The Difference Between Being Early and Being Lucky.

[Joy- maker]

greetings to you all my fellow Bitcointalkers and happy Sunday.

There is this statement people common make in bitcoin and cryptocurrency related discussions, i wish i got in early. Many people, especially newbies believe that anyone who bought bitcoin in the early days became rich or wealthy simply because they were early but that's not completely true.

Although the time you got into something matters, but i think many people, especially newbies overlook an important distinction that needed to be recognized that being early is not the same thing as being lucky.

Being early is when you or someone recognize an opportunity before most people do and act immediately, while being lucky is just the state of achieving a positive outcome largely due to circumstances beyond your control, although sometime being early and being lucky overlap but they are not identical as most of us think.

As we all know those who discovered bitcoin in 2010, 2011, and 2012 were said to be early, but not all of them who discovered bitcoin early are rich or wealthy today, fact. Large number of those people who discovered Bitcoin early sold their bitcoin investment after they made small profit, some of them lost access to their wallets, why some too abandoned bitcoin simply because they didn't believe it would succeed, another fact.

Therefore, I want to make one thing clear so that we can get the picture clearly, if being early alone guarantee success, I am pretty sure that many people would be very rich or wealthy today through bitcoin but that's not the case.

Some people bought bitcoin years ago with very little knowledge, maybe they made that  Bitcoin purchase out of curiosity or FOMO, fear of missing out and they forgot about it, and later discovered that their bitcoin investment had increase in value overtime. Indeed, this set of people should be considered as luck people, because luck played a larger role than skill or foresight.

Therefore, what separated those who were merely early from those who ultimately benefited from bitcoin is conviction and patient imo, because it is easy for anyone to buy an asset when nobody is paying attention to it, but it is much harder to hold it through market crashes, negative media coverage, government criticism and years of uncertainty. Feel free to give your two cents on this discussion.

[Zaguru12]

Been early doesn’t gurantee success or makes you actually to be profitable rather getting it right actually makes you profitable. Yes we can also point to the fact that there is conviction too but sometimes you still have to get the conviction right, those who invested into bitcoin and had conviction were right about it, but they were also people who also had conviction on certain Altcoins and I don’t think that they were right about it. So even conviction can be a wrong one.

The wrong narrative of been early into bitcoin is what made many rich has actually caused many people to actually lose their funds when they were chasing early gains in other Altcoins so it’s not every time that been early and conviction can actually be profitable in a long run too

[lovesmayfamilis]

People can't see their future; they can't predict ahead, so even those who had bitcoin in the early years didn't necessarily become millionaires. All newcomers should be directed to read the history of the forum and the posts of ordinary users who had bitcoins but could not find the right use for them and simply cashed them out in fiat. There are many posts where someone offered several bitcoins in exchange for a ridiculous amount.

Today, the world is developing very fast, and those who understand that you should not wait for the best day to buy will do it and buy. There is no need to force anyone to invest; let people "grow up" on their own. By taking on any kind of help for such people, you will definitely receive accusations from them in those moments if something goes wrong. Let people make their own decisions. They learn and understand on their own. Only your own experience makes a person strong; everything else turns into a duty that at some point will make you regret that you once wanted to help someone.

[Nadifa2030]

This is a solid point I’d just add that being early only becomes meaningful when it’s combined with conviction and the ability to hold through uncertainty. Without that early entry often turns into missed opportunity rather than success.

[Porfirii]

This is a solid point I’d just add that being early only becomes meaningful when it’s combined with conviction and the ability to hold through uncertainty. Without that early entry often turns into missed opportunity rather than success.

I definitely agree with the second sentence, and I would say that being early becomes meaningful when it's combined with vision and the ability to invest and not be forced to sell by circumstances, because:

• If you are early but don't have the vision, you will liquidate your investment too early too.
• If you are early but don't have money to invest, it will not matter because you will not be able to take advantage of the opportunity, or if you take advantage of it you will probably be forced to liquidate to recover the money for some unforeseen expense.

[Hashura]

There is this statement people common make in bitcoin and cryptocurrency related discussions, i wish i got in early.

Funny enough, I did say this before!

I really wish I could have known about it sooner

But now that I think about it, I'm pretty sure there are also people who wish that they didn't sell too early. The bottom line is, there's no point in thinking about what could have been, and just focus on the present. For us who only got into bitcoin recently, I guess it's better late than never.

[SilverCryptoBullet]

As we all know those who discovered bitcoin in 2010, 2011, and 2012 were said to be early, but not all of them who discovered bitcoin early are rich or wealthy today, fact. Large number of those people who discovered Bitcoin early sold their bitcoin investment after they made small profit, some of them lost access to their wallets, why some too abandoned bitcoin simply because they didn't believe it would succeed, another fact.

If they knew about Bitcoin early, they were lucky but what they did after that deciding whether they are rich now or not.
They could take action to invest money in bitcoin but if they did not have enough belief in Bitcoin future, could not have good discipline and by any reasons they lost their bitcoins from hacks, exchange scams, lack of wallet backups, and like selling bitcoins too early, it's not lucky or unlucky, it's just result of their decision and practice.

At least, people knew about Bitcoin early were lucky, but they were not lucky by buying bitcoins, it was their decisions and actions, not pure lucky.

[Alpha Marine]

I've always said that I admire people who bought (or got) Bitcoin early and held it till it was worth over 50k. That takes a different level of dedication.
Buying Bitcoin when it was just $1 and not taking profit when it got to $1k or $10k shows that you are a visionary and you could see that this thing was destined for greatness. People who didn't understand what it was would see it as an opportunity to cash in on it. That's why I respect early investors a lot. A lot of them understood what Bitcoin was when no one was talking about it. So they didn't do it to look cool or to feel among, they simply believed in it.

It is different from people who received it as a gift or in giveaways or something, and just forget about it, and only remembered when it was worth a lot of. When you have access to it all through, but still refuse to sell, or even if you sell, you always keep some, it shows you actually saw something in the coin.

[KiaKia]

Been early doesn’t gurantee success or makes you actually to be profitable rather getting it right actually makes you profitable. Yes we can also point to the fact that there is conviction too but sometimes you still have to get the conviction right, those who invested into bitcoin and had conviction were right about it, but they were also people who also had conviction on certain Altcoins and I don’t think that they were right about it. So even conviction can be a wrong one.

The wrong narrative of been early into bitcoin is what made many rich has actually caused many people to actually lose their funds when they were chasing early gains in other Altcoins so it’s not every time that been early and conviction can actually be profitable in a long run too

I disagree, don't underestimate the potential of been early, those who are early in BNB and Ethereum are freaking rich, it's the same with SOLANA and Dogecoin, there are many people who got very rich with altcoins today.

I was early with some stupid coins in 2022 and that's how I made big gains out of them, those coins aren't even as big, they are low cap altcoins and I still made big profits from them because I was very early.

I still remember VVV and HyperLiquid, even the shitty Trump coin made some people very rich because they got in very early and drove the gains higher in just few days, where the majority failed was failing to take profits and that's the danger with alternative coins.

[Razmirraz]

Admittedly, buying Bitcoin early does offer the potential for multiple profits, but it is no guarantee of getting rich because there are so many psychological and technical obstacles and extreme volatility that very few people are able to maintain their assets from the beginning until now. It's important to emphasize that the Bitcoin market is highly volatile. Those who entered the market early have seen the price surge dramatically, then plummet tens of percent in a short period of time. Only investors with strong conviction and a very high risk tolerance are able to hold onto their assets.

Holding Bitcoin for years through various bear market and bull market cycles is the biggest challenge for those who own Bitcoin in the early stages. Many of them sold their assets after making small to moderate profits (doubling to tripling) for fear of a further price drop. At that time, very few had the absolute confidence to hold their assets for more than 10 years. In my opinion, that is an undeniable fact.

Moreover, in the early days or after a few years of its launch, Bitcoin was often considered something worthless and never crossed their minds that it would have a high value, so they were more inclined to buy things like Pizza instead of keeping it as a long-term investment asset.

[aoluain]

Its very easy to look back at the past with perfect 20/20 vision and say I would have done
this or that - no you wouldnt because nobody can tell how the future is going to go.

Perfect example is the free Bitcoin faucets which existed back in the early days which gave
out BTC5 at a go.

Being early needs a bit of luck too. I'm sure there were a few things which could have scuppered
Bitcoins growth but they never materialised.

Best approach rather than dwelling in the past is to treat your DCA in this bear market as
being early because 20 years from now it will be considered early.

[Joy- maker]

As we all know those who discovered bitcoin in 2010, 2011, and 2012 were said to be early, but not all of them who discovered bitcoin early are rich or wealthy today, fact. Large number of those people who discovered Bitcoin early sold their bitcoin investment after they made small profit, some of them lost access to their wallets, why some too abandoned bitcoin simply because they didn't believe it would succeed, another fact.

If they knew about Bitcoin early, they were lucky but what they did after that deciding whether they are rich now or not.

At least, people knew about Bitcoin early were lucky, but they were not lucky by buying bitcoins, it was their decisions and actions, not pure lucky.

Frankly speaking i can't agree with you completely, because how i view being lucky is different from how i view being early. I already stated from the beginning that being lucky and being early overlap, but they are not identical.

Someone who find out about bitcoin out of coincidence or by chance is lucky, because there are people who are happy today to find out about bitcoin even though they were not early. While someone who knew about bitcoin in 2010, or 2011 before most people were early not lucky, just know their difference despite sharing the same ground. I may not be able to explain it to your satisfaction but just try and understand the angle i am coming from.

[rbynxx]

Therefore, what separated those who were merely early from those who ultimately benefited from bitcoin is conviction and patient imo, because it is easy for anyone to buy an asset when nobody is paying attention to it, but it is much harder to hold it through market crashes, negative media coverage, government criticism and years of uncertainty. Feel free to give your two cents on this discussion.

I've been early on some projects as well but it's really the conviction that matters in the end, because, you can be late to it but still find a way to be a winner because you did buy with conviction by holding, waiting and even buying more while others are worried it will not past blow to the roof. The very best of example for this is Michael Saylor and the guy just prove that he's a maxi and somebody that is etching in bitcoin's history.

[sokani]

Imo, being early and lucky when it comes to investing in cryptocurrency are not criteria for success. One can be "lucky" to find a gem and "early" to invest in the coin, but if conviction is lacking, he can sell after making a few profits or when the market starts bleeding. Hence, for me, having conviction in the project is the key factor for success.

[Rockstarguy]

Being early is not enough; you need to understand Bitcoin and make good decisions. You have to be patient to invest long-term. Those who regret not investing in Bitcoin during its early days would likely not have succeeded even if they had made an attempt, based on their level of understanding of Bitcoin. Most of the early investors who succeeded in investing in Bitcoin understood it; even with the criticism, they did their research to gain knowledge. No amount of criticism or fluctuation in the price of Bitcoin disturbed them because they understood what they were investing in. It is not that many of us didn't know about Bitcoin early on or hadn't heard about it; we ignored it because we never knew the future of Bitcoin.

[Merit.s]

I believe it's not all the early investors that were able to hodli their bitcoin till date. Those who couldn't will be like someone who is late to bitcoin because they have nothing to show that they were early into the bitcoin bandwagon. Some of them are regretting it and for that reason, they're still accumulating bitcoin because they sold too many coins too soon.

It's those early investors that understands the potential of bitcoin and had confidence in it that are the legends because they trusted bitcoin even when it wasn't that valuable. We have a lot of them in the WO thread.

[Franklyn-wood]

Therefore, what separated those who were merely early from those who ultimately benefited from bitcoin is conviction and patient imo, because it is easy for anyone to buy an asset when nobody is paying attention to it, but it is much harder to hold it through market crashes, negative media coverage, government criticism and years of uncertainty. Feel free to give your two cents on this discussion.

I've been early on some projects as well but it's really the conviction that matters in the end, because, you can be late to it but still find a way to be a winner because you did buy with conviction by holding, waiting and even buying more while others are worried it will not past blow to the roof. The very best of example for this is Michael Saylor and the guy just prove that he's a maxi and somebody that is etching in bitcoin's history.

Fear is a torment and if not properly controlled it will incapacitated it hostIt is better be late than never to try. The speculation we have heard that made some feel reluctant in investing in Bitcoin and rejects it, while over the years some people who where able to take the bull by the head are making significant impact with profits.