Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin. Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict the outcome whether the price will pump or dump.
This kind of mind set was created because people who invested in the early years of Bitcoin amassed huge profits due to the exponential growth of the Bitcoin market. But sadly Bitcoin price growth become sluggish due to the fact that Bitcoin price is way more expensive than it was in its earlier years and need huge amount of fund to be injected in order to move the market.
Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.
Anyone will only lose in Bitcoin if they sell. 1 Bitcoin will always be equal to 1 Bitcoin, any loss while holding Bitcoin is only a paper loss it is just an unrealized loss until the person sells his BTC at a loss.
So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?
I a gree that you are right that Bitcoin nowadays is not a get-rich-quick anymore in fact to be able to profit in the Bitcoin market, one needs to wait if they plan to hodl or do intensive learning of trading if one decided to take part actively on the market movement..