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Bitcoin is not a get rich quick scheme.




Dec 8, 2023, 2:09 AM

Post #1 of 3 (6670 views)
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Bitcoin is not a get rich quick scheme. Can't Post

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.


Dec 8, 2023, 3:14 AM

Post #2 of 3 (6666 views)
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Re: [KiraWdhf14] Bitcoin is not a get rich quick scheme. [In reply to] Can't Post

Bitcoin could be used as get rich quick if you trade it in futures, I think many people use this when they believe in Bitcoin and at the same time they want to take a big risk. Since most of them hold their coins in CEX, they don't feel if Bitcoin fee is high and should carefully to send it.

It's not about discussing holding Bitcoin must in non custodial wallet or don't trade in futures, but the CEX give such feature and that make people use Bitcoin like that.


Dec 8, 2023, 3:16 AM

Post #3 of 3 (6664 views)
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Re: [KiraWdhf14] Bitcoin is not a get rich quick scheme. [In reply to] Can't Post

Hey. You make some valid points about Bitcoin as a long-term investment. It's essential to approach it with a patient perspective, as it's not a quick way to get rich. Your mention of dollar-cost averaging (DCA) is spot on; it can help smooth out the volatility.
When it comes to altcoins, they indeed offer more significant potential gains but come with higher risks due to their volatility.
If you're looking to convert Visa or Mastercard USD to Bitcoin, you can check out this visa mastercard usd to bitcoin converter. It's crucial to use trusted platforms for such transactions to ensure security and transparency in your investments.


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