Bitcoin Forum

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

If you can not trade, the better way is to hold. Some traders lost their money and they regret and wished to have just hold their coins. You can see this encouraging thread for holders

I AM HODLING (https://bitcointalk.org/index.php?topic=375643.0)

I do not consider bitcoin holders that are now millionaires lucky, they have reasons of holding the coin, they know about its limited supply of just 21 million coins while the world are billions and continue to increase.

The only Bitcoin millionaires that are lucky are the ones that lost their wallet for 10 years and stumbled upon it again.

Even then, 9/10 of those people will spend through the money quickly and be broke again.

The wealthy, who have diversified investments, mentors and consultants, multiple income sources and cashflows that do not have to "cashout" their profits due to life expenses... Those people will have money and/or crypto no matter what.

Rich people invest what they earn and spend what's left.

Poor people spend what they earn and invest what's left.

This is my favorite. If you are a long term enthusiast then its worthy if you could see the potential of what you are buying. Some are just keep steady holdimg and looking on the bright future of what they have. Yes its literally hard to see when it will bloom but when it become fruitful then youll definitely gotta see it grow in the long run. Remember bitcoin when it was literally a cent and suddenly become have a good value.

One standout thing I've seen from the Bitcoin billionaires is that, they had money to sustain themselves despite having their investment in Bitcoin. That's why it was possible that they could lose everything if bitcoin had gone to zero and still be fine.  Compared to the average investor who has to take profit at every swing that the price does to the upside for life's expenses, etc.

The best thing to do is to learn from this and just save up some money for more opportunities that will come in the future.  

All people have emotions. I have an idea why BTC-millionaires have "emotional control": not all of their money was invested in BTC, so they were indifferent to fluctuations in the price of bitcoin. Even if they lost this money, it would not affect their lifestyle and welfare. A striking example is the Winklevoss brothers. Therefore, this point can be changed to "invest not all your money in bitcoin by mortgaging your house and property. Have reserves in case of price fluctuations or even permanent loss of these investments".

I believe that this was exactly the case and I think that they did nothing extraordinary. Anyone could be in their place.

They don't know anything. No one knows. For them it is the same roulette as for us. This is the meaning of risk - there is always risk. :) They buy and sell under the influence of strategy. What stops you from doing the same? Analyze (future forecast) and make an action plan (strategy).

They have wealth (or savings) to tide them over while they wait to "build their wealth over the long term". Oh, it’s not easy to be patient when your pocket is empty and your stomach is growling. :)


"Bitcoin millionaire: Lucky or possesses more qualities that we don't have." - You idealize them. Don't "deify". These are exactly the same people as everyone else, with the exception of some points. Like the lack of empty pockets. :)

If they become millionaires for being a trader, they already have a strategy to make more money even in the bear market.

Some of them don't even hold coins anymore before the bear market started. They know BTC has a cycle to follow due to halving. When the bull run is about to be over, the spot traders already sold their coins and all they do is wait. They do have all the qualities and they already have strategies.

These 3 qualities is still useless if you are not lucky on finding gem such as Bitcoin that you will invest your time and money waiting for your investment to grow. There’s a lot of shitcoin out there when Bitcoin price is must starting so even if you discover early a coin but unlucky to pick the right one then all this good quality will be wasted.

Being lucky is always gives the big factor on success rate of investment the more on relying through speculation.

Factors should be considered; luck, consistency, and market analysis. We cannot rely on a single factor alone, it would be more of a combination given how uncertain market behavior is. I'd say courage and initiative would play a key role as well. If you possess other characteristics in order to be profitable in this industry. then it won't mean something especially if you won't actualize the traits you've learned. Luck alone won't generate profit as well as strategy alone. In this industry wherein inconsistency exist, it makes sense that in order to earn profit, you have to have traits. Investing alone and holding for years would indeed generate profit but won't you prefer earning more? Think of those who have invested on this industry's early years. Not all of the early investors are earning huge money 'coz they don't have the consistency with their investment or manner of holding.

Out of all the qualities stated I'd say it's the early tech exploration that really gave them the boost of advantage. I wouldn't really count emotional control as anyone can either attain that or not mind it at all, it doesn't matter if you're a Bitcoin millionaire or not. Moreover, long term perspective and patience falls to those who already have an advantage in money, they don't have to worry about everyday expenses like most of us do so they hold for long and invest long term and high risk.

Besides the points mentioned above, they also had funds to invest, while many of us didn't have back then... Personally, I had nothing to invest during the early stage of Bitcoin, as I was young and naive. All I could make was satoshis income by completing tasks and faucets online. I really can't complain about that, because if it wasn't for this possibility, I wouldn't have any holdings right now, just like many people I talked about Bitcoin on those times and that neglected the possibility of adopting it.

I believe the fact is that people who got millionaires throught BTC were at the right spot on the right time, and the ones who didn't get millionaires weren't. There isn't much to regret, complain and think about it. Let's just hope next time we can also be the lucky ones. Luck in this case, means a great sum of factors that must conspire in our favour to put us in a confortable position exactly when we need to be there.

Bitcoin millionaires are also human being and they have emotion, patience and knowledge. As you have said they can control emotion, have patience and are visionary but you forget to mention the most important thing they have... They have proper money management. Without a money management strategy you will suffer losses in any kind of business.

This was exactly the point I made earlier. These guys did what they did simply because they had enough to go by evennif their business investment(s) turned out to be a miss rather than a big hit.


Contrary to your opinion, I think luck played a role even those they put some effort on their part but being able to get the information about Bitcoin on time and having ready capital to deploy and acquire bitcoins at those insanely cheap prices is luck at its finest.

Successful person are to those people who do have that kind of different thinking compared to those typical joes who doesnt mind on making their lifes become more better until they would realize that they are already getting left behind.  ;D Well, there's really a significant importance about being lucky because whom had thought that Bitcoin or other altcoins would really be increasing its price that high? There's no one really did expect that it would really be a project which turns out to be mainly be that supported by the community. Bitcoin millionaires arent that simply been able to reach out those richness specially into those who had hold until
this very time yet they would really be needing to control themselves in speaking about market conditions because we've been on different market cycles which involves bulls and bears on which seeing those price
volatility would really be making you decide whether you would be selling out your stash.

Also there are those people who had just recently found out their keys which it is really that somewhat that considered to be lucky at the same time. No one whom really thought that
we would really be going this far and to those who had hold tons of coins are really the ones who had cherished out the tremendous amounts of profits that they've been holding
until now.

This is the ability of investors to overcome FUD and hold on to the investment plan. They were able to damn media reports that fed the public with fake news. There have several obituary announcements about Bitcoin to discourage investors but some diehards kept hodling

I think the early adopters believed the unbelievable. When others saw Bitcoin as a scam or a joke, these set of individuals believed that the currency had a future.

Many people lost money investing in Bitcoin because they saw Bitcoin as a short-term investment or quick money scheme. Bitcoin is not like altcoin which the price can pump and dump overnight.

Most people who lost money invested in Bitcoin were because of impatience. Bitcoin has always recovered its losses, which means that it will be difficult to lose money investing in Bitcoin.

And this is everyone's worst enemy. Because if you can't control yourself emotionally, the tendency for you to miss the opportunities are high and it might even push you to sell at prices that you don't like.

You'll not consult yourself more when you're hitting it with emotions which is a terrible idea for investing and in trading too.

While many of them understands the technology that Bitcoin has brought which is the blockchain technology, there were also many of them that are just plain believers to itself without having that much exploration to the tech.

I admire those early adopters that have seen already the potential of it in the long run. We're just like passerbys but then, these people really have set the expectation of many that Bitcoin by its history and cycle, is no doubt here to stay and could blow in prices in the next coming years.

Holding is a quality of patience and most of us that know and does hold have this quality. AFAIK, most of us have all of these qualities and even they say that it's quite late already in the party.

We're still early on it if you combine being long term and optimistic about Bitcoin's tech and being an asset.

It is more likely to be luck.  Because they are lucky that they had found out about Bitcoin in its early years.  Patience, because they are able to endure the temptations, stress, and frustration that the high volatility market of Bitcoin brings.  Stable source of income where they can support their needs without resorting to selling their Bitcoin stash.  I think those are the three things they have that others may be lacking.

That's just the whole secret, patient they say it's a virtue that anyone that wants to make wealth must have, because wealth comes in gradually especially for bitcoiners.

The early tech explorers, took one of the greatest risk anyone on a normal day wouldn't want to, and they've so far benefited immensely from there risk, they say no risk no reward.
Bitcoin is an asset that grows astronomically especially when you want to keep it so you can make wealth with it, else you can be trader which is also risky for those of them that not too grounded in trading.

They are also lucky too, to have the money to invest at that early time, because what if they didn't have the money to invest, so in as much as they have patience, they should also count themselves lucky for having the funds to invest.

The emotion control was the important one in all the things,which include the bitcoin trading also.By seeing the small pump,the trader should not sell their holding bitcoin.It was most essential one to hold till the maximum raise in the price of the bitcoin.To become the millionaire using the bitcoin,trader should learn the holding techniques in the gambling.The trader should analysis the market well and learn the price which is suitable to buy the bitcoin.Inverse in the bitcoin is not risk like inverse in the shit coins.

Yeah i am pretty sure that a large portion of these crypto millionaires are those that mined during the 50 BTC block reward days or they bought when bitcoin was like $10 or $100 and forgot about it for years and then later heard on the news that it hit an ATH and they were millionaires overnight.

Most that trade it daily probably sold way too early. Nobody assumed it would become this big especially after the MtGox collapse. Or when Silk Road was shut down. But here we are.

A person may have nothing but his knowledge can carry him to a great future. There many people who went bankrupt, lost every penny he had but 2 years later, he has more assets than he ever had. If you made your money by dumb luck, that money isn’t going to be with you permanently. Knowledge and experience create your own luck. If you are investing without knowledge, that’s not investing anymore. That’s gambling. When you gamble you may win or lose but you’ll lose more often because you rely on your luck. When you invest, you will lose some times also but you’ll win more because you are using your knowledge in your favor.

 We now live in a time when those who are able to adapt quickly and video opportunities will always remain in the black. Bitcoin also belongs to such huge advantages. In 2016, my friend gave me 0.01 bitcoin and said that soon it would be worth $100,000, but could I have thought that bitcoin would almost reach this? And then I spent this deposit. And my enthusiast friend became a millionaire, because he continued to believe and mine and store bitcoins. It was such pioneers who were rewarded the most.

These days I’m so settled with bitcoin that I am in the zone where these things doesn’t matter. In the sense that I have already accepted Bitcoin volatility and I am used to it. So if I am transacting then I am considering that it’s just 500 sats, million sats or if capability comes then I would do same with full bitcoin transfers. If I am going to consider my transfers then I just do it whenever I need it. I don’t care what’s the price per bitcoin. Hell I am earning in Bitcoin and I have observed the average is getting maintained all the time. Yes volatility matters if you are going to use that shield to make more money in the future over trading. It doesn’t matter if you are casually using it everyday. Some may agree some may not but these are the facts.

Some of them are lucky, some of them have more qualities than ordinary people, and they have insight into the future.

The lucky ones knew nothing about Bitcoin and bought it by chance out of curiosity because it was a new currency or for any other reason, and it remained forgotten in their wallets until the crazy rise occurred. These are the lucky ones.

As for people who have distinctive characteristics, they read the future of Bitcoin and predicted that it would have a great future, so they bought Bitcoin and kept it in their wallets until its price rose.

The issue is not the issue of buying early, but the issue is who has been holding Bitcoin all this time. Many people bought early but sold immediately at the first rise.

Its a universal investment truth, right? Control, patience, and long-term perspective are crucial to managing bitcoin investing world.

You're right about early tech exploration. Early crypto investors have benefited. They spotted the possibility, risked diving, and succeeded. I also like your “long-term perspective” emphasis. The game should be long, steady, and well-planned.

With all these keys, is success guaranteed? Certainly not. Cryptocurrencies are like a moving puzzle. Always a missing piece, fresh task. Despite emotional control, early research, long-term perspective, and patience, there's always a risk or unknown aspect. Knowledge is power, but with crypto, its also about adapting and learning.

Since there are no links to any research, I assume these are just things the op believes are important qualities of Bitcoin millionaires?
A question like this would require extensive analysis for reasonable answers.
I've looked online and only found very generic data about approximate amount of BTC millionaires and info about some particular individuals.
But my intuitions are very different from those of the op. To invest in Bitcoin, you need to have money and knowledge, which mean a certain privilege that tons of people simply don't have. Then among people who fit into this picture, there are those who can allow themselves to live without touching the invested funds, those that can reinvest if they fell a victim to a scam, and other similar things.
And maybe after that come other traits, but to learn those we'd need research.

Bitcoin millionaires have had the good fortune of buying a lot of Bitcoin when the price was very low. But some of them would never have thought that the price of Bitcoin could reach $60k. And they are the lucky people.

But at that time, they also didn't think about this technology and just bought it for fun. And they don't think about holding Bitcoin for the long term. But it's when there is a movement or increase in the price of Bitcoin that they realize the potential for a higher increase so they buy more Bitcoin.

All because they were lucky to be able to hold Bitcoin from the early days of Bitcoin's introduction until it exploded in 2017 as its first high rise. And that was the time when Bitcoin experienced popularity and adoption which started to run better than previous years. And now, more and more people want to buy Bitcoin, especially since they see many predictions of very high Bitcoin price increases in the future.

Great point but I think you are wrong, most bitcoin millionaires I know didn't invest in bitcoin., and sat by it watching the price go up and down, if they ever did that, they probably would sell out of fear of losing their money..

Most people who became or have become millionaires through crypto and bitcoin investment I know of invested, and then, left it and focused on other important things in their live, this move helped them to forget about the investment, allowing it to grow to the fullest amassing lots of profit.

So trust me, if you invest in bitcoin and sit by and watch it go up and down in price, you most likely will end up selling it too early, so the best way to hold is, focus on other things and forget about the coin.

That is the key. To become a bitcoin millionaire you either have to have a lot of money to invest or a lot of patience (understanding a millionaire as someone who has a million dollars in bitcoin because no one is going to get a million bitcoins).

If you have $250,000 to invest now, you can easily become a bitcoin millionaire in the next cycle, as it is normal for it to go up at least 4 times from these levels. But if you have $250,000 to invest, you'll probably be a fiat millionaire already, and if not, it won't be long now.

The other strategy is to do DCA and hold without selling for at least two or probably three cycles, depending on the amounts you are contributing to DCA. In the first cycles it was easy with just one cycle if you bought near the bottom and sold near the peak, or if you held on for two cycles to make a lot of money, but in the future it won't be so easy.

Those which got bitcoin at the earlier stages were not explorers that somehow found bitcoin by coincidence and then decided to invest in it, they were people which were already interested in similar topics and they found out that a person calling himself Satoshi Nakamoto created what many of them had dreamed about for a long time.

With that in mind it is easy to see they were very excited about bitcoin, and they immediately saw its potential and got all the bitcoin they could while its price was dirt cheap.

Always have money to sustain yourself, it's not just holding your Bitcoin, tough times will come and it could steal your Bitcoin from you if you are not prepared, Billionaires understand how to survive the tough times without touching their investments, this is why they are different from small investors like us.

Since you are not a millionaire or a billionaire yet, it's not going to be a easy journey and the only tool you have right now is patience, a lot of patience, that is the only way you can grow, it's just that having a lot of money will make the journey more smoother as an investor than someone who is managing to catch up.

Also, all what these Millionaires and Billionaires think about is investing more and more, they found new companies and they invest in them, they find new stocks and they become a part of it, if there is a hope that the company will become a success, they go for it, this is the mindset of most rich men, they take part mostly in growing their money.

Early tech exploration ?.. Well I do consider those early one to get more but in the early stages it brings the risk, are you sure those who were early to Bitcoin held all of their coins and made proper emotional control? In the 98% cases I think most of the early ones did an exit on good time as it was suitable for them if a person entered at 2$ he made his exit on 20 or Y amount. Those who hold is not the holder in 99% of cases they were not even aware that they were having Bitcoin or lost their keys etc.

In your tips this Early exploration is an excellent point to be discussed but others like emotional control, patience, and long-term perspective are almost recurrent. Now those who already experienced a couple fo years acquire these all qualities as we are still not late, we are aware of future potential not just hypothesis on the actual data analysis, we do gather patience to service all the hard sentimetal changes in the market.

In reality what you need, is not tips is just the dedication toward your goal and strategy to avoid falling into FOMO or Greed, Ina good planing you will be able to harvest all these qualities and than be content and there you are  :D :D.

In addition to all you just listed, I will like to add that another key qualities that those who made millions of their Bitcoin investment was the early knowledge they had about Bitcoin, knowing it to be an asset worthy of great value in near future. Secondly, a strong confidence in believing in the Bitcoin project without seeing result is another key quality which the early adopters had, which we don't have today, followed by a careful ability to save their funds in the save wallet is one that thing the millionaire investors of Bitcoin have that we don't.

One thing in longrun investment is that the investment capital should be your spare fund, when you used your spare fund for investment their is every possibility that the investment will take up to time before a withdrawal will take place, but a process whereby the investment doesn't have anything to do with spare funds you will be curious or desperate of the investment, so it's very obvious that in cryptocurrency investment either short term investment or long-term investment all are risk because their is every possibility or tendency that investment of cryptocurrencies and especially bitcoin can be ventured to the disadvantages aspect of bitcoin.

We do not deny that there are Bitcoin millionaires. The luck factor was one of the reasons for their current wealth. They caught one of the golden opportunities when the price of Bitcoin was low and bought large quantities with low capital. They stored these quantities and held them for years, increasing their wealth. But there are also millionaires created by Bitcoin thanks to the fantastic and important qualities they have, such as the ones you mentioned, as their long-term theorists. They buy when everyone is afraid, during periods of price decline and complete stagnation in the market. They hold their bitcoins by controlling their emotions for the future without relying on short-term investments and their belief in the ability of Bitcoin and its modern technology without paying attention to any FUD that causes them panic, and thanks to their patient waiting and adherence to many strategies, the most important of which is risk management, preparing them for solid investment plans, analyzing the market and opportunities, and many other qualities that play a role in making their investments successful, their decisions correct, and wealth creation.

With the exception of the underlined sentence, all of the mentioned features can be considered characteristics of a good trader, or they can also be considered the best strategy for trading in crypto-assets.
Whether the wealthy people of Bitcoin are those who made their wealth through professional trading or early belief in the feasibility of Bitcoin, they are both very lucky, and the results they achieved were pure luck. Of course, there is a third type of wealthy people who used Bitcoin to launch their businesses and made fortunes from those businesses. The owners of trading platforms and mixing sites are also wealthy people who relied on their efforts, rather than betting on luck.

Been thinking about this for a very long time, I don't know if some would resist if they bought bitcoin at a price of $1 and could sell for $900.

Wealthy people don't need crypto that's for sure, they might only jumped on crypto because of the hype or just they don't know where to put their money. And as far as I know, wealthy people put their money on real businesses to gain passive income.

I couldn't agree more. This is what should most of the people be realized.

If you are talking about millionaires, then definitely I will say it happens by luck. Only a few people may use their qualities and experience to become crypto millionaires, which isn't countable. Most millionaires undervalued Bitcoin, though they bought it at the beginning. Once in a while, their assets become worth millions. However, qualities and experiences are very important to earn from crypto. Most of us smallholders can't control our emotions and become panicky during bear markets. So we have been losing. If we can control our emotions and develop patience, then we will be better too.

The three things that you have listed work hand in hand in order to prepare one for what the future holds. One is to take decisions about something, and another is to be a good decision-keeper. For you to be able to hold on to that, your decision to hold till the price hits a particular target means that you have overcome your fear and your emotions, and you need to attach patience to it.

As the price of bitcoin most times can't be predicted and the market usually experiences bearish season, which means we are going to see times where our investment will be on the red season and our capital depreciating right in our eyes, and the more we are observing it, the more we are seeing it go down more and more, but as someone who has a target in mind, controlling your emotions will help you not to sell at that particular time. If you can control your emotions and eliminate fear in your mind, the next thing that comes that can back up holding decisions is patience.

There are only two factors that determined whether an investor is a Bitcoin millionaire today or not - what was their entry price and whether they had belief in Bitcoin's price growth. People sold Bitcoin at lower prices not because they lacked discipline or knowledge, they just didn't believe that Bitcoin could grow more, and its hard to blame them, because history knows many bubbles that crashed to the ground. To someone who bought Bitcoin at $10 and sold at $1,000 that was already "the moon", they took great profit and didn't want to risk it all for even greater profit.

This take years to learn though, it's very hard in the beginning to control our emotions specially when we see that our portfolio is going down. It's good if it is going up, but once the prices started to decline, sometime we panic and think of selling our crypto assets. So I guess this is not a pre-requisite.

Again, this is also comes late in our investment journey. In the beginning we don't know where to look for this early tech exploration. And most of the time those early tech that succeeded, they are the ones trying to make a sell pitch to this big investors.

Definitely, in every investment that we make, we should be looking long term as this is the best way to make huge profits.

Just like what I mentioned, it will take years and years to be discipline and have that patience to build generational wealth.

Sincerely, I don't think it's lack of emotional control that makes early adopters of projects sell off. I can say it's the likelihood of lack of interest as time goes on or the fact that hodlers want to quickly take out profit and then get in back quickly to profit from a dip. In most cases, they sell off but aren't able to buy in cheap again.

I speak from experience. I was one of those who got in early on BNB in 2017 less than a month after it was launched. I sold off at X100 at what I thought was a good profit then, only to see where it's today. My mistake (I was still a noob then) was selling all. I could've left a portion. If it were now, I ain't sure I would've made that mistake.

Again, it's not lack of patience. I've also been a victim of exercising immense patience on certain projects I was hodling to the point that I baghedl them in worthlessness. This is why people would tell you not to get emotionally attacked to any project.

There’s nothing lucky about buying bitcoin & holding through awful downturns, for the price to then recover & make you huge profits. It takes bravery, guts & determination to hold during bearish periods & even more to buy during those times, adding to your bitcoin that you hold. Trading is not a good idea because we are not whales, we do not control the market, the only thing you can control is your resolve & strength to hold, wait it out for many years & watch your bitcoin/USD worth grow.

These millionaires are successful in their investments because they have the right mindset, they invest because they already have enough income for all their life needs, whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.
We can see in this forum how many newbies think they can make money from trading with minimal money and have very minimal knowledge about trading.
The key to success in the world of Bitcoin is investment, not trading. Everyone who has invested in Bitcoin for a long time is enjoying the results or at least has seen their assets increase more and more.

You are right, there is no luck here, we are talking about faith in Bitcoin, discipline and a lot of patience. A lot of people sold at different levels, but they sold too early to achieve the desired wealth, and only the most persistent were able to wait and I am sure that they are still hold their bitcoins.

Now there are also those who buy now and believe in Bitcoin, they may not be able to make as much profit as was possible before, but Bitcoin is still a very promising investment.

We must know that there are at least three types of people who invest in risky investments.

The first category is ordinary people who work ordinary jobs and have an average income from which they manage to save a little and are looking for a way to make at least a little more out of a little money. They can be divided into those who want a quick profit and those who invest for the long term.

The second category is some kind of middle class who have enough to live on and have a little more money left over to invest, and besides, they know how to invest that money much better and smarter by combining medium-long and long-term investments.

The third category is people who are above average rich and have enough money that is not necessary for their daily life and they can invest it in the long term without too much fear for the final outcome, because they can afford the luxury of multiple investments, of which it is enough that only one be successful.

I would therefore conclude that a long-term perspective, along with the fact that they have enough money to somehow gamble with it, is key to success.

After a while you just get used to it because you understand it's part of the game. And the funny thing is that oftentimes are people with smaller investments that freak out while who have invested a ton of money just take it easy, they know it happens and they know things will get better in the future. It takes time, nobody likes to see their money flying away but sooner or later they'll come back (unless you sell).

One thing that's important to mention here is some of these millionaires don't watch the price fluctuate and I recommend you do the same, unless you're trying to actively trade your coins.
I don't trade so I rarely watch price. Sometimes I check it once a day after waking up, sometimes when I have a lot of work to do, I don't even look at it. Sometimes in the evening I eat dinner and realize I haven't checked the price for 24 hours.

For the record, I have a decent amount of bitcoin. Enough that 1% drop in price should matter, but it doesn't. I'm not a trader, I'm won't focus on this when I have no plans to sell my bitcoin.

Good point here and a good example as well. I have also noticed that here. The newbies are the ones to panic and freak out when there's a fluctuate in assets due to the shift in the economy while old members are just telling them to relax and assess the situation more. However, we cannot really blame them as they are all new to these while some are also really relying on their investments hence the frustration they feel if things don't go as they expected.

Control of the mind is usually not within itself because even if a person tries a thousand times he will not think of any reason but it comes to him. Especially when he invests his wealth in something, if the price fluctuates, especially if it goes down, then it is normal for people to be tensed. And even if he wants to control his mind, he can't control it. When you invest in anything be it business or bitcoin investment you must invest with a lot of awareness. And you have to invest a lot of time and can't be in too much of a hurry otherwise you may face losses.

It takes time, or a lot of gains, or both. If you had $100 m in the bank and invested 1 m in bitcoin, you wouldn't care about a 5% drop.
I have enough that a 5% drop is more than I earn in a year, but I don't care. I stopped caring long time ago when I realized that bitcoin is worth much more than tickers show.
I know I'm not selling so why should I check the price.

Rich people can allow themselves to wait because they aren't bound by the same things as you little fish. You invest and it's a significant part of your income, or your savings. When you virtually lose money (because the price moves) you see it as something you could have bought but won't. A millionaire can buy all those things regardless of the state of his bitcoin investment. All that matters for him is to be able to redeem the value somewhere in future. If in 5 years bitcoin is worth more than it was a month ago when he bought it, he'll be happy.

If they’re taking profit at every swing as you describe, then they aren’t investors, they’re traders. While
Bitcoin does attract traders due to it’s 24/7 nature, mostly those traders enrich exchanges, who then blow all the money on salaries and office buildings while losing their customer funds on pump and dump schemes. The glory of Bitcoin is that you can buy and hold your own BTC. If everyone does that, we all get rich. That’s sort of the name of the game now.

Luck has a lot to do with why many early bitcoiners became millionaires. There are many great ideas which don't receive enough support to make its early adopters wealthy. Many bitcoin millionaires went on to support stupid things. Roger Ver was involved with Craig Wright. SBF scammed countless people and had a really negative impact on all of crypto. Just because you got rich through Bitcoin doesn't mean that you have some special knowledge that makes you better than later adopters who aren't rich. In many cases it was just a risky gamble that paid off.

Why not both? I know no one who become millionaire just because of Bitcoin investment, but I know people who make a lot of profit because they buy / trade Bitcoin, some of them are early adopter, most of those early adopter are software engineers who knows about Bitcoin and just mine it for a while, they just left their Bitcoin on their wallet, and when they heard that Bitcoin price was going crazy in late 2017 they sold it and they made a lot of money, I consider them as both Lucky and have more knowledge than others. While some other are buying bitcoin right before the price going up 2020, they aren't tech savvy, they never heard and never do any research on Bitcoin, they just buy bitcoin because they heard the popularity of Bitcoin, that's just pure luck.

I think it's not only about luck, but knowledge can also matter. You need it to check if which coins has the potential and which are not. This can be included in the early tech exploration that OP have listed. Bitcoin might still be a gem despite being not new because it still has a potential to rise for more.

We can preserve our time if we can just invest on Bitcoin immediately. So many projects come come out everyday. There is no need to discover them but we can just hang out on the coin listing site or crypto exchanges and we can see them there immediately. It's crazy but there are people who try their luck in each of them thinking that devs of the coin will do some manipulations and they can also profit on it quickly.

Modern-day Bitcoin millionaires are not actually from those early days because those early days whales never ever exposed their identity to anyone and we call them whales however these people mostly made money in the short term which can happen to anyone with possible skill and how to apply it to get returns. Mostly exchange founders became rich in quick time because they found the opportunity and filled the void in the market so whoever identifies the opportunity can make money even now.

These are the two main qualities that defines these guys. I don’t give much importance to the rest in OP as, any one can have patience in a profit situation, especially when you’ve established trust on the commodity of which you’ve invested in and that in this case is bitcoin.

These Bitcoin millionaires comes in phases. We have those that had the foresight to buy when the coin was pretty much worth a few cents and gradually transcended to a dollar. While, we have the whale buyers who buy with huge funds and lots of bitcoins too to there hodlings as an investment for the future.

Looking at it for a long term investment, the fluctuations and activities on the coin matters not to you. Its a long term investment and the choices can only be determined after a long term where ever that is defined.

Being lucky or skilled are not mutually exclusive options, you can be both and if you are, not only great fortune is too follow, you will also know how to keep yourself wealthy as well, something that those which are just lucky are unable to do.

However there is a great deal of newbies out there that think of the early adopters as just being at the right time and the right place, and mistakenly believe they would have achieved the same if they were on their shoes, but I sincerely doubt this is the case and instead I believe they would be the ones complaining about how they had a lot of bitcoin and then they sold it all for a low price.

Lack of understanding Bitcoin is what affects many people and that's why they can't control their emotions.

If you know what bear market is all about why panic when prices fluctuate? It always get me even more existed than before because I will be able to buy more at lower value, the hardest that can happen is Bitcoin losing some value maybe thirty percent more? Who cares? Bitcoin isn't going to zero so there is no reason to worry.

Also we are in a bear market, how can one be buying in a bear market and still be in fear? I don't want the halving to get over without securing a good numbers of Satoshi by then, Do you want to know what my fear is? This is it, I need to buy more before the time runs out.

For me I know where all this drama is going, the news is injecting fear into the public, stealing bitcoin from the weak minded people, this season is differs from the past, now it's stealing season, and there is no new virus coming this time around and recession is not scary anymore, if you sell your Bitcoin it's good, you will just see yourself buying back when it's already pumping up.

Yes, and when skillful people got the chance or luck they will most likely be ready for that, so it would be better to have the skill when the luck came rather than just waiting for luck and when it came we are not ready. Yeah, and actually not all early adopter were able to hodl and get the much profit, few of them also sell the bitcoin before the price surge.

You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.

It would be crazy to see some people who are willing to sell their houses or expensive asset just to invest on bitcoin without even researching. Don't spend something that is important to you or atleast a "needs" to you for something speculative and volatile like bitcoin with just the hopes of it going up in price, it's a bad way to make an investment. With the years of me on cryptospace, I won't personally sell my house for the sake of investing on bitcoin. I'm a bitcoin positive guy but sacrificing things to the maximum limit like selling important thing or things that can make you function is just too much risky for me. I believe that bitcoin will rise again but I'm investing on a more safer way where my daily life won't be affected even if bitcoin somehow crash.

What you are referring to is different I believe, because most Bitcoin millionaires are those who invested in Bitcoin when it was in its initial stage and the price was very low, and they kept holding onto their assets until the time Bitcoin got significant value. So, those who invest right now because they have enough income will barely become millionaires if their investments are not that high.

The mindset of getting rich from cryptocurrency investment is wrong in the first place because one should only have a specific profit target and shouldn't think that they will magically get multiple folds of their investments through certain cryptocurrencies because that barely happens all the time.

That's not entirely true, a person with enough knowledge and experience about the market and trading practices can get success through trading as well.

People who have a get-rich-quick Bitcoin mindset won't learn the risks. They think if they invest in Bitcoin for 1 or 2 after the bear market comes, they can make a profit when the bull market comes. But that's not the case because they have to go through periods where the price of Bitcoin will go up and down like now.

It can make them worry and panic, especially those who have not learned how to hold Bitcoin tightly during bear market times. They will be tempted to sell their Bitcoin because they see a lot of news that says Bitcoin will fall further even though it is fake news.

Some investors fail to invest in Bitcoin because they use all-in mode so they don't have the money to meet their daily needs. Investors must pay attention to this before they start investing in Bitcoin to determine what steps and actions they should take.

Seeing individuals trade their valuables to play bitcoin can be nerve-wracking. Bitcoin is exciting and has great potential. As you noted, controlled risk is far different from irresponsibility. Investing should never compromise our everyday needs or stability. Just not worth it.

You have years of crypto experience, which says loudly. Your words are wise. Bitcoin has ups and downs, but letting it control your life? That's risky. How can we help beginners appreciate the need of staying grounded when exploring the crypto sky with so much buzz around bitcoin?

Timing, is what most people get lucky with. Its like most opportunities is life.

The last thing such people count on is luck, IMHO. And yes, don't forget that bitcoin millionaires didn't necessarily earn their bitcoins. Maybe these people are fiat millionaires in real life, and the amount of bitcoins they have is just their investment, that they just bought bitcoins with the money they already have.