Topic: Why most beginners so much believe bitcoin can make rich (Read 605 times)

The common misconceptions I have come across why many people believe that Bitcoin could make them rich is the fact that simply because they heard that if 10,000 BTC 14yrs ago could only afford just 2 Pizzas, of which that same 10,000 is roughly now approximately $610 million. Hence, due to ignorance recently, many people now think that if they too could buy a significant amount of Bitcoin, in the next few weeks or months, they could make profit of his investment, forgetting that it actually took BTC 10-14yrs, for it's value to rise that such. And one thing common about all those who think investing in Bitcoin could make them rich overnight is that they lack the basic understanding/fundamentals of Bitcoin/Cryptocurrency. Hence, it's very good people strive to acquire the knowledge first, before investing a penny into Bitcoin.

Indeed, it is quite fascinating to witness the allure that Bitcoin holds for many individuals. The belief that purchasing Bitcoin will lead to instant wealth is a common misconception that stems from a combination of factors. Firstly, the rapid and significant in the value of Bitcoin over the years has captivated the attention of the masses, fueling the notion that it is a quick path to riches. Secondly, the limited understanding of how Bitcoin operates contributes to these unrealistic expectations.

Bitcoin and ponzi schemes have lot of differences ranging from the fact that bitcoin is decentralized and owned by no one while ponzi schemes are centralized and controlled by the developers of such schemes.

Bitcoin offers transparency in its transactions and you cannot loose your coins unless you were careless with your seed phrases or private keys, but you can sleep and wake up to the reality of not being able to access the gambling sites no more. A lot of people have had bitter experiences of gambling sites folding up after they invested heavily in it, such can never be said about bitcoin.

More people adopting usage of Ponzi sites does not determine its longevity, It in fact means more money to the scammers that created it, but more adoption of bitcoin enriches all investors as the more the price goes up, the better the gains investors make from it.

Bitcoin serves as a means of investment, Job opportunity and transactions medium for its investors and users, but Ponzi has no valid features, has no economic value and can be only described as a gambling activity owing from the fact that you can either gain or loose from it. You are solely in charge of your investments and transactions with bitcoin while ponzi investors are at the mercy the admins of such ponzi schemes

bitcoin is very different from ponzi and it is in fact an insult to the lord of crypto currencies to be in any way compared to ponzi. investments in bitcoin should be highly encouraged in investment gatherings and financial consultations while ponzi shouldn't even be a topic for discussion in such gatherings and can only be introduced among gamblers.

Those beginners that think bitcoin can make a person rich overnight are those that received a false information about bitcoin.Acquiring the right knowledge on bitcoin and how it works is very important.Beginners thought on how Bitcoin make a person rich is absolutely correct but where it is misunderstood is when they think it is a get rich scheme investment.Nothing comes so easily, something similar to bitcoin you get rewarded for being patient even with the ups and downs of the market.Every means of being rich passes through some stages,so that's bitcoin's own unique stage of being rich.

Being patient with your investment, Yes, but having so much money first before you can build your portfolio, that I cannot completely agree with you. Maybe that could be one effective approach but there are so many other approaches one could accumulate a good number of bitcoin overtime without necessarily having a bank full of cash.
One effective approach is the DCA technique which I believe you're very much conversant with.
With the DCA method, you really don't need to have a bank full of cash, all you need  is to have a good source/s of income that will enable you to be able to take out some amount and buy BTC on a weekly, monthly or am interval that'll be more suitable for you, this way you can accumulate a good number of coin overtime without really having a huge sum stashed somewhere.

I don see plenty people wey be say the mindset wey make dem invest in bitcoin na to make fast money. Well most time I de feel say na people wey been introduce dem into bitcoin investment de cause am. Like if you de try convince someone to invest in bitcoin still tell am the risk and losses wey they involve too. If you see bitcoin as a making money fast type of project then na the biggest mistake wey you de make be that.

So if you are coming into bitcoin today thinking you are going to make it tomorrow then you are getting it all wrong, that why it always advisable for newbie who are willing to invest in bitcoin to try and make as much research as possible so they don’t get the wrong impression about bitcoin, so they should also know that there investment can also lead to loss. Most people who suffer loss in bitcoin are people who lack patience. Let take the current market as an instance, the market have been on dip  for sometime now so if u had invented before the dip now is definitely not the best time to sell. So most people who don’t make research before investing would panic now and even sell their holdings if possible.

And again if your are introducing anyone into bitcoin try to make dem know that getting rich through bitcoin is never a problem but the problem should be how much patience do you have, like how many years can you wait. Because that have always been the problem, most people want to get rich but lack the the patience.

it's only those that don't understand how the system works that will be afraid of investing into Bitcoin. After staying a while in this sphere I can boldly say that the chances of getting loss in Bitcoin investment at the moment is almost 3% and even for such, it's mostly for individuals that aren't patient enough to allow thier invest stay for a reasonable timeframe and have to taking at the time the need to be buying more Bitcoin.

No doubt, no one wouldn't be concerned about his investment and think about the possibility of things going wrong but when you're just too fucosed on the negatives, you can't get the best out of your investment. For those beginners that think investing into Bitcoin can make them rich, the idea isn't wrong but it's not just about investing into Bitcoin with any small amount of money and expect that overtime they will have a good amount of profit, but having a good amount of investment  is what determines if a person will be really profitable or not after holding his Bitcoin for a particular time frame.

One of the major reasons people of quick earn is because of the information spread out about bitcoin for example, if I’m introducing bitcoin knowledge to an individual who have not heard about bitcoin and I definitely want to exaggerate I might end up speaking false words not even associated to bitcoin. The way information about bitcoin is being spread out can be false at times, besides bitcoin is not only an investment choice but bitcoin can be use for international transactions. Bitcoin is a long term investment choice and not just patience but people should understand bitcoin is not so perfect.

Bitcoin knowledge can be acquired, just like the way everyone learnt about bitcoin likewise newly investors can also learn and invest properly except the person is not even ready so bitcoin knowledge is not an excuse. Growing through bitcoin is not all about the money but the patience and effort a newbie put into their investment, everything involves gradual process in bitcoin investment and I will advice a newbie not to invest all at once at first till they get to know about the investment, a lot of money is not so necessary at first but, gradually I believe anyone can build their financial capacity

Getting rich through Bitcoin might not be the problem for them but the main issue there is how much do they have? Growing through Bitcoin as a beginner you really need to have a lot of money, and you still need to be patient. Well it's quite obvious that many newbies in crypto are the type that can't hold Bitcoin because most of them lack he knowledge about the process of holding and accumulating. And lastly, they don't know the strategy (pattern) they can use to gain from Bitcoin.

Their is every chance that someone could make money through Bitcoin investment and also not investment wise for people to channel or putting all their hopes of getting rich into Bitcoin because in as much as Bitcoin is one of the best investment one could venture into but it has a process which doesn't involve getting rich quick investment but instead it takes time and a lot of patients for your investment to mature which could be referred as long term holding because since Bitcoin has been able to move this far within this number of years their is also a big chance that years to come it will surely be far higher than this so perhaps if someone is consistent on investing on Bitcoin he /she will be surprised to see how far his investment most have yielded in the future.

We make and print money with our good ideas and not everything require hardwork. We should always make sure we're having a nice time trying out good promising projects in the market, always keen on taking huge steps to focused on ourselves. Secondly bitcoin is not a get rich quick scheme, I'm aware about ponzi schemes and how they've dealt with people mercilessly. Ponzi schemes are quite different from bitcoin because it's been in existence for years and have generated enormous revenue for the crypto space.

If you enter YouTube now or you see some signal providers on telegram or WhatsApp, they go make you think say if you just invest in bitcoin then you don make money be that, or immediately wey you start to Dey trade bitcoin, you don Dey get money be that, and things no Dey work like that. Bitcoin no be get rich quick scheme, if you wan really make money from bitcoin, then you go need buy am and hold am for long time be that ooo.

Any body wey come meet you wey ask you say make you invest bitcoin in a platform and you go make quick return within a short particular time without any risk involved in it, make you just know say that person wan scam you.

Some of these taughts are accumulations of what they have seen around with a very poor knowledge or perspective as to what it actually is. Some persons have actually sold off the wrong idea to their friends and when these newbies happens to meet this as their first idea of Bitcoin it causes them more harm than good because they think wrongly about Bitcoin meanwhile they could actually get proper education and understand better. Bitcoin has actually gotten some others rich but it wasn't an instantaneous thing, it took months and even years of consistency in the cryptocurrency industry for the to have gotten to the point they are and not just by getting a few units of Bitcoin.

Sometimes na all those street boys dey cause this things, when dem don gor run client street collect their Bitcoin dem go come dey lie say dem dey into Bitcoin say na wetin dem dey wkrkwey dey give dem money be dat so newbies now go think say na true say immediately dem buy Bitcoin dem go start to dey ball not knowing say no b like dat, so e good make person dey understand something well fes before dem go dey do all these things dem.

Sometimes it's not about how much you hodl, but about when to enter the market and when not to. There are traders who merely hold for 2-3 months and then take profits, and there are some that wait for years before taking profits and so on. Let's take a more practical approach: those who bought BTC at $68k in 2020 were in serious losses until last month, when BTC hit a new ATH of $72k, resulting in a $4k profit on 1BTC. Now compare that to those who bought at the $34k dip last year and sold at $72k this year, resulting in an x2 profit on their investments in less than a year, which is more than those who invested in 2020.

Buying Bitcoin has never made anyone poor so yes it's not a get rich scheme and also not a get poor scheme so you're always going to be on profit level if only you know what you're doing right.

So many might have heard it across social media, news how people are testifying how Bitcoin investment has made them rich not knowing the strategy they might have used to be become rich through Bitcoin investment.
One can only become rich in Bitcoin investment.

1. By not seeing Bitcoin investment as a get rich quick or Ponzi scheme where you invest $5 now and get $50 tomorrow.

2. By hodling your Bitcoin for a longer period of time like 4-10 years

3. By also investing an amount you can afford to loss

The general knowledge is that one can make money through bitcoin but getting rich is not something that just happened anyhow though it can happen anytime and any day provided you invest when the coin is about to skyrocket. I think the reason why they always have this thought is because of what they have heard about bitcoin and what they have also see with their eyes but they don't actually know how it works and that is why most of them always get scammed because of that mindset.

Let's bring to such mentality kind of individuals and Investors attentions up to the real fact of bitcoin primary purpose of creation that it's a digital currency for alternative means of payments in place of the fiats While it's alternatively source of investment for profit gains.
And if bitcoin was just all about for profits then it'd had collapsed before this day but because it's a service for payments and other potentials that's why it has existed til date.

While I believe with you that bitcoin isn't a quick get rich investment neither is it just an inventory for source of income only, many individuals feels bitcoin is prioritized for profit gains and so much they gets lost more believing that as the case maybe if they get their funds invested on it just so magically that they'd make sudden profits.
Right then if they don't find that expectations after investing their funds they'd just assume that bitcoin is freak and not what's said that it's that it really was.
I fear about if anyone has even told them that it was a get rich quick project.

You are right and that is what is killing some investors today, they see others getting rich through Bitcoin and they think it's by magic, they don't even want to know the process they pass through,the risks they go through before getting to where they are now, they believe is by investing and all that but they got that wrong, they need to get close to people who are already into it for more understanding and also do more of research by themselves so that they won't also get mislead because others are good in misleading people with the wrong information. So they ought to be careful and always remember Rome wasn't built in a day, it's by gradual process, it takes a lot to become rich it's not just a overnight something.

People can only think like this when they are misinformed or uninformed, bitcoin has they way it works so is any other profit oriented ventures, the idea of making quick money in bitcoin is only for people with less or no understanding of how bitcoin works, if you make versed research about bitcoin you will always come across the uptrend, downtrend, volatility, instability, security and decentralization, all this things mentioned here mainly the first four will make you understand that bitcoin is invented for people that can endure circumstance, because you don't expect profit immediately but if it comes fine, just position your mind for long-term investment that's what Bitcoin is mainly for, so that you won't be disappointed along the run, this is why is also advisable to spread your investment that's if you have what it takes to do such.