Bitcoin is not a get rich quick scheme.

[oktana]

Get rich quick schemes are always attributed to as ponzi, and that is very far from what Bitcoin is. Unfortunately, the get rich quick mentality is cause by those people who sell the wrong idea of Bitcoin. Recently, I was in a gathering and someone mentioned Bitcoin, and another claimed that Bitcoin did him dirty. He sounded like someone who bought with a lot of money but hodl-ed for short. I’m guessing someone told him he could make money quickly from Bitcoin and he rushed to invest with the mentality that he may buy a house overnight.

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Bitcoin is not altcoins that can be hype,…
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Bitcoin can be hyped though; anything can be hyped. I mean… if shitcoins are hyped to the moon, what can’t?

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[irsykes]

Usually, newcomers jump into the Bitcoin world because they've heard stories about friends making quick money from trading. They dive in without thinking about the challenges, only focusing on making a fast profit. Many people misunderstand this. Even though traders don't wear uniforms and ties, it doesn't mean they lack education. In trading, a mature mindset is essential, and every decision is driven by sound reasoning and facts.

Time often falls victim to misunderstandings about Bitcoin investments. Due to its volatile nature, people tend to think of it as a quick money-making scheme, which is far from the truth. The simplistic notion is that if trading Bitcoin brings significant profits in a short time, then many people worldwide should be wealthy by now because trading Bitcoin is perceived as easy.

This misconception is also fueled by promotional methods that entice newcomers with the promise of quick gains from trading.

Many people think like that, so they think that with Bitcoin, they can quickly increase their investment many times over. maybe for some people, they entered at the right time, namely before the bull market, and felt that they did it in a short time. However, in reality it takes an undetermined amount of time to get that moment. In fact, some people hold the bitcoins they own for years to experience big profits. However, it would be wise to seek complete information about Bitcoin before making a decision to invest. Additionally, there are some people who thoughtlessly sell their assets, or borrow to try to profit from bitcoin.

On average, those who have big hopes for Bitcoin are only beginners whose knowledge is still far from understanding buying cheap and selling high. Investment requires patience and knowledge of reading candle charts and crypto news. Sometimes investments don't always run smoothly to get maximum results. It's the same as people in real business processes who have to go through every test

I agree with you, the ideas to get rich quickly with bitcoin are mostly newbies and the main reason is that they do not have complete knowledge about bitcoin. I don't know about others, but I admit I also had that thought. When I first joined the market, I always thought I would get rich quickly with the volatility of bitcoin. But the longer I stay in the market, the more I realize that what I thought was just imagination, not real and not as simple as I thought. Since then, I gave up the idea of getting rich quickly and became more serious about my investments. Everyone needs experiences and lessons to grow, we should not be quick to criticize new people just because they have that mindset.

Beginners who fail to know about Bitcoin with big ambitions will only lose money, making that person have a negative mindset about crypto. even though if a beginner learns basic material about the world of crypto, they will not easily be carried away by the current of imagination that only thinks about the sweetness of getting easy money. On the other hand, you can earn side income

[Ruttoshi]

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.

I didn't get you mate, what wrong impression have I given to people when we both know that people see bitcoin more of an investment than using it as a p2p payment method. Mate be realistic here, how often do you use bitcoin for payment of goods that you are sounding as if it is a bad idea to invest in bitcoin and hodli. Have you noticed that currently bitcoin is outperforming other assets that has being in existence before her.

We all have our different purpose of buying bitcoin and we have the right to do whatever we like with our bitcoin. Bitcoin was created as a decentralized currency that uses p2p payment method but currently it has been seen as a commodity because of its volatile nature, so how has that been my fault, when I am not the one that started it first. and there is nothing you can do to stop bitcoin from being an investment and also a currency. Learning the primary of bitcoin doesn't stop you from investing in bitcoin while learning because it is a wise decision.

So many low income earners are buying bitcoin as an investment or as a store of value and not because they want to use for an alternative payment method. We are in a community with people from all over the world, and some people in their country, bitcoin is banned by their government, so are you trying to say that such people shouldn't invest in bitcoin and hodli till when the government uplift the ban on bitcoin.

[Mate2237]

Bitcoin holds the value of our money and on the other hand Bitcoin generates new ATH with a long period of time through which it is possible to make multiple profits and on the other hand its price is always fluctuating so it can be very profitable to trade.  So it is considered as a strong asset by all.  But like gambling it cannot make one rich quick.  Investing in Bitcoin requires patience and holding it.  A long term hold can give you a good profit

Not everyone will have that patient to hodle bitcoin for very long term and time to reap it. And there are two groups of people can hodle bitcoin. The working class and peasants. The working class can hodle bitcoin for a very long time and still have that patient to holds without asking but the peasants who are the farmers and other hustlers in the street can not hodle bitcoin for a long term because they are only doing work and eat jobs so keeping their money for one place will affect their plans in life.

And that is why must of them still think that bitcoin is a get quick rich scheme base on their financial status in life. But the best way is the long term so if the peasants can endure to hold bitcoin for a long time then they can change their lives and live happily. But how much is their investment is an another big question.

[EluguHcman]

Trying to tanish AltCoins is like you a Bitcoinare building a competitive marketing strategies against AltCoins.
I would take this as unworthy or uncrowned racing because Bitcoin has been the first bearer or coin in the crytop space which has kept a profitable reputation that AltCoins was imitated.
I learnt first product in same kind is always worth the original and reliable while others that comes later are after of personal interests and not offering the exact qualities it was preached/advertised about.

Bitcoin is basically accelerating on its paths of creating better impacts to profitablities towards it's investors while AltCoins are leaned on to take its step only after Bitcoin so why don't you all investors embrace the originality and reliable sectors of your endivoirs (trading)(Bitcoin) with its potential evolvement considering profitablities to its investors and paving chances to accommodate willing investors to get into the industry (Bitcoin) through its high volatilities with a highly contractions with the Blockchains.

[mirakal]

 Yes. Bitcoin is not a get rich quick as there's no such investments that would offer quick profits, unless if you are dealing with a scam one. However, with the bitcoin hype that most of the crypto influencers are doing to trick people and easily believe that it could be a get rich quick investment, then its not surprising that until at the present time, people who have just heard about bitcoin will still see it as a get rich quick scheme, especially that the government is also imposing the same idea.

But to be honest, bitcoin could be the most valuable investment that is capable to give you highly exceptional profits, that is if you maximize accumulating bitcoin in your portfolio. The profits after selling will eventually turn you an instant millionaire, one fact that other types of investments are not capable of doing. 

[romero121]

Yes. Bitcoin is not a get rich quick as there's no such investments that would offer quick profits, unless if you are dealing with a scam one. However, with the bitcoin hype that most of the crypto influencers are doing 

The growth of Bitcoin gives a view of being rich in a short. The reality is different and some people had turned rich through bitcoin. This had happened out of luck. We need to learn more about the factors connected with bitcoin, that push the price up and causes drop in value. It is really tough to make the predictions based on it. As said there will be more scams and different approaches of making you rich through bitcoin. It is our responsibility to find the right one and invest than getting caught into the traps.

[gabbie2010]

Usually, newcomers jump into the Bitcoin world because they've heard stories about friends making quick money from trading. They dive in without thinking about the challenges, only focusing on making a fast profit. Many people misunderstand this. Even though traders don't wear uniforms and ties, it doesn't mean they lack education. In trading, a mature mindset is essential, and every decision is driven by sound reasoning and facts.

Time often falls victim to misunderstandings about Bitcoin investments. Due to its volatile nature, people tend to think of it as a quick money-making scheme, which is far from the truth. The simplistic notion is that if trading Bitcoin brings significant profits in a short time, then many people worldwide should be wealthy by now because trading Bitcoin is perceived as easy.

This misconception is also fueled by promotional methods that entice newcomers with the promise of quick gains from trading.

Many people think like that, so they think that with Bitcoin, they can quickly increase their investment many times over. maybe for some people, they entered at the right time, namely before the bull market, and felt that they did it in a short time. However, in reality it takes an undetermined amount of time to get that moment. In fact, some people hold the bitcoins they own for years to experience big profits. However, it would be wise to seek complete information about Bitcoin before making a decision to invest. Additionally, there are some people who thoughtlessly sell their assets, or borrow to try to profit from bitcoin.

Those newbies who were disappointed in their bid to get rich quickly bought Bitcoin at the peak price consequently dump it when it price reverses or pull back, some people thinks that everyone involved in Bitcoin will be rich without considering the fact that investment in Bitcoin is a long term project not a get rich quick scheme, in the wake of COVID-19 price of Bitcoin dumped smart investors bought and accumulate during that period thereafter in the aftermath of the pandemic price of Bitcoin pumped massively investors who bought during pandemic sold part or all their assets and made some reasonable amount of profit all  these are based on long term perspective and a thorough research on price behavior or action of Bitcoin.

[Kaliandra]

Of course, we are familiar with hearing people say that investing in BTC is a way to get rich quickly, even though if you look at the reality investing in BTC is not an easy thing, because investing in BTC requires a process of patience and you have to invest for a long time because if you invest In BTC, with a short time, I think it will potentially be difficult to fly high because of course BTC requires a process to fly high. and usually beginners think it's easy, and they only see the success of a BTC investor without seeing the struggles of a BTC investor before being successful.

So of course BTC is not a get rich quick scheme, but by investing in BTC we have hope, rather than having no hope at all, and what is certain is that only money that is ready to be lost should be invested in BTC.

but short-term investing in BTC also doesn't rule out the potential for big profits, but many people invest long-term which always produces big profits.

[boty]

The growth of Bitcoin gives a view of being rich in a short. The reality is different and some people had turned rich through bitcoin. This had happened out of luck. We need to learn more about the factors connected with bitcoin, that push the price up and causes drop in value. It is really tough to make the predictions based on it. As said there will be more scams and different approaches of making you rich through bitcoin. It is our responsibility to find the right one and invest than getting caught into the traps.

Indeed, there are some people who invest using Bitcoin and they can become rich by owning Bitcoin, of course they can know the right situation to buy it and can hold it for a long time and they also use a strategy in collecting it so they can get a profit from the investment they make. what you say is true, it is very difficult to predict the price of Bitcoin well, so we must remain careful in making investments because we will experience losses if we make the wrong investment decisions.

Those newbies who were disappointed in their bid to get rich quickly bought Bitcoin at the peak price consequently dump it when it price reverses or pull back, some people thinks that everyone involved in Bitcoin will be rich without considering the fact that investment in Bitcoin is a long term project not a get rich quick scheme, in the wake of COVID-19 price of Bitcoin dumped smart investors bought and accumulate during that period thereafter in the aftermath of the pandemic price of Bitcoin pumped massively investors who bought during pandemic sold part or all their assets and made some reasonable amount of profit all  these are based on long term perspective and a thorough research on price behavior or action of Bitcoin.

For those who start investing in Bitcoin and they think they will be able to get rich by having lots of Bitcoin, but they don't have the knowledge about how to collect it and also how to make a profit, of course they will experience losses from what they do, so it is important for anyone Those who want to start investing in Bitcoin would be better off having good knowledge about Bitcoin so they don't experience losses from their investments.

[Spaceman1000$]

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.

I still wonder why in the eyes of some persons in the public they still try to see bitcoin as a get rich quick scheme, in all my life, I've hardly come across a situation where getting rich is been made quickly, for everybody that has one way or the other gotten rich, it is as a result of hard work and consistency, so it's abnormal to say you want to get rich quick because if you do try to get rich quick, you might not be able to maintain that success.

[Anguwa]

That is absolutely correct in Bitcoin industries, accept involved in gambling using Bitcoin asset as a means of placing bet for money doubling that has made few people to get rich quick, while majority of money doublers get frustrated on the process. Therefore Bitcoin is created for financial freedom service and investment, that only required patients and information knowing the right time to buy and also sell.

Some people that did not understand bitcoin well refer it to like gambling, they take some of these coins as an odd that if you invest in them they might fail or gain high; this has mislead most newbies because when they hear some people saying they make 10-20x of their investment through altcoins by luck, they think it is the same always, which is why they come with the same mindset to invest in bitcoin and expect high return within short period of time.

[Cryptmuster]

Yes. Bitcoin is not a get rich quick as there's no such investments that would offer quick profits, unless if you are dealing with a scam one. However, with the bitcoin hype that most of the crypto influencers are doing to trick people and easily believe that it could be a get rich quick investment, then its not surprising that until at the present time, people who have just heard about bitcoin will still see it as a get rich quick scheme, especially that the government is also imposing the same idea.

But to be honest, bitcoin could be the most valuable investment that is capable to give you highly exceptional profits, that is if you maximize accumulating bitcoin in your portfolio. The profits after selling will eventually turn you an instant millionaire, one fact that other types of investments are not capable of doing. 

It all depends on how much you are willing to invest in Bitcoin now and it is obvious that such an investment will not make everyone millionaires. It is very important for Bitcoin to take its place, that is, to become useful for the mass consumer. It is now obvious that with such high feeses, Bitcoin is unlikely to be used as a means of payment for everyday purchases, and it is not clear whether Bitcoin can become an attractive investment for the mass consumer, like gold, for example.

[adultcrypto]

This should be the first lesson every newbie should learn as this is usually the source of the problem mam people have. As soon as someone develop this mindset from the beginning, the process because turbulent for him especially during periods of consolidation or downtrend.

With a sound understanding of the fact that Bitcoin requires patience,  then the pain of bear market will be less a problem.

[jasonjm]

Bitcoin is a form of investment, and like any other investment, you have to wait for some time to get a good return on investment. Now, you can not become rich with bitcoin investment; it will only increase your net worth. If a person had invested in Bitcoin 10 years ago, the scenario would be different.
You can significantly increase your net worth if you invest in Bitcoin for the long term (10 years, at least).   

[Kelvinid]

Get rich quick schemes are always attributed to as ponzi, and that is very far from what Bitcoin is. Unfortunately, the get rich quick mentality is cause by those people who sell the wrong idea of Bitcoin. Recently, I was in a gathering and someone mentioned Bitcoin, and another claimed that Bitcoin did him dirty. He sounded like someone who bought with a lot of money but hodl-ed for short. I’m guessing someone told him he could make money quickly from Bitcoin and he rushed to invest with the mentality that he may buy a house overnight.

With the lack of education about crypto investment, anyone can fall into such thinking and promises --easy money or quick rich scheme. But for now, it is not an easy win for scammers because most people are already aware of it, and with their experience in the past it thoughts them something on how to choose the right investment and which one they will trust.
Before, many people made wrong assumptions about Bitcoin but it eventually changed as it went by and investors became more resourceful than leaving being innocent.

[Marvell1]

Bitcoin is a form of investment, and like any other investment, you have to wait for some time to get a good return on investment. Now, you can not become rich with bitcoin investment; it will only increase your net worth. If a person had invested in Bitcoin 10 years ago, the scenario would be different.
You can significantly increase your net worth if you invest in Bitcoin for the long term (10 years, at least).   

Bitcoin can still bring wealth to people these days if they have a significant amount of capital and can hold it for long periods of time like 10 years or more as you mentioned. But bitcoin cannot help someone get rich quickly or those who want to get rich with little capital, it is just a thing of the past and cannot be done today. But because of this, many new people have chosen to invest in altcoins instead of bitcoin but the results are not what they expected. They get scammed, lose money when investing in altcoins because no altcoin can become like bitcoin.

[Z-tight]

We all have our different purpose of buying bitcoin and we have the right to do whatever we like with our bitcoin.

This is true buddy, your keys, your coins; my keys, my coins. That is why BTC is permissionless, you don't need my permission to do whatever you want with your coins. My point is just that, it would be better for newbies to learn about the BTC network first, before they learn about how to make money from it because of volatility. If the most popular idea that people hear is how they can become rich by buying BTC, they'll not be able to tell the difference between BTC and a ponzi scheme.

We are in a community with people from all over the world, and some people in their country, bitcoin is banned by their government, so are you trying to say that such people shouldn't invest in bitcoin and hodli till when the government uplift the ban on bitcoin.

I am in no position to tell anybody what to do, especially in a permissionless network. The point here is just for people to understand the primary purpose of BTC, before the secondary purposes. Cheers!

[Bitcoinpoly]

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.

This is a good piece, most people going into crypto investment have this get rich quick mindset and that’s where the problem comes in. Taking your time to study the market and have an in-depth understanding of what you’re about to do is very key. I’ve been able to achieve a lot due to the mindset i have. Most times before buying I do a good TA and follow the analysis to buy and I'm always on the right track, I also save my assets with the Bitget Shark fin product and make 7% APR interest while I still hodl for more profit.

[Blitzboy]

Bitcoin is a form of investment, and like any other investment, you have to wait for some time to get a good return on investment. Now, you can not become rich with bitcoin investment; it will only increase your net worth. If a person had invested in Bitcoin 10 years ago, the scenario would be different.
You can significantly increase your net worth if you invest in Bitcoin for the long term (10 years, at least).   

Bitcoin can still bring wealth to people these days if they have a significant amount of capital and can hold it for long periods of time like 10 years or more as you mentioned. But bitcoin cannot help someone get rich quickly or those who want to get rich with little capital, it is just a thing of the past and cannot be done today. But because of this, many new people have chosen to invest in altcoins instead of bitcoin but the results are not what they expected. They get scammed, lose money when investing in altcoins because no altcoin can become like bitcoin.

Bitcoin requires patience and time. You're right about Bitcoin's 10-year capital accumulation potential. The race to riches may disappoint those seeking instant cash. However, Bitcoin's investment worth remains. As a crypto pioneer, its endurance and durability say much. Altcoins promise new opportunities, possibly the next 'Bitcoin.' However, crypto markets are volatile and unstable. Alternatives to Bitcoin are riskier due to their weaker structure and community trust. Different altcoins may thrive, but discernment is crucial. Research, risk evaluation, and financial goals are needed to invest in Bitcoin or altcoins. Bitcoin is still a staple in the crypto world, but its not a cure-all. Finding balance and understanding risks and benefits is key.