Topic: Bitcoin millionaire: Lucky or possesses more qualities that we don't have. - page 3. (Read 455 times)

Great point but I think you are wrong, most bitcoin millionaires I know didn't invest in bitcoin., and sat by it watching the price go up and down, if they ever did that, they probably would sell out of fear of losing their money..

Most people who became or have become millionaires through crypto and bitcoin investment I know of invested, and then, left it and focused on other important things in their live, this move helped them to forget about the investment, allowing it to grow to the fullest amassing lots of profit.

So trust me, if you invest in bitcoin and sit by and watch it go up and down in price, you most likely will end up selling it too early, so the best way to hold is, focus on other things and forget about the coin.

Bitcoin millionaires have had the good fortune of buying a lot of Bitcoin when the price was very low. But some of them would never have thought that the price of Bitcoin could reach $60k. And they are the lucky people.

But at that time, they also didn't think about this technology and just bought it for fun. And they don't think about holding Bitcoin for the long term. But it's when there is a movement or increase in the price of Bitcoin that they realize the potential for a higher increase so they buy more Bitcoin.

All because they were lucky to be able to hold Bitcoin from the early days of Bitcoin's introduction until it exploded in 2017 as its first high rise. And that was the time when Bitcoin experienced popularity and adoption which started to run better than previous years. And now, more and more people want to buy Bitcoin, especially since they see many predictions of very high Bitcoin price increases in the future.

Since there are no links to any research, I assume these are just things the op believes are important qualities of Bitcoin millionaires?
A question like this would require extensive analysis for reasonable answers.
I've looked online and only found very generic data about approximate amount of BTC millionaires and info about some particular individuals.
But my intuitions are very different from those of the op. To invest in Bitcoin, you need to have money and knowledge, which mean a certain privilege that tons of people simply don't have. Then among people who fit into this picture, there are those who can allow themselves to live without touching the invested funds, those that can reinvest if they fell a victim to a scam, and other similar things.
And maybe after that come other traits, but to learn those we'd need research.

Its a universal investment truth, right? Control, patience, and long-term perspective are crucial to managing bitcoin investing world.

You're right about early tech exploration. Early crypto investors have benefited. They spotted the possibility, risked diving, and succeeded. I also like your “long-term perspective” emphasis. The game should be long, steady, and well-planned.

With all these keys, is success guaranteed? Certainly not. Cryptocurrencies are like a moving puzzle. Always a missing piece, fresh task. Despite emotional control, early research, long-term perspective, and patience, there's always a risk or unknown aspect. Knowledge is power, but with crypto, its also about adapting and learning.

Some of them are lucky, some of them have more qualities than ordinary people, and they have insight into the future.

The lucky ones knew nothing about Bitcoin and bought it by chance out of curiosity because it was a new currency or for any other reason, and it remained forgotten in their wallets until the crazy rise occurred. These are the lucky ones.

As for people who have distinctive characteristics, they read the future of Bitcoin and predicted that it would have a great future, so they bought Bitcoin and kept it in their wallets until its price rose.

The issue is not the issue of buying early, but the issue is who has been holding Bitcoin all this time. Many people bought early but sold immediately at the first rise.

These days I’m so settled with bitcoin that I am in the zone where these things doesn’t matter. In the sense that I have already accepted Bitcoin volatility and I am used to it. So if I am transacting then I am considering that it’s just 500 sats, million sats or if capability comes then I would do same with full bitcoin transfers. If I am going to consider my transfers then I just do it whenever I need it. I don’t care what’s the price per bitcoin. Hell I am earning in Bitcoin and I have observed the average is getting maintained all the time. Yes volatility matters if you are going to use that shield to make more money in the future over trading. It doesn’t matter if you are casually using it everyday. Some may agree some may not but these are the facts.

 We now live in a time when those who are able to adapt quickly and video opportunities will always remain in the black. Bitcoin also belongs to such huge advantages. In 2016, my friend gave me 0.01 bitcoin and said that soon it would be worth $100,000, but could I have thought that bitcoin would almost reach this? And then I spent this deposit. And my enthusiast friend became a millionaire, because he continued to believe and mine and store bitcoins. It was such pioneers who were rewarded the most.

A person may have nothing but his knowledge can carry him to a great future. There many people who went bankrupt, lost every penny he had but 2 years later, he has more assets than he ever had. If you made your money by dumb luck, that money isn’t going to be with you permanently. Knowledge and experience create your own luck. If you are investing without knowledge, that’s not investing anymore. That’s gambling. When you gamble you may win or lose but you’ll lose more often because you rely on your luck. When you invest, you will lose some times also but you’ll win more because you are using your knowledge in your favor.

Yeah i am pretty sure that a large portion of these crypto millionaires are those that mined during the 50 BTC block reward days or they bought when bitcoin was like $10 or $100 and forgot about it for years and then later heard on the news that it hit an ATH and they were millionaires overnight.

Most that trade it daily probably sold way too early. Nobody assumed it would become this big especially after the MtGox collapse. Or when Silk Road was shut down. But here we are.

The emotion control was the important one in all the things,which include the bitcoin trading also.By seeing the small pump,the trader should not sell their holding bitcoin.It was most essential one to hold till the maximum raise in the price of the bitcoin.To become the millionaire using the bitcoin,trader should learn the holding techniques in the gambling.The trader should analysis the market well and learn the price which is suitable to buy the bitcoin.Inverse in the bitcoin is not risk like inverse in the shit coins.

That's just the whole secret, patient they say it's a virtue that anyone that wants to make wealth must have, because wealth comes in gradually especially for bitcoiners.

The early tech explorers, took one of the greatest risk anyone on a normal day wouldn't want to, and they've so far benefited immensely from there risk, they say no risk no reward.
Bitcoin is an asset that grows astronomically especially when you want to keep it so you can make wealth with it, else you can be trader which is also risky for those of them that not too grounded in trading.

They are also lucky too, to have the money to invest at that early time, because what if they didn't have the money to invest, so in as much as they have patience, they should also count themselves lucky for having the funds to invest.

It is more likely to be luck.  Because they are lucky that they had found out about Bitcoin in its early years.  Patience, because they are able to endure the temptations, stress, and frustration that the high volatility market of Bitcoin brings.  Stable source of income where they can support their needs without resorting to selling their Bitcoin stash.  I think those are the three things they have that others may be lacking.

And this is everyone's worst enemy. Because if you can't control yourself emotionally, the tendency for you to miss the opportunities are high and it might even push you to sell at prices that you don't like.

You'll not consult yourself more when you're hitting it with emotions which is a terrible idea for investing and in trading too.

While many of them understands the technology that Bitcoin has brought which is the blockchain technology, there were also many of them that are just plain believers to itself without having that much exploration to the tech.

I admire those early adopters that have seen already the potential of it in the long run. We're just like passerbys but then, these people really have set the expectation of many that Bitcoin by its history and cycle, is no doubt here to stay and could blow in prices in the next coming years.

Holding is a quality of patience and most of us that know and does hold have this quality. AFAIK, most of us have all of these qualities and even they say that it's quite late already in the party.

We're still early on it if you combine being long term and optimistic about Bitcoin's tech and being an asset.

This is the ability of investors to overcome FUD and hold on to the investment plan. They were able to damn media reports that fed the public with fake news. There have several obituary announcements about Bitcoin to discourage investors but some diehards kept hodling

I think the early adopters believed the unbelievable. When others saw Bitcoin as a scam or a joke, these set of individuals believed that the currency had a future.

Many people lost money investing in Bitcoin because they saw Bitcoin as a short-term investment or quick money scheme. Bitcoin is not like altcoin which the price can pump and dump overnight.

Most people who lost money invested in Bitcoin were because of impatience. Bitcoin has always recovered its losses, which means that it will be difficult to lose money investing in Bitcoin.

Successful person are to those people who do have that kind of different thinking compared to those typical joes who doesnt mind on making their lifes become more better until they would realize that they are already getting left behind.   Well, there's really a significant importance about being lucky because whom had thought that Bitcoin or other altcoins would really be increasing its price that high? There's no one really did expect that it would really be a project which turns out to be mainly be that supported by the community. Bitcoin millionaires arent that simply been able to reach out those richness specially into those who had hold until
this very time yet they would really be needing to control themselves in speaking about market conditions because we've been on different market cycles which involves bulls and bears on which seeing those price
volatility would really be making you decide whether you would be selling out your stash.

Also there are those people who had just recently found out their keys which it is really that somewhat that considered to be lucky at the same time. No one whom really thought that
we would really be going this far and to those who had hold tons of coins are really the ones who had cherished out the tremendous amounts of profits that they've been holding
until now.

This was exactly the point I made earlier. These guys did what they did simply because they had enough to go by evennif their business investment(s) turned out to be a miss rather than a big hit.


Contrary to your opinion, I think luck played a role even those they put some effort on their part but being able to get the information about Bitcoin on time and having ready capital to deploy and acquire bitcoins at those insanely cheap prices is luck at its finest.

Bitcoin millionaires are also human being and they have emotion, patience and knowledge. As you have said they can control emotion, have patience and are visionary but you forget to mention the most important thing they have... They have proper money management. Without a money management strategy you will suffer losses in any kind of business.

Besides the points mentioned above, they also had funds to invest, while many of us didn't have back then... Personally, I had nothing to invest during the early stage of Bitcoin, as I was young and naive. All I could make was satoshis income by completing tasks and faucets online. I really can't complain about that, because if it wasn't for this possibility, I wouldn't have any holdings right now, just like many people I talked about Bitcoin on those times and that neglected the possibility of adopting it.

I believe the fact is that people who got millionaires throught BTC were at the right spot on the right time, and the ones who didn't get millionaires weren't. There isn't much to regret, complain and think about it. Let's just hope next time we can also be the lucky ones. Luck in this case, means a great sum of factors that must conspire in our favour to put us in a confortable position exactly when we need to be there.

Out of all the qualities stated I'd say it's the early tech exploration that really gave them the boost of advantage. I wouldn't really count emotional control as anyone can either attain that or not mind it at all, it doesn't matter if you're a Bitcoin millionaire or not. Moreover, long term perspective and patience falls to those who already have an advantage in money, they don't have to worry about everyday expenses like most of us do so they hold for long and invest long term and high risk.

Factors should be considered; luck, consistency, and market analysis. We cannot rely on a single factor alone, it would be more of a combination given how uncertain market behavior is. I'd say courage and initiative would play a key role as well. If you possess other characteristics in order to be profitable in this industry. then it won't mean something especially if you won't actualize the traits you've learned. Luck alone won't generate profit as well as strategy alone. In this industry wherein inconsistency exist, it makes sense that in order to earn profit, you have to have traits. Investing alone and holding for years would indeed generate profit but won't you prefer earning more? Think of those who have invested on this industry's early years. Not all of the early investors are earning huge money 'coz they don't have the consistency with their investment or manner of holding.