Topic: People mindset in Bitcoin (Read 616 times)

Understanding and knowledge are considered very important to review the extent of people's readiness to take risks, talking about investments is basically never free from risk, both bitcoin and other crypto, but it's different when someone understands bitcoin fundamentally. We can decide to accept bitcoin as an asset for investment and also have to be prepared to lose, at this stage it's not because bitcoin is unable to maintain its investment value, but rather the pattern of approach we take according to the stages. For example during this perio, bitcoin's selling price decreased, while we bought it at a slightly higher price, if someone understands bitcoin fundamentally, then the steps that must be taken are waiting for the next period of increase, not vice versa selling bitcoin due to panic.

That is the importance of knowledge to minimize unnecessary risk levels, so that someone will be brought to a conclusion on the decisions taken. Talking about the opportunity to get rich, go back to the person and how much money we have and how accurate the strategy we use in investing is, so that in the near future we will feel big profits. If we only rely on small capital, then the possibility of becoming richer from investing in bitcoin in the near future is impossible.

They have different perspective in bitcoin some people seeing Bitcoin as one of the tool use in hacking and other kind of illegal action that could be use as mode of payment. But its before not until now there's a lot of improvement and innovation people now are using the bitcoin as one of the tool for different payment into business and establishment also in form of investment by keep holding and make a trade of it. Many people become rich on it but not as always people is for everyone there's some down by just having mistake where to invest.

One thing is true, don't expect to get rich overnight for whatever your investment assets are.
Bitcoin allows every investor to get a return, but of course the strategy used will affect how much return you will get. Usually a large budget will allow you to earn large returns, so don't be too optimistic about large returns if you only invest a small amount.

I agree analysis plays an important role in making your plan work smoothly on investment, but simply you can still buy on every dip to get returns in the long term.

Because I am not using Bitcoin as a currency for payment in my country, I will consider much about using Bitcoin as a digital asset, commodity asset, and worthy asset for investment, both short or long term. Bitcoin is always profitable, but never forget about the risks, too. I believe that we can see some pros and cons of Bitcoin. This will exactly depend on us, how we are able to manage Bitcoin in our life. But of course for me, Bitcoin is very worthy asset, Bitcoin has changed my life, truly, this is more than digital asset as usual.

What we need also is to face any FUD that is spread about Bitcoin, and stay crosscheck everything informed abut Bitcoin because we also understand how people are still having opinions about Bitcoin. Many people still hate Bitcoin because of unfair information spread on the media.

Indeed Bitcoin has made alot of people rich but this have affected alot of others mindset thinking they can just buy anytime and get rich quickly instead of them to do a proper research in order to know the right time to buy and sell for their investment plans

Despite the fact that the cryptocurrency industry as a whole is still in its infancy, Bitcoin has been around for quite some time. Other cryptocurrencies, on the other hand, are still young businesses, and investors ought to treat them accordingly.
Before making an investment in a cryptocurrency, it is recommended that you investigate the founders' backgrounds, previous projects, and industry experience as well as the industry landscape to ensure that you understand it. In point of fact, you should approach an investment in cryptocurrencies in the same way that you would a new business.

I guess there is no shortcut to being rich, everything is done by hardwork, full determination and perseverance. Even in gambling, you can’t expect that those who hit the jackpot prize and become instantly millionaire have not lose a thousand at first. Most especially with bitcoin, knowing the risk is high, still even if you have high knowledge and honed skills in it, you won’t be easily become rich with bitcoin. But for those who have been investing bitcoin for such a long time and has been managing their risks all throughout that long years, most likely they have been in a state right now of financial stability and independence.

Buddy, what do you mean by that? Is bitcoin a substitute for work? How? Are you employed by bitcoin? Who hires and pays the employees?

So, you made your point that bitcoin can bring in money, perhaps right after it has grown from having no value to being worth billions of dollars. But why did you say that we must give bitcoin good financial reasons in return? You are confusing Mr. Greggry. I am curious if your bitcoin investment has already relieved you of financial stress anyhow.

Bitcoin isn't a get rich quick schemes so that statement isn't true. Those that have made quick money from investing in Bitcoin in a very short period of time were just lucky and same can't be replicated with others as if you buy without understanding the market or planning to hold for a very long time, you can be dumped on. Investing in bitcoin is a patience game, you have to have lots of patience if you want to come out successful from your investments. Those that buy Bitcoin now and hold until we get to the next bull market are those that'll be in profit and not those that just buy when Bitcoin is already on the raise.

As a beginner, your mindset should always be focused on accumulating Bitcoin throughout the bear market as that's when bitcoin is usually selling at a discount. You can achieved that by buying them all at ones or DCA until you reach your targeted amount of Bitcoin to hold. The mindset shoudn't always be about making quick money or you'll get distracted by all the shitcoins spreading around the market in the name of altcoins and you'll giving away the capital you could have used to secure your future (through investing in Bitcoin) to this altcoins that aren't worth it.

To me bitcoin is substitute for work, cryptocurrency are more likely to be seen as uncontrollably digital assets, so making is not an optional, you need money to make money in it. This is not ponzi scheme or get rich quick, 3 things determines your expectations which are; capital volume, price and market. Don't expect too much when you start with little capital of $50-$100 it might not take you to anywhere. But more also people who use huge capital hardly loss or lose except out of greediness.

My point, yes bitcoin can add you to less financial stress but you must also give bitcoin good financial reasons.

they think of getting rich quickly with Bitcoin but don't see the risks involved. some newbies are too naive to think about quickly doubling their money on Bitcoin assets. even those who do not have the knowledge and skills are willing to leave their money to invest in Bitcoin to their friends who understand Bitcoin better. it's risky, but someone does it.
everything takes time, nothing is instantly rich because of Bitcoin. maybe there is but it's part of people's luck. and not everyone has the same luck.

Indeed, this is a very common mistake in crypto investment. The presumption is to become rich quickly with shortcuts in crypto investment, so that most investors, especially newbies, think that they will soon become rich if they invest in crypto. but they are not ready for all the risks, including price changes that are really fluctuated. And because of this unpreparedness it sometimes makes them feel down and end up panic selling their assets, without them knowing that they can still get profits if they want to hold on a little longer. but because they already think of being richer from crypto quickly, it becomes easier for them to panic buy and panic sell. This is the importance of understanding before investing in crypto, so that we can be wiser in our assumptions and hopes.

Some people come from unrealistic approach and those people introduce this to then is just over exaggerated about explaining bitcoin to them and mostly they always tell that bitcoin is fast money scheme that's they believe something like that which is common thing to newbie.

But for sure further realization will came that its not easy on everything on crypto once they try it and might they found the true use of bitcoin when seeing more people how they define and use it for their transactions.

When people start thinking so there will be imagination in the practice of its application, which becomes a problem when there is no mind to understand something and you don't have knowledge as a supporting factor.

Bitcoin is an alternative to making money and very close to achieving profits, but it requires understanding, pattern and strategy because it is not as fast as you think. Regarding wealth, how far will you invest and how much capital do you have to achieve instant riches in Bitcoin, not to mention we are talking about investment patterns and strategies and if you apply the wrong strategy, you may incur losses especially when it comes to price fluctuations.

Those were the golden days 10 years ago when one could literally mine a bunch of Bitcoins only using their PC without any heavy machinery or graphics card requirements, and only a few of the people from back then must have held on to their coins since no one really expected Bitcoin to grow as high as $69k per coin when it was initially worth a few cents.

People who believed in Bitcoin and held at least a portion of their holdings from back then are almost millionaires today, if not millionaires, they surely have a few hundred thousand dollars for sure.

This is not the best mindset that a person have when it comes to crypto currency. Bitcoin or other crypto that have good potential doesn't mean it is a get rich quick type of investment or whatever you do with crypto. Some people did get rich because of Bitcoin but it take some time before that happen. It's up to you on what you want to do either investment, trading or holding BTC in your wallet are one of the things you can do and more. You could say that it is an asset when you own BTC and you can use it to earn money (Patience is a must though).

Point of correction, Bitcoin is not a shortcut to getting rich, but it is just an investment option that has the potential to make you rich, depending on how long you hold your coin, because the reason why many persons sees Bitcoin as that currency that can make you rich is simply because if by example 10yrs ago, you had own just 1 or 10 Bitcoin back then when it's mining process was quite simple and could be done with mere smartphone or a desktop computer, by today you would have been a proud holder of over $28k to $280k Bitcoin with respect to today's current price.
But it's never too late, as if you wish to get rich with Bitcoin, just invest in it today and leave for next 10yrs or more.

Regardless of the foundation, it can be drawn that everything requires a process of achievement, time, process, and capital (both in terms of money or material and others), this certainly has a straight line, especially we need a certain amount of money to convert it to be used as an investment asset, and as well as the preparation of the initial management structure, and the overall impact they will get according to the target followed by a time process of course.

Some people view it that bitcoin will give them wealth, which should happen in the life of a user, but apart from that time and process are very closely related to achieving the wealth of a holder in the sense that this does not happen in a short time, only the time they need to all this, for those who do it using assumptions and excessive ambition I think they chose the wrong path in terms of their use of Bitcoin Assets. and it looks like they will be hard to reach

It's good that you understand things pretty well. Bitcoin is definitely not a get-rich-quick scheme, and as you said, a person should never have the money invested in Bitcoin that they might need in the near future because you never know how long it may take for your investment to turn profitable, that's why it's recommended to only invest the money that you have in spare.

Those who have got rich from Bitcoin are probably those who got access to Bitcoin in its early days and accumulated and stored a lot of it when it was too cheap, and now when its value is too high, their Bitcoins have turned them millionaires probably, if not, they probably have enough money to be called rich.

You are absolutely right, sir; Bitcoin is an added advantage in increasing our financial growth. Just like other assets that show appreciation over time, like bonds, stocks, and real estate, they may take a long time and their profit may not be huge, but Bitcoin volatility can always be profited from, and it can be just a short-term gain depending on the market swings.

Most people usually have the misconception that Bitcoin is just the only means to make money, and especially when they hear people telling their crypto stories, they may just end up believing that Bitcoin is the only option, but just as you have said, the amount of wealth and riches we acquire depends on individuals; Bitcoin is just a support.


Beginners should not get so overwhelmed by success stories; they need to really take time and understand what bitcoin investment really entails, because just as smack that Ace has said, if beginners take the wrong approach to investing in Bitcoin, they will lose their funds, not because it is the fault of Bitcoin but because they fail to understand some principles of Bitcoin investment. In my opinion, Bitcoin should not be perceived as the only means to financial freedom or a get-rich-quick scheme.