Bitcoin and get rich quick syndrome

[Kelward]

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

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

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

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[Churchillvv]

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

[Nwada001]

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

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

Unlike fiat which the amount in your bank account remains what it is,

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

[Bitcoin_Arena]

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

[Faisal2202]

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

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

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

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

[Promocodeudo]

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

[terrific]

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

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

[cryptoaddictchie]

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

[mk4]

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin.

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

[noorman0]

-snip-
bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin.

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

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

[dzungmobile]

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin.

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

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

Else, the amount will stay unchanged.

This confirms that the chances of getting rich can also make you poor.

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

[Gallar]

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin. Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it.

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

Unlike fiat which the amount in your bank account remains what it is

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

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

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

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

[blue Snow]

Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict  the outcome whether the price will pump or dump.

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

[Darker45]

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

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

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

[Pingrapole]

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

[Don Pedro Dinero]

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

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

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

[LogitechMouse]

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

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

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

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

[Kelward]

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

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

[Despairo]

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

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

[avp2306]

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