Topic: Wrong perspective towards Bitcoin investment - page 5. (Read 864 times)

I always say this: being fascinated by Bitcoin and rushing to use it without proper knowledge will always lead to disaster. Now here and there we hear that investing in Bitcoin is very profitable, but no one is in a hurry to learn that for you to get the benefits, you need time, patience, and also the ability to own them. Some leave their purchased Bitcoins on exchanges, some forget where they store their seed phrase, thinking that they can easily restore it, and others look with horror at the minuses that appear in their wallets during volatility.
I would prefer to always start with stories of a not entirely beautiful nature, for which a person should be prepared, and then tell him what magical mountains await him in the future.

If you want to invest in bitcoin, you need to invest in bitcoin for a long period of time, then you can make a profit. It is very difficult to make a profit by investing in bitcoin for a short period of time. I think that when the bitcoin market is dumping, we should invest in bitcoin.  When bitcoin market will be good then if we sell bitcoin then good amount of profit will be made.

Those who invest in Bitcoin mining sites with the intention of making extra profits face losses very quickly. Because they forget where it is right to invest, because their main objective is to make profit by working their willpower. It incurs losses but you have given him proper education using proper methods. Investing in Bitcoin has very less chance of loss, because Bitcoin is the greatest coin of all time. Thousands of people have achieved success using this Bitcoin and their future is bright.

It is true that it is not possible to get rich quick by investing in Bitcoin, but it is never worth accepting that investing in Bitcoin will lead to your investment scam. Bitcoin investment is likely to be a scam if someone promises to get rich quick with a short-term investment in Bitcoin, and investing on the spur of the moment can lead to you falling into an investment scam. There are many nefarious people in crypto who lure investors with promises of huge profits. Be careful not to focus on all those floodgates to avoid bitcoin investment scams. And one should never think of getting rich quick by investing in bitcoins. Because Bitcoin investing is not a get-rich-quick thing. You should always opt for long-term investments to protect your investment funds and make yourself self-sufficient.

Exactly! Maybe the OP also doesn't know that the website mining is a scam. I don't know; I don't want to judge, but it looks like the OP led his friend to the website to see if it was legitimate or not, more like a sacrifice. But yeah, I didn't mean to judge, but I can't help but think of it.
Anyway, given these days, cloud mining is not profitable, and if it is, most of them are scams, baiting you to deposit a certain amount so that you could withdraw the crypto currencies that you have mined. Only newbies and desperate people to have money will believe in this scheme, and what scammers are taking advantage of is the desperateness of a person to earn and their lack of caution.Now a days, this kind of wesbite is scattered everywhere on the internet, and we should not easily believe in them, especially airdrops. Some may be legit, but there are also lots of scam airdrops, so better be careful what you are doing in crypto.

This act you did will make him become more curious about Bitcoin, and for sure he will be amazed and thankful. After that, for sure he will learn a lesson from his mistakes like falling in scams, and some mis understanding of Bitcoin.
By also doing this, you are promoting Bitcoin and helping new people to fully understand how Bitcoin really works.

That's a good samaritan.

And also, share this link with him.
https://bitcoin.org/en/

When I was new in crypto, I was also a victim of a mining scam website in which I invested.
But, that costly mistake taught me how to avoid not repeat in the future.

99.99% of cloud mining are scams. If there's a legitimate one, you'll barely able to purchase hash power on them as most of the time they're rented and unavailable. If this indeed a true story, I hope that this guy, a friend of yours or not? will definitely learn the lesson that there's no such as rich quick scheme. Because when someone sees that opportunity, you'll have to take time and find out the red flags from it. If money is just growing on the trees, all of us are going to be rich if this is the case for all of these cloud mining. I don't mind if he's an anti-bitcoin, I've seen a lot of people just like him because of the bad experience that they've gone through and it is understandable. I wouldn't force him to like Bitcoin but I just wish that he learns the valuable lesson about investing and DYORing first.

Indeed. Some new people think that Bitcoin investment is easy and they can be rich instantly. They don't understand that it should take time to take profits in Bitcoin investment, they can't take the profits just in few days or weeks. People who have no knowledge, sometimes become panic when they see the dump in Bitcoin price. In this situation, the new people can sell their Bitcoin in panic, then the investment just make them bankrupt.

What do you mean with "majority of profits"?
Sure, there is no mining site that gives too high profits, it should be reasonable. If the site offers a too sweet potential profits, we can assume it is a scam site. It is better to avoid it and prefer trading as your suggestion. However, it requires good knowledge to trade, so people must learn trading and he market nature firstly.

Well, how generous of you to give him $10 at his downfall moment if what you tell us OP is true and not a made-up tale. But for me, it is crucial to approach bitcoin or any investment with a realistic mindset. You could have simply informed him that bitcoin mining is a fraud and offered to help him learn more. After all, the reason some people fall for bitcoin scams is most likely that they were approached by online con artists who lured them in with the promise of huge profits.
Furthermore, it can help us control our expectations if we see bitcoin as a long-term investment rather than a means of becoming wealthy quickly. That is because markets can be unpredictable, and short-term gains might not be sustainable.

From the beginning many people have different perspective of Bitcoin and under people too who know about Bitcoin also have another perspective, why we invest in Bitcoin is because of profit and the everyone who intend to invest in Bitcoin what it has in mind is to make profit on the process of investing in Bitcoin so you saying that their mindset is wrong I stand to condemn the fact that every average investor what is the has in mind to invest in Bitcoin is to make a profit and also show other people who castigate Bitcoin to see the the profit it has made in Bitcoin

What do you expect? he is anti-bitcoin and obviously he will attack it no matter how you explain that bitcoin is this and that.


He is not the only one who fall for that kind of trick, but I do believed that those individuals learned their lessons in a very expensive way and still do continue to invest/trade BTC up to this day. I too during my early days fall for a bitcoin doubler scheme.


There goes a saying that sometimes, it's better to experience it first in the beginning, so that you will learn and adapt and have a good mentality towards Bitcoin and not think of it as a get rich scheme.


Well, do you part already, there's nothing more you can do. If the person doesn't want to change his views on Bitcoin, then so be it. It's their lose anyways, maybe when almost everyone is into Bitcoin, he might realized that he should have change his stance earlier.

It's not an unusual situation, since many newbies have already fallen for similar scams. Fake crypto mining websites are really common, and they look legit for newbies, because they think profit can be made instantly through Bitcoin. They think crypto universe is a secret land of opportunities only few people have access, so offers from scammers look possible to be true on their eyes.

I have already been on that role many years ago. The problem with your friend is that instead of blaming the scam website solely, he blamed Bitcoin as well, as if Bitcoin was guilty for something. It's like blaming fiat currency in a bank robbery situation. It makes no sense...

Of course your friend must be angry for having lost 80$ bucks, but to become a Bitcoin hater won't help in anyway. Since you gave him 10$ as freebies or consolation prize for his loss, you could also suggest him to not deposit it at third party platforms anymore. Instead, deposit this money in a self-owned hardware wallet he has total control over the keys.

bitcoin is a currency.
however with all currencies you will find scams offering get rich quick schemes separate from the base currencies economic model of wealth building

Many people think bitcoin investment is a get-rich-quick scheme; they don’t observe well before joining the market. These are the people who fail to abide by the risk involved in bitcoin investment, and at the same time, they lose their hard-earned money that they have already invested because they failed to wait for the right time to sell their investment. But I don’t blame some of these people; sometimes I think it is because they lack knowledge of how it works, and that is why they act that way.

However, bitcoin is not a way of getting quick profit as it’s required a very long time of waiting before you can get your money back with profit, not even a year. Therefore, as you have stated, it’s not true that bitcoin is not a quick way to get profit at all; rather, if a user can be able to take a long-term risk and invest in bitcoin, he will definitely get profit, no doubt about that. However, you can’t blame someone for how he views bitcoin. I think that is because he or she doesn’t know how useful it will be for the community or himself in the future, so if you see someone talk about bitcoin that you don’t like, you educate them or forget about it if you feel they won’t believe what you want to say.


Many people start hating bitcoin due to their past experience in crypto, and most of these people get scammed with altcoin, not even bitcoin, but since they feel it’s crypto, they take it the same way and think it will happen to them even if they accept bitcoin, and that’s why you see someone complaining or condemning bitcoin. So you can convince or advise this type of individual to go back to crypto again unless you educate them on what to do and secure their investment after accepting it.


Yeah. Most of them are all these online influencers, and they are paid for it, so they won’t mention the risks involved in the investment; they only say the positive effects of bitcoin so that they can convince people to invest in it. I think it is true that they also don't have the full knowledge of what they are promoting.



I don’t believe this, bring up something meaningful so that we can merit you.  not this way man.

The people who talk all the benefits and possibilities of bitcoins and does not talk about the risk is overhyping Bitcoin and making some people possibly think of it as a scam. It also creates investors in bitcoins who are not emotionally ready for the market when it gets bearish. When you tell a new ear about the risk, you are not just educating them, but preparing them to become strong hodlers that have a strong emotional resistance against bearish market situations.

@OP can you show that you sent $10 to that person because I see your topic is like a made up story lol


Getting rich quickly is the thought of every new person who invests in Bitcoin, but will it make their goals come true? In fact, many people end up bankrupt and deceived because of their great desire to get rich quickly.

I've never seen an online cloud mining site that will give you the majority of profits but it will only end up being a scam, for newbies try to avoid bitcoin cloud miners, they are all tricks but the best way to earn bitcoin is by trading, investing or working for bitcoin.

They know what they are doing, isn't obvious people hear how Bitcoin has turned up for some people for years but want to do the same thing in just a month, they get the orientation needed, I just think they wana think they are the smartest and want to makes stupid step that always bite them because of greed, nothing kills faster like greed and new people that come to crypto are always guilty of this mistake; not like the regular people you met doing it don't know what they are doing.


For some second, I was looking at that transaction and I only saw 10, I didn't see any currency and I thought you were generous enough to send him 10 Bitcoin  . Well, that's nice of you but with the way he is down, doubt if he is going to keep that money in Bitcoin, he may convert that $10 to fiat and move on and might not come back to check bitcoin again. I have some of them that has disturbed me to teach them Bitcoin, give them all the details they need, some are doing well now but there are these set of people that always fall out matrix to do something silly, well they fuck around and has found out from scammers and never came back again.

Greed makes a lot of people lose money, it has always been like this and always will be...

There are no miracles, the only thing that makes you money is studying and knowing exactly what you are doing, everything beyond that is just lottery and casino, it may work or not, but most of the time the casino owner wins.

I believe he is a layman to bitcoin and then sees news or youtube videos about fast bitcoin profits which may be advised by fraudsters to enter cloud mining and then deposit some money so that he can buy a high cloud so that the speed of cloud minning is faster.

Maybe this person doesn't ask people who understand first so they just jump in and end up frustrated because $80 is lost in a week.
Many people who are trapped in early mining are usually ordinary users who want to make quick profits without trading or investing.