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

[DubemIfedigbo001]

_ 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.

Yeah, I agree with you, and being that emotionally stable comes with experience and self development, some of them are very good businessmen, gamblers and heavy risk takers and its enough to build their emotions to invest and act on hope of a better tomorrow. Their proper knowledge on the nature of the coin had a role to play cos they're already aware that  some factors might influence the price, so when such started happening, they remained unshaken knowing fully well that it might go in their favor and it surely did.

_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.

Here, I'll personally say they were lucky and  also had great instincts to identify the striking potential of Bitcoin, took advantage of it and are now reaping the fruits of their labor.

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

They did this because they had other sources of income and didn't totally depend on dividends from their investment on the coin. They're hardworking people who invested with funds they could afford to loose, detached dependence on their investment and went about their other sources of funds while they hoped their investment in Bitcoin materialized.
This is a very important advice for all of us, invest wisely and be sure to have other sources of income to back you up, so you don't make wrong decisions out of pressure and regret it later.

[1714764903]

1714764903

[1714764903]

1714764903

[Yaunfitda]

_ 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 take years to learn though, it's very hard in the beginning to control our emotions specially when we see that our portfolio is going down. It's good if it is going up, but once the prices started to decline, sometime we panic and think of selling our crypto assets. So I guess this is not a pre-requisite.

_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.

Again, this is also comes late in our investment journey. In the beginning we don't know where to look for this early tech exploration. And most of the time those early tech that succeeded, they are the ones trying to make a sell pitch to this big investors.

_ 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.

Definitely, in every investment that we make, we should be looking long term as this is the best way to make huge profits.

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

Just like what I mentioned, it will take years and years to be discipline and have that patience to build generational wealth.

[Mpamaegbu]

~snipped~

Sincerely, I don't think it's lack of emotional control that makes early adopters of projects sell off. I can say it's the likelihood of lack of interest as time goes on or the fact that hodlers want to quickly take out profit and then get in back quickly to profit from a dip. In most cases, they sell off but aren't able to buy in cheap again.

I speak from experience. I was one of those who got in early on BNB in 2017 less than a month after it was launched. I sold off at X100 at what I thought was a good profit then, only to see where it's today. My mistake (I was still a noob then) was selling all. I could've left a portion. If it were now, I ain't sure I would've made that mistake.

Again, it's not lack of patience. I've also been a victim of exercising immense patience on certain projects I was hodling to the point that I baghedl them in worthlessness. This is why people would tell you not to get emotionally attacked to any project.

[DeathAngel]

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.

There’s nothing lucky about buying bitcoin & holding through awful downturns, for the price to then recover & make you huge profits. It takes bravery, guts & determination to hold during bearish periods & even more to buy during those times, adding to your bitcoin that you hold. Trading is not a good idea because we are not whales, we do not control the market, the only thing you can control is your resolve & strength to hold, wait it out for many years & watch your bitcoin/USD worth grow.

[Strongkored]

These millionaires are successful in their investments because they have the right mindset, they invest because they already have enough income for all their life needs, whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.
We can see in this forum how many newbies think they can make money from trading with minimal money and have very minimal knowledge about trading.
The key to success in the world of Bitcoin is investment, not trading. Everyone who has invested in Bitcoin for a long time is enjoying the results or at least has seen their assets increase more and more.

[Inwestour]

There’s nothing lucky about buying bitcoin & holding through awful downturns, for the price to then recover & make you huge profits. It takes bravery, guts & determination to hold during bearish periods & even more to buy during those times, adding to your bitcoin that you hold. Trading is not a good idea because we are not whales, we do not control the market, the only thing you can control is your resolve & strength to hold, wait it out for many years & watch your bitcoin/USD worth grow.

You are right, there is no luck here, we are talking about faith in Bitcoin, discipline and a lot of patience. A lot of people sold at different levels, but they sold too early to achieve the desired wealth, and only the most persistent were able to wait and I am sure that they are still hold their bitcoins.

Now there are also those who buy now and believe in Bitcoin, they may not be able to make as much profit as was possible before, but Bitcoin is still a very promising investment.

[Lucius]

~snip~
_ 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.

We must know that there are at least three types of people who invest in risky investments.

The first category is ordinary people who work ordinary jobs and have an average income from which they manage to save a little and are looking for a way to make at least a little more out of a little money. They can be divided into those who want a quick profit and those who invest for the long term.

The second category is some kind of middle class who have enough to live on and have a little more money left over to invest, and besides, they know how to invest that money much better and smarter by combining medium-long and long-term investments.

The third category is people who are above average rich and have enough money that is not necessary for their daily life and they can invest it in the long term without too much fear for the final outcome, because they can afford the luxury of multiple investments, of which it is enough that only one be successful.

I would therefore conclude that a long-term perspective, along with the fact that they have enough money to somehow gamble with it, is key to success.

[Ale88]

_ 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.

After a while you just get used to it because you understand it's part of the game. And the funny thing is that oftentimes are people with smaller investments that freak out while who have invested a ton of money just take it easy, they know it happens and they know things will get better in the future. It takes time, nobody likes to see their money flying away but sooner or later they'll come back (unless you sell).

[coolcoinz]

_ 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.

One thing that's important to mention here is some of these millionaires don't watch the price fluctuate and I recommend you do the same, unless you're trying to actively trade your coins.
I don't trade so I rarely watch price. Sometimes I check it once a day after waking up, sometimes when I have a lot of work to do, I don't even look at it. Sometimes in the evening I eat dinner and realize I haven't checked the price for 24 hours.

For the record, I have a decent amount of bitcoin. Enough that 1% drop in price should matter, but it doesn't. I'm not a trader, I'm won't focus on this when I have no plans to sell my bitcoin.

[dothebeats]

_ 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.

After a while you just get used to it because you understand it's part of the game. And the funny thing is that oftentimes are people with smaller investments that freak out while who have invested a ton of money just take it easy, they know it happens and they know things will get better in the future. It takes time, nobody likes to see their money flying away but sooner or later they'll come back (unless you sell).

Good point here and a good example as well. I have also noticed that here. The newbies are the ones to panic and freak out when there's a fluctuate in assets due to the shift in the economy while old members are just telling them to relax and assess the situation more. However, we cannot really blame them as they are all new to these while some are also really relying on their investments hence the frustration they feel if things don't go as they expected.

[synchronym]

_ 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.

Control of the mind is usually not within itself because even if a person tries a thousand times he will not think of any reason but it comes to him. Especially when he invests his wealth in something, if the price fluctuates, especially if it goes down, then it is normal for people to be tensed. And even if he wants to control his mind, he can't control it. When you invest in anything be it business or bitcoin investment you must invest with a lot of awareness. And you have to invest a lot of time and can't be in too much of a hurry otherwise you may face losses.

[darkangel11]

_ 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.

After a while you just get used to it because you understand it's part of the game. And the funny thing is that oftentimes are people with smaller investments that freak out while who have invested a ton of money just take it easy, they know it happens and they know things will get better in the future. It takes time, nobody likes to see their money flying away but sooner or later they'll come back (unless you sell).

It takes time, or a lot of gains, or both. If you had $100 m in the bank and invested 1 m in bitcoin, you wouldn't care about a 5% drop.
I have enough that a 5% drop is more than I earn in a year, but I don't care. I stopped caring long time ago when I realized that bitcoin is worth much more than tickers show.
I know I'm not selling so why should I check the price.

Rich people can allow themselves to wait because they aren't bound by the same things as you little fish. You invest and it's a significant part of your income, or your savings. When you virtually lose money (because the price moves) you see it as something you could have bought but won't. A millionaire can buy all those things regardless of the state of his bitcoin investment. All that matters for him is to be able to redeem the value somewhere in future. If in 5 years bitcoin is worth more than it was a month ago when he bought it, he'll be happy.

[OgNasty]

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.  

If they’re taking profit at every swing as you describe, then they aren’t investors, they’re traders. While
Bitcoin does attract traders due to it’s 24/7 nature, mostly those traders enrich exchanges, who then blow all the money on salaries and office buildings while losing their customer funds on pump and dump schemes. The glory of Bitcoin is that you can buy and hold your own BTC. If everyone does that, we all get rich. That’s sort of the name of the game now.

[FinneysTrueVision]

Luck has a lot to do with why many early bitcoiners became millionaires. There are many great ideas which don't receive enough support to make its early adopters wealthy. Many bitcoin millionaires went on to support stupid things. Roger Ver was involved with Craig Wright. SBF scammed countless people and had a really negative impact on all of crypto. Just because you got rich through Bitcoin doesn't mean that you have some special knowledge that makes you better than later adopters who aren't rich. In many cases it was just a risky gamble that paid off.

[icalical]

Why not both? I know no one who become millionaire just because of Bitcoin investment, but I know people who make a lot of profit because they buy / trade Bitcoin, some of them are early adopter, most of those early adopter are software engineers who knows about Bitcoin and just mine it for a while, they just left their Bitcoin on their wallet, and when they heard that Bitcoin price was going crazy in late 2017 they sold it and they made a lot of money, I consider them as both Lucky and have more knowledge than others. While some other are buying bitcoin right before the price going up 2020, they aren't tech savvy, they never heard and never do any research on Bitcoin, they just buy bitcoin because they heard the popularity of Bitcoin, that's just pure luck.

[wiss19]

_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.

I think it's not only about luck, but knowledge can also matter. You need it to check if which coins has the potential and which are not. This can be included in the early tech exploration that OP have listed. Bitcoin might still be a gem despite being not new because it still has a potential to rise for more.

We can preserve our time if we can just invest on Bitcoin immediately. So many projects come come out everyday. There is no need to discover them but we can just hang out on the coin listing site or crypto exchanges and we can see them there immediately. It's crazy but there are people who try their luck in each of them thinking that devs of the coin will do some manipulations and they can also profit on it quickly.

[jrrsparkles]

_ 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.

Modern-day Bitcoin millionaires are not actually from those early days because those early days whales never ever exposed their identity to anyone and we call them whales however these people mostly made money in the short term which can happen to anyone with possible skill and how to apply it to get returns. Mostly exchange founders became rich in quick time because they found the opportunity and filled the void in the market so whoever identifies the opportunity can make money even now.

[Smartvirus]

_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.

These are the two main qualities that defines these guys. I don’t give much importance to the rest in OP as, any one can have patience in a profit situation, especially when you’ve established trust on the commodity of which you’ve invested in and that in this case is bitcoin.

These Bitcoin millionaires comes in phases. We have those that had the foresight to buy when the coin was pretty much worth a few cents and gradually transcended to a dollar. While, we have the whale buyers who buy with huge funds and lots of bitcoins too to there hodlings as an investment for the future.

Looking at it for a long term investment, the fluctuations and activities on the coin matters not to you. Its a long term investment and the choices can only be determined after a long term where ever that is defined.

[wxa7115]

Why not both? I know no one who become millionaire just because of Bitcoin investment, but I know people who make a lot of profit because they buy / trade Bitcoin, some of them are early adopter, most of those early adopter are software engineers who knows about Bitcoin and just mine it for a while, they just left their Bitcoin on their wallet, and when they heard that Bitcoin price was going crazy in late 2017 they sold it and they made a lot of money, I consider them as both Lucky and have more knowledge than others. While some other are buying bitcoin right before the price going up 2020, they aren't tech savvy, they never heard and never do any research on Bitcoin, they just buy bitcoin because they heard the popularity of Bitcoin, that's just pure luck.

Being lucky or skilled are not mutually exclusive options, you can be both and if you are, not only great fortune is too follow, you will also know how to keep yourself wealthy as well, something that those which are just lucky are unable to do.

However there is a great deal of newbies out there that think of the early adopters as just being at the right time and the right place, and mistakenly believe they would have achieved the same if they were on their shoes, but I sincerely doubt this is the case and instead I believe they would be the ones complaining about how they had a lot of bitcoin and then they sold it all for a low price.

[KiaKia]

_ 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.

Lack of understanding Bitcoin is what affects many people and that's why they can't control their emotions.

If you know what bear market is all about why panic when prices fluctuate? It always get me even more existed than before because I will be able to buy more at lower value, the hardest that can happen is Bitcoin losing some value maybe thirty percent more? Who cares? Bitcoin isn't going to zero so there is no reason to worry.

Also we are in a bear market, how can one be buying in a bear market and still be in fear? I don't want the halving to get over without securing a good numbers of Satoshi by then, Do you want to know what my fear is? This is it, I need to buy more before the time runs out.

For me I know where all this drama is going, the news is injecting fear into the public, stealing bitcoin from the weak minded people, this season is differs from the past, now it's stealing season, and there is no new virus coming this time around and recession is not scary anymore, if you sell your Bitcoin it's good, you will just see yourself buying back when it's already pumping up.