Bitcoin investment is not try your luck

[Solodoski]

I think bitcoin investment has nothing to do with trying of luck, but I think there are people that still do it. I think people that do it are those we refer to as gamblers. They purchase bitcoin with the hope for it to rise in a very short time, and most times end up losing their money. They can be lucky for sometime, but most times they end up losing everything.  I think if you want to invest on bitcoin you have to be patient and set a long term target for yourself. You just have to accumulate and hold for a long term,  which definitely reduces the risk  of losing your money. This is just my opinion I am open to learn what other people think too.

[ruykeri]

A problem that new investors face is that they have a plan in place, but do not follow it when the market is down. Some may think there is a long-term bull market ahead for Bitcoin, but panic sell following a steep decline, or purchase too much in a bid to avoid FOMO. An emergency fund, a set budget, and a knowledge of risk should all be part of a realistic investment plan. But, holding on for years does not necessarily mean a profit, patience is to be coupled with risk management. The true challenge is, if you are going to follow your plan, are you going to risk money that you need for your living expenses?

Those that are confident about the market will not allow a mere change in the direction of Bitcoin affect their holdings.
Price can go up and go down but the more we understand the reason for buying and holding Bitcoin, that will not have so much fear in us to sell our Bitcoin portfolio. Those that have the mentality of try and error will mostly make mistakes holding Bitcoin because once they failed which can be as a result of fear that the value of their Bitcoin will depreciate, it can lure them to sell their Bitcoin holdings when they are supposed to be holding their Bitcoin.

You are right, it is very important to have a long term mindset when investing in bitcoin. But many people are not able to hold for the long term due to not doing proper risk management and fund management. They make mistakes like panic selling or forced selling. If someone cannot control themselves mentally and sells bitcoin after investing in bitcoin, that is basically panic selling. But if someone is forced to sell bitcoin due to not forming an emergency fund, then that is forced selling. Therefore while investing in bitcoin, as well as fund management is important, it is also important to have a strong mindset. And you have to be patient during the volatility of bitcoin's price. But a person can only stay calm when he makes DCA with discretionary income and creates a strong backup fund. And it is good to have confidence about the future of bitcoin, but confidence alone cannot protect a person from panic selling or forced selling. Those who succeed in investing in bitcoin are those who continue to accumulate bitcoin by maintaining an investment timeline in a realistic way.

[Popkon6]

I think bitcoin investment has nothing to do with trying of luck, but I think there are people that still do it. I think people that do it are those we refer to as gamblers. They purchase bitcoin with the hope for it to rise in a very short time, and most times end up losing their money. They can be lucky for sometime, but most times they end up losing everything.  I think if you want to invest on bitcoin you have to be patient and set a long term target for yourself. You just have to accumulate and hold for a long term,  which definitely reduces the risk  of losing your money. This is just my opinion I am open to learn what other people think too.

It is better not to rely on luck to invest in Bitcoin because you should rely on patience. A person who invests in Bitcoin and leaves it to luck will be identified as a trader for a short time, he will never be identified as an investor. Because he has invested in Bitcoin for the purpose of short-term profit - not for the future,
those who will invest in Bitcoin for the future will mainly rely on patience. Because patience is the only main tool. If you continue to buy and move towards the future, then we will definitely be able to achieve success. In the current situation, this is the only main and best strategy, by following this strategy, you will definitely be successful in your long journey.

[Sunshine1525]

It is better not to rely on luck to invest in Bitcoin because you should rely on patience. A person who invests in Bitcoin and leaves it to luck will be identified as a trader for a short time, he will never be identified as an investor. Because he has invested in Bitcoin for the purpose of short-term profit - not for the future,
those who will invest in Bitcoin for the future will mainly rely on patience. Because patience is the only main tool. If you continue to buy and move towards the future, then we will definitely be able to achieve success. In the current situation, this is the only main and best strategy, by following this strategy, you will definitely be successful in your long journey.

Investing in Bitcoin requires patience, conviction and determination to achieve a successful investment in future, not luck. Relying on luck won't help when volatility occurs especially during dips, it could even make the investor sell at lose out of fear but when an investors mindset is focus on those three things i mentioned then there would be less chances of worrying about the dip.

You're right about the ideology of luck being related with traders, they're the ones who's success in Bitcoin is based on chance cause the market is very tough to predict which is what trading requires.

[Makus]

I think bitcoin investment has nothing to do with trying of luck, but I think there are people that still do it. I think people that do it are those we refer to as gamblers. They purchase bitcoin with the hope for it to rise in a very short time, and most times end up losing their money. They can be lucky for sometime, but most times they end up losing everything.  I think if you want to invest on bitcoin you have to be patient and set a long term target for yourself. You just have to accumulate and hold for a long term,  which definitely reduces the risk  of losing your money. This is just my opinion I am open to learn what other people think too.

Bitcoin investment is all about setting a long term goal because the only way for you to benefit from it is by being patient. A lot of people that invest in Bitcoin to get lucky are gamblers just like you said and it's impossible for such people to be patient enough to be able to wait for up to 5 years or more for them to make significant profits from Bitcoin investment.

[lombok]

Bitcoin investment is all about setting a long term goal because the only way for you to benefit from it is by being patient. A lot of people that invest in Bitcoin to get lucky are gamblers just like you said and it's impossible for such people to be patient enough to be able to wait for up to 5 years or more for them to make significant profits from Bitcoin investment.

Making an investment in Bitcoin is the best test of mental strength as it takes years for one to see a true peak of the cycles. There are many investors who come into this market only with an intention to become a millionaire quickly, but this greedy mentality will always result in losses in case there is any kind of price correction. Four-year cycle requires one to have composure and that not only money but also one needs to be able to tolerate panic as the value of portfolio starts declining.

[Issa56]

It is better not to rely on luck to invest in Bitcoin because you should rely on patience. A person who invests in Bitcoin and leaves it to luck will be identified as a trader for a short time, he will never be identified as an investor.

As a bitcoin investor, your main target should be for long term, if you are planning to hold for a short period of time, you might not really be making much profit, and if you are not careful, your money might end up being trapped, because bitcoin price might drop after buying, and might not recover when you want. For people that really want to make profits from bitcoin, and they don’t want to stress themselves, just hold for long term, you don’t have to panic about the sudden change in bitcoin price since you are holding for long term.

If you continue to buy and move towards the future, then we will definitely be able to achieve success. In the current situation, this is the only main and best strategy, by following this strategy, you will definitely be successful in your long journey.
[/quote]
If you are buying, just make use of DCA strategy, just keep on accumulating bitcoin, you don’t have to monitor bitcoin price when investing, just have a particular amount which you will invest within a specific time frame. You don’t have to do any analysis about bitcoin price movement when investing.

[Y3shot]

I think bitcoin investment has nothing to do with trying of luck, but I think there are people that still do it. I think people that do it are those we refer to as gamblers. They purchase bitcoin with the hope for it to rise in a very short time, and most times end up losing their money. They can be lucky for sometime, but most times they end up losing everything.  I think if you want to invest on bitcoin you have to be patient and set a long term target for yourself. You just have to accumulate and hold for a long term,  which definitely reduces the risk  of losing your money. This is just my opinion I am open to learn what other people think too.

It is not just gamblers; even non-gamblers have this mindset of investing in Bitcoin without even knowing what they are doing. The reason why people normally think they can try Bitcoin by luck is that they do not have that understanding, and this can only be gained through learning. Some people think Bitcoin investment is profitable by luck, just like gambling, and some scam investments encourage people to hope to be lucky and make a profit. Whoever hasn't done some research will always have a different mindset about Bitcoin, and it can even lead to a loss of money.

[Popkon6]

You're right about the ideology of luck being related with traders, they're the ones who's success in Bitcoin is based on chance cause the market is very tough to predict which is what trading requires.

Those who trade will depend on luck, but that is why if you want to invest in Bitcoin, you must invest in Bitcoin with a reasonable income. So that every person can be patient during the price volatility in the Bitcoin market, because if you cannot be patient, you will not be able to succeed in Bitcoin investment. To be successful in Bitcoin investment, you need your own confidence and patience.

If you are buying, just make use of DCA strategy, just keep on accumulating bitcoin, you don’t have to monitor bitcoin price when investing, just have a particular amount which you will invest within a specific time frame. You don’t have to do any analysis about bitcoin price movement when investing.

The DCA method is effective for every person, whether new or old investor, if every person invests in Bitcoin according to this DCA method, he will definitely achieve success. Therefore, those who invest in Bitcoin with patience in this volatility are the only ones who can create the greatest opportunity to achieve success.

[LUCKMCFLY]

That is why people saying that Bitcoin investment is not for everyone are absolutely right. Only a few can understand the volatile nature, while the majority let their negativity control them.

Yes. Of course, you don't need to know much to realize that BTC has the potential to lift you out of poverty quickly, but many don't believe this can happen simply because of the whole digital money concept. Many people find it hard to believe that BTC has that capacity and is even superior to gold, far outperforming the fiat money traditionally used despite fiat money having major vulnerabilities like inflation.

With time, however, adoption will grow. In the economic sphere, some wake up quickly while others move more slowly, but time will show everyone that investing in BTC is the best path forward. There are risks, of course, but somehow I personally feel much safer holding BTC.

[osasshem]

People will be feeling like they are super heroes because they don't get caught in...

You are right on this.
I came across a post of a long term investor/crypto enthusiast, who has been in the crypto community for many years, years of experience and accumulation, yet still got hacked. This is not because he doesn't know what to do, but with a little mistake in decision making, having seen the red flag of being attacked, made the wrong call turned years of accumulation in three different wallets lost.

No one is invincible, one can be lucky for the time being, and believe me, no one is happy to have such experience.

Investing in Bitcoin is simply you practicing on how to walk alone without someone holding your hands, but everywhere is filled with blueprints to look at and learn in every step.

[As-Soon-As]

It is not just gamblers; even non-gamblers have this mindset of investing in Bitcoin without even knowing what they are doing. The reason why people normally think they can try Bitcoin by luck is that they do not have that understanding, and this can only be gained through learning. Some people think Bitcoin investment is profitable by luck, just like gambling, and some scam investments encourage people to hope to be lucky and make a profit. Whoever hasn't done some research will always have a different mindset about Bitcoin, and it can even lead to a loss of money.

People may feel lucky because they have learned about Bitcoin, there are still some people who have not learned about Bitcoin. However, if you want to invest in Bitcoin, you must have strategy, patience, and tolerance, and by gaining Bitcoin education, people can grasp Bitcoin, Bitcoin will help you in many ways, not just in one way.
 So those who get the opportunity to invest in Bitcoin will be the only lucky ones because this can be the only good strategy to eliminate your financial needs in the future.

[hd49728]

People may feel lucky because they have learned about Bitcoin, there are still some people who have not learned about Bitcoin. However, if you want to invest in Bitcoin, you must have strategy, patience, and tolerance, and by gaining Bitcoin education, people can grasp Bitcoin, Bitcoin will help you in many ways, not just in one way.

Be ready to learn about Bitcoin, actually learn about Bitcoin is good start but it's not enough if people still hesitate to invest money in Bitcoin after learning. While if the other people spend less time for learning but actually investing money in Bitcoin, they do better practice and if they can hold their bitcoins a long time, they will be very ready to get good profit.

Learning is to get most fundamentals of Bitcoin, and start investment journey, which is most important because it will bring profit to people who are both knowledgeable, determinant, and not hesitating to have Bitcoin investment.

[YellowSwap]

I still need luck, I am going to use all I can to keep buying Bitcoin every month and I plan to hold for as long as I can, the problem is mistakes and bad lucks.

I need good luck not to pick the likes of ColdCard and my self custody wallet.
I am not going to buy Bitcoin on any Centralised exchange and at that moment is when the exchange got hacked.

You have no idea what luck is about, that's why you talked that way, people in the world do everything that determined souls did and they still failed, mistakes and misfortune and some misery events.

You have no idea mister..

[cxtreenal]

I think bitcoin investment has nothing to do with trying of luck, but I think there are people that still do it. I think people that do it are those we refer to as gamblers. They purchase bitcoin with the hope for it to rise in a very short time, and most times end up losing their money. They can be lucky for sometime, but most times they end up losing everything.  I think if you want to invest on bitcoin you have to be patient and set a long term target for yourself. You just have to accumulate and hold for a long term,  which definitely reduces the risk  of losing your money. This is just my opinion I am open to learn what other people think too.

If they are using Bitcoin to test their luck they will have to buy Bitcoin. If their intention is short term trading they will be at risk but not at risk of losing their entire money. If that person panics and does not sell their capital may decrease temporarily but they will not lose their capital. Even if you test your luck with Bitcoin you are not likely to lose your entire money.
Luck is not in your favor or against you when investing the outcome is determined by the decisions you make. Bitcoin is designed for long term investment and provides suitable returns for smart investors. Accumulate Bitcoin regularly with long term target which will gradually reduce your investment risk and increase the possibility of getting high returns.

[josscrypto]

I completely agree with this. Bitcoin investment should not be treated like gambling. I am new here from Philippines and I learned this the hard way when my first posts were deleted because I rushed. Now I understand that investing in Bitcoin needs research, understanding of private keys, and risk management. It is not about luck, it is about patience and learning the fundamentals. As a beginner saving for my family, I only invest what I can afford to lose and I focus on learning first.

[qurbanshah02]

People may feel lucky because they have learned about Bitcoin, there are still some people who have not learned about Bitcoin. However, if you want to invest in Bitcoin, you must have strategy, patience, and tolerance, and by gaining Bitcoin education, people can grasp Bitcoin, Bitcoin will help you in many ways, not just in one way.

Learning is to get most fundamentals of Bitcoin, and start investment journey, which is most important because it will bring profit to people who are both knowledgeable, determinant, and not hesitating to have Bitcoin investment.

If we do not understand these basic principles of Bitcoin, we will lose our money in the wrong way because if we use Bitcoin in the wrong way, we will lose our money. We can invest in Bitcoin in a very easy way, but some people do not know it in the right way and investing in the market is not easy. Those who work in the right way have knowledge because they have already understood Bitcoin, how it works and what they have to think carefully, so everyone who is making profit from Bitcoin is not afraid of the market at all. When the price of Bitcoin went down a lot, Microstrategy bought a lot of Bitcoin, they know where to get Bitcoin. If we know a person, they will never go on the wrong path and will make a profit.

[Alpha Marine]

The problem is not far from money and determination. When someone starts investing and they are working, earning a good amount enough to sustain themselves and their family and still be left with the ones to put into savings, such financial conditions, they can hold their investment for a long time.

That same person, if they lose their job and there is no other place for which money is coming from, tries hard to set up something, and there is no positive change, they will be left with no other options than to sell off their holdings and settle pressing expenses.

That is why people are advised to get a source of income and stop seeing Bitcoin as a source of income. You can't turn something that you get profit from on a long-term basis into a source of income.
People should focus on getting different sources of income or work on increasing their income instead of looking for a way to get rich through Bitcoin.
With a good source of income, I doubt anybody will be able to hold Bitcoin for the long term. Even people who have a source of income struggle when times get hard, talk more of a person without a proper source of income.