_ 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). 
Topic: Bitcoin millionaire: Lucky or possesses more qualities that we don't have. - page 2. (Read 626 times)
October 06, 2023, 02:31:31 PM
October 06, 2023, 09:25:23 AM
~snip~
_ 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.
_ 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.
We must know that there are at least three types of people who invest in risky investments.
The first category is ordinary people who work ordinary jobs and have an average income from which they manage to save a little and are looking for a way to make at least a little more out of a little money. They can be divided into those who want a quick profit and those who invest for the long term.
The second category is some kind of middle class who have enough to live on and have a little more money left over to invest, and besides, they know how to invest that money much better and smarter by combining medium-long and long-term investments.
The third category is people who are above average rich and have enough money that is not necessary for their daily life and they can invest it in the long term without too much fear for the final outcome, because they can afford the luxury of multiple investments, of which it is enough that only one be successful.
I would therefore conclude that a long-term perspective, along with the fact that they have enough money to somehow gamble with it, is key to success.
October 06, 2023, 07:40:40 AM
There’s nothing lucky about buying bitcoin & holding through awful downturns, for the price to then recover & make you huge profits. It takes bravery, guts & determination to hold during bearish periods & even more to buy during those times, adding to your bitcoin that you hold. Trading is not a good idea because we are not whales, we do not control the market, the only thing you can control is your resolve & strength to hold, wait it out for many years & watch your bitcoin/USD worth grow.
You are right, there is no luck here, we are talking about faith in Bitcoin, discipline and a lot of patience. A lot of people sold at different levels, but they sold too early to achieve the desired wealth, and only the most persistent were able to wait and I am sure that they are still hold their bitcoins.Now there are also those who buy now and believe in Bitcoin, they may not be able to make as much profit as was possible before, but Bitcoin is still a very promising investment.
October 06, 2023, 06:32:06 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, whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.
We can see in this forum how many newbies think they can make money from trading with minimal money and have very minimal knowledge about trading.
The key to success in the world of Bitcoin is investment, not trading. Everyone who has invested in Bitcoin for a long time is enjoying the results or at least has seen their assets increase more and more.
We can see in this forum how many newbies think they can make money from trading with minimal money and have very minimal knowledge about trading.
The key to success in the world of Bitcoin is investment, not trading. Everyone who has invested in Bitcoin for a long time is enjoying the results or at least has seen their assets increase more and more.
October 06, 2023, 05:16:36 AM
If you can not trade, the better way is to hold. Some traders lost their money and they regret and wished to have just hold their coins. You can see this encouraging thread for holders
I AM HODLING
I do not consider bitcoin holders that are now millionaires lucky, they have reasons of holding the coin, they know about its limited supply of just 21 million coins while the world are billions and continue to increase.
I AM HODLING
I do not consider bitcoin holders that are now millionaires lucky, they have reasons of holding the coin, they know about its limited supply of just 21 million coins while the world are billions and continue to increase.
There’s nothing lucky about buying bitcoin & holding through awful downturns, for the price to then recover & make you huge profits. It takes bravery, guts & determination to hold during bearish periods & even more to buy during those times, adding to your bitcoin that you hold. Trading is not a good idea because we are not whales, we do not control the market, the only thing you can control is your resolve & strength to hold, wait it out for many years & watch your bitcoin/USD worth grow.
October 06, 2023, 05:11:32 AM
~snipped~
Sincerely, I don't think it's lack of emotional control that makes early adopters of projects sell off. I can say it's the likelihood of lack of interest as time goes on or the fact that hodlers want to quickly take out profit and then get in back quickly to profit from a dip. In most cases, they sell off but aren't able to buy in cheap again.I speak from experience. I was one of those who got in early on BNB in 2017 less than a month after it was launched. I sold off at X100 at what I thought was a good profit then, only to see where it's today. My mistake (I was still a noob then) was selling all. I could've left a portion. If it were now, I ain't sure I would've made that mistake.
Again, it's not lack of patience. I've also been a victim of exercising immense patience on certain projects I was hodling to the point that I baghedl them in worthlessness. This is why people would tell you not to get emotionally attacked to any project.
October 04, 2023, 06:22:54 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.
This take years to learn though, it's very hard in the beginning to control our emotions specially when we see that our portfolio is going down. It's good if it is going up, but once the prices started to decline, sometime we panic and think of selling our crypto assets. So I guess this is not a pre-requisite._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.
Again, this is also comes late in our investment journey. In the beginning we don't know where to look for this early tech exploration. And most of the time those early tech that succeeded, they are the ones trying to make a sell pitch to this big investors._ 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.
Definitely, in every investment that we make, we should be looking long term as this is the best way to make huge profits._ Patience: they have the patience needed to steadily build their wealth over the long term.
Just like what I mentioned, it will take years and years to be discipline and have that patience to build generational wealth. 
October 04, 2023, 01:11:17 AM
Quote
_ 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.
Yeah, I agree with you, and being that emotionally stable comes with experience and self development, some of them are very good businessmen, gamblers and heavy risk takers and its enough to build their emotions to invest and act on hope of a better tomorrow. Their proper knowledge on the nature of the coin had a role to play cos they're already aware that some factors might influence the price, so when such started happening, they remained unshaken knowing fully well that it might go in their favor and it surely did.Quote
_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.
Here, I'll personally say they were lucky and also had great instincts to identify the striking potential of Bitcoin, took advantage of it and are now reaping the fruits of their labor.Quote
_ Patience: they have the patience needed to steadily build their wealth over the long term.
They did this because they had other sources of income and didn't totally depend on dividends from their investment on the coin. They're hardworking people who invested with funds they could afford to loose, detached dependence on their investment and went about their other sources of funds while they hoped their investment in Bitcoin materialized. This is a very important advice for all of us, invest wisely and be sure to have other sources of income to back you up, so you don't make wrong decisions out of pressure and regret it later.
October 03, 2023, 07:43:47 PM
There are only two factors that determined whether an investor is a Bitcoin millionaire today or not - what was their entry price and whether they had belief in Bitcoin's price growth. People sold Bitcoin at lower prices not because they lacked discipline or knowledge, they just didn't believe that Bitcoin could grow more, and its hard to blame them, because history knows many bubbles that crashed to the ground. To someone who bought Bitcoin at $10 and sold at $1,000 that was already "the moon", they took great profit and didn't want to risk it all for even greater profit.
October 03, 2023, 04:38:56 PM
The three things that you have listed work hand in hand in order to prepare one for what the future holds. One is to take decisions about something, and another is to be a good decision-keeper. For you to be able to hold on to that, your decision to hold till the price hits a particular target means that you have overcome your fear and your emotions, and you need to attach patience to it.
As the price of bitcoin most times can't be predicted and the market usually experiences bearish season, which means we are going to see times where our investment will be on the red season and our capital depreciating right in our eyes, and the more we are observing it, the more we are seeing it go down more and more, but as someone who has a target in mind, controlling your emotions will help you not to sell at that particular time. If you can control your emotions and eliminate fear in your mind, the next thing that comes that can back up holding decisions is patience.
As the price of bitcoin most times can't be predicted and the market usually experiences bearish season, which means we are going to see times where our investment will be on the red season and our capital depreciating right in our eyes, and the more we are observing it, the more we are seeing it go down more and more, but as someone who has a target in mind, controlling your emotions will help you not to sell at that particular time. If you can control your emotions and eliminate fear in your mind, the next thing that comes that can back up holding decisions is patience.
October 03, 2023, 04:35:43 PM
If you are talking about millionaires, then definitely I will say it happens by luck. Only a few people may use their qualities and experience to become crypto millionaires, which isn't countable. Most millionaires undervalued Bitcoin, though they bought it at the beginning. Once in a while, their assets become worth millions. However, qualities and experiences are very important to earn from crypto. Most of us smallholders can't control our emotions and become panicky during bear markets. So we have been losing. If we can control our emotions and develop patience, then we will be better too.
October 03, 2023, 03:39:20 PM
The only Bitcoin millionaires that are lucky are the ones that lost their wallet for 10 years and stumbled upon it again.
Been thinking about this for a very long time, I don't know if some would resist if they bought bitcoin at a price of $1 and could sell for $900.The wealthy, who have diversified investments, mentors and consultants, multiple income sources and cashflows that do not have to "cashout" their profits due to life expenses... Those people will have money and/or crypto no matter what.
Wealthy people don't need crypto that's for sure, they might only jumped on crypto because of the hype or just they don't know where to put their money. And as far as I know, wealthy people put their money on real businesses to gain passive income. Rich people invest what they earn and spend what's left.
Poor people spend what they earn and invest what's left.
I couldn't agree more. This is what should most of the people be realized. Poor people spend what they earn and invest what's left.
October 03, 2023, 03:26:57 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.
With the exception of the underlined sentence, all of the mentioned features can be considered characteristics of a good trader, or they can also be considered the best strategy for trading in crypto-assets._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.
Whether the wealthy people of Bitcoin are those who made their wealth through professional trading or early belief in the feasibility of Bitcoin, they are both very lucky, and the results they achieved were pure luck. Of course, there is a third type of wealthy people who used Bitcoin to launch their businesses and made fortunes from those businesses. The owners of trading platforms and mixing sites are also wealthy people who relied on their efforts, rather than betting on luck.
October 03, 2023, 02:58:46 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.
We do not deny that there are Bitcoin millionaires. The luck factor was one of the reasons for their current wealth. They caught one of the golden opportunities when the price of Bitcoin was low and bought large quantities with low capital. They stored these quantities and held them for years, increasing their wealth. But there are also millionaires created by Bitcoin thanks to the fantastic and important qualities they have, such as the ones you mentioned, as their long-term theorists. They buy when everyone is afraid, during periods of price decline and complete stagnation in the market. They hold their bitcoins by controlling their emotions for the future without relying on short-term investments and their belief in the ability of Bitcoin and its modern technology without paying attention to any FUD that causes them panic, and thanks to their patient waiting and adherence to many strategies, the most important of which is risk management, preparing them for solid investment plans, analyzing the market and opportunities, and many other qualities that play a role in making their investments successful, their decisions correct, and wealth creation. _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 03, 2023, 01:56:04 PM
_ 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.
One thing in longrun investment is that the investment capital should be your spare fund, when you used your spare fund for investment their is every possibility that the investment will take up to time before a withdrawal will take place, but a process whereby the investment doesn't have anything to do with spare funds you will be curious or desperate of the investment, so it's very obvious that in cryptocurrency investment either short term investment or long-term investment all are risk because their is every possibility or tendency that investment of cryptocurrencies and especially bitcoin can be ventured to the disadvantages aspect of bitcoin. _ Patience: they have the patience needed to steadily build their wealth over the long term.
October 03, 2023, 01:39:24 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.
In addition to all you just listed, I will like to add that another key qualities that those who made millions of their Bitcoin investment was the early knowledge they had about Bitcoin, knowing it to be an asset worthy of great value in near future. Secondly, a strong confidence in believing in the Bitcoin project without seeing result is another key quality which the early adopters had, which we don't have today, followed by a careful ability to save their funds in the save wallet is one that thing the millionaire investors of Bitcoin have that we don't. _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 03, 2023, 12:38:38 PM
Early tech exploration ?.. Well I do consider those early one to get more but in the early stages it brings the risk, are you sure those who were early to Bitcoin held all of their coins and made proper emotional control? In the 98% cases I think most of the early ones did an exit on good time as it was suitable for them if a person entered at 2$ he made his exit on 20 or Y amount. Those who hold is not the holder in 99% of cases they were not even aware that they were having Bitcoin or lost their keys etc.
In your tips this Early exploration is an excellent point to be discussed but others like emotional control, patience, and long-term perspective are almost recurrent. Now those who already experienced a couple fo years acquire these all qualities as we are still not late, we are aware of future potential not just hypothesis on the actual data analysis, we do gather patience to service all the hard sentimetal changes in the market.
In reality what you need, is not tips is just the dedication toward your goal and strategy to avoid falling into FOMO or Greed, Ina good planing you will be able to harvest all these qualities and than be content and there you are
.
In your tips this Early exploration is an excellent point to be discussed but others like emotional control, patience, and long-term perspective are almost recurrent. Now those who already experienced a couple fo years acquire these all qualities as we are still not late, we are aware of future potential not just hypothesis on the actual data analysis, we do gather patience to service all the hard sentimetal changes in the market.
In reality what you need, is not tips is just the dedication toward your goal and strategy to avoid falling into FOMO or Greed, Ina good planing you will be able to harvest all these qualities and than be content and there you are
. October 03, 2023, 05:48:28 AM
Always have money to sustain yourself, it's not just holding your Bitcoin, tough times will come and it could steal your Bitcoin from you if you are not prepared, Billionaires understand how to survive the tough times without touching their investments, this is why they are different from small investors like us.
Since you are not a millionaire or a billionaire yet, it's not going to be a easy journey and the only tool you have right now is patience, a lot of patience, that is the only way you can grow, it's just that having a lot of money will make the journey more smoother as an investor than someone who is managing to catch up.
Also, all what these Millionaires and Billionaires think about is investing more and more, they found new companies and they invest in them, they find new stocks and they become a part of it, if there is a hope that the company will become a success, they go for it, this is the mindset of most rich men, they take part mostly in growing their money.
Since you are not a millionaire or a billionaire yet, it's not going to be a easy journey and the only tool you have right now is patience, a lot of patience, that is the only way you can grow, it's just that having a lot of money will make the journey more smoother as an investor than someone who is managing to catch up.
Also, all what these Millionaires and Billionaires think about is investing more and more, they found new companies and they invest in them, they find new stocks and they become a part of it, if there is a hope that the company will become a success, they go for it, this is the mindset of most rich men, they take part mostly in growing their money.
October 03, 2023, 12:08:40 AM
_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.
Those which got bitcoin at the earlier stages were not explorers that somehow found bitcoin by coincidence and then decided to invest in it, they were people which were already interested in similar topics and they found out that a person calling himself Satoshi Nakamoto created what many of them had dreamed about for a long time.With that in mind it is easy to see they were very excited about bitcoin, and they immediately saw its potential and got all the bitcoin they could while its price was dirt cheap.
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October 02, 2023, 12:22:59 PM
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.
This is my favorite. If you are a long term enthusiast then its worthy if you could see the potential of what you are buying. Some are just keep steady holdimg and looking on the bright future of what they have. Yes its literally hard to see when it will bloom but when it become fruitful then youll definitely gotta see it grow in the long run. Remember bitcoin when it was literally a cent and suddenly become have a good value. That is the key. To become a bitcoin millionaire you either have to have a lot of money to invest or a lot of patience (understanding a millionaire as someone who has a million dollars in bitcoin because no one is going to get a million bitcoins).
If you have $250,000 to invest now, you can easily become a bitcoin millionaire in the next cycle, as it is normal for it to go up at least 4 times from these levels. But if you have $250,000 to invest, you'll probably be a fiat millionaire already, and if not, it won't be long now.
The other strategy is to do DCA and hold without selling for at least two or probably three cycles, depending on the amounts you are contributing to DCA. In the first cycles it was easy with just one cycle if you bought near the bottom and sold near the peak, or if you held on for two cycles to make a lot of money, but in the future it won't be so easy.
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