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.
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.
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?
Bitcoin can make someone wealthy, but it's not as simple as people might have thought. Earning money with bitcoin or becoming wealthy as a bitcoin investor only takes time and gradual growth; we can't start investing today and expect to become wealthy tomorrow, like someone who is going to pick up money off the ground. We can't just enter into something that we know about, which is why learning is so vital. There is no way you can invest in bitcoin and lose your money; bitcoin can only give you a profit for those who understand it and the risk involved before making an investment.
Since I understand Bitcoin, there is no way for a person to invest in Bitcoin and lose all of their money. The only people who can do this are those who invest for a short period of time and don't realize the risks involved. There are many millionaires that have become wealthy by investing in Bitcoin, but not as quickly as most people thought.