Bitcoin is not a get rich quick scheme.

[Ruttoshi]

Most people for the first time when they hear of bitcoin, due to its volatile nature that can pump very high within a twinkle of an eye during the bullish period, they misunderstand it to be a get rich quick scheme not knowing the reason behind the pump in price. This has made so many newbies rush into bitcoin as they think that the moment they purchase bitcoin in few months they will make mega profit, unknown to them that it doesn't work that way. This will make them borrow money to invest in bitcoin or use the funds for their monthly expenses and emergency funds to invest in bitcoin, and when what they expected didn't turn out to be so, they get disappointed and due to tension on them for using funds that was not meant to buy bitcoin, they end up selling at a lower price than their entry price and run at loss.

Bitcoin investment is just like a normal investment that when you start it initially, you take your time to grow, nurture and monitor it, with patient and discipline to make sure that the investment flourishes. The investment can only flourish,when you give it a long  time. It will flourish to the extend that when you take profit from the investment is still ongoing, and not within two years but let's say from four years and above. But if your investment has just started taking shape and you want to start taking profit, you might end up crumbling the investment, because it is still in its early stage.

This is how we should see bitcoin investment like, but bitcoin investment is more of value because when you have it in mind that you are buying bitcoin and invest in a long term goal and also having a target of bitcoin that you want to accumulate for yourself in maybe 4-10yrs and above. You will see that you will prepare yourself towards how to achieve that goal. For you to be able to achieve your long term goal, you budget a percentage from your income that wouldn't affect your monthly expenses, so that you can be buying consistently every week, monthly or quarterly, in order to increase your bitcoin portfolio because the size of your portfolio with the timeline is what will determine your profit. Bitcoin investment is worth investing into because  it might be that, it is your bitcoin investment that will turn your life around in future and you will be happy that you invested and hodli for a long term and you could meet up your bitcoin target.

Bitcoin is not altcoins that can be hype, bitcoin has a solid foundation and has come to stay, the government knows this and that is why they are approving Bitcoin ETF, which US SEC will soon approve that. Can you just imagine when you build a house without a foundation, any little breeze will shatter it and that is how those altcoins are, they are pump and dump and they were created to scam people who are greedy and need quick profit or people who don't know the potential of bitcoin. Investing on altcoins will be the worst thing to do because it is the same as gambling.

Why are you after a quick profit investment, when you know that there is no investment that has lasted, that will give quick profit. The only way that you can profit from bitcoin is when you invest in a long term and focus your mindset on a long term goal with regular DCA. When you invest in bitcoin for a short term, the possibility of you to run at loss is high than when you invest in long term. Invest wisely...

What is your thought on this.

[1714654045]

1714654045

[Jawhead999]

Bitcoin could be used as get rich quick if you trade it in futures, I think many people use this when they believe in Bitcoin and at the same time they want to take a big risk. Since most of them hold their coins in CEX, they don't feel if Bitcoin fee is high and should carefully to send it.

It's not about discussing holding Bitcoin must in non custodial wallet or don't trade in futures, but the CEX give such feature and that make people use Bitcoin like that.

[mk4]

Bitcoin right now probably can't make you rich, but it can help give a good boost to your net worth — obviously due to price appreciation, and depreciation of fiat currencies.

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

[angrybirdy]

Bitcoin right now probably can't make you rich, but it can help give a good boost to your net worth — obviously due to price appreciation, and depreciation of fiat currencies.

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

Bitcoin is not for a person who wants an easy money, Tbh this is not all about gaining huge return of investment due to its volatility, Prices may vary depends on the market movement. Investing in bitcoin requires patience, understanding, good decision making and knowledge how crypto investment works, Not totally pure knowledge about crypto but at least has an idea and background about the coin. It can't make you rich in just a snap, Always remember that all investments takes time so if you're planning for a long term investment in bitcoin, it's important to set aside money for emergencies and to have debt under control.

[Z-tight]

Bitcoin investment is just like a normal investment that when you start it initially, you take your time to grow, nurture and monitor it, with patient and discipline to make sure that the investment flourishes.

When you write a wall of text like this about 'BTC investment', you are giving people the wrong impression that BTC is similar to a ponzi/pyramid scheme that everyone should just buy, hold it, only to sell later for profit, and the cycle continues. BTC is a p2p electronic cash that is decentralized and censorship resistant, that is what BTC was created to be, and maybe that is what is worth discussing or writing a wall of text about, especially in this section of the forum.

BTC as an investment is secondary, and it is because BTC is volatile, there would probably be a time when BTC may not be as volatile as it is now, and it may not serve as a 'profitable' investment for many people anymore, but BTC would always be a currency, because that is what Satoshi created it to be.

[Blitzboy]

The story of Bitcoin is indeed full of false conceptions. You're exactly right: its attraction often hides the fact that investments take time to grow. You wont get rich quickly; it will take time and effort, but it could be worth it in the end. This misunderstanding makes a lot of people risk their most important things in order to make quick money, only to face the harsh tune of instability.

A new idea, though: what if we thought of Bitcoin as "digital gold"? Just like gold, its a way to save money over time. Its not a raffle ticket. Strategic accumulation is what its all about, not wild guesswork. Your plan to make regular investments that dont break the bank (DCA) is a good one. This way lowers the risk of trying to time the market, which makes your relationship with Bitcoin healthier in the long run.

Dont forget either that Bitcoin is still becoming better. Its base is better than the weak altcoins, which is a good sign. Still, its important to spread your money around and balance Bitcoin with other assets. If the world of investments is full of chances, why put all your eggs in one basket? Remember that patience is a technique in investing, therefore lets move carefully.

[Die_empty]

What is your thought on this.

There is no need for much drama or explanations. If you want to make fast money, don't join the Bitcoin space just locate shitcoins or Ponzi schemes.

Bitcoin investment is just like a normal investment that when you start it initially, you take your time to grow, nurture and monitor it, with patient and discipline to make sure that the investment flourishes.

When you write a wall of text like this about 'BTC investment', you are giving people the wrong impression that BTC is similar to a ponzi/pyramid scheme that everyone should just buy, hold it, only to sell later for profit, and the cycle continues. BTC is a p2p electronic cash that is decentralized and censorship resistant, that is what BTC was created to be, and maybe that is what is worth discussing or writing a wall of text about, especially in this section of the forum.

BTC as an investment is secondary, and it is because BTC is volatile, there would probably be a time when BTC may not be as volatile as it is now, and it may not serve as a 'profitable' investment for many people anymore, but BTC would always be a currency, because that is what Satoshi created it to be.

But the fact still remains that most people use Bitcoin currently as an investment scheme more than as a currency. They don't care about other benefits like privacy and decentralization. It is correct that was designed to be a currency but anti-government policies, ignorance and volatility have made it a more speculative asset than are currency. I think the post is focused on discussing bitcoin as an investment which is also a part of the bitcoin system. But I get your point @ztight, we should always present Bitcoin as a currency and not just as a means of making money.       

[Ayers]

Bitcoin is not a get rich quick scheme.

I think the reason newbies think bitcoin is a get rich quick scheme is because they have heard about bitcoin's past huge returns. With that, the hype of shitcoin also spread and they assumed that bitcoin would too. Therefore, many newbies to this market have the misconception that bitcoin is a form of getting rich quickly, making money from bitcoin is very easy...But not just bitcoin, I think most people participating in any financial market will have that thought. But when they actually become investors, they realize things are not as they dreamed.

[Z-tight]

But the fact still remains that most people use Bitcoin currently as an investment scheme more than as a currency. They don't care about other benefits like privacy and decentralization.

It is because that is what most bitcoiners talk about, that is what they introduce BTC as to their family and friends, why do you think so many people think BTC is a scam and they don't want to have anything to do with it, it is because of this idea, so many of them bought BTC and the price dropped, so they sold at a loss, others bought BTC, but didn't learn anything about security of their coins and they lost it.

Nothing changes the fact that BTC as an investment is a secondary purpose, when people learn about the BTC network first before learning about how to make returns from BTC, they would secure their funds better and they will care more about privacy and other important aspects of BTC, and then they can make returns from BTC with some of their coins, I believe this is the proper way things should go.

[Die_empty]

But the fact still remains that most people use Bitcoin currently as an investment scheme more than as a currency. They don't care about other benefits like privacy and decentralization.

It is because that is what most bitcoiners talk about, that is what they introduce BTC as to their family and friends, why do you think so many people think BTC is a scam and they don't want to have anything to do with it, it is because of this idea, so many of them bought BTC and the price dropped, so they sold at a loss, others bought BTC, but didn't learn anything about security of their coins and they lost it.

Everything you have said is valid mate. But I want to add that many people who think that Bitcoin is a scam didn't buy Bitcoin. Many of them were deceived to buy several shitcoins believing that they are investing in Bitcoin. There are many so-called crypto experts who hide behind the concept of "cryptocurrency" to scam people. Many people don't know the difference between altcoins and Bitcoin so they are easily scammed and when that happens they conclude that all cryptos are scams. 

[Renampun]

Bitcoin right now probably can't make you rich, but it can help give a good boost to your net worth — obviously due to price appreciation, and depreciation of fiat currencies.

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

You are absolutely right, if we only store our wealth in fiat money then we will spend more money for each item we buy, but unlike bitcoin, the price continues to increase so there is a big possibility that you will continue to increase your net wealth if you only invest your funds in Bitcoin. People who think that bitcoin will make them rich in a short time or overnight are very stupid beginners, they will never be able to get it, they will fail before they can even make a profit from the bitcoin purchase they made at the beginning.

[phonakAG]

Viewing it as a long-term investment rather than a quick win is crucial.
The analogy with traditional investments makes a lot of sense, emphasizing the need for discipline and a strategic mindset.
Setting long-term goals, budgeting wisely, and distinguishing Bitcoin from riskier altcoins are all solid pieces of advice.

[alastantiger]

Bitcoin could be used as get rich quick if you trade it in futures, I think many people use this when they believe in Bitcoin and at the same time they want to take a big risk. Since most of them hold their coins in CEX, they don't feel if Bitcoin fee is high and should carefully to send it.

Therefore, it is safe to say that if a person has the skill, the capital and has a big risk appetite, bitcoin can be a ger-rich-quick scheme for them. We can say that since it is only a few people that has this skill, it is a get-rich-quick-scheme for them but for the majority, it is not.

A person who lives in a country with depreciating currency and invests their wealth in bitcoin may not get rich but will save their wealth and live comfortably above poverty line.

[tbct_mt2]

Why are you after a quick profit investment, when you know that there is no investment that has lasted, that will give quick profit. The only way that you can profit from bitcoin is when you invest in a long term and focus your mindset on a long term goal with regular DCA. When you invest in bitcoin for a short term, the possibility of you to run at loss is high than when you invest in long term. Invest wisely...

What is your thought on this.

You can have quick profit with altcoins but fast comes, fast goes. Altcoins are very risky and you can have big profit with them but in a bear market, you will lose a lot of money if you invest in altcoins and hold them through a bear market. Many of altcoins will die and usually have 99% price loss in a bear market. Very little altcoins can make new all time highs like Ethereum.

Bitcoin is different, it always makes a new all time high with each market cycle because Bitcoin leads this market. Halving each four years creates a market bull cycle for altcoins to join. Dollar Cost Averaging does not help you to get rich quickly but if you can DCA a long time, you will have very big capital spent for DCA. When a bull run comes, with capital you have with DCA, you will have good profit like effortlessly.

When Bitcoin runs, it can not be stopped. DCA will help your portfolio increases a lot with a Bitcoin bull run. You can take profit effortlessly too because Bitcoin has very high trading volume.

[kentrolla]

Indeed, Bitcoin is not a ge rich quick scheme but unfortunately that's what how it has been introduced to the outsiders I mean to those people who are not aware of Bitcoin. I have seen my colleagues discussing about investing in Bitcoin stating they will get rich by doing it but they have no idea about concept of Bitcoin and why it will make them rich, I feel Altcoin is a get rich quick or lose it allsor of scheme wherein Bitcoin is like gold with higher returns and a real life P2P transfer medium.

We cannot blame anyone here since there are no centralized stakeholders who are responsible to spread awareness. But, eventually once people become wise they will realise what is Bitcoin.

[freedomgo]

Bitcoin right now probably can't make you rich, but it can help give a good boost to your net worth — obviously due to price appreciation, and depreciation of fiat currencies.

Bitcoin isn't a get rich quick scheme, it's a not-get-poorer scheme.

Bitcoin is considered a long-term investment, and its value is expected to continue increasing. It serves as a good hedge, especially for countries experiencing hyperinflation with their fiat currencies. Governments that may not be transparent about their economic status, particularly the impact of substantial debts, could potentially surprise their citizens with the existence of hyperinflation. In such cases, being aware of Bitcoin could provide a safeguard, allowing individuals to relocate to other countries if necessary. All they would need is the key to access their Bitcoin wallet, making it a portable and potentially secure asset in times of economic uncertainty.

[Kasabus]

Bitcoin will not make you instantly rich, but if you know the secret strategy to increase your bitcoin hodling  and you’re aware on how to deal with the risk and manage your investment, in less time you will eventually become rich. Although it’s a long term investment with a maximum of 5-10 years, but with patience and understanding on the market volatility, you will end up seeing yourself in highly financial security.

However, if you invest full of greed that you want quick profits at the earliest time possible, believe me bitcoin will not make you rich but will make you suffer and lose your capital. Bitcoin is not a get rich quick scheme, but it’s one of the most effective and profitable investments that will create life changing opportunities and profits to make  you rich and wealthy.

[Eternad]

Indeed, Bitcoin is not a ge rich quick scheme but unfortunately that's what how it has been introduced to the outsiders I mean to those people who are not aware of Bitcoin. I have seen my colleagues discussing about investing in Bitcoin stating they will get rich by doing it but they have no idea about concept of Bitcoin and why it will make them rich, I feel Altcoin is a get rich quick or lose it allsor of scheme wherein Bitcoin is like gold with higher returns and a real life P2P transfer medium.

We cannot blame anyone here since there are no centralized stakeholders who are responsible to spread awareness. But, eventually once people become wise they will realise what is Bitcoin.

If we consider how stock market price move and bank financial instrument offer, Bitcoin is indeed quick scheme since you can double or triple your investment with just a short period of time which you can attain by investing on traditional investment. Bitcoin volatility is one of its pros and cons at same time since it's one of the main reason why we are being notice.

This people thinking about quick rich will soon do research to themselves once they are already invested. That's the time they will change their perspective so I don't see any problem for people think that Bitcoin is a quick rich scheme as long as they will invest and later do their own research about the full benefits of Bitcoin aside from it's volatility.

[un_rank]

...it is your bitcoin investment that will turn your life around in future and you will be happy that you invested and hodli for a long term and you could meet up your bitcoin target.

Bitcoin investment will hedge you against inflation and give you some return on investment, but will not "turn your life around" or get you rich. If you have a source of income, converting your spare cash to bitcoin will help you protect it from inflation, if you do not, bitcoin cannot help with that.

Bitcoin is not altcoins that can be hype,

Bitcoin is not built on hype, but it is a consequence of its features. Decentralization and security is enough to get anyone excited.

- Jay -

[Zanab247]

Newbies are the one that has such mind set in the community,  that is why you see them shooting whenever there is a little dumb in the crypto market because, they thought the moment they invest in that particular coin they will turn to millionaire or billionaires in the community. If you made up your mind to invest in BTC, it can change your level that will make people to feel evidence of a good living around you when you apply long term hodling in your BTC and make sure that your capital is a big capital to start the BTC investment.

If you use $50k to buy BTC when the price is low, because I will not advise newbies to buy BTC at this current price, but if newbies can use this $50k to buy BTC when the price decrease to $15k and hodl like 6 or 7 years before they can sell to make a good profits, I believe poverty will leave such newbies life by force.