoin positive guy but sacrificing things to the maximum limit like selling important thing or things that can make you function is just too much risky for me. I believe that bitcoin will rise again but I'm investing on a more safer way where my daily life won't be affected even if bitcoin somehow crash.You have years of crypto experience, which says loudly. Your words are wise. Bitcoin has ups and downs, but letting it control your life? That's risky. How can we help beginners appreciate the need of staying grounded when exploring the crypto sky with so much buzz around bitcoin?
October 13, 2023, 05:07:27 AM
whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.
The mindset of getting rich from cryptocurrency investment is wrong in the first place because one should only have a specific profit target and shouldn't think that they will magically get multiple folds of their investments through certain cryptocurrencies because that barely happens all the time.It can make them worry and panic, especially those who have not learned how to hold Bitcoin tightly during bear market times. They will be tempted to sell their Bitcoin because they see a lot of news that says Bitcoin will fall further even though it is fake news.
Some investors fail to invest in Bitcoin because they use all-in mode so they don't have the money to meet their daily needs. Investors must pay attention to this before they start investing in Bitcoin to determine what steps and actions they should take.
October 13, 2023, 04:22:23 AM
These millionaires are successful in their investments because they have the right mindset, they invest because they already have enough income for all their life needs
What you are referring to is different I believe, because most Bitcoin millionaires are those who invested in Bitcoin when it was in its initial stage and the price was very low, and they kept holding onto their assets until the time Bitcoin got significant value. So, those who invest right now because they have enough income will barely become millionaires if their investments are not that high.whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.
The mindset of getting rich from cryptocurrency investment is wrong in the first place because one should only have a specific profit target and shouldn't think that they will magically get multiple folds of their investments through certain cryptocurrencies because that barely happens all the time.The key to success in the world of Bitcoin is investment, not trading.
October 10, 2023, 11:10:03 AM
You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.
It would be crazy to see some people who are willing to sell their houses or expensive asset just to invest on bitcoin without even researching. Don't spend something that is important to you or atleast a "needs" to you for something speculative and volatile like bitcoin with just the hopes of it going up in price, it's a bad way to make an investment. With the years of me on cryptospace, I won't personally sell my house for the sake of investing on bitcoin. I'm a bitcoin positive guy but sacrificing things to the maximum limit like selling important thing or things that can make you function is just too much risky for me. I believe that bitcoin will rise again but I'm investing on a more safer way where my daily life won't be affected even if bitcoin somehow crash. 
October 10, 2023, 10:40:28 AM
You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.
October 10, 2023, 09:36:23 AM
Why not both? I know no one who become millionaire just because of Bitcoin investment, but I know people who make a lot of profit because they buy / trade Bitcoin, some of them are early adopter, most of those early adopter are software engineers who knows about Bitcoin and just mine it for a while, they just left their Bitcoin on their wallet, and when they heard that Bitcoin price was going crazy in late 2017 they sold it and they made a lot of money, I consider them as both Lucky and have more knowledge than others. While some other are buying bitcoin right before the price going up 2020, they aren't tech savvy, they never heard and never do any research on Bitcoin, they just buy bitcoin because they heard the popularity of Bitcoin, that's just pure luck.
Being lucky or skilled are not mutually exclusive options, you can be both and if you are, not only great fortune is too follow, you will also know how to keep yourself wealthy as well, something that those which are just lucky are unable to do.However there is a great deal of newbies out there that think of the early adopters as just being at the right time and the right place, and mistakenly believe they would have achieved the same if they were on their shoes, but I sincerely doubt this is the case and instead I believe they would be the ones complaining about how they had a lot of bitcoin and then they sold it all for a low price.
Yes, and when skillful people got the chance or luck they will most likely be ready for that, so it would be better to have the skill when the luck came rather than just waiting for luck and when it came we are not ready. Yeah, and actually not all early adopter were able to hodl and get the much profit, few of them also sell the bitcoin before the price surge.
October 09, 2023, 05:35:29 AM
_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
Lack of understanding Bitcoin is what affects many people and that's why they can't control their emotions._Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
If you know what bear market is all about why panic when prices fluctuate? It always get me even more existed than before because I will be able to buy more at lower value, the hardest that can happen is Bitcoin losing some value maybe thirty percent more? Who cares? Bitcoin isn't going to zero so there is no reason to worry.
Also we are in a bear market, how can one be buying in a bear market and still be in fear? I don't want the halving to get over without securing a good numbers of Satoshi by then, Do you want to know what my fear is? This is it, I need to buy more before the time runs out.
For me I know where all this drama is going, the news is injecting fear into the public, stealing bitcoin from the weak minded people, this season is differs from the past, now it's stealing season, and there is no new virus coming this time around and recession is not scary anymore, if you sell your Bitcoin it's good, you will just see yourself buying back when it's already pumping up.
October 09, 2023, 05:20:36 AM
Why not both? I know no one who become millionaire just because of Bitcoin investment, but I know people who make a lot of profit because they buy / trade Bitcoin, some of them are early adopter, most of those early adopter are software engineers who knows about Bitcoin and just mine it for a while, they just left their Bitcoin on their wallet, and when they heard that Bitcoin price was going crazy in late 2017 they sold it and they made a lot of money, I consider them as both Lucky and have more knowledge than others. While some other are buying bitcoin right before the price going up 2020, they aren't tech savvy, they never heard and never do any research on Bitcoin, they just buy bitcoin because they heard the popularity of Bitcoin, that's just pure luck.
Being lucky or skilled are not mutually exclusive options, you can be both and if you are, not only great fortune is too follow, you will also know how to keep yourself wealthy as well, something that those which are just lucky are unable to do.However there is a great deal of newbies out there that think of the early adopters as just being at the right time and the right place, and mistakenly believe they would have achieved the same if they were on their shoes, but I sincerely doubt this is the case and instead I believe they would be the ones complaining about how they had a lot of bitcoin and then they sold it all for a low price.
October 08, 2023, 03:46:18 PM
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
These are the two main qualities that defines these guys. I don’t give much importance to the rest in OP as, any one can have patience in a profit situation, especially when you’ve established trust on the commodity of which you’ve invested in and that in this case is bitcoin._ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
These Bitcoin millionaires comes in phases. We have those that had the foresight to buy when the coin was pretty much worth a few cents and gradually transcended to a dollar. While, we have the whale buyers who buy with huge funds and lots of bitcoins too to there hodlings as an investment for the future.
Looking at it for a long term investment, the fluctuations and activities on the coin matters not to you. Its a long term investment and the choices can only be determined after a long term where ever that is defined.
October 08, 2023, 03:29:27 PM
_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
Modern-day Bitcoin millionaires are not actually from those early days because those early days whales never ever exposed their identity to anyone and we call them whales however these people mostly made money in the short term which can happen to anyone with possible skill and how to apply it to get returns. Mostly exchange founders became rich in quick time because they found the opportunity and filled the void in the market so whoever identifies the opportunity can make money even now.
October 08, 2023, 03:05:29 PM
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
These 3 qualities is still useless if you are not lucky on finding gem such as Bitcoin that you will invest your time and money waiting for your investment to grow. There’s a lot of shitcoin out there when Bitcoin price is must starting so even if you discover early a coin but unlucky to pick the right one then all this good quality will be wasted._ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
Being lucky is always gives the big factor on success rate of investment the more on relying through speculation.
We can preserve our time if we can just invest on Bitcoin immediately. So many projects come come out everyday. There is no need to discover them but we can just hang out on the coin listing site or crypto exchanges and we can see them there immediately. It's crazy but there are people who try their luck in each of them thinking that devs of the coin will do some manipulations and they can also profit on it quickly.
October 08, 2023, 08:40:17 AM
Why not both? I know no one who become millionaire just because of Bitcoin investment, but I know people who make a lot of profit because they buy / trade Bitcoin, some of them are early adopter, most of those early adopter are software engineers who knows about Bitcoin and just mine it for a while, they just left their Bitcoin on their wallet, and when they heard that Bitcoin price was going crazy in late 2017 they sold it and they made a lot of money, I consider them as both Lucky and have more knowledge than others. While some other are buying bitcoin right before the price going up 2020, they aren't tech savvy, they never heard and never do any research on Bitcoin, they just buy bitcoin because they heard the popularity of Bitcoin, that's just pure luck.
October 08, 2023, 12:00:34 AM
Luck has a lot to do with why many early bitcoiners became millionaires. There are many great ideas which don't receive enough support to make its early adopters wealthy. Many bitcoin millionaires went on to support stupid things. Roger Ver was involved with Craig Wright. SBF scammed countless people and had a really negative impact on all of crypto. Just because you got rich through Bitcoin doesn't mean that you have some special knowledge that makes you better than later adopters who aren't rich. In many cases it was just a risky gamble that paid off.
October 06, 2023, 03:07:26 PM
One standout thing I've seen from the Bitcoin billionaires is that, they had money to sustain themselves despite having their investment in Bitcoin. That's why it was possible that they could lose everything if bitcoin had gone to zero and still be fine. Compared to the average investor who has to take profit at every swing that the price does to the upside for life's expenses, etc.
The best thing to do is to learn from this and just save up some money for more opportunities that will come in the future.
The best thing to do is to learn from this and just save up some money for more opportunities that will come in the future.
If they’re taking profit at every swing as you describe, then they aren’t investors, they’re traders. While
Bitcoin does attract traders due to it’s 24/7 nature, mostly those traders enrich exchanges, who then blow all the money on salaries and office buildings while losing their customer funds on pump and dump schemes. The glory of Bitcoin is that you can buy and hold your own BTC. If everyone does that, we all get rich. That’s sort of the name of the game now.
October 06, 2023, 03:04:20 PM
_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
After a while you just get used to it because you understand it's part of the game. And the funny thing is that oftentimes are people with smaller investments that freak out while who have invested a ton of money just take it easy, they know it happens and they know things will get better in the future. It takes time, nobody likes to see their money flying away but sooner or later they'll come back (unless you sell).It takes time, or a lot of gains, or both. If you had $100 m in the bank and invested 1 m in bitcoin, you wouldn't care about a 5% drop.
I have enough that a 5% drop is more than I earn in a year, but I don't care. I stopped caring long time ago when I realized that bitcoin is worth much more than tickers show.
I know I'm not selling so why should I check the price.
Rich people can allow themselves to wait because they aren't bound by the same things as you little fish. You invest and it's a significant part of your income, or your savings. When you virtually lose money (because the price moves) you see it as something you could have bought but won't. A millionaire can buy all those things regardless of the state of his bitcoin investment. All that matters for him is to be able to redeem the value somewhere in future. If in 5 years bitcoin is worth more than it was a month ago when he bought it, he'll be happy.
October 06, 2023, 02:59:19 PM
_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
Control of the mind is usually not within itself because even if a person tries a thousand times he will not think of any reason but it comes to him. Especially when he invests his wealth in something, if the price fluctuates, especially if it goes down, then it is normal for people to be tensed. And even if he wants to control his mind, he can't control it. When you invest in anything be it business or bitcoin investment you must invest with a lot of awareness. And you have to invest a lot of time and can't be in too much of a hurry otherwise you may face losses. _Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.
October 06, 2023, 02:54:08 PM
_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
After a while you just get used to it because you understand it's part of the game. And the funny thing is that oftentimes are people with smaller investments that freak out while who have invested a ton of money just take it easy, they know it happens and they know things will get better in the future. It takes time, nobody likes to see their money flying away but sooner or later they'll come back (unless you sell).
October 06, 2023, 02:46:14 PM
_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
One thing that's important to mention here is some of these millionaires don't watch the price fluctuate and I recommend you do the same, unless you're trying to actively trade your coins.
I don't trade so I rarely watch price. Sometimes I check it once a day after waking up, sometimes when I have a lot of work to do, I don't even look at it. Sometimes in the evening I eat dinner and realize I haven't checked the price for 24 hours.
For the record, I have a decent amount of bitcoin. Enough that 1% drop in price should matter, but it doesn't. I'm not a trader, I'm won't focus on this when I have no plans to sell my bitcoin.
Jump to: