The Dangers of Quick Money Mentality to Our Bitcoin investment

[Sammye3]

The relevance of Bitcoin has really put a lot of interest from the public with people who have the knowledge of Bitcoin and those without it trying to get the best of Bitcoin's fluctuations. The mentality of traders is what determines their success rate as OP made clear in his post, Bitcoin is not a get rich scheme and should be considered as such.

For a trader, attaching emotions when trading is the biggest mistake to make as failure is the product of fear. The mindset of investing with the purpose of making 2x your money immediately like it's gambling should be eradicated as it's only natural to trade under panic and lose out.

[WhoYouCantKill]

In short, Bitcoin is not a scheme for get rich quick, it is rather a long-term asset that rewards patience, discipline, and having understanding of the market cycles. To bring the mentality of ponzi or money doubling into Bitcoin will only lead to panic, emotional decisions and even losses. Pure success in Bitcoin is as result of holding, learning and thinking in years instead of days.

[Gozie51]

A whole lot of folks myself included has at one point or the other participated in one money doubling or quick money scheme, or even some telegram investment that promises a double of their investment fundz in 24 hrs. And coz of dat experiencee a whole lot havs brought that mentality into Bitcoin investment, thinking that Bitcoin is just another update in making sharp sharp moneey.

Believe me, I don't know if this kind of mentality is ever going to go off from many btc investors, I mean our naija guys oo especially the gen z category wey dey like flunt things, show up what they have or buy flashy things. This group want quick things, their blood dey hot  .

But truly bitcoin investment no suppose be wetin person go dey rush to cash out especially if you catch the bottom during bear. However, the problem be say people need cash and to see your money for wallet when you are broke with needs to sort, the temptation is high. Person no go fit get some fraction of bitcoin make health issues dey threaten am and he will not deep hand inside the btc especially if you didn't lend it out and it is there resting in your wallet.