Why Newcomers Still Treat Bitcoin Like a Get-Rich-Quick Scheme?

[Stalker22]

Am I wrong?

If you think that "getting rich" is the primary driving force behind everyones buying decisions, then I believe you are wrong. 

I see two different groups of buyers: The first group are the actual amateurs/newbies who get "crazy ecstatic" when they see the prices reach $100k and $120k and rush to buy at the peak price without caring whatsoever what is "logical."  Instead, they are motivated by the fear of missing out (FOMO).  The second group are the "wealth preservers," who have no interest in getting rich; they are already wealthy and simply wish to protect the buying power of their local currency from continued devaluation.  Thus, a 2x profit on their investment is extremely valuable to a "wealth preserver" because they can otherwise expect to earn 0% on their investment by having the bank re-deposit the cash back into the same bank they took the money out of.  The bank is a terrible place to park money long-term.

[AmaGold70]

I think this is not true anymore because when I was a newbie still am but learned many things, so when I was a newbie, I did not know I would become rich quickly if I bought bitcoin because I thought the price of bitcoin is already very high even at that point.

Now it is almost 3x or 4x of that price and how come these newcomers can think they can be rich by just investing in bitcoin? They definitely know more; they are not amateurs who can't make sense out of this simple logic.

Am I wrong?

Go to social media and see how Bitcoin is being presented to everyone and you will understand why newcomers treat it as a get rich quick scheme, on social media influencers make newbies believe that Bitcoin is capable of making them rich within a short period of time and they flunt money in their videos with the claim that it is gotten from Bitcoin investment and gullible newbies that are looking for a short way to make money believe them without any doubt and I don't really blame them because they are still in the crypto space and believe everything they hear. I also used to think the same too because of the way it was presented to me but I wasn't greedy and I didn't believe everything that sounds too good to be true.

[xbetz.io]

I don’t think you’re wrong but I think the answer lies more in psychology than logic.

Many newcomers intellectually understand that Bitcoin won’t make them rich overnight, yet emotionally they are influenced by headlines, past price charts and stories of early adopters. Even when the price is already high, people project the past into the future and assume similar returns are still possible.

Another factor is that Bitcoin is often their first exposure to a volatile asset. Without experience, they underestimate drawdowns and overestimate short-term upside. This makes Bitcoin feel like a get-rich-quick opportunity, even if rationally it isn’t.

There is also a difference between buying Bitcoin and understanding Bitcoin. Someone can invest without really understanding market cycles, risk management or the time horizon required. When expectations don’t match reality, disappointment follows. Over time, most people either learn patience and treat Bitcoin as a long-term investment or they leave after realizing it doesn’t fit their expectations. Education and experience usually correct the “quick money” mindset but only after a few hard lessons.

[salad daging]

Why newcomers still treat bitcoin like a get-rich-quick scheme? Because they want to get rich quickly!
Not many people that get into bitcoin care about bitcoin for the technology. It's the profit and riches that attracts them. Mistakes occur if they realize that bitcoin isn't giving them the profits they believed it would, so they leave or diversify into altcoins. It's true that some alts have known to do a 100x or 1000x value increase, but an even greater truth is that most of them won't and many are scams. It takes trial and error to learn that.

Maybe they think investing in bitcoin is easy, the continuous increase in bitcoin will make them rich quickly, that's what they think as newcomers.

Newcomers don't care about bitcoin technology and don't even study it at all, what they think is about the fast profits from bitcoin, so their mindset wants to stay rich quickly.

Actually, often the mistake occurs by moving their assets to other cryptos hoping for 10x profits instead of 3-4x like bitcoin, they are just looking for which coins that go up quickly will be bought, this can also be influenced by other things on social media where many people show off with shitcoins that have been benefited, so ordinary beginners immediately invade it.

[Davidvictorson]

Now it is almost 3x or 4x of that price and how come these newcomers can think they can be rich by just investing in bitcoin? They definitely know more; they are not amateurs who can't make sense out of this simple logic.

In my estimation, the period when newbies used to think that bitcoin was a get-rich-quick scheme was many years ago when bitcoin knowledge has not increased. Only few people and those early adopters where the once getting rich but that was because they got in early. This was what made the beginners then think that it was a get-rich-quick scheme. Not anymore, knowledge has spread and everyone knows the truth. Even ponzi schemes are dead on arrival because people know already.

[passwordnow]

if you don't have patient you cannot make a profit that will make you Rich in Bitcoin investment

The newbies have less patience compared to us that have been here for so long. We know that if someone aims to get rich in Bitcoin, it's not just all about an all of a sudden riches. But they have to go through a long process of holding and enduring the pain that the market will provide to them. Those sudden dumps are terrible and emotionally breaking. If they can survive with all of that plus the continuous and stable holding and accumulation, they're on their way to their riches but it might not be on an instant and will have to wait for the next cycles.

[Kelvinid]

Some newcomers are still blinded with their illusions, while others are smart enough because they have made a good research already prior to entering the forum so falling on this get rich quick scheme with bitcoin will not gonna happen anymore.

However, when I was a newbie, I literally fall on this, but as I kept navigating the forum, I realized that there's no easy, quick shortcuts that will make you rich through the forum and through bitcoin. Everything is still all about hard work and consistency to achieve success with bitcoin.

[Josefjix]

A wise person will always investigate any information giving and ensure he or she understands all about it before considering investing.if such is not done,I think such person will be running a risk of losing his investment.if someone concluded why he chose to invest in Bitcoin was for easy get Rich,then he or she may have not carried out proper investigation.bitcon is where you invest, give it some space to mature then sale off.

You are still interpreting it the worst way, I don't explain Bitcoin investment to be a place of accumulating more because of Bitcoin enduring through the whole time of low to new time of high, I don't see it this way.
What matters most for Bitcoin investment is targeting of accumulating more quantity of Bitcoin, that's the goal, not bull run. Making sure the number of Bitcoin is increasing that the value of it.

Listen to this know peace.

[Yamifoud]

Because that's what they hear from the social media influencers and they believe it without doing their research first.

However, some newbies are already knowledgeable about bitcoin. They have understood already that bitcoin does not behave like that, and will never be.

If you want to get rich, invest in yourself first and then invest in bitcoin. It could take 10-20 years after before you'll get rich with bitcoin, depending on the amount of bitcoin you have been hodling all those years.

[Ziskinberg]

Buying and holding bitcoin do not guarantee that you'll be rich in the future. It requires a lot of patience, knowledge and emotional control first before everything will lead to successful investing and unlimited flow of profits.

However, most of the newbies aren't aware of this, because all they know is that bitcoin is an easy investment and will make you rich in just a short term. Only few have been aware of this, those are the newbies that did not jump into investment first but study well bitcoin first prior to risking their money.

[qwertyup23]

It has something to do with its reputation, hype, and lack of knowledge from the part of these newcomers.

The problem with most beginners whenever they start investing into BTC is that they tend to rush things. Instead of fully understanding the potential and usage of bitcoin, they would rather ride the hype and follow most advice given by a random influencer thinking that they would be able to earn cash quickly. This is exactly the reason on why most beginner investors quit whenever they see the price of BTC drop after they have invested.

Buying and holding bitcoin do not guarantee that you'll be rich in the future. It requires a lot of patience, knowledge and emotional control first before everything will lead to successful investing and unlimited flow of profits.

However, most of the newbies aren't aware of this, because all they know is that bitcoin is an easy investment and will make you rich in just a short term. Only few have been aware of this, those are the newbies that did not jump into investment first but study well bitcoin first prior to risking their money.

I definitely agree with you.

Like what I said above, these newcomers tend to disregard the nature and definition of BTC on how it works in the market. Whenever they see its price drop, they would tend to pull-out their investment, spread into different platforms on social media why investing BTC is a "scam", and regret someday that they should've HODL their investments after seeing its price increase afterwards.

[freedomgo]

There are newbies who see it that way, and then there are those who actually understand what Bitcoin really is.

I can relate this to what’s happening in our country. The scam rate is high because a lot of investors are uneducated. They always go for quick returns like ponzi schemes. Even though scammers use Bitcoin in their marketing, if people really understood what Bitcoin is and how to invest in it properly, they wouldn’t fall for these scams.

The first red flag is always “too good to be true.” Once people fail to recognize that, they become easy targets. And when things go wrong, instead of admitting the mistake, they end up blaming Bitcoin for their own stupidity.

New investors these days are mostly the ones who want instant profits. They are more aggressive to make money, that's why they resort on taking shortcuts and trust those  strangers that turn scammers. And so they lose because of their wrong decisions, but won't admit it and blame bitcoin instead.

However, if they just stick to investing alone and work on it to gain success later on, though it could take years, but at least what they'll reap are worth waiting for. Instead of investing blindly due to greed, and when they lose their money, that's when they start seeing that bitcoin is a real scam, when they can avoid it if they know well their investment first.

[DeeppRockk]

There are newbies who see it that way, and then there are those who actually understand what Bitcoin really is.

I can relate this to whats happening in our country. The scam rate is high because a lot of investors are uneducated. They always go for quick returns like ponzi schemes. Even though scammers use Bitcoin in their marketing, if people really understood what Bitcoin is and how to invest in it properly, they wouldnt fall for these scams.

The first red flag is always too good to be true. Once people fail to recognize that, they become easy targets. And when things go wrong, instead of admitting the mistake, they end up blaming Bitcoin for their own stupidity.

New investors these days are mostly the ones who want instant profits. They are more aggressive to make money, that's why they resort on taking shortcuts and trust those  strangers that turn scammers. And so they lose because of their wrong decisions, but won't admit it and blame bitcoin instead.

However, if they just stick to investing alone and work on it to gain success later on, though it could take years, but at least what they'll reap are worth waiting for. Instead of investing blindly due to greed, and when they lose their money, that's when they start seeing that bitcoin is a real scam, when they can avoid it if they know well their investment first.

You're right, the chase for quick gains is still a big problem.
I see that every cycle-2017, 2021-people rush in expecting overnight riches.

Bitcoin's value comes from scarcity and adoption, not get-rich-quick trades. Those who understand this usually avoid the hype. It's not about timing the market perfectly; it's about grasping the economics behind it.