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

[Dictator69]

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?

[Kasabus]

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.

[Outhue]

Do you have beginners or new investors around you? It's better you use that to judge.

Those who are new to Bitcoin around me still believe that getting rich is possible with Bitcoin, those who want to get rich quick got the wrong information, believe me, a newbie can open a new account on Twitter and get the wrong information, because influencers on Twitter makes the whole investing thing a easy thing.

Someone who don't know that I was into crypto tried to advice me to mine Bitcoin, that someone they knew mined 3 Bitcoin in a matter of six months and now they are millionaires in my local currency, I asked for proof only to find out that he hit a Bitcoin solo mining block, he almost went into the mining business without knowing that

Solo mining is not the same as normal pool mining.
He doesn't know that solo mining is all about luck.
His friend just got lucky.

Many newbies have come on this forum looking for ways to get rich quick via Bitcoin, their plan became shattered when they are told the truth that Bitcoin investment isn't a get rich quick scheme. Newbies don't make it up, they got the wrong information is all.

[aoluain]

I think its more the case with newbies in regards to Altcoins and less with Bitcoin,
although it still does happen with Bitcoin.

The appealing factor is that Altcoins are extremely low value compared to
Bitcoin so the hope is that a chosen Altcoin will pump 1000x and they can dump
those coins at the peak.

That scenario is over for Bitcoin.

Also its worth considering that there are still "influencers" promoting various
Altcoins which will "make you rich" or that "its all over" or "this is about to take off"
and all this is designed for clicks, likes and follows and to pull people/newbies
in certain directions.

[Pmalek]

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.

[CryptSafe]

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.

You are absolutely right that it takes trial and error to learn, and that is the only way the newbies who are desperate learn about bitcoin and crypto investment, when they are quick to make a profit from their bitcoin investment, thinking it is a get-rich-quick scheme without having the proper knowledge nd orientation on how the system works. Most of the time, when they no longer get the desired satisfaction from their bitcoin investment, they become more desperate and fail to do their due diligence, and end up getting scammed.

[Kelward]

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.

Totally agree with you, the reason why newbies treat Bitcoin like a get rich quick scheme is because they want to get rich quick through it, sooner or later they realize that they're on the wrong path. Most investors don't really care about Bitcoin technology since they can download a Bitcoin wallet and buy without knowing any technicalities, they're mostly in it for the profit. You can't blame anyone for being profit oriented regarding Bitcoin investment but they need to know that it's not a get rich quick scheme like many shitcoins in the market that were created to scam victims. People are too lazy to do diligent research before they put their money into Bitcoin, if they do they will know that it is a store of value that gives sure profit on the long term.

[Frankolala]

It depends on who introduced them to bitcoin and what he told them that's the mindset they will have towards it. Some heard about bitcoin from influencers who are advertising an exchange deceiving them that trading is a get rich quick scheme. When they get into bitcoin, they jump into trading. I have come across many of them that have this orientation. I do tell them that buying and hodli is the best way to invest in bitcoin.

[Free Market Capitalist]

I don't think there are that many newbies who approach Bitcoin as a way to get rich quick. Most go for shitcoins and tokens, AI stocks, or other fancy low-cap stocks. Looking at the history of Bitcoin, it's clear that the growth in price and market cap has slowed down, as is normal when an asset grows so much. The norm going forward is that we'll see at most a 4X cycle-to-cycle, and I'm being generous; I'd expect more like 2.5 or so. And we cannot rule out a cycle with flat growth, as could happen with this one if, let's say, by 2028 the price is around $100K. That doesn't necessarily have to happen, but it has happened with other assets with a clear long-term upward trend that has gone through fairly flat periods lasting several years. So, it's a possibility. What is clear is that crazy returns of 50X from cycle to cycle are not going to happen anymore.

[YOSHIE]

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.

If you look at the current price of Bitcoin, of course the price is very high, maybe it's no longer 4x, I might think it has gone up 50x, but that's not the problem.

My understanding is that if there is a beginner who thinks like you said about investing, he is a genius beginner, meaning he is indeed a beginner but he is following news about Bitcoin's future developments. investing in Bitcoin does not value the current high price, you have to look at the price in the next 5-10 years, it is the same as gold, if you look at the price of gold now of course you think you will not be rich and there is no hope anymore, that is wrong thinking.

Your words were once said when the price of Bitcoin was $20k, $50k, $70k and so on, there was no chance of getting rich in Bitcoin investment, but you never thought that the price of Bitcoin could reach the level of $120k, the same as it is now, You will never know that the price of Bitcoin could move to the $250k level, so if you want to invest, don't look at the current price, look at the next few years, that's the way to invest.

[BlackBoss_]

It depends on who introduced them to bitcoin and what he told them that's the mindset they will have towards it. Some heard about bitcoin from influencers who are advertising an exchange deceiving them that trading is a get rich quick scheme. When they get into bitcoin, they jump into trading. I have come across many of them that have this orientation. I do tell them that buying and hodli is the best way to invest in bitcoin.

People who are newbies can be either introduced wrongly by the other people or took advice by themselves in inaccurate ways. They must know that any advice is only for reference and not as financial advice. They must also know that they will have to do their own research and make their own decisions with their money.

They can not blame anyone about anything even result is bad, not profitable and even severe loss. Nowadays it is very easily to learn about Bitcoin fundamentally and technically with many free resources. It is similarly with learning about investment strategies and pick possible safest and best one for their investment.

[Spaceman1000$]

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?

I will always fault newbies that think of getting rich quick using BTC, first of all, in our society, it's only fraud or criminality that allows you get rich quick, as getting rich or even making money is not an easy thing, so why would somebody just feel investing in Bitcoin will quickly get you rich. Wealth in every part of world is built gradually, even generational wealth was started by somebody, and it was not a quick thing. This are some of narrative about Bitcoin that is out there in the public, and people that are enlightened about Bitcoin should always do well to always lecture people on how gradual it takes to build a solid Bitcoin portfolio especially newbies because their blood is always hot to hit it big.

[AbuBhakar]

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?

Maybe they think it's easy to accumulate bitcoin, but the income is not fast. If you pay attention, the holders are also very disciplined, just so they don't sell it. Because if you know you're already making money, you'll be more motivated to sell it, and you won't lose anything. Another reason I see is that some people are trying to convince them that money is faster if you invest in crypto or bitcoin, which we know is not true, and nowadays, there is no way to earn money easily unless you become a politician.

I will always fault newbies that think of getting rich quick using BTC, first of all, in our society, it's only fraud or criminality that allows you get rich quick, as getting rich or even making money is not an easy thing, so why would somebody just feel investing in Bitcoin will quickly get you rich. Wealth in every part of world is built gradually, even generational wealth was started by somebody, and it was not a quick thing. This are some of narrative about Bitcoin that is out there in the public, and people that are enlightened about Bitcoin should always do well to always lecture people on how gradual it takes to build a solid Bitcoin portfolio especially newbies because their blood is always hot to hit it big.

It used to be that they were looking for a quick way to get rich. We can't blame them, but we should face the reality that it's hard to earn money quickly, and most of those who earn a lot also invest a lot, which is risky on their part. Just work hard in life and gradually rise until you save money; that's what people who really want to advance in life should do.

[Die_empty]

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.

This is the mindset most people have, which has attracted them to invest in cheap shitcoins. Bitcoin is a prestigious asset; any amount spent on it is worthwhile.  

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?

You just said that your Bitcoin worth increased to three to four times but you didn't state how long you kept it. Newbies shouldn't see Bitcoin as a get rich quick scheme because it isn't. It takes time and patience to reap from Bitcoin investments.

[Franctoshi]

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?

If a newbie into crypto and Bitcoin, sees Bitcoin as a Get-Rich-Quick Scheme, then it's miss information, perception and misunderstanding of the concept of Bitcoin ecosystem or technology. If you check this about to end bull cycle, extended or we may call it a super cycle, many altcoins a.k.a shitcoins has been left behind and we eventually begin to phase out, this cycle is a utility bull run cycle and only cryptos with strong utility case will survive.

[Dunamisx]

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.

I can't also support that they can be rich, but they will definitely make profits once they are able to hold and take their time for the investment to mature to a profitable season, this is not what they can invest and immediately expect the return, except they are going into trade which is not also advisable for newbies, they are prone to loss except they have a broader insights.

[Uhwuchukwu53]

The mentality and information gotten from some wrong social media influencer over Bitcoin and crypto is what derive them, they can never believe anything else until they realize by falling victim of scammers. Many said mentorship on Bitcoin investment is best I see certain good part as newcomer who is properly guided by some professional in the system such mindset of get rich quick is minimal, they know most important part of Bitcoin investment as long time patient inevitable as the investment must yeild required result over time but not in rush like newcomers that lack such knowledge.

[imthegreat]

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?

I don't really understand why newbies think Bitcoin is like memecoins, where you can deposit a small amount of money and have it multiply by 1,000 in a few weeks.
You see, Bitcoin isn't the most volatile cryptocurrency. In fact, during the ICO boom, Bitcoin was previously considered extremely slow, and that's why it lost its dominance. But now there are instruments like options, which can really make you rich in a matter of weeks.

There was a recent story of a guy who made $100,000 from $12 on the polymarket using Bitcoin options.

In just two months, a Polymarket trader turned $12 into more than $100,000 by betting on Bitcoin's rise or fall—he consistently grew his deposit with virtually no errors.

[Olatundespo]

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?

We make this mistake at the beginning of investing. First of all, we consider how we can become rich in a short time. Nothing is easy. You have to be an ideal investor to become rich. The characteristics of an ideal investor are that they initially form a strong foundation which is called mental preparation to place the investment in a strong place.

To know Bitcoin, gain technical knowledge and try to know why the price of this currency is so high and why the price of Bitcoin will increase in the future. Getting the answer to every question is important for Bitcoin investment. Professionals will easily understand this why they will not go for shitcoin and will refrain from short term actions as greedy outlook consumes you and you become a gambler.

[Pauldesaints]

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.