Bitcoin Forum

What make people so much believe that immediately they just buy bitcoin they will become rich, like I was  just thinking about this, if people think the bitcoin you buy will bring more bitcoin just like that.if bitcoin should be something that only brings profits I doubt if it will be still existing today. It would have ended just like other ponzi schemes that placed over the years.  

The way some people think about bitcoin they feel too comfortable and so relax as if life is so easy like money can be achieved with no form of work. Investors gain profits from Bitcoin because they worked for it, they had patience with the up and down of the market,  This is not an easy work that anybody with no understanding can achieve from bitcoin.

Of a truth Bitcoin can make a person rich, their thoughts are actually correct. Where be say dem dey make the mistake na when they come feel say Bitcoin na just to carry money invest inside then in a month interval dey go fit cash am out like say na quick rich scheme be this. Another na the high expectations wey dey carry use invest dat money, immediately dey purchase the Bitcoin dey don already dey calculate their profits from dey head say in so time dey go done make this kind amount of money from the investment meanwhile no be so dey don forget the market dey rigid and volatile as u no go fit predict accurately all na just base on assumption and Bitcoin no dey follow such trend, e dey go up and down. Where be say Bitcoin just drop na so dem go begin panic dey plan to sell na why e good to understand Bitcoin as u dey plan invest inside.

Well you are right because no investor wants to lose though they do lose at times but in anything one is doing in life you need to be positive regardless of obstacles that might come along the line you need to remain focused and determined before you can attain great results. One of the things that's taking some persons that would have made a headway is impatient, like you can't be able to take your eyes off your investment for a long time before you start reaping the dividends that comes along with it.

Bitcoin investment requires a long interval of time before you can see the proceeds of your investment so I see nothing bad if someone buys Bitcoin and feel so relaxed about it. Okay let's take for instance someone who bought Bitcoin when the price was still $27,000 and is watching his investment growing gradually now ain't you gonna be happy and excited?

Our major challenge in this life is fear, like you begin to feel that what if you invest and lose at the end so the fear of failure has been taking so many persons backward. The only advice that should be given to an investor is not to invest all his income because if things doesn't really go the way they expected they might run into emotional trauma.

Bitcoin investment is far from being a ponzi scheme because when you invest in Bitcoin you will see how the market is going and know when you're making profits or incurring losses unlike ponzi schemes that is very fraudulent because what they basically do in a ponzi scheme is just to rotate people's investment and after which they've witnessed a large number of investors the system eventually crashes.

Bitcoin as a ponzu scheme wouldn’t have lasted till date. Based on how bitcoin technology was built, it will not have a taste of being a Ponzi scheme or something similar to it. Most people that see it as a get rich quick scheme are not enlightened well about it and they just get some bitcoin and have it in mind that they are already rich. Time tells when they don’t get what they want and they exit the market with regrets and hatred for bitcoin since they didn’t get what they expected in the end.


When it comes too easy then it isn’t worth it to make you rich for a long time to come. A lot of successful people pass through a lot of hardwork and patience before they reached where they are today. Nothing is free and no one guarantees you that you’ll become rich overnight no matter how simple it looks. Becoming rich in bitcoin requires patience and hardwork, it is better for you to have that mindset so that you don’t end up being disappointed when you don’t achieve what you wanted.

Na why em be sae any newbie wey you wan introduce for bitcoin investment or the one wey don invest on am already, you need to tell them the risk wey d involve and how volatile the market dey so that them no go carry hope put for bitcoin to make them rich in a short time.

I think the cause of everything na because newbies are not informed about how bitcoin  investment d properly. Na why em be sae them they carry a wrong belief about bitcoin investment to make them rich quick.

To minimize this wrong beliefs wey newbies get for bitcoin, em go d good if we can take as a duty to the lecture newbie about what and what they shouldn't expect from their bitcoin investment. By doing that alone, I think it will go a long way for them to be less bothered when bitcoin price is declining in price or not going by their plans to make them rich in short time.

Beginners have seen so many people who have invested in Bitcoin becoming rich and they have also seen testimonies on social media platforms where people quit their jobs because of the profit they made from their Bitcoin investment. Bitcoin can make anyone rich if you understand that it is not a get-rich-quick scheme, and requires patience for profit to follow in.
Op, after investing in Bitcoin you don't need any work to be done on your Bitcoin investment. What you just need to do is to hold your Bitcoin for a long term like 4-10 years depending on your plan in your Bitcoin investment. What you need most is to have a source of income that will solve your financial challenges so that you will not have to depend on selling your Bitcoin even when you are at a loss to solve your problems.

@Y3shot
What I see about people around me is that they think they can invest in bitcoin to either make profit from it or lose. Because of the loss, some people do not want to invest at all but later not happy if the price of bitcoin has gone up.

Beginners believe bitcoin can make them reach because the price has always been going up in long term. As the marketcap is increasing, the price may not increase as it was before, but the price is still going higher in long term. It is not a wrong believe if they can research and learn when to invest and when not to invest.

If someone still invest in bitcoin in time like this, it is good because next year is halving and we are expected all-time-high.

They are not wrong with their thinking. There is a saying they seeing is believing. I have seen Bitcoin transformed the financial life of people who invested in it and had patience. The only thing you should be advising the newbies is that patience is really required when investing Bitcoin. As for making them rich that one is guaranteed provided they can hodl for a long time. Someone who bought Bitcoin when the price was $15k earlier this year and had patience till now is already rich in Naija.

Bitcoin investment is not a get Rich quick scheme, and I think people always have that mindset of becoming super rich if they invest on bitcoin. And I think the cause of that is misinformation.
I think if information about a business plan is been introduced,  there is need for proper research before venturing into it.

Success is not achieved on a platter of gold. There is a tendency to work smart to aquire success. The problem most newbies face, is by expecting quick gain from investment, becoause they feel like people who are bitcoin investors are super rich. And probably anybody who adventure into Bitcoin will be as rich as the old investors no mater the time of entry. Why some feel that they have been so patient and looking for way to succeed in life. And any slighted opportunity they get to imvest, they feel the need to also make quick money. not knowing that it took the old investors time, consistency, resilience, hardwork and other factors before they could achieve what they achieved. So what they need to understand is as follows:
1) time factor and understanding the scope of any investment plan given to them. Before adventuring.
2) don't invest with emotion or mindset of to get Rich quick with bitcoin investment.
3) be self decisive and self moderated by encourage yourself on long time holding because it's the only way to achieve bitcoin success.
4) don't be too quick to conclude about fast success on bitcoin.

In general, investment is all about Risk because you might gain or lose in order to make up your mind by putting what you got into it patience is needed. well as a beginner you have to go through a lot about Bitcoin learn much about it as more as you can. And I do believe Bitcoin can make one rich since it has and still on more people are making millions in it. To be sincere it's not a fast money making as you think.

If you are Bitcoin whale, Bitcoin can make you rich. The obvious truth is that the more Bitcoin you get the richer you become. Getting rich through Bitcoin is not an overnight achievement. Newbies who invest in Bitcoin have a skill that is worthy of multiplying your bitcoins like - bitcoin trading, Bitcoin lending, gambling with Bitcoin, and others. I highly recommend that you already have some level of expertise in these areas before you make think about going into it.

The major issue is the way the whole rain of positivity is spread about how people can make lots of profits in a split of a second and this trend has made so many naive newbie venture into Bitcoin without properly knowing the real truth that's behind the concept of making it through Bitcoin. It's true that one can make lots of profits through Bitcoin but all this doesn't happen overnight as it's needs proper planning and understanding before one can make it.

Bitcoin investment is a better investment that will make you rich if he favors you and you leave it for long term but he won't be so easily to make you rich faster you need to be patient and believe in yourself that you will make profit and become rich in your investment, because everyone invests to make huge profits in bitcoin, no one wants to lose in their investment journey but definitely sometimes the market won't go well and we may likely lose on it, Beginners have seen many individuals successful in crypto and assume that if they invest, they would be rich like them. They do not realize that being rich is not easy and that you will encounter many problems before you can succeed in your investment.

I think that many people who propose bitcoin investment to newcomers only tell them about the favorable outcomes, leading them to believe that if they invest in it, they will never lose money They will just believe they will benefit at any time and become wealthy soon, which will never be realistic. I believe this is why many beginners believe bitcoin would make them wealthy; they do not realize they will encounter numerous hurdles before reaching their objectives.

There are many reasons they can acted upon base on what they have heard other people talked about bitcoin, now on the internet, bitcoin is the most trending brand name people were seeking to learn or know about, some have also shared with them how their lives have been changed and renewed with bitcoin Investments they have made in the past, these and many more are what other people got motivated about in seeking their own opportunity also in making money.

Many people think that Bitcoin is to get quick rich investment scheme whereby they can just invest and make money within few weeks and when they start and didn't make it at that their predicted time they would be tired and some would even gave up the journey and sell off all and used the money. People think differently about Bitcoin investment. Some set the goal for one year and Bitcoin investment go reach 5-7 years before you can be proud of it and e good make you start am when the market e dey low well well. And anyone wey dey invest for short term and planning to make money at that time then him no plan well. And if care no dey him go loss well well. Him go get disappointment.
So make anyone wey dey invest in Bitcoin just plan to invest for long term and remove that mindset say Bitcoin go make rich quick. And many people sef dey think like that because of the people wey done make for their life through Bitcoin but dem no know say those people wey don make, e don tay for di industry. And dem don spend years for the investment. So if dem dey make am you no supposed surprised and imitate dem. You have to be patient and invest.

If anyone thinks that Bitcoin is get rich something nai be say that person no go fit hold em coins tay, why I talk like this be say Bitcoin nah for those way get patience and discipline nai fit hold am for long, and this long guarantee dey say either you lose or you gain, so no be must say if you hold am nai you go gain the whole profits dem way dey for Bitcoin investment.
This nah one of the issues way make a lot of people done go into Bitcoin trading and this Bitcoin trading just dey like gambling for my side. No be totally gambling sha o but for me, some part of gamble dey inside Bitcoin trading.
E dey hard to understand Bitcoin trading but I assure you say there is nothing hard to accumulate Bitcoin and hold, the only thing way I see way dey hard be say, nah just for you to try reduce your expenses and accumulate Bitcoin with the kind of money way no go affect you if you use am take invest inside Bitcoin.
So, I dey try to talk say Bitcoin fit make you reach but nah with luck and good strategies, like if you have the mindset of holding for long, like 5 to 10 years then you are profit free.

OP, you have the privilege to learn about Bitcoin from the right source, and that's why you are able to think differently from those who actually think that Bitcoin can just make them rich. Someone said that Bitcoin is not a get-rich-quick scheme or a get-poor scheme. If an individual actually has or learns about Bitcoin from the right source, they will never have the idea that Bitcoin will make them rich.

In fact, investment in Bitcoin can only generate profit depending on the amount invested. For example, if someone invests $2000 in Bitcoin and another person invests $30k in Bitcoin, their level of profit will be greatly different, and the person who only invested $2k should not expect to make more profit than the person who invested $30k.

In essence, what I'm saying is that not everyone who invests in Bitcoin will be able to generate a very significant profit. The higher your investment, the higher your profit.

If you observe well, you will see that all the people who think bitcoin is an investment where they invest and get their money back in a short period of time are people who don’t know anything about bitcoin investment, especially if these people only see people. They have successfully made the investment, and they wish to do the same thing without having background knowledge of how it works. Many things are there for this type of person to know about bitcoin. Before they start investing, I cannot blame them; they need to know if the investment and who is ready will accumulate and hoard for a long period of time.

I think is just individual mindset on overall investment because most people like us who just started the Bitcoin journey and doesn't have somebody that will mentor them on how Bitcoin investment tends to work normally get affected emotionally if they realize later that the profits or money they had in mind to make through there Bitcoin investment on a certain period of time did not workout.

So perhaps one of the factor that affect the mindset of most of us as a beginners is the rumors of how people are making huge money through Bitcoin trading and investment, so that's what propels most people especially most us that doesn't no much about investment to come in and invest on Bitcoin. But however in as much I may not be that knowledgeable enough on Bitcoin but I can never see Bitcoin as a get rich quick.

Well you won't have to blame them on one aspect and in the other aspect you would have to blame them aslo. Well for starters people tend to  hear all sort of news that actually gets to their head and especially when it's all about profits and this type of news is what gets to their head.

And secondly why we can blame them is that these people tend or fail to do what most anxious person or curious people should do which is to actually make research on the news that they have heard and tend to believe in their fantasy of getting rich by just acquiring Bitcoin without even knowing or researching and if only they did, they would know that acquiring Bitcoin doesn't guarantee one to be rich as gone are those days of the early person that bought Bitcoin when the price was very low.

For now if anyone wants to actually get some profits in buying Bitcoin they would need to strategise and make good use of the price advantage and hold their holdings so that they can get some profits and this method also requires lots of discipline because if you are also not discipline you might end up selling your coins at the wrong time.

If one haven't tried something themselves to know how it works, the best one could give at this instance will be nothing but mere assumptions until one can invest in the cryptocurrencies market and see for themselves how the prices and volatility makes one to doubt the potential profit from the crypto asset.

Perhaps only the stories of how it has helped investors gain more profit were told them and they believe it might be as easy as buying some BTC or crypto asset and one is made.

Of a truth me my sef believe say once you acquire Bitcoin boom you done blow o not knowing that there are many ways to make profits and equally lose it normally Bitcoin dey make men see funds but miscalculation sef dey make man lose guard

Technically when you buy and hodl Bitcoin you're going to make profits if you can have some patience with your investments. Nobody had bought had held Bitcoin and regretted it. The only time you'll regret is when you sell due to fear of the market crashing. Bitcoin has it's time when the market is red and when you sell during this time, you'll be at lost it isn't like by hodling Bitcoin that you're going to lose, no you only lose when you sell so don't sell but keep holding. People are yet to under how the financial markets works, if they do they won't be worried about the ups and down of Bitcoin price. Anything tradable has be to volatility, what just make that of Bitcoin different is because it's a new market and doesn't have many users yet compared to other financial markets.

Bitcoin can actually make you rich but it depends on the approach you take, it isn't a get rich quick assets but can make you rich when you buy and hodl. Others have done it in the past and it worked for them, yours isn't going to be different. You just have to know that the ride isn't all going to be smooth all through. There'll be rough times that your patience will be tested and only those who had diamond hands will be rewarded at the end of the journey.

People are too optimistic about Bitcoin because of the way the moon boys advertise it on social media platforms like YouTube. This is the reason we have many weak hands in the markets that sells at any negative news they see because they came into the market due to the hype they saw on social media without understanding how things work over here. They just think it's going to be a smooth ride up but that's not how it works.

Every successful person begin with the decision to attempt. People are certain that no matter what happens with Bitcoin, it will be boosted. That is why everybody who purchased a Bitcoin for a huge sum of money expects to be wealthy, since once the Bitcoin achieves its all-time high, what do we expect to happen? I believe that individuals who invest early, when Bitcoin is still at a low price, will be more profitable than those who invest later. Because they know they have enough Bitcoin in their wallet, some people will start calling themselves rich. In other words, I do not believe that Bitcoin will collapse like other Ponzi schemes since it is not like Ponzi schemes.. No matter what. I have 100% sure that Bitcoin will continue to exist regardless of how people acquire it and get wealthy.
Some individuals lack emotion, and we all live our lives doing the things we want to do or being the things we want to be doing. That's how Bitcoin operates—if we run out of patience, we can't accomplish our goals. Allow someone who want to invest in Bitcoin to do so with as much money as they can afford to lose in order to hold onto the asset for an extended period of time and make significant gains.

Yes, that is true, but wonderful things don't stay forever. After all, trees don't grow; they probably have a partner in back. For this reason, obtaining Bitcoin through one method isn't permanent. To put it another way, the way some individuals are profiting from Bitcoin if it's that they hold it or use it in a variety of ways to boost their revenue. Men of today have the potential to become billionaires through Bitcoin, but many are missing out on this chance because of poor calculations.

Truth be told, Bitcoin no be get rich quick scheme even say we dey get small small profit for inside, when we dey invest for bitcoin na patient be the main virtue wey we suppose carry for mind towards our investment, beside before you invest e dey very advisable make we for get wattin go dey give us money so that we no go dey depend on our bitcoin investment, so newbie ot beginner make  put am for una mind say na when you leave you investment Tay naim you go get better profit, and one of the way when you go fit get this patient na when you use DCA instead of lump sum because for DCA na just small small moni go dey leave your system to your wallet and you no go too feel am, na why e dey required of every newbie to use DCA first until when Dem don gain enough psychological and emotional balance when we reach bear season then Dem don graduate to fit use lump sum or other strategy.

Yeah, if one can endure and leave the Bitcoins they're hodl for a long interval of time they're gonna make profits for sure but most people are just afraid of the fluctuations in the price of Bitcoin so whenever they see that the price is dipping they will just rush and exchange their Bitcoin with fiat. So impatience and fear is the major reason why it looks as if some Bitcoin investors doesn't make profits or they make little profits and again one can't just buy Bitcoin with a low amount and expect to make it huge within a short interval of time as it is a gradual process before one can make huge profits and making huge profits also requires huge investment.

Well actually what you said are all true but sometimes I wouldn't blame such person because they already had a bad orientation through the person that introduces them because there is no way you can brought somebody into crypto investment and after mentoring the person all that he needs to no about Bitcoin and possible risk that's associate in Bitcoin trading or investment and he will still have that perception on Bitcoin, so perhaps if most people are well mentored before coming into Bitcoin you will see that there mindset about Bitcoin will change because they will realize that investment on Bitcoin is not a get rich quick but on the contrary with time and consistent investment they will surely benefit from Bitcoin.

Although one of the factors or forces that has been given most people that mindset that Bitcoin is a get rich quick investment is because of most traders because I believe that in as much as we all no that trading is very risky with a very higher chances of losing your funds but however there are numerous people who are constantly wining there trading and making a lot of money through trading, so perhaps if a beginning listings to those kind testimonies they will be thrilled to venture into Bitcoin with the mindset of becoming rich overnight without knowing that reversal could be the case if they are not properly mentored.

Op, a lot of people have been misinformed about what investing in Bitcoin is all about so they only keep ears to the profit making aspects of Bitcoin as if it's a quick money scheme, most people have gone to the level of not finding out things about Bitcoin before investing they only believe that once they invest they will automatically become millionaires in the nearest future which is a very wrong thinking.

Secondly I think lack of proper research, knowledge and orientation is also one of the reasons why most people misunderstand the importance of Bitcoin other than the profit making which they see as the only usefulness of Bitcoin. I think people needs to be properly guided because a lot of them have lost what they invested and some lost hope because they couldn't achieve what they planned to achieve with Bitcoin but I believe a lot of works still needs to be done to promote and teach people how they can actually make profit investing in Bitcoin and I think it will really take endurance and good plans to ever make good profit especially if you are a long time holder.

Na true you talk, many beginers wey de think say Bitcoin na get rich quick scheme, be di people wey don hear about success stories of early investors wey buy Bitcoin wen Satoshi, first create am. Also dos wey here say dem de hammer for Bitcoin trading, say if you enter crypto market, trade small, sharp sharp you don make plenty money. Most times na lack of proper knowledge de cause am, so e de very important take time to make proper research before we go engage in any money matter, especially for cryptocurrency wey de very volatile.

All di same e de very important for newbies to note say long term investments for Bitcoin, na guarantee say di investors go make plenty profit when di market enter bull run.

Na for the same reason wey e be say once you tell person say you get Bitcoin, the person go immediately think say you dey rich, many people erroneously think say Bitcoin na ticket to wealth, i know say Bitcoin price dey pump oh, especially in the long run, but before you go even earn better ROI from Bitcoin, you go gats invest a lot of money into it, you no fit just put small money, come dey expect to get rich through it, and for underdeveloped country like ours, how many people get the money to invest, without investing more than they can afford to lose. Another thing be say many people no sabi how to keep their assets secure, so dem go even lose am before them go fit make ROI from Bitcoin.

OP your very correct about the believe of beginners in some aspects the reason is that not all new beginners have the mind set of becoming rich overnight with this Bitcoin those who are short of information regarding the platform hopefully think is just an instant rich not knowing is matter of time and some time turn to be win and loss . But one thing that bring motivation in everything which is another anchor to people believe is there predecessor to them who have such believe have seen those who is well doing through the platform despite not considering the the spent believe they will also be like them some day. As for me as beginner I have come to study and see that Bitcoin is platform and forum that pays accordingly base on effort and work done is place where grace speak less and the fraudulent some how so good limit compare to others platform except those who want to get rich faster than their work who can fall prey but those who calculate and follow the rules hardly fall conclusively many is of that believe base on there level of information and study gathered why some are not because of limited information working on speculation be it as it may even as point of speculation can achieve it of making rich if they put to work what the speculate.

You don talk am finished di people wey dey carry dem come nai dey cause all di thinking say Bitcoin na something wey dem go invest and get money but dem forget to tell them di long duration of the investment. And many of them join it because of the orientation given to them. And those peer influence only told them the advantages and not the disadvantages. And once they came the next thing na to get Bitcoin and become rich people like yahoo boys.

Bitcoin no be something wey people go come and make money di way dem want am.

One of the things I do think that contributed to this misinformation about Bitcoin seeming a get rich quick scheme to some newbie investors is the fact that most people who introduced their friends and family to Bitcoin failed to educate them and tell them the truth, and again people are only interested in hearing about the profit side of Bitcoin without asking how long it took those people who have profited from Bitcoin investment how long it took them to realize such profit and success and thus are carried away with profit side they hear about.

This your topic tight wella, as nah the only things way I dey see for some board, so e still dey good as you also think to carry am come this our board too.
Sha nah only those way no know watin risk be nai go fit dey think am say Bitcoin investment nah to just invest and within some minutes or hours you go get back profits or get back your losses. Omor that one nah big lie, no investment way dey like that, unless say them won scam person nai them fit just talk like that, with the kind of knowledge way I done get about Bitcoin through the help of this forum, I no sure say me go fit believe any of those shit talks way person or group of people go just come and advertise say invest and get back profits in few hours.
Some of this talks or I go call am misunderstanding about Bitcoin, nah based on, infact I go say nah from side talks and still most of them dey fail to do their own research before them start to believe or tell other about Bitcoin investment.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Na the truth be that but  person wey dey outside the investment no go know say Bitcoin no be quick to rich something because dey Don hear or see person wey done benefits from BTC all their mind be say immediately as them enter everything go sarara for them but waiting dey know no is that the person don exercise patient even face some heart or emotional disorder as the prices do fall and rise, the button line be say na people wey no want apply sense of details of how BTC work they quickly believe that one. There is n doubt that BTC can make rich if one endure and invest a huge sum of money and apply long term holding the results will sure but expecting it to be a sharp sharp business profit is ignorance.