Topic: [don't have such a mindset] Bitcoin accumulation/investment not a competition. - page 2. (Read 324 times)

Such a competition among friends isn't necessarily a bad thing if it eventually leads to more people adopting bitcoin and understanding the benefits it gives them. If can become unhealthy if you make dangerous financial decisions just to win and do better than your friends. Challenging your peers is completely fine. If you grew up with a brother or sister, you will remember that you always competed against each other, regardless if it was attention, who was faster, who was stronger, who did better in school, etc. etc.

If they can accumulate then be it, just focus on your own goal either to earn or accumulate for long term since no competition especially if this so toxic give good effect on you. Just focus on yourself and don't compare your achievement to them since everyone have different timeline, so if they succeed for accumulating be happy for them and continue on what you are doing since for sure you will be rewarded to all your efforts you made especially if you ignore any toxic competition around.

OP, your friends are doing well because they are on the right path, especially as the price of Bitcoin is still down. If they buy it now, they will get it at a cheaper rate before the price goes up.

But the problem I am viewing here is that I hope they are not taking loans for this competition.
Some people can do anything to show off to their friends, especially now that they are competing to accumulate the most Bitcoin within a certain period of time.

Although it's a good thing to hear such news if they are capable of doing the competition with the money they can afford to lose and if they will be holding the Bitcoin for long and not just to accumulate it and sell it immediately after the argument.

Damn, the supposed friends of the OP have money to compete to see who can buy more whole Bitcoins. I see it as not being a competition in finance in general, not just with Bitcoin. When you improve your financial situation, do it within your means and don't compare yourself to others who are much better off than you, because if you want to get where they are you're probably going to try too fast and with too many risks, which will probably leave you worse off than when you started.

Whether accumulating Bitcoin or with your wealth building plan, be a turtle that progresses slowly but surely. This is not about buying jets and private islands, it's about getting better and better as the years go by.

It seems to me that people should not disseminate information about how much savings they already have and how much they plan to acquire in the future. First, it's not safe. It is so easy to become an attractive victim for scammers this way. Your safety is in your hands, the less other people know, the more reliable your investment is. Secondly, I don't see any point in comparing my savings with someone else's. Each person has different living conditions, different salary, expenses, financial management and intentions regarding bitcoin. All of these factors are not taken into account when people simply compare the amount of bitcoin they own. But these numbers mean nothing just on their own. What is important is what is behind them, and this is what is overlooked when such competitive conversations arise.

Yesterday, I accidentally stumbled upon a telegram message that people were always eager to buy more bitcoins, even at the beginning of its appearance.



I did not find a real post from this user; probably the account was hacked, but the idea of accumulation itself is relevant from year to year.
For some people, buying Bitcoins turns into a game of chance; in this case, it is only welcome. Having faith in Bitcoin is worthy of respect. You can look at MicroStrategy; the company practically does not give up and constantly increases its capital.

It all depends on how much cash inflow that they do have weekly or monthly because to accumulate up to one bitcoin is a year isn't easy if they are working for the government. Accumulation of bitcoin is not child's play and for you to achieve a good amount of bitcoin, you must have patient and self discipline in accumulating. There is no competition on this,just the way life is not about competition. Having a strategy on how to go on with accumulating bitcoin is what matters and not bragging because it is easy said than done. Bitcoin investment is beneficial in a long term and to accumulate bitcoin is also done in long term.

Not bad but I think, becoming a true Bitcoiner isn't about accumulating a certain quantity of Bitcoin for the sake of bragging rights, rather, it's about embracing the underlying philosophy and principles of decentralized finance and being a part of the global crypto community.  To avoid being left out, individuals should focus on educating themselves about Bitcoin and its long-term potential, rather than indulging in unhealthy competition for quick gains, IMO.

Recently, I encountered some friends engaged in an intense competition to accumulate as much Bitcoin as possible in a short time.
However, I emphasized that Bitcoin investment should be approached with a long-term vision and without feeling pressured by others' ambitions.
It should be done at one's own financial pace, considering personal needs and budgets, without compromising one's well-being or financial stability.

What I understand from what you wrote is those were highly driven group of friends who challenged each other to be better and earn more, absolutely nothing wrong in that.

It's a cut throat world and we on bitcointalk are not oblivious to that. As long as they are not entering into debt but are rather looking for more ways they can earn, then that's healthy competition. They can be increasing their income to increase their Bitcoin holding.

N.B, majority of these stories which have the same theme just seem made up.

I think these are the kind of people who spread wrong ideas about Bitcoin being a get rich quick investment. My main question is how they plan to get such large amount of Bitcoin quickly. Are they some kind of investors, experts, or miners? I don't think they are any of those. we should remember that Investing in Bitcoin takes time, study, practice, and planning.

From the way they were bragging, it seems they don't really understand Bitcoin well. Owning a lot of Bitcoin isn't something to boast about or a trophy. Just having some and holding onto it makes you a Bitcoiner, and that's the good part. People really need to stop talking and start learning so they won't be left out.

I don't think Bitcoin investment can be measured with every other investment, in the sense that Bitcoin investment allows one to be in absolute control of every step they take towards buying and holding their coin. No third-party involvement, no dragging of cue position with anyone in any office, and in fact, there's no symptom of competition with anyone. In Bitcoin investment, your security is in your own hands.

I happened to come across a few friends who were arguing among themselves about who could get the most out of Bitcoin for themselves, no matter what the cost. One said that he must accumulate up to 1 Bitcoin in a year, and the other said that if his fellow friend is able to accumulate one Bitcoin in a year, then he will make sure he accumulates two or three Bitcoin in that one year, the third person said he will accumulate more than 5 Bitcoin in a year, so as the fourth person. In their argument, they made Bitcoin investment look like a kind of competition where one person has to take first position (probably win a trophy 🥇🏆) against the other no matter what the situation.

On hearing all the arguments, I just had to engage in a brief discussion with them by telling them not to be agitated with Bitcoin investment but rather that it should be something done at ease and in one's own best financial time.

Really, it's not bad to have a big vision about the amount of Bitcoin one wants to accumulate. Someone can have the desire and vision to accumulate three bitcoins within a space of two or three years, but it shouldn't be something that they feel obliged to do due to the influence of other persons. Bitcoin investment should not be done in such a way that you have to let go of your own physical needs, shot down your business, or quit your job and invest your entire salary.

Bitcoin accumulation should be done at ease, in a way that it doesn't have any phycological effect on the investor, or in a way that you are not always in a haste to sell your coins because of every arising need. While investing in Bitcoin, it's wise to keep some fiat for one's personal needs and budget.

I actually educated them about Bitcoin investment and how they can go about their investment with ease, and they confirmed that I really did change their mindset from what they were thinking about. I really feel happy that I have passed on what I have learned from this forum (knowledge gained from the forum) to other Bitcoin investors.