Bitcoin millionaire: Lucky or possesses more qualities that we don't have. - page 4.

Beparanf

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Quote from: Kara3 on October 01, 2023, 11:45:33 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.

_ 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.

Being lucky is always gives the big factor on success rate of investment the more on relying through speculation.

bittraffic

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If they become millionaires for being a trader, they already have a strategy to make more money even in the bear market.

Some of them don't even hold coins anymore before the bear market started. They know BTC has a cycle to follow due to halving. When the bull run is about to be over, the spot traders already sold their coins and all they do is wait. They do have all the qualities and they already have strategies.

m2017

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Quote from: Kara3 on October 01, 2023, 11:45:33 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.

All people have emotions. I have an idea why BTC-millionaires have "emotional control": not all of their money was invested in BTC, so they were indifferent to fluctuations in the price of bitcoin. Even if they lost this money, it would not affect their lifestyle and welfare. A striking example is the Winklevoss brothers. Therefore, this point can be changed to "invest not all your money in bitcoin by mortgaging your house and property. Have reserves in case of price fluctuations or even permanent loss of these investments".

Quote from: Kara3 on October 01, 2023, 11:45:33 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.

I believe that this was exactly the case and I think that they did nothing extraordinary. Anyone could be in their place.

Quote from: Kara3 on October 01, 2023, 11:45:33 AM

_ 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.

They don't know anything. No one knows. For them it is the same roulette as for us. This is the meaning of risk - there is always risk.

They buy and sell under the influence of strategy. What stops you from doing the same? Analyze (future forecast) and make an action plan (strategy).

Quote from: Kara3 on October 01, 2023, 11:45:33 AM

_ Patience: they have the patience needed to steadily build their wealth over the long term.

They have wealth (or savings) to tide them over while they wait to "build their wealth over the long term". Oh, it’s not easy to be patient when your pocket is empty and your stomach is growling.

"Bitcoin millionaire: Lucky or possesses more qualities that we don't have." - You idealize them. Don't "deify". These are exactly the same people as everyone else, with the exception of some points. Like the lack of empty pockets.

nelson4lov

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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.

cryptoaddictchie

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Quote from: Kara3 on October 01, 2023, 11:45:33 AM

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.

BitcoinBarrel

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The only Bitcoin millionaires that are lucky are the ones that lost their wallet for 10 years and stumbled upon it again.

Even then, 9/10 of those people will spend through the money quickly and be broke again.

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.

Rich people invest what they earn and spend what's left.

Poor people spend what they earn and invest what's left.

_act_

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Lightning network is good with small amount of BTC

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.

Kara3

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_ 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.

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