Bitcoin and get rich quick syndrome

[Mophymac]

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 very correct. there is no shortcut to true success. But the percentage of succeeding with Bitcoin is far more higher if one will ask me compare with other ventures out there. Especially the bliss of not having some agencies of government demanding their usual double digits tax in your transactions.

[kawetsriyanto]

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

True. Everyone wants to live with lots of money because they can do anything. When seeing people succeed with their investment can live as rich people, anyone must be triggered to follow the success. Moreover, crypto investment is easy to do, it is not as complicated as other type of investments. People just need to buy crypto coins in exchanges, then they only need to hold the coins for certain time of period. But people sometimes are not aware that crypto investment has a high risk. It has high volatility and the fluctuates of the coin prices are difficult to predict.

It's sad but true, quick money is more attractive to people than long term investments, and that's why they get scammed easily,~

People always want to experience a success instantly. They don't want to wait for a long time because they want enjoy the success soon. Unfortunately, there is no instant success, it always takes time and serious efforts. Crypto projects that offer the investors to be rich instantly, most of them are scams. We know that there is no guarantee for profits in crypto investment. Even it is Bitcoin investment, the success of this investment will still depend on the holders/investors.

[tvplus006]

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.

All those who came to the cryptocurrency market with the hope of getting rich quickly have probably already lost their money and left the market. Quick enrichment on the market is offered only by fraudulent schemes, everything else is achieved thanks to knowledge and experience.

[Sanitough]

Those people who settle into thinking bitcoin as a get rich quick will definitely change their bitcoin outlook once they started their real investment with bitcoin. Instead of expecting fast and consistent profits, they will experience the other way around, and most probably more on losses than gains. With personal experience from bitcoin, I'm quite sure that the thinking about bitcoin as a get rich quick tool will never be entertain again.

[Renampun]

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 who come to bitcoin with the big hope of becoming super rich in a short time are greedy people who are trapped by the tricks of their minds, in the early years of bitcoin circulating many did not believe and believed that bitcoin would have a high value it has today, they sold bitcoin without feeling it's either valuable (like the case of laszlo who bought pizza with a lot of bitcoins) or they don't store their bitcoins well (like the case of someone who lost a lot of bitcoin on his hard drive) but those who believe in bitcoin are certainly one of the richest today. No investor is rich because they suddenly started, everything requires a process, including when becoming a Bitcoin investor.

[Ultegra134]

Those people who settle into thinking bitcoin as a get rich quick will definitely change their bitcoin outlook once they started their real investment with bitcoin. Instead of expecting fast and consistent profits, they will experience the other way around, and most probably more on losses than gains. With personal experience from bitcoin, I'm quite sure that the thinking about bitcoin as a get rich quick tool will never be entertain again.

It's not 100% people's fault for believing that Bitcoin is a get-rich-quick scheme. The media often portrays it as such by showing a few success stories of people who either held their coins since the early days or others who recovered lost coins. We've all seen articles regarding how someone ended up becoming rich overnight because they suddenly found their coins. The media doesn't talk about modesty but always expresses itself outrageously. One day you'll see them praising Bitcoin because someone became wealthy through it, and the moment it crashed, they were the first to express their disbelief.

No one is promoting steady growth, and this doesn't apply only to cryptocurrencies, but in general. Everyone presents the few success stories as an example to mimic.

[Issa56]

Those people who settle into thinking bitcoin as a get rich quick will definitely change their bitcoin outlook once they started their real investment with bitcoin.

You are right, some of them will change their mindset after joining, but some of them will lose money then sell their bitcoin, and end up getting angry. Since they have the mindset of making quick money from bitcoin investment, and after joining they notice they are not making the quick money, rather they are losing, they will end up being angry, and some will even tag bitcoin as a scam just because they didn’t get what they wanted there, which at the end some of them will join a Ponzi scheme and they will get scammed.

Instead of expecting fast and consistent profits, they will experience the other way around, and most probably more on losses than gains. With personal experience from bitcoin, I'm quite sure that the thinking about bitcoin as a get rich quick tool will never be entertain again.

People are always finding it difficult to have patience when looking for money, which is why at the end they will end up losing more money because they might be scammed. any investment you are going into, you need to have patience and be consistent. Any investment that promises quick rewards with no risk should be avoided, you are likely going to be scammed.

[EarnOnVictor]

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.

All those who came to the cryptocurrency market with the hope of getting rich quickly have probably already lost their money and left the market. Quick enrichment on the market is offered only by fraudulent schemes, everything else is achieved thanks to knowledge and experience.

There is nothing wrong with the get-rich-quick mentality in Bitcoin and I can assure you that almost all those who are committing their money to Bitcoin are for the same reason even if many pretents.

What is wrong and unclever is for someone not to know what they are spending their money on before doing so, which is why learning to gain the right knowledge and experience is the first requirement.

Everything about Bitcoin is for two things, payment and investment. One should first acknowledge this and look for the investment style that suits them if it's the money they want. A newcomer trading will lose their money, but the well-informed newcomers might want to stake, Hodl and do other less risky investments that will always payoff over time.

[Xal0lex]

There is nothing wrong with the get-rich-quick mentality in Bitcoin and I can assure you that almost all those who are committing their money to Bitcoin are for the same reason even if many pretents.

What you don't take into account is that you can't get rich quickly with bitcoin anymore. Bitcoin has become too expensive and is not growing as fast as altcoins. Beginners with small deposits will not be able to get x100 profit in a year with bitcoin, it is impossible. In this case, the same beginners try to solve this problem with the help of trading and borrowed funds that exchanges provide. All this is a quick way to completely lose their bitcoins. Therefore, the desire to get rich quick with bitcoin still has a downside.

[isaac_clarke22]

Those people who settle into thinking bitcoin as a get rich quick will definitely change their bitcoin outlook once they started their real investment with bitcoin. Instead of expecting fast and consistent profits, they will experience the other way around, and most probably more on losses than gains. With personal experience from bitcoin, I'm quite sure that the thinking about bitcoin as a get rich quick tool will never be entertain again.

It's not anything new to be honest. People invest to get rich and they expect that the volatile nature of Bitcoin would yield them plenty of profits while it's not going to be like that as we expected. There are people thinking that just because celebrities like Musk would mention Bitcoin or  a couple of altcoins would give them "EZ PZ" profits.

I doubt that the newer generation would see Bitcoin first as a decentralized crypto since money and its value is like an issue these days.

[lixer]

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.

Unfortunately, not everyone understands this, and this misconception is caused by the shitcoins and meme coins that managed to gain significant hype and value over a very short period of time and some of the early investors manage to gain a lot of money by dumping the tokens they've bought initially over other investors who eventually lose money because the hype gets over by the time they could gain some profit but they miss the opportunity and the price dumps already.

People see such things and hear about the news that a person had become a millionaire after investing $200 in a meme coin and they start thinking that cryptocurrencies are actually a way to get rich quickly and that is the reason why they also think the same about Bitcoin and other cryptocurrencies.

[Viscore]

People perceived bitcoin wrongly because they don't actually know it or understand it deeply. What they only believe are the heresays about bitcoin as getting rich quick. But if they will decide to invest in bitcoin personally and their expectations for consistent profits is not achieved, probably that's the time that they will correct their wrong perception about bitcoin. Bitcoin is hardly earned at some point so people should never see it as the easiest way to establish their wealth.

[MegameSama]

If there was a guarantee of being rich, everyone would be rich by now, I think there would be risks, especially Bitcoin, but as far as I believe up to now, Bitcoin has a bright future, and whoever holds Bitcoin in the long term is the winner.

[Zigabel]

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?

Its true that Fiat in your account has a constant value of staying as the same amount as it was when it was deposited but after a period of time if brought out and placed side by side with other assets it's value may have definitely changed as it might most likely loose some of it value and when it does it's usually a lasting effects as opposed to that of Bitcoin which after a period of depreciation can later appreciate.

Few years back I had a similar experience as yours where I bought Bitcoin because I had a half orientation about what Bitcoin actually is, I thought if only I could purchase some units and keep for a few months I will be so rich sadly I was hit by the bear market and ever since I had to take a break then embark on back breaking research so as to understand Bitcoin better, it's dynamics and principles, this knowledge so far has helped me a long way to avoid certain mistakes, conclusively I can say slowing down to study and understand better will go a long way for anyone in their Bitcoin journey.

[FinneysTrueVision]

When I first got into Bitcoin I had illusions of becoming a millionaire. This was like a decade ago when it was common to see the price make double digit percentage gains in a single day. You could go from having a few hundred to a few thousand dollars in a very short amount of time. I was not alone in feeling this way. Many people have become rich thanks to Bitcoin so it isn't a completely farfetched idea. The better understanding you have of Bitcoin, the more realistic your expectations will be. With enough patience and hard work there is potential to make substantial profit but only those who adopted early enough and were able to hold have been lucky enough to generate massive wealth in nearly an instant.

[akuntester1]

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 you are right, the perception of Bitcoin as an easy way to get rich quickly in my opinion is a wrong assessment and this perception often misleads someone who does not fully understand what and how Bitcoin works.
If someone is an early adopter of Bitcoin, maybe they can really be rich and enjoy it now, but even then they won't immediately become rich quickly, but they have to be patient for years and face all the risks of rising and falling markets.
But currently Bitcoin is an investment asset that has an increasingly high value for owning it, and the possibility that Bitcoin can make us rich quickly is very small because it depends on how much we spend to invest in Bitcoin and how long we can be patient in holding it.
There is no easy way to get rich quickly, there must be hard work, patience and we must have a strong mentality to face every risk.

[dansus021]

True. Everyone wants to live with lots of money because they can do anything. When seeing people succeed with their investment can live as rich people, anyone must be triggered to follow the success. Moreover, crypto investment is easy to do, it is not as complicated as other type of investments. People just need to buy crypto coins in exchanges, then they only need to hold the coins for certain time of period. But people sometimes are not aware that crypto investment has a high risk. It has high volatility and the fluctuates of the coin prices are difficult to predict.

The crazy stuff is the advertising on social media still popping off every day with the glamour work in Dubai and driving a nice Ferarri car with a bunch of beautiful women and living like a paradise. It is like to good to be true.

I actually had the experience DM someone from the Instagram ads and they offered me investment started as low as 100$ and get 1000$ in 2 weeks and this sound like a ponzi scheme and i hope people dont fall for this shit

[Luzin]

I actually had the experience DM someone from the Instagram ads and they offered me investment started as low as 100$ and get 1000$ in 2 weeks and this sound like a ponzi scheme and i hope people dont fall for this shit

Stupidly, there are still those who believe and are deceived. I wondered what they thought until they were interested in the ad. It should be common sense that it would be difficult to achieve without hard work. In addition, there are currently many victims of losses that are written in the news. Although sometimes it is illegal, relying on the government is not effective. We should be more careful with the many facts. No matter how much we want to succeed in a fast way, we still have to think healthily. There is no quick way to get rich without thinking, studying, sacrificing time. There is always a chance to cheat when Crypto is developed and used. We just need to be vigilant and don't be afraid.

[Dimitri94]

If we have a wrong idea at the beginning of investing in Bitcoin, we may not lose it in the short term but we may lose it in the long term. The point I want to focus here is that Bitcoin is not a get quick rich scheme. People who encourage others to invest in Bitcoin without knowing it are prone to this kind of confusion. Before 2021 many people can make a lot of profit from Bitcoin investment but not everyone can make profit from investing at any time. You must have a good knowledge of Bitcoin to be able to profit from investing in Bitcoin. How to safe your bitcoin?, how long to hold bitcoin investment? etc. should be well known first. An investor must hold their holdings for a long time when investing in Bitcoin. I think there is no option of making quick profit from Bitcoin.

[Hypnosis00]

Those people who settle into thinking bitcoin as a get rich quick will definitely change their bitcoin outlook once they started their real investment with bitcoin. Instead of expecting fast and consistent profits, they will experience the other way around, and most probably more on losses than gains. With personal experience from bitcoin, I'm quite sure that the thinking about bitcoin as a get rich quick tool will never be entertain again.

It's not anything new to be honest. People invest to get rich and they expect that the volatile nature of Bitcoin would yield them plenty of profits while it's not going to be like that as we expected. There are people thinking that just because celebrities like Musk would mention Bitcoin or  a couple of altcoins would give them "EZ PZ" profits.

I doubt that the newer generation would see Bitcoin first as a decentralized crypto since money and its value is like an issue these days.

That is the result of these social media influencers saying that investing in crypto will make us rich without mentioning that it takes years before it happens. So what is in their mind is that after buying today, they will earn a profit tomorrow, and the next day, they become rich. That is why many people also say that Bitcoin is a scam thing because it fails their expectations.

If we fully understand how Bitcoin investment works, it is possible the growth of investors is getting low. More people become worried and doubtful if they know the huge risk behind it because most of us want assurance and are afraid to lose any amount.