Bitcoin and get rich quick syndrome

[boyptc]

This quick rich schemes platforms or ideology is common reason why people lost their money.

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

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.

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

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

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.

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

[Alpha Marine]

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

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

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

[Dr.Bitcoin_Strange]

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

[Majestic-milf]

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

[HajiBagi]

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

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

[rachael9385]

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

[Agbamoni]

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

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

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

[Bd officer]

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?

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

[Finestream]

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

[demonica]

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

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

[Out of mind]

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

[SOKO-DEKE]

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

[Shamm]

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?

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

[GiftedMAN]

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

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

[Ever-young]

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 

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

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

[Dzwaafu11]

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.

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

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

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?

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

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

[Distinctin]

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

[Odohu]

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.

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

[Kasabus]

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

[lionheart78]

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.

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

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.

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

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