Bitcoin Forum

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin. Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict  the outcome whether the price will pump or dump.

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

The get rich quick scheme is what is leading people into traps. I think there is no get rich quick anywhere but hard work, your correct mate but this thread should be in the bitcoin discussion 

You are correct; it's not an easy way, and it has never been an easy way right from the beginning. I don't think anybody made through Bitcoin so easily without undergoing the process of holding and having patience with it, as the price did not just move up after an individual accumulation; it took time and years before it rewarded its holder with the benefit of holding.
 
One thing I see as people's major problem most times is "being misinformed." This has misled a lot of people into the wrong part, as what they conceive in their minds from the beginning is what they are going to work with. One of the popular beliefs of many is that if you invest in bitcoin today, tomorrow you will be a very wealthy person depending on the invested amount. All thanks to how much information is flying now, the mindset of many has changed from that belief, and proper enlightenment on how it works has been transferred to them.


It completely doesn't work like that though, although banking policies vary. Even if the money in your account happens to survive all the banking charges and remains the way it was when you deposited it, it won't be able to escape inflation, and when you withdraw that money, it will not have the same purchasing power as it did at the time of your deposit. Which means the value will reduce but the figures will be the same.

The problem is people look at the HODLers from over 10 years back who bought Bitcoins for a few buck and the value of their Bitcoins is now in millions still seated in the wallets. This triggers them to think they can also become millionaires overnight, but the truth is even for those HODLers, it was not an overnight thing. They had to go through thick and think, FUD and FOMOs, Government bans and approvals, crypto hacks and scares to reach where they are today.
Success does not come on a silver platter in most cases.

I can't agree more with you. But you said we have this perception about BTC that it will make us only rich while we do not see at another fact that it could also make us poor too. Is because of the wrong  teaching and guiding of other people. But we should not put all the blame kn others while we know we are the one who got the results about which we searched for.

For example, what most of the newbies search on YT or Google about BTC, is how to earn free BTC or where to get free easy BTC. And believe me auch searching will never take you to the side of getting information and knowledge like the way you could get if you start from getting information first so you would know what are we looking at and then find the ways to earn BTC.

And yes BTC is not some way to earn instant money while there are 50 50 chances of getting profit and loss but we can increase the chance of earning more profit (from 50% to let's say 80%) by doing TA and FA. Proper research makes you more profitable.

I think there is know magic in Bitcoin investment, Bitcoin is not for people who want fast profit, you must study how it works before you invest, let me categorically say that the best option is slow and steady, accumulate as much as you can, make sure you get yourself a job that can settle some little bills for you, this will enable you hold for a long-term, don't be a premature seller, I know it is not an easy decision to hold even when the price is declining, but remember a patient dog eat the fattest bone, so be wise, don't be in a haste to make financial decision, because the outcome might not be good, so invest when you are ready and don't expect fast profit because it is a gradual process.

You said it right and good that you've come into understanding and realization that bitcoin isn't a quick rich scheme. I think that whenever you grow from this thing, you'll start to realize important points.
Like you have no control over its volatility and the price keeps on fluctuating in a manner and direction that you don't know. But if you stay longer, you know that there's only one direction even with all of these ruckus and concerning motion and that's up.

Theres a possibility but think about it the price of bitcoin before is like what less than $1, 20, 30 or 56 figure to $1k but its tremendously priced now at more than $25k so see the difference? The belief of others that it could be worth 100x from now? Im not sure if its possible. Only early hodlers are lucky for this, but its not a get away scheme since those people didnt expect this as well. Maybe find a new one that could be like that too.

Contrary to popular belief, even your local currency in your bank account fluctuates a lot, especially versus 'stronger' currencies like the USD. Also depending on what your local currency is, sometimes it can even perform far worse than bitcoin in bad circumstances. Perfect example being the Venezuelan Bolivar.

I understand your attempt to explain, but this is a wrong projection. Fluctuations are not a characteristic of bitcoin, so you won't lose any bitcoins with it. Fluctuations are a characteristic of the crypto market.

In any market and macroeconomic conditions, you can actually reach unlimited financial levels with bitcoin, the perception of "getting rich with bitcoin" still applies depending on your ability and skill to earn sat by sat by any means, for example working remotely.

Amount of fiat currency in your bank account or bitcoin in your Bitcoin wallet or online account only change if either you transfer your fiat with bank transfer or move / withdraw your bitcoin.

If it is not you doing this, you get scammed by bank or exchange or your Bitcoin wallet is hacked.

Else, the amount will stay unchanged.

It is different. It is value of your fund that depends on the market.

Yes, you are absolutely right OP. Having thoughts like that (wanting to get rich quickly) in bitcoin investment is not justified. Because in reality investing in bitcoin is not that easy. Because all investors who have been successful from investing in Bitcoin, it takes a lot of time, a lot of learning and a lot of seriousness. Because if don't do all that, logically will definitely be vulnerable to losses. That's why the thought of wanting to get rich quickly, when want to invest in bitcoin, needs to be eliminated. It doesn't mean you don't want to be rich, but at least look at the process first and learn the science first. Because if you want to get something instant it is very difficult, especially in the realm of investment like in bitcoin.

Regarding fiat, as far as I know, the money in the account book basically continues to decrease every month. Because with every bank, there will definitely be fees that have to be paid every month, and these fees are usually always taken from the balance of money in the account. Not to mention the issue of inflation and currency depreciation, so in essence fiat currency always has price movements, but not too big and there are always costs if for example you keep your money in the bank.

Yes of course that's true. Because, for example, if you invest in Bitcoin, and get rich easily. Of course, everyone who has invested in Bitcoin has become a rich man.
But in reality it's not like that.

Because in conclusion, to get maximum results when investing in Bitcoin, there are stages. Like studying it first-then after that prepare the capital-after that go straight to the stock exchange-create a personal wallet (non Custodian)- and only after that always analyze and see the movements of the bitcoin market.
Even though this does not guarantee that you will be able to benefit, at least if you run all of these options, there is greater potential for profit.

Actually, people can be rich with Bitcoin, but they must just remember 1 key on investment, Patient. Yes, whatever kind of your investment, if you don't have a patient, you could be lost. In Bitcoin, 1 thing you should know is, to just use cold money which you never use to meet daily needs. Bitcoin has the same pattern which going on the same in the 4-year phase, Halving. If you understand and patient this, whatever the situation, you can be rich. The fluctuation price is just used for daily, weekly, and monthly trading. we don't need that for a long investment.

Years ago, when I first encountered Bitcoin, I thought it was also a way to get rich quick. I thought people would just invest in it and wait. I got scammed. I eventually understood it a lot more. But then my first impression proved to be true.

So, although Bitcoin wasn't really created as a get-rich-quick investment opportunity, it actually was the fastest way to get rich. It must have beaten all other investment opportunities. When I first heard of Bitcoin, the price was just a few hundred dollars. Just approximately a couple of years later, the price rose to almost $20,000. No other investment can beat that growth. This is probably the reason why Bitcoin got this reputation. Imagine Laszlo paying 10,000BTC for 2 pizzas and 5 years later that amount is already equivalent to millions in USD. That growth in Bitcoin's price was unbelievably fast.

But then such growth rate must also slow down as Bitcoin reaches higher prices. So its old reputation won't anymore apply. But it doesn't mean it wasn't true.

It is said that Bitcoin is the fastest way to get rich, but I think nothing happens fast without hard work and patience.The faster you want to grow, the greater the risk of danger you need to think ahead of time.Bitcoin will not make you rich quick but will guarantee you if you work hard.I will never agree with get rich quick I believe if you believe and work hard here then what you say is possible and more is possible.Where there is success, there is failure.Today is a hearing for those who were out of this world 10 years ago, but those who are now are forced to take one foot forward and two feet back due to various restrictions.According to the current situation you have to think about previous price current price there is a difference previous environment current environment there is a difference all these you have to observe and then take action. Then what you think is possible and everyone believes Upswing Bitcoin is a simple process it is not an easy process you get rich when you go up you get poor when you go down, so you need to plan long term then you can get rich. Ahead is Halving in ​​2024 if you can invest here then bitcoin will give you big things I hope those who invested before have success like this.
Finally, I can say that you will have to deal with bitcoin work with patience and And you have to invest bitcoins and don't believe any mind breakers and wait patiently then you will be very easy to get rich I think here is the real point.Invest with patience and cool head, work hard and success will come to you.

Well, nowadays with bitcoin it is no longer possible to get rich as fast as in the early cycles because as the price rises and an asset becomes more established, it becomes more stable and the returns are lower. If you invest a moderate amount relative to your economy, you will have to hold it for a couple of cycles to notice that it becomes a significant amount for you, and in the future it will be more cycles.


You are absolutely right. People don't see that in the early years it was not known if bitcoin was going to go to shit. When it was worth pennies it was much more likely to go to 0 than it is now.

The term "rich-quick" is already being included when they are telling about Bitcoin. I'm not saying that all are integrating that phrase with Bitcoin, but there are some who are misleading these newbies, telling that you can get rich in a faster way if you invest into Bitcoin. This is the reason why many people over the years are losing money.

Who said to you that Bitcoin is a get rich quick type of asset? When you hear the word "guarantee" and other words that has the same definition as that word, stay out of it. In investing, there's no guarantee whether it's crypto, stock market or whatever it is. In Bitcoin, there isn't any guarantee that you will get rich whatsoever. Yes you might earn profits in the long run, but that isn't guaranteed as well.

So to answer your question, you're right that Bitcoin isn't a get rich quick, and only newbies believe in that thing, and at the same time, Bitcoin isn't the type of asset where you can guarantee when that you will get rich when you invest into it, and in fact, no asset can guarantee that you can get rich by investing into it.

As you have noted, the early investors and traders in bitcoin, set this pace because they were able to accumulate a lot of profits in a short period of time. Looking at their success story helped to sell bitcoin as a profitable venture, but the truth that many people didn't realize was that this HODlers were taking risk at the time, because there was no way of being too certain of what the future held for bitcoin. They were able to overcome FOMOs because they saw the potentials of bitcoin and most importantly they patiently waited for it to boom. So it wasn't even a get rich quick scheme for them.

First understand 1 BTC = 1 BTC, saying Bitcoin will make you become rich or poor is incorrect, as long as you not sell your coins, it's still an unrealized profit/lose.

Hoping you can get rich quick through Bitcoin is completely wrong, in order to get rich you must have high income, so you will have a lot money to invest. If you only work and get paid with average salary in your country, you need to bear few people cost in your house or a sandwich generation, it's impossible you can get rich through investing Bitcoin only.

This quick rich schemes platforms or ideology is common reason why people lost their money. Majority of starters need to think about that if crypto is really a quick rich schemes many would provably got rich from this and no one get broke. To many unfortunate stories we can read anywhere so they need to realize that crypto is risky investment and it needs proper research and huge effort before they see a result from the activities they have done.

Anyone who believes that you can get rich quickly with Bitcoin should look around and see rich and successful people everywhere. If it were that easy, think about it, wouldn't people do it? It is on the basis of these misconceptions that we meet people who sell their valuables in a hurry and buy Bitcoin, completely unaware of all the pitfalls that can be expected along the way. Therefore, the one who is not ready to wait for a certain period to make a profit, the one who panics and sells during a fall, as well as the one who does not handle his deposits carefully, creates that negative side that other people listen to after not trying to figure everything out on their own. You should always check information from several sources, then turn on the logic and decide whether it is worth investing and how much you would consider a profit.

Many people have lost money due to the misconception that you can easily make money just by buying Bitcoin. They also assume that bitcoin is like other altcoins that experience push and dump. Bitcoin investment is designed for those who are patient and willing to keep their funds for a long time. People will only lose money in bitcoin if they sell their coins prematurely due to fear of the unknown. There is no way you can lose all your investment in Bitcoin.

The value of fiat is influenced by inflation. Some currencies have lost almost 90% of their value in a few years. There is no certainty that fiat currency will have the same value after a few months or years.

Bitcoin is an investment that can give you profit. It's ability to make you rich depends on how much you bought the coin, the quantity  you own, how long you are willing to keep it and how much you sell it. If you by a large quantity at a very cheap price, hold it for many years and sell when the price goes very high, you might become rich. But owning a small quantity and selling it within a short time might not give you the kind of money you want.

What they see even are not real stories and not from people who got rich with Bitcoin.

Selling all assets they have, bet all money they get to Bitcoin is very dangerous. I am not saying this because Bitcoin is not a good investment asset but nobody knows about future. Even Bitcoin has risk if you invest in it. In addition to this, if a person is newbie, it takes time to learn and use Bitcoin wallet safely to store bitcoins. If betting all money in Bitcoin but don't know how to store it safely, what will happen with their life if all their bitcoins are hacked.

Will they continue to live well or will they suicide?

I am against easily get rich story and bet all assets, money in Bitcoin.

Yes you are correct, bitcoin does not make one to become rich quick. This is a mindset that has always cause people to lose their money in  investing, I think what has really made people to have this belief of becoming rich in bitcoin is the si call bitcoin advisers in the social media. This people go ahead telling people about bitcoin how  it can make one to become rich but fails to go into details to let beginners know what they need to know about Bitcoin that it is not possible to become rich so quick in investing bitcoin. Most beginners have the mindset of becoming rich because the news they get from social platforms.  

If you are not in haste and you invested in bitcoin, you can first think that you are losing if you invest, but later you will gain.

But if you want to invest in bitcoin and earn more, you have to study the time to buy the dip.

You do not have to trust people. A friend can even tell you to invest on something that belongs to scammer s and all of you would be scammed together at once. People have to do their own research, no matter how true what they hear from other people is.

You nailed it right. There’s no shortcut to success. Everything has its own process. Even with bitcoin wherein most people find it as a get-rich quick tool. In fact, if you care less about bitcoin knowledge and just focus on how to maximize profits, then you’ll end up losing all your wealth than expecting huge profits. Bitcoin is a highly volatile asset that makes it very risky to invest and trade. Though some are seeing it as a reliable source of profits, but it also depends on your abilities and skills and if you’re consistent in using working techniques and strategies. If you are seeing yourself for now not capable to overcome the risks, then it’s better not to invest or trade bitcoin but learn first everything about it.

^ If you are fool enough to sell your BTC under the price you purchased, that is a big mistake. If you HOLD it, it will remain the amount and probably just ignore the value towards the dollar. Because if you HOLD 1 BTC it will remain 1 BTC. The fact is some people invest in BTC without fully understanding how it works, its underlying technology (blockchain), or its inherent risks. This lack of knowledge can lead to unrealistic expectations and beliefs about its profit potential. I would rather suggest everyone read first the whitepaper of BTC and why it was created, not for the purpose of a quick rich scheme. The guarantee of making a profit is at the right time.

Bitcoin does not fluctuate, its value continues to change, and those who have achieved wealth are those who bought when the price was low they continued not to sell and sold at a point where their first investment multiplied tens or hundreds of times. These stories are rosy and beautiful, but their flaw is that every year Bitcoin’s ability to double weakens because in the past $10 million, $100 million, or even a billion dollars was enough to make price rise by 100% but in the future, Bitcoin may need several trillion dollars to be able to achieve a 100% increase, which is something that may not happen quickly compared to bitcoin 2011/2013/2015.

You are right OP, but these set of people should also know that no legal business can make someone get rich overnight, because the business will be faced with so many unforseen obstacle for it to grow. Bitcoin is also the same and buying and holding is the only way to make profit and you should be able to pass through the complete circle which is four years. Not an easy thing when you are not discipline.

It is when that person is misinformed about the market and bought at the wrong time. What I mean is that when he buys at ATH and the market moves the the bearish side. He would be discouraged and sell due to FOMO,because he doesn't understand the market speculation, that the price will pump within the four years circle.

There is a high tendency that you will make profit than loss, if only you can be patient with your investment and hodli for long. You will loss your bitcoin or make loss, either if you are a newbie in trading or you are a short term investor who invested with loan or money that is meant for other important purposes.

It is absolutely true that Bitcoin is not a shortcut to get rich. This is the crypto currency market, there is no guarantee that you will get profit in every case. Here you can get a good profit, and there is a risk of losing your capital. Bitcoin and crypto currency market fluctuates, and people make profit from these fluctuations, but it is not as easy as it seems, it requires a lot of hard work, knowledge and experience.


Both profit and loss in Bitcoin depends on where you invest in Bitcoin and where you take your profits. A good entry can give you good profits and a wrong entry can also lead to loss of your capital. So you are right for those who want to trade in Bitcoin it is important to know about Bitcoin and crypto currency market first. One should know about market volatility and bear season, bull season, technical analysis, fear and greed and chart reading. From which they can have a good idea about the fluctuations of the market.

However, Bitcoin is the only crypto currency in the entire crypto currency market that can be trusted and where our capital is considered safer than other crypto currencies. There is no guarantee that you can invest in Bitcoin whenever you want and you will get profit. The lower you enter the market, the better profit you can make and the bear season is considered the best entry.

The only people that lose money investing in bitcoin are those who believe in generating quick money. You cannot lose money in bitcoin if you have the patience to keep onto your bitcoins in whatever market condition since, even after a long period of time, 1 BTC remains 1 BTC. However, some individuals do think they can profit quickly from Bitcoin trading and end up plunging in without sufficient understanding. These people do experience financial losses and ultimately accuse Bitcoin of doing so.


The value of bitcoin fluctuates and not the amount of bitcoin you hold, the fluctuations happen due to market conditions but it will never affect the quality or amount of BTC you hold.

On the other hand, Fiat do lose value due to inflation, you can still have the same amount you keep in the bank but will lack value due to inflation, but Bitcoin will gain value.

This is what the most people think about Bitcoin, I was too.
In fact, because I was so disappointed that it didn't turn out to be a reality, I was so down and hated the crypto world for several months. Until they didn't see the market because of the very sad price drop in 2018. And finally I realized that in this world nothing is instant. Trying to come back to gather passion in crypto and learn more and more.

Luckily there are many shares of experience on this forum. So that I can get more knowledge, info, and also various sharing related to Bitcoin and crypto in general. So I am increasingly aware that Bitcoin is not the way to become overnight success. There will be a process to go through. And from that process we should be able to become better and wiser in investing. It's not easy to let go of disappointment. But those who obey, finally Bitcoin proves again that this is a valuable asset, very valuable, but not something to make us rich overnight.

Years ago, I never thought bitcoin was a shortcut to quick riches and success. But they are wrong. Only those who are willing to be patient and buy bitcoin when the price is still cheap can experience success by selling bitcoin at a very high price.

Bitcoin is not a way to get rich quickly and you must be able to hold the bitcoin firmly because there will be frequent up and down waves in the market.

You are right that bitcoin is not an easy way to get rich because everything requires a process that must be followed and you must be patient.

When we first invested in bitcoin, it was with the a little money we had. It felt as though I was going to lose especially as I was watching the market price daily. But as I read more and gained more concrete knowledge, the gains started to come in slowly.

Before the knowledge of DCA strategy, I started to target the dips in the price. That was the time I begun to buy more bitcoins.

Never trust, verify. Always. Even if a close pal of your is persuading you to invest in a project. Do your research first before jumping all in. Or if you can't wait, invest just a tiny fraction of the money which you know that you can afford to lose then do your own research for yourself. Get educated.

People who have good knowledge about Bitcoin we never tell people that Bitcoin is getting rich quickly because they know the process involves the patience of holding Bitcoin for a long time before the profit will come. I think newbies in Bitcoin send the wrong message to their fellow newbies that Bitcoin is a get-rich quickly because they might be lucky to make huge profits from Bitcoin without holding it for a very long time.
quote][/quote]Even though your fiat remains the same as you deposit it in your bank account the value of that fiat will never remain the same. Inflation will make the fiat in your bank account lose its value. For instance, something you bought for $10 last year, you can buy that same thing for $15 this year.

You are right, actually this has already discussed in various topic but still besides the fact how much times it was discussed its importance increases each time because everytime we are learning something new. People at first are confused about trading and holding as the single investment methods while they are not. Both are different. Therefore proper guide and knowledge of both is also necassary to gain profits. Otherwise one will only face loss.
I want to correct you from here that, if you have fiat in banks then it will not remain the same as they are currently as with inflation increasing they will be losing there price or value. As if we apply the same concept which you just applied on fiat then the actually satoshi will remain the same even if the price of btc goes down what actually will happen is the value of those same satoshi will decrease. But in fiat you have the same amount of fiat in banks but value of those fiat will 100% decrease due to high inflation so it is better to keep funds in btc as it is a hedge against inflation.

Hmm, Firstly yes the thread seems to be belonging to the Bitcoin section, Secondly, it never always leads you to traps, (Using shortcuts), as OPsaid he did the same to get rich he used a shortcut but fortunately, it was Bitcoin and now OP know almost everything about the BTC its potential, how it works and how far it can worth in near future, OP used shortcut rather than falling into POZI or TRAP he got something unexpected an investment opportunity, an experience and now He is learning about the market I think one of the best digital skill ever. Hard work can make you successful in the task which you are performing but mart work can make you rich.

Who works hard on a daily wager or Ellon Msuk, obviously a daily wager? To get rich you have to option be determined or get involved in Scams, You will be rich haha not at all preferable life should have only limited resources in which one should realize their worth having too much can lead to personality destruction. Having a lot of resources can lead you to Nowhere (it's not MCU so don't fantasize).

On one hand you use the slogans coined by bitcoiners, fiat critics and people who hate speculators (1btc=1btc) and then you use wall street terminology (unrealized loss).
Decide on which side you are because wall street will hate the buy and hold, and not your keys not your coins people, but they;ll gladly introduce you to terms like high risk assets or shorting bitcoin with leverage.

I say fuck all those chart masters who will tell you that bitcoin is in a bear market because a line crossed another line, or because it went down 20%.

In 2021 bitcoin made a new ATH, lost 50% from its ATH and then made another ATH. If we operate on wall street's terms it was in a bull market, then bear market, then bull market again and ended up in bear market in November, all in 1 year.

Bottom line, hold it and they will eventually come begging that you sell it to them for the price it is today, mark my words.

Bitcoin and it’s get rich quick syndrome is totally a misinformation. In any type of investment, there is always a risk and there’s no shortcut to succeed on it. Most particularly for bitcoin where it’s one of the most high risk assets that anyone must decide to venture into bitcoin should gain the basic requirements first so they won’t end up losing and become frustrated. Perhaps this get rich quick syndrome was only for those who invest with greed but without knowledge, because in reality bitcoin is never easy to deal with and you’ll gain series of losses at first before you can say you’re getting profits already.

When most people are being introduced to bitcoin investment, they think it's so easy and that if they invest immediately,  they will make good profits. Most of them do hear from their friends that they are making money from bitcoin investments, and they won't care to know how it works. They will just end up jumping into the investments thinking they are going to make quick money there. After joining and losing money, they will start to understand that bitcoin investment is not a get rich quick scheme.

If you really want to make money with bitcoin investments, you should have patience and be able to hold them for a long time. After investing, you shouldn't expect profits in a few days or hours.

The only people that will think bitcoin investment is a get-rich-quick scheme are those who haven't invested in bitcoin yet, but people that are already in bitcoin know that you can't make quick money from bitcoin investment. If you are in a rush to look for quick money, then you might end up losing money in the process.

It has become because there were too many of them that keep on sharing the same thoughts about how easy investing and profiting in Bitcoin is.

They should learn from the others and if they don't have someone to learn from, they need to be aware that there's no easy thing in everywhere because you'll have to do it always in the hard way in terms of money.

Giving themselves some pat in the back when most things are too good to be true so that they'll get reminded.

Most of those stories were heartbreaks and regret that they should have entered the market knowing some basics of it first. And many of them jumped in commonly without having the background needed for understanding what volatility is, and if it's good for them or not.

There was a particular time on social media where it was like if you were not into Bitcoin you'll never make it in life. I'm not even exaggerating this. It was that bad. The Bitcoin wave was so high it felt like Bitcoin was the only way to success. This was during the bull run that led to the ATH.
There were a lot of people who bought Bitcoin for the wrong reason, some just bought because they wanted to feel among themselves. They didn't understand it.

What's funny is they all left after Bitcoin crashed down to $16k and now they are never going to come back. This is because they did not have the right understanding of what Bitcoin is.
Bitcoin is not a get-rich-quick scheme. It's a currency that's way better than the best currency you can think of and can also be an investment if you're patient enough.

When people lack an understanding of what Bitcoin is they wash their hands off of it after the first setback. The bad news is, a lot of people people out there see Bitcoin as what it's not.

Well, from the start, Bitcoin has never been a get-rich-quick scheme, just that people have mistaken it to be a quick way to make money, but it's not, and like you said, people have also misunderstood the real idea about trading as they thought that they could just do it and begin to make profit without learning how it works. Like myself, when I first started trading, I thought it was something that I could do to achieve financial freedom. I never convinced myself that in trading, I could also lose some funds through failed trades, but it was only after I started trading that I realized how difficult trading is, and I know that some people don't really think about the aspect of losing money in Bitcoin trading before they can start trading.

 I think that if it were a get rich quick scheme, the number of people involved would have been triple the one we have now. I mean, who doesn't love quick money? The thing is, most people enter into Bitcoin investment with the mindset of getting massive returns. This is not a lofty expectation if you are conversant with it's ups and downs but then again, some are not.. Bitcoin investment is something that will make you rich, but it also comes with it's risks which is a characteristic of business.
 Most people who spread FUD about Bitcoin are those who were not patient to carry out their research before entering and once things don't pan out the way they expect, it becomes one of the worst and most time wasted investment there is.
Being a Bitcoin investor or hodler is like being a farmer who plants a seed and patiently nutures it to growth. Getting rich is a process and just as everything in life has a process, so does Bitcoin.

This is why some people invest in bitcoin, but those who believe that it will make them wealthy quickly are ignorant of the nature of bitcoin; although it gives profit and makes you gain more than what you invest, which is what we call profit, bitcoin does not work in the way we think; you cannot invest in bitcoin today and expect to profit tomorrow. How long did it take for some people to become involved with bitcoin despite not understanding what it means? Before getting involved in something, it is wise to learn as much as you can about it.

This is one reason why many criticise bitcoin in the end because many people today believe that investing in bitcoin will always result in financial success. This is especially true of forum newbies, who believe that by joining the community and learning a lot about bitcoin, they will be able to invest in bitcoin and become wealthy. However, I want newbies to understand that if the bitcoin market does not perform well, there will be no return on their investment.

You know some people just rush in to Bitcoin because they thought it's just so easy to to invest and to make profits, and those people if they lose their money while Bitcoin price dropped they will start saying bitcpi is a scam platform but they don't know that they got it all wrong at the first place sometime from those who even share them the Bitcoin informations.
Like you said that Fiat bank is not like Bitcoin wallet, I might agreed with you, but to me I still see Bitcoin wallet as a bank (crypto currency bank) because wallets are the only place to hold your coin no matter the fluctuations.
On the other hand I really believe that we people explained hotcoin wrongly to other people, because some day back I heard somebody discussing and explaining Bitcoin wrongly and the both of th were arguing about it and I left them didn't want to join he conversation because I wasn't invited, like the guy way say Bitcoin is also forex trading and the other was like no it's not because on the investment side you put your money and live it for a long period but forex trading is not like that and the other didn't agree with it. 

Making reckless decisions in the hope of getting rich quickly is essentially what greed is all about. Whether someone is poor or not doesn't really change this fact. Especially when they're not aiming to make money for essential needs, but rather to buy luxury items like a fancy car.

Anyone seeking overnight riches is mistaken, not just in this context but in general. Even if you invest early in Bitcoin, you might make a decent profit, say But to make huge or great profit, you usually need to wait for several years and hope that a market downturn doesn't wipe out your gains.

Greed often leads people to hold onto their bitcoin without cashing out any profits, and they might end up selling when the market is at its lowest, which is basically buying high and selling low. It's better to set realistic goals for your investments to avoid chasing unrealistic dreams.

It is true, investing in Bitcoin is not only profitable, there is also the possibility of losses. If one wants to invest in Bitcoin then one has to invest with risk. With right understanding about Bitcoin and investing at right time, it is possible to become rich. So before investing in Bitcoin must take all the ideas about Bitcoin. Now Bitcoin has become popular all over the world. And it is possible to get rich if you hold Bitcoin for a long time.

I think newbies will have the same perception about bitcoin, that bitcoin is the fastest way to get rich because that’s what they hear on the people around that are hyping bitcoin. But when they start to invest and experience initial losses, that will be a good realization that there’s no easy way or shortcut to making profits. Everything is achieved through hard work and patience, and if you can’t deal with the high volatility of bitcoin, that is already a red flag for you not to depend much on bitcoin investing.

Actually, it's not just in Bitcoin. Any investment can make you lose your hard earn money. That's why it's called an "investment". Of course, you have to risk your money, expecting for a return. But unlike other investments, Bitcoin's value fluctuates faster and bigger which makes it riskier than other types of investments.

With its volatility, it's possible for you to earn big profit with just a short period of time, and this is the reason why people commonly think that investing in Bitcoin can make you rich quickly. And since others already have this misconception towards Bitcoin, a lot of scheme and scammers are using that to take advantage of people who want to get into Bitcoin. Bitcoin isn't a rich quick scheme. Others may have become lucky getting rich with their Bitcoin, but it isn't always the same for all Bitcoin holders.

People get scammed by going to get-rich-quick schemes they see and decide upon. I saw a person who took his money and placed bets on a casino platform with the aim of getting rich quick. The man didn't have the least knowledge about how to play casino, but he bet his entire money without understanding getting rich quick and eventually lost. And he was so broke after losing that money, he shouldn't have made this decision at all, he should have made a more informed decision later. Anyway, one has to gain good knowledge and experience about the get rich quick scheme and then take that decision. If investing in Bitcoin is done with the aim of getting rich quick, then it will not be the right decision at all. I think, a person to be rich must be patient and wait till the time when he can invest and get profit.

You are accurate in saying that Bitcoin is not a investment that make someone to be rich quickly, and that is the case. Bitcoin is not a ponzi plan or an investment that makes people rich rapidly; those who believe Bitcoin is a ponzi scheme will be the only ones who believe Bitcoin can do so. To those who know much about Bitcoin have the understand have idea that someone can be belong rich through bitcoin but the fact is that not guarantee. however, it is still possible to make a profit and accumulate wealth despite the fact that it cannot guarantee, It is undeniable that Bitcoin has made some people incredibly wealthy, particularly early Bitcoin investors who had the chance to amass a certain quantity of currency when it was still extremely cheap.So based on this evidence, Bitcoin can indeed make someone wealthy, but all I would recommend is that when you want to be rich through bitcoin investment you need to invest you invest a decent sum and be prepared to hold it for a long time.but don't never invest more than what you cannot afford lose.

Yes there are many people around the world that  thier life is going up higher and become a millionaire or even a billionaire because of Bitcoin and yes we can not deny that cause we are all know that in the past 10-13 years to the price of Bitcoin is too small. But those people who earn a lot of money nowdays are waiting for how many years to achieve their goals to became rich. In short if man or a woman aiming for money they they need to sucrifce the need to discipline themselves in order to reach that goals like what other did.

I think the newbies who are mostly deceived with the thought of bitcoin being the fastest way of making money are the newbies who see bitcoin investment as Ponzi scheme. Tell me how do anyone imagine a thing to be very easy when you have no or little knowledge of it?  Greed is one of the reasons why people get into investments without proper research, thorough investigation and proper knowledge before investing, people are easily attracted to invest money when they hear of a double profits but they lack the courage, patience and the most important thing wisdom to take things slowly to atleast make proper check before ever accepting to invest in bitcoin. Yes bitcoin has helped so many to become millionaires but it didn't happen overnight they invested, waited, lost and gained when there was bull run.

Everything work with, calculation, hard work and determination, nothing comes too easy, just as the first commenter said, misinformation is what usually take people into the wrong places. Those who have had in mind that bitcoin is a get rich quick kind of a thing might already be regretting investing in it as the result they will get is not equal to what they where expecting.

And it’s also good for us as human and learners to always not take the information we hear from others as investment advice, but we can make use of that little we have and make our own research over that particular thing then we can draw our conclusions weather we really need to invest in that thing or not, or if the thing is really the way they have said it is, if anyone fails to do their own research they should not hold the person who refer them to the thing 100% responsible as they are also part of the reason why they made the wrong investment decision.

I will first congratulate you for getting the actual information on how bitcoin fluctuates. It is not easy for someone to openly understand and believe how bitcoin works, as you have been convinced for many years that bitcoin is a get-rich-quick investment. However, what people don’t really understand about this bitcoin thing is how the market works. When planning to be a bitcoin investor, try as much as possible to at least catch up on some concepts that you will really need in your investment journey, which is what people are not doing today, which is why they always blame bitcoin at the end of the day.

Actually, you can lose your money in bitcoin investments, but when you invest the amount you can afford to lose, you won’t worry about that. Even if the market dumps, you won’t regret it because you will be able to leave the funds there for long periods of time until you reach your target.
 

Although there is a possibility of losing you money and at the same time there is a possibility of getting your money back with profits, if you follow the right way of investing, you will definitely get profit from your bitcoin investment. If you are able to hold your coin for a very long period of time, I think you will get your money back as you will wait until the price pumps and then sell the investment.

While those who lose their funds do so due to greed or lack of knowledge, when you have knowledge of something, you will try as much as you can to prevent yourself from the negative side of such a thing.

You are right with this. Reality is bitcoin is never a get rich quick tool, but an instant way to lose your funds if you are not cautious. With that, I mean to say those who invest for greed, those who invest because of FOMO, and those who invest and trade because bitcoin is in a big hype. When you fall on all of these, you will certainly realize that there’s no easy and quick way to get profits with bitcoin, all should endure hardship and losses at first.

A lot people started from that angle especially during bull market. Bitcoin is not a get rich quick investment but can be a profitable way of investing. I was lucky to start from this direction as mine was entirely based on needs.  So rather than see Bitcoin as a means of getting rich quicker, I saw it as a means of solving the problem of the cumbersome process of sending money across borders. Regrettably, if I had seen Bitcoin as a means of making money when I started, I would have had a huge stash of it by now

Getting rich quick with bitcoin is never real. Those who are saying this are certainly seeing bitcoin as a wrong way and have never been actually in the investment process so they never had experienced how it feels to lose from bitcoin investment. While some are making exceptional profits from bitcoin, a lot are also suffering from losing their funds in an instant.

This kind of mind set was created because people who invested in the early years of Bitcoin amassed huge profits due to the exponential growth of the Bitcoin market.  But sadly Bitcoin price growth become sluggish due to the fact that Bitcoin price is way more expensive than it was in its earlier years and need huge amount of fund to be injected in order to move the market.


Anyone will only lose in Bitcoin if they sell. 1 Bitcoin will always be equal to 1 Bitcoin, any loss while holding Bitcoin is only a paper loss it is just an unrealized loss until the person sells his BTC at a loss.


I a gree that you are right that Bitcoin nowadays is not a get-rich-quick anymore in fact to be able to profit in the Bitcoin market, one needs to wait if they plan to hodl or do intensive learning of trading if one decided to take part actively on the market movement..

often beginners get into bitcoin because they have this get rich quick syndrome in fact they don't get it, instead they make mistakes. Anyone who thinks bitcoin can provide wealth in a short time should think again because bitcoin is not an bubble investment.

Bitcoin is a great investment due to its potential for long term growth & its ability to diversify a portfolio. It offers a decentralised & secure system which can provide financial freedom & protection against inflation. It is important to know that Bitcoin is not a get rich quick scheme. Its value can be volatile & subject to market fluctuations requiring patience & a long term perspective aka HODLING. Successful investing involves careful research, understanding risk factors & making informed decisions. By approaching Bitcoin as a long term investment you can potentially benefit from its advantages while managing expectations.

Our personal experience will tell us the reality of Bitcoin investment. Many people become disappointed because of that thinking and market views - easy money/instant profit and becoming rich. It was a big lie for someone to say it, in fact, some fake promoters and scammers did it.
Many lives have changed and their financial capabilities as well due to investing in Bitcoin. It is profitable indeed but yes, it takes time to reach where they are today. There is a process called for it and people must understand how it works otherwise they end up disappointed.

There is no shortcut to making wealth or becoming rich, a room is not built in a day and success is a process. Yes, Bitcoin has actually made early investors become rich, and it was not something that happened just overnight; Therefore you don't invest in Bitcoin today and expect to become rich today, so if you follow the footsteps of the early investors you too will get the same result… HODLing has proven to be the route to achieving success with BTC.

Those new users only see how rich people make a lot of money from Bitcoin, they don't see how much they have lost. Financial freedom really won't be achieved if new users only look at one side and don't learn to deal with the risks that will arise in the crypto market. There are many people who go bankrupt because of crypto, because of lack of understanding, lack of control or risk management so that no matter how much their money will run out.

You on point man. Most noobs feel the crypto space is where father christmas share xmas gift but on the contrary it need hard work and patience
 

Truly if bitcoin where a get rich quick scheme, then the number of people that will be involved in it would have doubled many times over. Because as you have said, who doesn't love quick money, and sadly this is the very reason why many people are falling victims in the hands of fraudsters that will scam them and collect their hard earned money. An example is the ponzi schemes, where you invest a small amount of money and in the shortest period of time, your start to earn geometrically, this will entice a lot of get rich quick mindsets, who will put all their life savings in the scheme, all of a sudden the ponzi will shutdown and the investors will loose their invested funds. S


The lesson to learn is to be very careful when you see any get rich quick scheme, because if there are such investments, the people involved will keep it a secret and be reaping from it alone.

If there exists such a way where people could quickly get rich, then everyone would be rich by now. The problem with most people is that they seem to think that everything has a short cut to success. But as a matter of fact, being hardworking and maximizing the opportunity of being lucky are the key factors of what makes a person successful.

Think of cryptocurrencies as the gateway opportunity of someone being potentially rich. This opportunity should therefore be maximized by people who are aware of its existence due to various factors (e.g. forks, etc.) that can affect the price of BTC in the market.

You don't lose bitcoin due to price fall 1 BTC = 1 BTC.
When the price of bitcoin pumps, the fiat equivalent is what you see as profit but the bitcoin remains same. You only lose your bitcoin if you sell at lost or you are scammed or hacked and your bitcoin transfered from your wallet. Anything besides this, you are not losing your bitcoin, just hold and the price will appreciate again.
Also, the money in your bank does not remain what it is, it losses value every day while bitcoin doesn't lose any value.

you're absolutely correct!! sometimes people see those early bitcoin investors who faced many challenges. they had to deal with fear, doubt, and excitement while also dealing with government rules and security problems. It was like walking through hell. becoming successful in the world of cryptocurrency isn't something that happens quickly. it takes a lot of time and hard work. so, if anyone thinking about getting into cryptocurrencies, then be prepared for a journey with many ups and downs. even those who became millionaires had to work hard and stay strong for a long time before they succeeded.

Many people came to crypto-market in order to get rich quick and some of them left the market when they faced a few losses while the majority learned from their experiences and they studied Bitcoin deeply. Bitcoin isn't an asset to make your rich over night not even in years because those days are long gone when someone could become rich by investing in Bitcoin. Now if someone really wants to have better future with the help of Bitcoin investment then that person should learn about market dips or apply the DCA strategy in order to accumulate Bitcoin for a long time. The investors who are long-term thinkers and they can hold their Bitcoin investment for decades can still earn good profits from this amazing asset.


Well, Bitcoin is actually more volatile than fiat but I must tell you that fiat in your bank account is also volatile because it is vulnerable to inflation and its value will also reduce if you keep it for long term in a bank account. Bitcoin on the other hand can give you good profits if you are someone who can hold it for long periods. I would recommend you to learn more about Bitcoin and then compare it to fiat and after that I'm sure that you will understand that fiat also get devalue over time and the things that you can purchase now with fiat you may not be able to purchase after 5 years due to devaluation. Bitcoin may become high in value after some years and even in 2024-2025 it's expected that Bitcoin may cross $100k value while the fiat may loose some value in those two years.

Bitcoin can get you to be rich quickly if you are extremely very lucky. Only luck could do that nothing is certain, anyone who want to certainly get rich over night need to do either something criminal or violate some ethics while doing their business. But I kinda get how people think that Bitcoin is an easy and quick way to get rich, the volatility of the Bitcoin price, is insane especially with the bull market on 2017 and 2020 was crazy. Some people with very few understanding about crypto market and blockchain will claim and spread that bitcoin is an easy and quick way to get rich, and some naive and dumb will believe that, without doing any research and buy bitcoin hoping to turn their thousands into millions overnight.

But people introduced that bitcoin is a easy way to became rich will not see those risk since they always think about all on crypto is easy. That's why realization come up later on when they experience the fall down. Some survive because they are been challenge and still see the opportunity. But some quit because they find out how hard to earn on crypto, to avoid comes from wrong way better research first the risk before the opportunity so that the acceptance will come first and be careful on your first try to avoid losing huge money for first try of our investment on Bitcoin.

The lowest Bitcoin price in 2020 was $5K and after a year the price went up to $60K, it's 12x profit if someone managed to buy at the lowest and sell at the highest. But I don't think 12x will make you become rich and waiting for a year isn't quick, the only way you can get rich through Bitcoin when you buy Bitcoin for $1K or lower. This is the reason I don't think someone will able to get rich through Bitcoin only, the only way is gambling in shitcoins.

When the price of Bitcoin continues to move, what changes is the value of the Bitcoin that we have in our wallet, we do not lose our Bitcoin in quantity. if you buy 1 Bitcoin you save it in your wallet. Even though Bitcoin price fluctuations occur, you will still have your 1 Bitcoin. what changes is its value when you sell it.


there is no investment that suddenly makes people rich in a short time. including for those who invest in Bitcoin.
Investing requires an understanding of the assets you will invest in. So don't just invest in Bitcoin because you hear that your colleagues or other people are successful with Bitcoin. You also have to find out how they achieved that success.
nothing pleasant is achieved instantly.

Get rich quick and free money is just an illusion from which we must come out when dealing in crypto world because it needs our understanding before we enter into this world.There might be some lucky people who have entered the market at correct timing and able to earn profits within short span of time but that also requires trading skills not get rich scheme so there is difference which many can't figure out.

If there was a "shortcut" to success, then all of the people around the world could have already used Bitcoin. Some part of me believes that there are plenty of ways to get rich, just not quick but people won't tell that kind of stuff because they would either have to share a fraction of their success instead of them getting it all. The usual greedy stuff ya know?

People would continuously have "losses" in Bitcoin depending on how they need the money they invested. Particularly for me, I don't care if it went to zero at one point although it isn't going to happen. It's just that I don't expect to get rich and I don't even want to be rich. Just living a normal life and a peace of mind is quite enough for me. Never going to bother myself having a headache again.

Well sorry to say but this has been the exact thought of many newbie that comes to the forum, they actually wish and think same progress that happened with the early investors is still going on although most of them are not properly oriented and they just feel bitcoin is some kind of project which makes you rich overnight. Like you pointed out which is very correct "there is no short cut to having wealth" everything is due process and we must hustle and work hard to earn as wealth doesn't magically appear overnight.

This is only when "investing" in a ponzi scheme, scammers guarantee a high profit, which usually leads to the loss of the deposit. Investing in Bitcoin does not always lead to profit, so the investor should carefully approach when and at what price to buy BTC.

The path to success can't be quick, short and easy. Everything that is offered in this form is deception or a complete misunderstanding of the subject of the proposal, for example, as happens with bitcoin.

The amount in your bank account never remains the same. Even with the interest that may accrue for keeping it in a bank, that money is still lost due to inflation. Slowly and the longer they remain in deposit, the more they become cheaper.

If we assume that bitcoin has only been growing since its inception (in the long term), then it turns out that the probability of making money on btc is higher than losing it.

You can get rich at bitcoin if you have patience for many years. Look at early investors. Those who had the fortitude not to sell btc cheaply now have a good fortune. It would seem that there are no obstacles to repeating their success.

Are there any guarantees of getting rich? :) This sounds funny.

Bitcoin can make someone wealthy, but it's not as simple as people might have thought. Earning money with bitcoin or becoming wealthy as a bitcoin investor only takes time and gradual growth; we can't start investing today and expect to become wealthy tomorrow, like someone who is going to pick up money off the ground. We can't just enter into something that we know about, which is why learning is so vital. There is no way you can invest in bitcoin and lose your money; bitcoin can only give you a profit for those who understand it and the risk involved before making an investment.

Since I understand Bitcoin, there is no way for a person to invest in Bitcoin and lose all of their money. The only people who can do this are those who invest for a short period of time and don't realize the risks involved. There are many millionaires that have become wealthy by investing in Bitcoin, but not as quickly as most people thought.

Bitcoin is not designed for you to get rich quick. Those who made big money on Bitcoin are early believers that took big risks. Although the idea of cryptocurrency is very interesting, it wasn't known 8-10 years ago whether it would be successful or not. People believed in it and invested and earned. It doesn't make sense to expect to get rich doing the same thing right now. Bitcoin is already widely accepted. You can make money by investing in Bitcoin, but the era of buying Bitcoin and waiting a few years to get rich is over. When Bitcoin reaches $1 million, its value will have increased only 40 times.

Finally, i found an Op whose account is bigger than a newbie. Most of the topics are nowadays created by a newbie and I wonder how a newbie creates a topic and shares such knowledge topics as a newbie.

Coming to your topics I think that there would be no limit to the stupidity of the person who believes that Bitcoin makes you rich. It's not that easy to gain more profits from bitcoin in a short time period as it requires information and technical knowledge about investing in bitcoins and there is high risk in investing in bitcoin, The Market is volatile, and anything would happens either goes up or down.

It's a fairytale, bitcoin does not make you rich in days but it requires time and long-term trading.

I think those people who are thinking like that will surely lose some money. As you have said, Bitcoin is not a get rich quick scheme and Bitcoin isn't like that but an investment or other types of businesses for example where they are willing to take risk to earn profit. I wonder where or how their thinking or mindset become like that. Even me as a newbie before didn't even think that it is a get rich quick scheme but as an asset where I can earn money.

Bitcoin is just like any other investment that has no guarantees to succeed and won’t be making you profitable in the end. That’s the reality about bitcoin. However, hearing a lot of bitcoin testimonies from different walks of life, people will easily fall on the belief that bitcoin is another get rich quick scheme. Unless if they won’t experience losing instantly from bitcoin due to wrong information, then people will stick to how they have known bitcoin from the start.

No, you can't lose or gain your Bitcoin in your wallet. It remains the same all through. What changes is the value, either in loss or in gain but your Bitcoin remains the same. It goes to support the argument of those who say 1BTC = 1BTC. The two ways you can lose your Bitcoin is if it's hacked, either on an exchange or in your wallet. The second is if you trade it on Futures.

In Bitcoin, the chances of making someone poor is very (very) slim. The slim percentage is when those who invest in it get in at ATH and aren't patient to wait for a recovery time. It takes a maximum of four years in Bitcoin investment for every worse case scenario to turn positive. I've observed this keenly.

Well, those who think it's a shortcut to quick riches should've themselves to blame. It's never and should never be thought that way. This is one of the misconceptions of noobs. I see Bitcoin as an asset and for an asset to appreciate you've got to give it time.

Bitcoin has a Proof of Work blockchain, not Proof of Stake so you can not hold your bitcoin in a wallet, stake it to receive staking reward. To have bitcoin, you have to mine it as a miner, to receive it from block reward (that is 6.25 BTC / block now) and transaction fee.

Other ways are buying it with your fiat currency or convert your altcoin to bitcoin.

You can lose your bitcoin if a hacker get access to your wallet private key and move your bitcoin to their wallets.

Your response, going by that comment, wasn't what OP was asking and to which I responded. Let me refresh your mind on what OP asked again... 👇


OP wasn't referring to losing one's Bitcoin to  hackers or anything of that nature. Rather, what they were asking was if there was any situation that would make one's Bitcoin hedl to decrease in its unit. Let's say 0.005 BTC reduces to 0.004 and continues that way until it gets to zero or that it increases beyond 0.005 BTC.

Indeed. No investment has a guarantee to succeed, including Bitcoin investment. Moreover, Bitcoin is a high risk investment, which means not easy to succeed in Bitcoin. Bitcoin holders must deal with the volatility, FUDs, hackers possible attack, and many other risks. So, it is totally wrong that investing in Bitcoin will automatically be rich. No instant way to be rich in crypto investment.

Yep. Hearing the success story from others will trigger anyone to have high motivation to achieve the same way. Unfortunately, many people don't understand enough about the way to achieve the success. They think it is easy, in fact it requires a lot of serious efforts and take a long time.

Even then the early investors didn't invest because they want to make quick money, what they invested in Bitcoin to make big profit took them time, they held Bitcoin which made to get a huge gain. The kind kind of new bitcoiner we have this time, they just believe getting profit from bitcoin is something that happens so quick and it can elevate one from having nothing to become more buoyant. I think bitcoin have always been the same, obtaining profit has always been as a result of having patience to wait for the market to gain value. Their has been no time people invest in bitcoin and immediately they became rich.

I sort of understood it differently going by the snippet you have in that quote. My understanding left me with the impression that, it’s a quantification based on what value your wallet holds through the various market seasons or price fluctuations.
Although, OP have stated it as described, which is not even close to anything possible. That your coins would decrease in units without you having to make some withdrawal or send some out, that doesn’t happen with bitcoin or any other coin in a wallet out there.

Fiat too follow similar pattern in the sense that, what truly decreases is the value. What that same money could buy in different time frames varies. While inflation might rock fiat, volatility still rocks bitcoin. You don’t lose in unit but, you can either profit or lose in value.

BTC5 will always remain BTC5 in unit no matter the time in years or market condition but it’s value will or could vary.

Oh I think it happens to everyone else too, including me hahaha I mean you cannot see a huge pump and a huge dump in the stock market in a day in crypto especially low cap markets like shit coin you can see a huge dump more than 1000% just in a day in fact maybe in a couple of hours. People who don't understand about this will likely go all in and get rich in a day, but the reality says the opposite.


This gonna be a huge trigger, especially when you see on social media like instagram or tiktok that you can live a life like on the paradise and still young with pile of money and chicks everywhere

The phenomenon of short profits from Bitcoin investment may occur from 1 in 1000 people who enter to invest in Bitcoin at the right time which makes them lucky.
I mean they managed to accidentally get in moments before the pump that happened on Bitcoin. they see market prices falling and take the risk to buy. once they have it doesn't take long for a pump to occur that provides a return on their investment.
however the results may not be as great as expected. but they definitely make a profit. That kind of mindset is probably what many beginners have today. while those who are more experienced of course know how to profit from Bitcoin investments which require patience.

It's sad but true, quick money is more attractive to people than long term investments, and that's why they get scammed easily, there are few family friends that I know, the only thing stopping them from Bitcoin investment is because it's a long term process, it's like they can't wait for few years to reap their profits, sadly, many people in the world today are like this, that's why crime rate are increasing, nobody want to use years to their advantage, everybody want to get rich quick, that's why some become criminals, and some start doing drugs and cocaine business.

There ain't no such a thing as "get rich quick". It's either "rich", or "quick" (and poor), but you can't have both.


Even if there was a Proof of Stake, it would not be free to get rewards, there is a cost. You have to lock up a lot of crypto inside the network to be eligible to claim rewards, which most people don't have, so you know what they do? They use custodial services that take all their money and do it for them. It's like Celsius. I think we all know how this ends.

There is no get rich quick concept in any investment, especially in Bitcoin investment where the price can change at any time. Highly fluctuating Bitcoin can make you rich or poor in 24 hours, so you need thorough knowledge before investing. Hearing news about other people's success in investing in Bitcoin really attracts other people's interest in wanting to do it immediately, but it's not easy, there are stages that need to be gone through before becoming an investor who can profit from Bitcoin.
You are wrong if you think Bitcoin is a type of get rich quick investment because not all Bitcoin investors can become rich, there are things you need to learn before deciding to invest in Bitcoin.

Isn't that kind of depiction also what creates the perception that Bitcoin can be an investment to produce results in a short time? Not rich in a short time, but profitable in a short time.
unfortunately, beginners think it's easy to do. even by investing, they have to have the patience to hold their Bitcoins. If you want to trade Bitcoin you also have to have skills and knowledge which of course doesn't take long to learn trading.
however, Bitcoin is a risky asset. If we can minimize risks, then we can gain profits. The time to make a profit is still not a short scheme that can be done by a beginner.

It wasn't that way in the first place anyway, people back then didn't think that bitcoin's going to go this high, they're just happy that there's something that they can use to buy stuff online without the hassle of middlemen like PayPal and to be able to protect their privacy. The second-wave of bitcoin enthusiasts were the people that made many think that bitcoin is a get-rich quick scheme.

I was about to say this, yeah, there is no get rich quick scheme, anywhere, not just in bitcoin investments. And that's why though there are people who feel victims to investment scams because they think that they can multiple their money very easy.

Just in the news in our country, someone scam millions of dollars using the name of cryptocurrency and it's sad to hear that people are still falling for this trick. They should understand that in any investments, it needs time to grow your money as well and it's not going to be very quick.

Those that understand the system know that Bitcoin is not a get rich scheme but those that are money mongers especially the newbies that think crypto market is where to make quick money and get out will always end up being scammed. There are plenty cryptocurrency projects in the market and we need to invest in good ones that have reputation nit just selecting at random. We need to know what we are doing or else we are going to make careless decisions as a crypto enthusiast. Doing research is one of the key that will prevent us from getting scammed.

You are very correct. there is no shortcut to true success. But the percentage of succeeding with Bitcoin is far more higher if one will ask me compare with other ventures out there. Especially the bliss of not having some agencies of government demanding their usual double digits tax in your transactions.

True. Everyone wants to live with lots of money because they can do anything. When seeing people succeed with their investment can live as rich people, anyone must be triggered to follow the success. Moreover, crypto investment is easy to do, it is not as complicated as other type of investments. People just need to buy crypto coins in exchanges, then they only need to hold the coins for certain time of period. But people sometimes are not aware that crypto investment has a high risk. It has high volatility and the fluctuates of the coin prices are difficult to predict.

People always want to experience a success instantly. They don't want to wait for a long time because they want enjoy the success soon. Unfortunately, there is no instant success, it always takes time and serious efforts. Crypto projects that offer the investors to be rich instantly, most of them are scams. We know that there is no guarantee for profits in crypto investment. Even it is Bitcoin investment, the success of this investment will still depend on the holders/investors.

All those who came to the cryptocurrency market with the hope of getting rich quickly have probably already lost their money and left the market. Quick enrichment on the market is offered only by fraudulent schemes, everything else is achieved thanks to knowledge and experience.

Those people who settle into thinking bitcoin as a get rich quick will definitely change their bitcoin outlook once they started their real investment with bitcoin. Instead of expecting fast and consistent profits, they will experience the other way around, and most probably more on losses than gains. With personal experience from bitcoin, I'm quite sure that the thinking about bitcoin as a get rich quick tool will never be entertain again.

those who come to bitcoin with the big hope of becoming super rich in a short time are greedy people who are trapped by the tricks of their minds, in the early years of bitcoin circulating many did not believe and believed that bitcoin would have a high value it has today, they sold bitcoin without feeling it's either valuable (like the case of laszlo who bought pizza with a lot of bitcoins) or they don't store their bitcoins well (like the case of someone who lost a lot of bitcoin on his hard drive) but those who believe in bitcoin are certainly one of the richest today. No investor is rich because they suddenly started, everything requires a process, including when becoming a Bitcoin investor.

It's not 100% people's fault for believing that Bitcoin is a get-rich-quick scheme. The media often portrays it as such by showing a few success stories of people who either held their coins since the early days or others who recovered lost coins. We've all seen articles regarding how someone ended up becoming rich overnight because they suddenly found their coins. The media doesn't talk about modesty but always expresses itself outrageously. One day you'll see them praising Bitcoin because someone became wealthy through it, and the moment it crashed, they were the first to express their disbelief.

No one is promoting steady growth, and this doesn't apply only to cryptocurrencies, but in general. Everyone presents the few success stories as an example to mimic.

You are right, some of them will change their mindset after joining, but some of them will lose money then sell their bitcoin, and end up getting angry. Since they have the mindset of making quick money from bitcoin investment, and after joining they notice they are not making the quick money, rather they are losing, they will end up being angry, and some will even tag bitcoin as a scam just because they didn’t get what they wanted there, which at the end some of them will join a Ponzi scheme and they will get scammed.

People are always finding it difficult to have patience when looking for money, which is why at the end they will end up losing more money because they might be scammed. any investment you are going into, you need to have patience and be consistent. Any investment that promises quick rewards with no risk should be avoided, you are likely going to be scammed.

There is nothing wrong with the get-rich-quick mentality in Bitcoin and I can assure you that almost all those who are committing their money to Bitcoin are for the same reason even if many pretents.

What is wrong and unclever is for someone not to know what they are spending their money on before doing so, which is why learning to gain the right knowledge and experience is the first requirement.

Everything about Bitcoin is for two things, payment and investment. One should first acknowledge this and look for the investment style that suits them if it's the money they want. A newcomer trading will lose their money, but the well-informed newcomers might want to stake, Hodl and do other less risky investments that will always payoff over time.

What you don't take into account is that you can't get rich quickly with bitcoin anymore. Bitcoin has become too expensive and is not growing as fast as altcoins. Beginners with small deposits will not be able to get x100 profit in a year with bitcoin, it is impossible. In this case, the same beginners try to solve this problem with the help of trading and borrowed funds that exchanges provide. All this is a quick way to completely lose their bitcoins. Therefore, the desire to get rich quick with bitcoin still has a downside.

It's not anything new to be honest. People invest to get rich and they expect that the volatile nature of Bitcoin would yield them plenty of profits while it's not going to be like that as we expected. There are people thinking that just because celebrities like Musk would mention Bitcoin or  a couple of altcoins would give them "EZ PZ" profits.

I doubt that the newer generation would see Bitcoin first as a decentralized crypto since money and its value is like an issue these days.

Unfortunately, not everyone understands this, and this misconception is caused by the shitcoins and meme coins that managed to gain significant hype and value over a very short period of time and some of the early investors manage to gain a lot of money by dumping the tokens they've bought initially over other investors who eventually lose money because the hype gets over by the time they could gain some profit but they miss the opportunity and the price dumps already.

People see such things and hear about the news that a person had become a millionaire after investing $200 in a meme coin and they start thinking that cryptocurrencies are actually a way to get rich quickly and that is the reason why they also think the same about Bitcoin and other cryptocurrencies.

People perceived bitcoin wrongly because they don't actually know it or understand it deeply. What they only believe are the heresays about bitcoin as getting rich quick. But if they will decide to invest in bitcoin personally and their expectations for consistent profits is not achieved, probably that's the time that they will correct their wrong perception about bitcoin. Bitcoin is hardly earned at some point so people should never see it as the easiest way to establish their wealth.

If there was a guarantee of being rich, everyone would be rich by now, I think there would be risks, especially Bitcoin, but as far as I believe up to now, Bitcoin has a bright future, and whoever holds Bitcoin in the long term is the winner.

Its true that Fiat in your account has a constant value of staying as the same amount as it was when it was deposited but after a period of time if brought out and placed side by side with other assets it's value may have definitely changed as it might most likely loose some of it value and when it does it's usually a lasting effects as opposed to that of Bitcoin which after a period of depreciation can later appreciate.

Few years back I had a similar experience as yours where I bought Bitcoin because I had a half orientation about what Bitcoin actually is, I thought if only I could purchase some units and keep for a few months I will be so rich sadly I was hit by the bear market and ever since I had to take a break then embark on back breaking research so as to understand Bitcoin better, it's dynamics and principles, this knowledge so far has helped me a long way to avoid certain mistakes, conclusively I can say slowing down to study and understand better will go a long way for anyone in their Bitcoin journey.

When I first got into Bitcoin I had illusions of becoming a millionaire. This was like a decade ago when it was common to see the price make double digit percentage gains in a single day. You could go from having a few hundred to a few thousand dollars in a very short amount of time. I was not alone in feeling this way. Many people have become rich thanks to Bitcoin so it isn't a completely farfetched idea. The better understanding you have of Bitcoin, the more realistic your expectations will be. With enough patience and hard work there is potential to make substantial profit but only those who adopted early enough and were able to hold have been lucky enough to generate massive wealth in nearly an instant.

Yes you are right, the perception of Bitcoin as an easy way to get rich quickly in my opinion is a wrong assessment and this perception often misleads someone who does not fully understand what and how Bitcoin works.
If someone is an early adopter of Bitcoin, maybe they can really be rich and enjoy it now, but even then they won't immediately become rich quickly, but they have to be patient for years and face all the risks of rising and falling markets.
But currently Bitcoin is an investment asset that has an increasingly high value for owning it, and the possibility that Bitcoin can make us rich quickly is very small because it depends on how much we spend to invest in Bitcoin and how long we can be patient in holding it.
There is no easy way to get rich quickly, there must be hard work, patience and we must have a strong mentality to face every risk.

The crazy stuff is the advertising on social media still popping off every day with the glamour work in Dubai and driving a nice Ferarri car with a bunch of beautiful women and living like a paradise. It is like to good to be true.

I actually had the experience DM someone from the Instagram ads and they offered me investment started as low as 100$ and get 1000$ in 2 weeks and this sound like a ponzi scheme and i hope people dont fall for this shit

Stupidly, there are still those who believe and are deceived. I wondered what they thought until they were interested in the ad. It should be common sense that it would be difficult to achieve without hard work. In addition, there are currently many victims of losses that are written in the news. Although sometimes it is illegal, relying on the government is not effective. We should be more careful with the many facts. No matter how much we want to succeed in a fast way, we still have to think healthily. There is no quick way to get rich without thinking, studying, sacrificing time. There is always a chance to cheat when Crypto is developed and used. We just need to be vigilant and don't be afraid.

If we have a wrong idea at the beginning of investing in Bitcoin, we may not lose it in the short term but we may lose it in the long term. The point I want to focus here is that Bitcoin is not a get quick rich scheme. People who encourage others to invest in Bitcoin without knowing it are prone to this kind of confusion. Before 2021 many people can make a lot of profit from Bitcoin investment but not everyone can make profit from investing at any time. You must have a good knowledge of Bitcoin to be able to profit from investing in Bitcoin. How to safe your bitcoin?, how long to hold bitcoin investment? etc. should be well known first. An investor must hold their holdings for a long time when investing in Bitcoin. I think there is no option of making quick profit from Bitcoin.

That is the result of these social media influencers saying that investing in crypto will make us rich without mentioning that it takes years before it happens. So what is in their mind is that after buying today, they will earn a profit tomorrow, and the next day, they become rich. That is why many people also say that Bitcoin is a scam thing because it fails their expectations.

If we fully understand how Bitcoin investment works, it is possible the growth of investors is getting low. More people become worried and doubtful if they know the huge risk behind it because most of us want assurance and are afraid to lose any amount.