Bitcoin millionaire: Lucky or possesses more qualities that we don't have.

[Kara3]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

[1714603243]

1714603243

[_act_]

If you can not trade, the better way is to hold. Some traders lost their money and they regret and wished to have just hold their coins. You can see this encouraging thread for holders

I AM HODLING

I do not consider bitcoin holders that are now millionaires lucky, they have reasons of holding the coin, they know about its limited supply of just 21 million coins while the world are billions and continue to increase.

[BitcoinBarrel]

The only Bitcoin millionaires that are lucky are the ones that lost their wallet for 10 years and stumbled upon it again.

Even then, 9/10 of those people will spend through the money quickly and be broke again.

The wealthy, who have diversified investments, mentors and consultants, multiple income sources and cashflows that do not have to "cashout" their profits due to life expenses... Those people will have money and/or crypto no matter what.

Rich people invest what they earn and spend what's left.

Poor people spend what they earn and invest what's left.

[cryptoaddictchie]

Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

This is my favorite. If you are a long term enthusiast then its worthy if you could see the potential of what you are buying. Some are just keep steady holdimg and looking on the bright future of what they have. Yes its literally hard to see when it will bloom but when it become fruitful then youll definitely gotta see it grow in the long run. Remember bitcoin when it was literally a cent and suddenly become have a good value.

[nelson4lov]

One standout thing I've seen from the Bitcoin billionaires is that, they had money to sustain themselves despite having their investment in Bitcoin. That's why it was possible that they could lose everything if bitcoin had gone to zero and still be fine.  Compared to the average investor who has to take profit at every swing that the price does to the upside for life's expenses, etc.

The best thing to do is to learn from this and just save up some money for more opportunities that will come in the future.  

[m2017]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

All people have emotions. I have an idea why BTC-millionaires have "emotional control": not all of their money was invested in BTC, so they were indifferent to fluctuations in the price of bitcoin. Even if they lost this money, it would not affect their lifestyle and welfare. A striking example is the Winklevoss brothers. Therefore, this point can be changed to "invest not all your money in bitcoin by mortgaging your house and property. Have reserves in case of price fluctuations or even permanent loss of these investments".

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

I believe that this was exactly the case and I think that they did nothing extraordinary. Anyone could be in their place.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

They don't know anything. No one knows. For them it is the same roulette as for us. This is the meaning of risk - there is always risk. They buy and sell under the influence of strategy. What stops you from doing the same? Analyze (future forecast) and make an action plan (strategy).

_ Patience: they have the patience needed to steadily build their wealth over the long term.

They have wealth (or savings) to tide them over while they wait to "build their wealth over the long term". Oh, it’s not easy to be patient when your pocket is empty and your stomach is growling.


"Bitcoin millionaire: Lucky or possesses more qualities that we don't have." - You idealize them. Don't "deify". These are exactly the same people as everyone else, with the exception of some points. Like the lack of empty pockets.

[bittraffic]

If they become millionaires for being a trader, they already have a strategy to make more money even in the bear market.

Some of them don't even hold coins anymore before the bear market started. They know BTC has a cycle to follow due to halving. When the bull run is about to be over, the spot traders already sold their coins and all they do is wait. They do have all the qualities and they already have strategies.

[Beparanf]

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

These 3 qualities is still useless if you are not lucky on finding gem such as Bitcoin that you will invest your time and money waiting for your investment to grow. There’s a lot of shitcoin out there when Bitcoin price is must starting so even if you discover early a coin but unlucky to pick the right one then all this good quality will be wasted.

Being lucky is always gives the big factor on success rate of investment the more on relying through speculation.

[Yatsan]

Factors should be considered; luck, consistency, and market analysis. We cannot rely on a single factor alone, it would be more of a combination given how uncertain market behavior is. I'd say courage and initiative would play a key role as well. If you possess other characteristics in order to be profitable in this industry. then it won't mean something especially if you won't actualize the traits you've learned. Luck alone won't generate profit as well as strategy alone. In this industry wherein inconsistency exist, it makes sense that in order to earn profit, you have to have traits. Investing alone and holding for years would indeed generate profit but won't you prefer earning more? Think of those who have invested on this industry's early years. Not all of the early investors are earning huge money 'coz they don't have the consistency with their investment or manner of holding.

[dothebeats]

Out of all the qualities stated I'd say it's the early tech exploration that really gave them the boost of advantage. I wouldn't really count emotional control as anyone can either attain that or not mind it at all, it doesn't matter if you're a Bitcoin millionaire or not. Moreover, long term perspective and patience falls to those who already have an advantage in money, they don't have to worry about everyday expenses like most of us do so they hold for long and invest long term and high risk.

[uneng]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

Besides the points mentioned above, they also had funds to invest, while many of us didn't have back then... Personally, I had nothing to invest during the early stage of Bitcoin, as I was young and naive. All I could make was satoshis income by completing tasks and faucets online. I really can't complain about that, because if it wasn't for this possibility, I wouldn't have any holdings right now, just like many people I talked about Bitcoin on those times and that neglected the possibility of adopting it.

I believe the fact is that people who got millionaires throught BTC were at the right spot on the right time, and the ones who didn't get millionaires weren't. There isn't much to regret, complain and think about it. Let's just hope next time we can also be the lucky ones. Luck in this case, means a great sum of factors that must conspire in our favour to put us in a confortable position exactly when we need to be there.

[Sophokles]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

Bitcoin millionaires are also human being and they have emotion, patience and knowledge. As you have said they can control emotion, have patience and are visionary but you forget to mention the most important thing they have... They have proper money management. Without a money management strategy you will suffer losses in any kind of business.

[nelson4lov]

They have wealth (or savings) to tide them over while they wait to "build their wealth over the long term". Oh, it’s not easy to be patient when your pocket is empty and your stomach is growling.


"Bitcoin millionaire: Lucky or possesses more qualities that we don't have." - You idealize them. Don't "deify". These are exactly the same people as everyone else, with the exception of some points. Like the lack of empty pockets.

This was exactly the point I made earlier. These guys did what they did simply because they had enough to go by evennif their business investment(s) turned out to be a miss rather than a big hit.

~Snipped
I do not consider bitcoin holders that are now millionaires lucky, they have reasons of holding the coin, they know about its limited supply of just 21 million coins while the world are billions and continue to increase.

Contrary to your opinion, I think luck played a role even those they put some effort on their part but being able to get the information about Bitcoin on time and having ready capital to deploy and acquire bitcoins at those insanely cheap prices is luck at its finest.

[Fatunad]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

Successful person are to those people who do have that kind of different thinking compared to those typical joes who doesnt mind on making their lifes become more better until they would realize that they are already getting left behind.   Well, there's really a significant importance about being lucky because whom had thought that Bitcoin or other altcoins would really be increasing its price that high? There's no one really did expect that it would really be a project which turns out to be mainly be that supported by the community. Bitcoin millionaires arent that simply been able to reach out those richness specially into those who had hold until
this very time yet they would really be needing to control themselves in speaking about market conditions because we've been on different market cycles which involves bulls and bears on which seeing those price
volatility would really be making you decide whether you would be selling out your stash.

Also there are those people who had just recently found out their keys which it is really that somewhat that considered to be lucky at the same time. No one whom really thought that
we would really be going this far and to those who had hold tons of coins are really the ones who had cherished out the tremendous amounts of profits that they've been holding
until now.

[Die_empty]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

This is the ability of investors to overcome FUD and hold on to the investment plan. They were able to damn media reports that fed the public with fake news. There have several obituary announcements about Bitcoin to discourage investors but some diehards kept hodling

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

I think the early adopters believed the unbelievable. When others saw Bitcoin as a scam or a joke, these set of individuals believed that the currency had a future.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

Many people lost money investing in Bitcoin because they saw Bitcoin as a short-term investment or quick money scheme. Bitcoin is not like altcoin which the price can pump and dump overnight.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

Most people who lost money invested in Bitcoin were because of impatience. Bitcoin has always recovered its losses, which means that it will be difficult to lose money investing in Bitcoin.

[sunsilk]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

And this is everyone's worst enemy. Because if you can't control yourself emotionally, the tendency for you to miss the opportunities are high and it might even push you to sell at prices that you don't like.

You'll not consult yourself more when you're hitting it with emotions which is a terrible idea for investing and in trading too.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

While many of them understands the technology that Bitcoin has brought which is the blockchain technology, there were also many of them that are just plain believers to itself without having that much exploration to the tech.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

I admire those early adopters that have seen already the potential of it in the long run. We're just like passerbys but then, these people really have set the expectation of many that Bitcoin by its history and cycle, is no doubt here to stay and could blow in prices in the next coming years.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

Holding is a quality of patience and most of us that know and does hold have this quality. AFAIK, most of us have all of these qualities and even they say that it's quite late already in the party.

We're still early on it if you combine being long term and optimistic about Bitcoin's tech and being an asset.

[serjent05]

It is more likely to be luck.  Because they are lucky that they had found out about Bitcoin in its early years.  Patience, because they are able to endure the temptations, stress, and frustration that the high volatility market of Bitcoin brings.  Stable source of income where they can support their needs without resorting to selling their Bitcoin stash.  I think those are the three things they have that others may be lacking.

[Spaceman1000$]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

That's just the whole secret, patient they say it's a virtue that anyone that wants to make wealth must have, because wealth comes in gradually especially for bitcoiners.

The early tech explorers, took one of the greatest risk anyone on a normal day wouldn't want to, and they've so far benefited immensely from there risk, they say no risk no reward.
Bitcoin is an asset that grows astronomically especially when you want to keep it so you can make wealth with it, else you can be trader which is also risky for those of them that not too grounded in trading.

They are also lucky too, to have the money to invest at that early time, because what if they didn't have the money to invest, so in as much as they have patience, they should also count themselves lucky for having the funds to invest.

[bocyaj]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

The emotion control was the important one in all the things,which include the bitcoin trading also.By seeing the small pump,the trader should not sell their holding bitcoin.It was most essential one to hold till the maximum raise in the price of the bitcoin.To become the millionaire using the bitcoin,trader should learn the holding techniques in the gambling.The trader should analysis the market well and learn the price which is suitable to buy the bitcoin.Inverse in the bitcoin is not risk like inverse in the shit coins.

[adaseb]

Yeah i am pretty sure that a large portion of these crypto millionaires are those that mined during the 50 BTC block reward days or they bought when bitcoin was like $10 or $100 and forgot about it for years and then later heard on the news that it hit an ATH and they were millionaires overnight.

Most that trade it daily probably sold way too early. Nobody assumed it would become this big especially after the MtGox collapse. Or when Silk Road was shut down. But here we are.