Bitcoin and get rich quick syndrome

[SmartCharpa]

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?

Bitcoin can make someone wealthy, but it's not as simple as people might have thought. Earning money with bitcoin or becoming wealthy as a bitcoin investor only takes time and gradual growth; we can't start investing today and expect to become wealthy tomorrow, like someone who is going to pick up money off the ground. We can't just enter into something that we know about, which is why learning is so vital. There is no way you can invest in bitcoin and lose your money; bitcoin can only give you a profit for those who understand it and the risk involved before making an investment.

Since I understand Bitcoin, there is no way for a person to invest in Bitcoin and lose all of their money. The only people who can do this are those who invest for a short period of time and don't realize the risks involved. There are many millionaires that have become wealthy by investing in Bitcoin, but not as quickly as most people thought.

[EFS]

Bitcoin is not designed for you to get rich quick. Those who made big money on Bitcoin are early believers that took big risks. Although the idea of cryptocurrency is very interesting, it wasn't known 8-10 years ago whether it would be successful or not. People believed in it and invested and earned. It doesn't make sense to expect to get rich doing the same thing right now. Bitcoin is already widely accepted. You can make money by investing in Bitcoin, but the era of buying Bitcoin and waiting a few years to get rich is over. When Bitcoin reaches $1 million, its value will have increased only 40 times.

[JunaidAzizi]

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?

Finally, i found an Op whose account is bigger than a newbie. Most of the topics are nowadays created by a newbie and I wonder how a newbie creates a topic and shares such knowledge topics as a newbie.

Coming to your topics I think that there would be no limit to the stupidity of the person who believes that Bitcoin makes you rich. It's not that easy to gain more profits from bitcoin in a short time period as it requires information and technical knowledge about investing in bitcoins and there is high risk in investing in bitcoin, The Market is volatile, and anything would happens either goes up or down.

It's a fairytale, bitcoin does not make you rich in days but it requires time and long-term trading.

[nakamura12]

Bitcoin is not designed for you to get rich quick. Those who made big money on Bitcoin are early believers that took big risks.

I think those people who are thinking like that will surely lose some money. As you have said, Bitcoin is not a get rich quick scheme and Bitcoin isn't like that but an investment or other types of businesses for example where they are willing to take risk to earn profit. I wonder where or how their thinking or mindset become like that. Even me as a newbie before didn't even think that it is a get rich quick scheme but as an asset where I can earn money.

[Japinat]

Bitcoin is just like any other investment that has no guarantees to succeed and won’t be making you profitable in the end. That’s the reality about bitcoin. However, hearing a lot of bitcoin testimonies from different walks of life, people will easily fall on the belief that bitcoin is another get rich quick scheme. Unless if they won’t experience losing instantly from bitcoin due to wrong information, then people will stick to how they have known bitcoin from the start.

[Mpamaegbu]

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.

No, you can't lose or gain your Bitcoin in your wallet. It remains the same all through. What changes is the value, either in loss or in gain but your Bitcoin remains the same. It goes to support the argument of those who say 1BTC = 1BTC. The two ways you can lose your Bitcoin is if it's hacked, either on an exchange or in your wallet. The second is if you trade it on Futures.

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

In Bitcoin, the chances of making someone poor is very (very) slim. The slim percentage is when those who invest in it get in at ATH and aren't patient to wait for a recovery time. It takes a maximum of four years in Bitcoin investment for every worse case scenario to turn positive. I've observed this keenly.

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?

Well, those who think it's a shortcut to quick riches should've themselves to blame. It's never and should never be thought that way. This is one of the misconceptions of noobs. I see Bitcoin as an asset and for an asset to appreciate you've got to give it time.

[SquirrelJulietGarden]

No, you can't lose or gain your Bitcoin in your wallet. It remains the same all through. What changes is the value, either in loss or in gain but your Bitcoin remains the same. It goes to support the argument of those who say 1BTC = 1BTC.

Bitcoin has a Proof of Work blockchain, not Proof of Stake so you can not hold your bitcoin in a wallet, stake it to receive staking reward. To have bitcoin, you have to mine it as a miner, to receive it from block reward (that is 6.25 BTC / block now) and transaction fee.

Other ways are buying it with your fiat currency or convert your altcoin to bitcoin.

You can lose your bitcoin if a hacker get access to your wallet private key and move your bitcoin to their wallets.

[Mpamaegbu]

~snipped~

You can lose your bitcoin if a hacker get access to your wallet private key and move your bitcoin to their wallets.

Your response, going by that comment, wasn't what OP was asking and to which I responded. Let me refresh your mind on what OP asked again... 👇

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.

OP wasn't referring to losing one's Bitcoin to  hackers or anything of that nature. Rather, what they were asking was if there was any situation that would make one's Bitcoin hedl to decrease in its unit. Let's say 0.005 BTC reduces to 0.004 and continues that way until it gets to zero or that it increases beyond 0.005 BTC.

[kawetsriyanto]

Bitcoin is just like any other investment that has no guarantees to succeed and won’t be making you profitable in the end. That’s the reality about bitcoin.

Indeed. No investment has a guarantee to succeed, including Bitcoin investment. Moreover, Bitcoin is a high risk investment, which means not easy to succeed in Bitcoin. Bitcoin holders must deal with the volatility, FUDs, hackers possible attack, and many other risks. So, it is totally wrong that investing in Bitcoin will automatically be rich. No instant way to be rich in crypto investment.

However, hearing a lot of bitcoin testimonies from different walks of life, people will easily fall on the belief that bitcoin is another get rich quick scheme. Unless if they won’t experience losing instantly from bitcoin due to wrong information, then people will stick to how they have known bitcoin from the start.

Yep. Hearing the success story from others will trigger anyone to have high motivation to achieve the same way. Unfortunately, many people don't understand enough about the way to achieve the success. They think it is easy, in fact it requires a lot of serious efforts and take a long time.

[Y3shot]

Bitcoin is not designed for you to get rich quick. Those who made big money on Bitcoin are early believers that took big risks. Although the idea of cryptocurrency is very interesting, it wasn't known 8-10 years ago whether it would be successful or not. People believed in it and invested and earned. It doesn't make sense to expect to get rich doing the same thing right now. Bitcoin is already widely accepted. You can make money by investing in Bitcoin, but the era of buying Bitcoin and waiting a few years to get rich is over. When Bitcoin reaches $1 million, its value will have increased only 40 times.

Even then the early investors didn't invest because they want to make quick money, what they invested in Bitcoin to make big profit took them time, they held Bitcoin which made to get a huge gain. The kind kind of new bitcoiner we have this time, they just believe getting profit from bitcoin is something that happens so quick and it can elevate one from having nothing to become more buoyant. I think bitcoin have always been the same, obtaining profit has always been as a result of having patience to wait for the market to gain value. Their has been no time people invest in bitcoin and immediately they became rich.

[Smartvirus]

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.

OP wasn't referring to losing one's Bitcoin to  hackers or anything of that nature. Rather, what they were asking was if there was any situation that would make one's Bitcoin hedl to decrease in its unit. Let's say 0.005 BTC reduces to 0.004 and continues that way until it gets to zero or that it increases beyond 0.005 BTC.

I sort of understood it differently going by the snippet you have in that quote. My understanding left me with the impression that, it’s a quantification based on what value your wallet holds through the various market seasons or price fluctuations.
Although, OP have stated it as described, which is not even close to anything possible. That your coins would decrease in units without you having to make some withdrawal or send some out, that doesn’t happen with bitcoin or any other coin in a wallet out there.

Fiat too follow similar pattern in the sense that, what truly decreases is the value. What that same money could buy in different time frames varies. While inflation might rock fiat, volatility still rocks bitcoin. You don’t lose in unit but, you can either profit or lose in value.

BTC5 will always remain BTC5 in unit no matter the time in years or market condition but it’s value will or could vary.

[dansus021]

Oh I think it happens to everyone else too, including me hahaha I mean you cannot see a huge pump and a huge dump in the stock market in a day in crypto especially low cap markets like shit coin you can see a huge dump more than 1000% just in a day in fact maybe in a couple of hours. People who don't understand about this will likely go all in and get rich in a day, but the reality says the opposite.

Yep. Hearing the success story from others will trigger anyone to have high motivation to achieve the same way. Unfortunately, many people don't understand enough about the way to achieve the success. They think it is easy, in fact it requires a lot of serious efforts and take a long time.

This gonna be a huge trigger, especially when you see on social media like instagram or tiktok that you can live a life like on the paradise and still young with pile of money and chicks everywhere

[Awaklara]

Even then the early investors didn't invest because they want to make quick money, what they invested in Bitcoin to make big profit took them time, they held Bitcoin which made to get a huge gain. The kind kind of new bitcoiner we have this time, they just believe getting profit from bitcoin is something that happens so quick and it can elevate one from having nothing to become more buoyant. I think bitcoin have always been the same, obtaining profit has always been as a result of having patience to wait for the market to gain value. Their has been no time people invest in bitcoin and immediately they became rich.

The phenomenon of short profits from Bitcoin investment may occur from 1 in 1000 people who enter to invest in Bitcoin at the right time which makes them lucky.
I mean they managed to accidentally get in moments before the pump that happened on Bitcoin. they see market prices falling and take the risk to buy. once they have it doesn't take long for a pump to occur that provides a return on their investment.
however the results may not be as great as expected. but they definitely make a profit. That kind of mindset is probably what many beginners have today. while those who are more experienced of course know how to profit from Bitcoin investments which require patience.

[Z390]

It's sad but true, quick money is more attractive to people than long term investments, and that's why they get scammed easily, there are few family friends that I know, the only thing stopping them from Bitcoin investment is because it's a long term process, it's like they can't wait for few years to reap their profits, sadly, many people in the world today are like this, that's why crime rate are increasing, nobody want to use years to their advantage, everybody want to get rich quick, that's why some become criminals, and some start doing drugs and cocaine business.

[NotATether]

There ain't no such a thing as "get rich quick". It's either "rich", or "quick" (and poor), but you can't have both.

No, you can't lose or gain your Bitcoin in your wallet. It remains the same all through. What changes is the value, either in loss or in gain but your Bitcoin remains the same. It goes to support the argument of those who say 1BTC = 1BTC.

Bitcoin has a Proof of Work blockchain, not Proof of Stake so you can not hold your bitcoin in a wallet, stake it to receive staking reward. To have bitcoin, you have to mine it as a miner, to receive it from block reward (that is 6.25 BTC / block now) and transaction fee.

Even if there was a Proof of Stake, it would not be free to get rewards, there is a cost. You have to lock up a lot of crypto inside the network to be eligible to claim rewards, which most people don't have, so you know what they do? They use custodial services that take all their money and do it for them. It's like Celsius. I think we all know how this ends.

[Razmirraz]

There is no get rich quick concept in any investment, especially in Bitcoin investment where the price can change at any time. Highly fluctuating Bitcoin can make you rich or poor in 24 hours, so you need thorough knowledge before investing. Hearing news about other people's success in investing in Bitcoin really attracts other people's interest in wanting to do it immediately, but it's not easy, there are stages that need to be gone through before becoming an investor who can profit from Bitcoin.
You are wrong if you think Bitcoin is a type of get rich quick investment because not all Bitcoin investors can become rich, there are things you need to learn before deciding to invest in Bitcoin.

[rozak]

Highly fluctuating Bitcoin can make you rich or poor in 24 hours, so you need thorough knowledge before investing.

Isn't that kind of depiction also what creates the perception that Bitcoin can be an investment to produce results in a short time? Not rich in a short time, but profitable in a short time.
unfortunately, beginners think it's easy to do. even by investing, they have to have the patience to hold their Bitcoins. If you want to trade Bitcoin you also have to have skills and knowledge which of course doesn't take long to learn trading.
however, Bitcoin is a risky asset. If we can minimize risks, then we can gain profits. The time to make a profit is still not a short scheme that can be done by a beginner.

[blckhawk]

It wasn't that way in the first place anyway, people back then didn't think that bitcoin's going to go this high, they're just happy that there's something that they can use to buy stuff online without the hassle of middlemen like PayPal and to be able to protect their privacy. The second-wave of bitcoin enthusiasts were the people that made many think that bitcoin is a get-rich quick scheme.

[TravelMug]

There is no get rich quick concept in any investment, especially in Bitcoin investment where the price can change at any time. Highly fluctuating Bitcoin can make you rich or poor in 24 hours, so you need thorough knowledge before investing. Hearing news about other people's success in investing in Bitcoin really attracts other people's interest in wanting to do it immediately, but it's not easy, there are stages that need to be gone through before becoming an investor who can profit from Bitcoin.
You are wrong if you think Bitcoin is a type of get rich quick investment because not all Bitcoin investors can become rich, there are things you need to learn before deciding to invest in Bitcoin.

I was about to say this, yeah, there is no get rich quick scheme, anywhere, not just in bitcoin investments. And that's why though there are people who feel victims to investment scams because they think that they can multiple their money very easy.

Just in the news in our country, someone scam millions of dollars using the name of cryptocurrency and it's sad to hear that people are still falling for this trick. They should understand that in any investments, it needs time to grow your money as well and it's not going to be very quick.

[Wakate]

Bitcoin is not designed for you to get rich quick. Those who made big money on Bitcoin are early believers that took big risks. Although the idea of cryptocurrency is very interesting, it wasn't known 8-10 years ago whether it would be successful or not. People believed in it and invested and earned. It doesn't make sense to expect to get rich doing the same thing right now. Bitcoin is already widely accepted. You can make money by investing in Bitcoin, but the era of buying Bitcoin and waiting a few years to get rich is over. When Bitcoin reaches $1 million, its value will have increased only 40 times.

Those that understand the system know that Bitcoin is not a get rich scheme but those that are money mongers especially the newbies that think crypto market is where to make quick money and get out will always end up being scammed. There are plenty cryptocurrency projects in the market and we need to invest in good ones that have reputation nit just selecting at random. We need to know what we are doing or else we are going to make careless decisions as a crypto enthusiast. Doing research is one of the key that will prevent us from getting scammed.