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

[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.

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.

Yes, and when skillful people got the chance or luck they will most likely be ready for that, so it would be better to have the skill when the luck came rather than just waiting for luck and when it came we are not ready. Yeah, and actually not all early adopter were able to hodl and get the much profit, few of them also sell the bitcoin before the price surge.

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[yazher]

You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.

[abel1337]

You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.

It would be crazy to see some people who are willing to sell their houses or expensive asset just to invest on bitcoin without even researching. Don't spend something that is important to you or atleast a "needs" to you for something speculative and volatile like bitcoin with just the hopes of it going up in price, it's a bad way to make an investment. With the years of me on cryptospace, I won't personally sell my house for the sake of investing on bitcoin. I'm a bitcoin positive guy but sacrificing things to the maximum limit like selling important thing or things that can make you function is just too much risky for me. I believe that bitcoin will rise again but I'm investing on a more safer way where my daily life won't be affected even if bitcoin somehow crash.

[add1ct3dd]

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

What you are referring to is different I believe, because most Bitcoin millionaires are those who invested in Bitcoin when it was in its initial stage and the price was very low, and they kept holding onto their assets until the time Bitcoin got significant value. So, those who invest right now because they have enough income will barely become millionaires if their investments are not that high.

whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.

The mindset of getting rich from cryptocurrency investment is wrong in the first place because one should only have a specific profit target and shouldn't think that they will magically get multiple folds of their investments through certain cryptocurrencies because that barely happens all the time.

The key to success in the world of Bitcoin is investment, not trading.

That's not entirely true, a person with enough knowledge and experience about the market and trading practices can get success through trading as well.

[michellee]

whereas most who fail because they think they can get rich from investing in Bitcoin because their main needs are not yet met.

The mindset of getting rich from cryptocurrency investment is wrong in the first place because one should only have a specific profit target and shouldn't think that they will magically get multiple folds of their investments through certain cryptocurrencies because that barely happens all the time.

People who have a get-rich-quick Bitcoin mindset won't learn the risks. They think if they invest in Bitcoin for 1 or 2 after the bear market comes, they can make a profit when the bull market comes. But that's not the case because they have to go through periods where the price of Bitcoin will go up and down like now.

It can make them worry and panic, especially those who have not learned how to hold Bitcoin tightly during bear market times. They will be tempted to sell their Bitcoin because they see a lot of news that says Bitcoin will fall further even though it is fake news.

Some investors fail to invest in Bitcoin because they use all-in mode so they don't have the money to meet their daily needs. Investors must pay attention to this before they start investing in Bitcoin to determine what steps and actions they should take.

[Blitzboy]

You only have a hard time controlling your emotions when you don't follow the simple rule, which is to invest only what you can afford to lose. Because if you do so, you don't have to worry about it because you won't have any problem when you lose it. the fact that people are stressed when they see the crypto market is in a bearish scenario, they didn't follow that rule and some of them even gone too far because they sold their houses or any expensive assets just to invest in bitcoins without thinking twice and also others are just way out of control because even the funds for their essential needs are used for investment in bitcoins.

It would be crazy to see some people who are willing to sell their houses or expensive asset just to invest on bitcoin without even researching. Don't spend something that is important to you or atleast a "needs" to you for something speculative and volatile like bitcoin with just the hopes of it going up in price, it's a bad way to make an investment. With the years of me on cryptospace, I won't personally sell my house for the sake of investing on bitcoin. I'm a bitcoin positive guy but sacrificing things to the maximum limit like selling important thing or things that can make you function is just too much risky for me. I believe that bitcoin will rise again but I'm investing on a more safer way where my daily life won't be affected even if bitcoin somehow crash.

Seeing individuals trade their valuables to play bitcoin can be nerve-wracking. Bitcoin is exciting and has great potential. As you noted, controlled risk is far different from irresponsibility. Investing should never compromise our everyday needs or stability. Just not worth it.

You have years of crypto experience, which says loudly. Your words are wise. Bitcoin has ups and downs, but letting it control your life? That's risky. How can we help beginners appreciate the need of staying grounded when exploring the crypto sky with so much buzz around bitcoin?

[haroldbrakus]

Timing, is what most people get lucky with. Its like most opportunities is life.

[Xal0lex]

The last thing such people count on is luck, IMHO. And yes, don't forget that bitcoin millionaires didn't necessarily earn their bitcoins. Maybe these people are fiat millionaires in real life, and the amount of bitcoins they have is just their investment, that they just bought bitcoins with the money they already have.