Bitcoin and get rich quick syndrome

[chigo]

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 

often beginners get into bitcoin because they have this get rich quick syndrome in fact they don't get it, instead they make mistakes. Anyone who thinks bitcoin can provide wealth in a short time should think again because bitcoin is not an bubble investment.

[DeathAngel]

Bitcoin is a great investment due to its potential for long term growth & its ability to diversify a portfolio. It offers a decentralised & secure system which can provide financial freedom & protection against inflation. It is important to know that Bitcoin is not a get rich quick scheme. Its value can be volatile & subject to market fluctuations requiring patience & a long term perspective aka HODLING. Successful investing involves careful research, understanding risk factors & making informed decisions. By approaching Bitcoin as a long term investment you can potentially benefit from its advantages while managing expectations.

[Kelvinid]

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?

Our personal experience will tell us the reality of Bitcoin investment. Many people become disappointed because of that thinking and market views - easy money/instant profit and becoming rich. It was a big lie for someone to say it, in fact, some fake promoters and scammers did it.
Many lives have changed and their financial capabilities as well due to investing in Bitcoin. It is profitable indeed but yes, it takes time to reach where they are today. There is a process called for it and people must understand how it works otherwise they end up disappointed.

[Franctoshi]

There is no shortcut to making wealth or becoming rich, a room is not built in a day and success is a process. Yes, Bitcoin has actually made early investors become rich, and it was not something that happened just overnight; Therefore you don't invest in Bitcoin today and expect to become rich today, so if you follow the footsteps of the early investors you too will get the same result… HODLing has proven to be the route to achieving success with BTC.

[AakZaki]

~snip~
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.

Those new users only see how rich people make a lot of money from Bitcoin, they don't see how much they have lost. Financial freedom really won't be achieved if new users only look at one side and don't learn to deal with the risks that will arise in the crypto market. There are many people who go bankrupt because of crypto, because of lack of understanding, lack of control or risk management so that no matter how much their money will run out.

[Chibaba]

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 

You on point man. Most noobs feel the crypto space is where father christmas share xmas gift but on the contrary it need hard work and patience
 

[Kelward]

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.

Truly if bitcoin where a get rich quick scheme, then the number of people that will be involved in it would have doubled many times over. Because as you have said, who doesn't love quick money, and sadly this is the very reason why many people are falling victims in the hands of fraudsters that will scam them and collect their hard earned money. An example is the ponzi schemes, where you invest a small amount of money and in the shortest period of time, your start to earn geometrically, this will entice a lot of get rich quick mindsets, who will put all their life savings in the scheme, all of a sudden the ponzi will shutdown and the investors will loose their invested funds. S


The lesson to learn is to be very careful when you see any get rich quick scheme, because if there are such investments, the people involved will keep it a secret and be reaping from it alone.

[qwertyup23]

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 

often beginners get into bitcoin because they have this get rich quick syndrome in fact they don't get it, instead they make mistakes. Anyone who thinks bitcoin can provide wealth in a short time should think again because bitcoin is not an bubble investment.

If there exists such a way where people could quickly get rich, then everyone would be rich by now. The problem with most people is that they seem to think that everything has a short cut to success. But as a matter of fact, being hardworking and maximizing the opportunity of being lucky are the key factors of what makes a person successful.

Think of cryptocurrencies as the gateway opportunity of someone being potentially rich. This opportunity should therefore be maximized by people who are aware of its existence due to various factors (e.g. forks, etc.) that can affect the price of BTC in the market.

[KingsDen]

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.

You don't lose bitcoin due to price fall 1 BTC = 1 BTC.
When the price of bitcoin pumps, the fiat equivalent is what you see as profit but the bitcoin remains same. You only lose your bitcoin if you sell at lost or you are scammed or hacked and your bitcoin transfered from your wallet. Anything besides this, you are not losing your bitcoin, just hold and the price will appreciate again.
Also, the money in your bank does not remain what it is, it losses value every day while bitcoin doesn't lose any value.

[cafter]

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're absolutely correct!! sometimes people see those early bitcoin investors who faced many challenges. they had to deal with fear, doubt, and excitement while also dealing with government rules and security problems. It was like walking through hell. becoming successful in the world of cryptocurrency isn't something that happens quickly. it takes a lot of time and hard work. so, if anyone thinking about getting into cryptocurrencies, then be prepared for a journey with many ups and downs. even those who became millionaires had to work hard and stay strong for a long time before they succeeded.

[SamReomo]

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.

Many people came to crypto-market in order to get rich quick and some of them left the market when they faced a few losses while the majority learned from their experiences and they studied Bitcoin deeply. Bitcoin isn't an asset to make your rich over night not even in years because those days are long gone when someone could become rich by investing in Bitcoin. Now if someone really wants to have better future with the help of Bitcoin investment then that person should learn about market dips or apply the DCA strategy in order to accumulate Bitcoin for a long time. The investors who are long-term thinkers and they can hold their Bitcoin investment for decades can still earn good profits from this amazing asset.

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.

Well, Bitcoin is actually more volatile than fiat but I must tell you that fiat in your bank account is also volatile because it is vulnerable to inflation and its value will also reduce if you keep it for long term in a bank account. Bitcoin on the other hand can give you good profits if you are someone who can hold it for long periods. I would recommend you to learn more about Bitcoin and then compare it to fiat and after that I'm sure that you will understand that fiat also get devalue over time and the things that you can purchase now with fiat you may not be able to purchase after 5 years due to devaluation. Bitcoin may become high in value after some years and even in 2024-2025 it's expected that Bitcoin may cross $100k value while the fiat may loose some value in those two years.

[icalical]

Bitcoin can get you to be rich quickly if you are extremely very lucky. Only luck could do that nothing is certain, anyone who want to certainly get rich over night need to do either something criminal or violate some ethics while doing their business. But I kinda get how people think that Bitcoin is an easy and quick way to get rich, the volatility of the Bitcoin price, is insane especially with the bull market on 2017 and 2020 was crazy. Some people with very few understanding about crypto market and blockchain will claim and spread that bitcoin is an easy and quick way to get rich, and some naive and dumb will believe that, without doing any research and buy bitcoin hoping to turn their thousands into millions overnight.

[ultrloa]

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're absolutely correct!! sometimes people see those early bitcoin investors who faced many challenges. they had to deal with fear, doubt, and excitement while also dealing with government rules and security problems. It was like walking through hell. becoming successful in the world of cryptocurrency isn't something that happens quickly. it takes a lot of time and hard work. so, if anyone thinking about getting into cryptocurrencies, then be prepared for a journey with many ups and downs. even those who became millionaires had to work hard and stay strong for a long time before they succeeded.

But people introduced that bitcoin is a easy way to became rich will not see those risk since they always think about all on crypto is easy. That's why realization come up later on when they experience the fall down. Some survive because they are been challenge and still see the opportunity. But some quit because they find out how hard to earn on crypto, to avoid comes from wrong way better research first the risk before the opportunity so that the acceptance will come first and be careful on your first try to avoid losing huge money for first try of our investment on Bitcoin.

[Plaguedeath]

Bitcoin can get you to be rich quickly if you are extremely very lucky. Only luck could do that nothing is certain, anyone who want to certainly get rich over night need to do either something criminal or violate some ethics while doing their business. But I kinda get how people think that Bitcoin is an easy and quick way to get rich, the volatility of the Bitcoin price, is insane especially with the bull market on 2017 and 2020 was crazy. Some people with very few understanding about crypto market and blockchain will claim and spread that bitcoin is an easy and quick way to get rich, and some naive and dumb will believe that, without doing any research and buy bitcoin hoping to turn their thousands into millions overnight.

The lowest Bitcoin price in 2020 was $5K and after a year the price went up to $60K, it's 12x profit if someone managed to buy at the lowest and sell at the highest. But I don't think 12x will make you become rich and waiting for a year isn't quick, the only way you can get rich through Bitcoin when you buy Bitcoin for $1K or lower. This is the reason I don't think someone will able to get rich through Bitcoin only, the only way is gambling in shitcoins.

[Pandu Geddon]

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.

When the price of Bitcoin continues to move, what changes is the value of the Bitcoin that we have in our wallet, we do not lose our Bitcoin in quantity. if you buy 1 Bitcoin you save it in your wallet. Even though Bitcoin price fluctuations occur, you will still have your 1 Bitcoin. what changes is its value when you sell it.

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?

there is no investment that suddenly makes people rich in a short time. including for those who invest in Bitcoin.
Investing requires an understanding of the assets you will invest in. So don't just invest in Bitcoin because you hear that your colleagues or other people are successful with Bitcoin. You also have to find out how they achieved that success.
nothing pleasant is achieved instantly.

[aysg76]

Get rich quick and free money is just an illusion from which we must come out when dealing in crypto world because it needs our understanding before we enter into this world.There might be some lucky people who have entered the market at correct timing and able to earn profits within short span of time but that also requires trading skills not get rich scheme so there is difference which many can't figure out.

[isaac_clarke22]

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?

If there was a "shortcut" to success, then all of the people around the world could have already used Bitcoin. Some part of me believes that there are plenty of ways to get rich, just not quick but people won't tell that kind of stuff because they would either have to share a fraction of their success instead of them getting it all. The usual greedy stuff ya know?

People would continuously have "losses" in Bitcoin depending on how they need the money they invested. Particularly for me, I don't care if it went to zero at one point although it isn't going to happen. It's just that I don't expect to get rich and I don't even want to be rich. Just living a normal life and a peace of mind is quite enough for me. Never going to bother myself having a headache again.

[Mr.suevie]

There is no shortcut to making wealth or becoming rich, a room is not built in a day and success is a process. Yes, Bitcoin has actually made early investors become rich, and it was not something that happened just overnight; Therefore you don't invest in Bitcoin today and expect to become rich today, so if you follow the footsteps of the early investors you too will get the same result… HODLing has proven to be the route to achieving success with BTC.

Well sorry to say but this has been the exact thought of many newbie that comes to the forum, they actually wish and think same progress that happened with the early investors is still going on although most of them are not properly oriented and they just feel bitcoin is some kind of project which makes you rich overnight. Like you pointed out which is very correct "there is no short cut to having wealth" everything is due process and we must hustle and work hard to earn as wealth doesn't magically appear overnight.

[tvplus006]

...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?

This is only when "investing" in a ponzi scheme, scammers guarantee a high profit, which usually leads to the loss of the deposit. Investing in Bitcoin does not always lead to profit, so the investor should carefully approach when and at what price to buy BTC.

[m2017]

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.

The path to success can't be quick, short and easy. Everything that is offered in this form is deception or a complete misunderstanding of the subject of the proposal, for example, as happens with bitcoin.

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.

The amount in your bank account never remains the same. Even with the interest that may accrue for keeping it in a bank, that money is still lost due to inflation. Slowly and the longer they remain in deposit, the more they become cheaper.

If we assume that bitcoin has only been growing since its inception (in the long term), then it turns out that the probability of making money on btc is higher than losing it.

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 can get rich at bitcoin if you have patience for many years. Look at early investors. Those who had the fortitude not to sell btc cheaply now have a good fortune. It would seem that there are no obstacles to repeating their success.

Are there any guarantees of getting rich? This sounds funny.