History doesn’t repeat itself in the Bitcoin market, but it sure does seem to rhyme a lot.
Bitcoin is one of the most volatile assets on Earth, and while that can make this market exhilarating. It also causes it to be one of the most stressful assets you can invest in. If you want to have any chance to survive in this market have someday become wealthy from it. Gaining experience is vital. After all, the longer you are in Bitcoin, the more trends you begin to notice easily.
One of those trends that you begin to notice is the mistakes that people keep making over and over, preventing them from being successful with Bitcoin. It happens every cycle and is preventable. What it takes to be successful in Bitcoin is very simple, yet it is something that over 90% of Bitcoin holders won’t be able to do.
Conviction
To be successful in crypto, the first prerequisite is that you must build up your conviction to become nearly unshakable.
As I mentioned before, Bitcoin is extremely volatile, and that makes this market very stressful. There will be days when the price is up 10%, but also days when it drops even further. During bull cycles, we will often see the price appreciate by thousands of percent and then drop by 90%.
Once you have been in the market for several years and have built up a larger portfolio size, this will result in portfolio fluctuations of several thousand dollars every day. The hard truth is that this stress will be too much for most people to handle, and they will end up selling. Often fulfilling the stereotype of buying high during the FOMO and selling low during the FUD.
Patience & Real Expectations
The second requirement that will make you successful with Bitcoin is having patience.
Most people begin investing in Bitcoin and crypto with expectations that have no chance of becoming reality. They have seen the stories of people becoming rich via Bitcoin, meme coins, NFTs, and the list goes on. They assume this will happen to them overnight.
The problem is that nothing is guaranteed with Bitcoin, and especially with crypto in general. 99.99% of meme coins will never be worth anything, and you will be stuck carrying the bags. Out of all cryptocurrency projects, Bitcoin is considered the safest and most likely to succeed. But even with Bitcoin, its future isn’t guaranteed.
With that said, if the crypto market continues to stick around, there is a decent chance that Bitcoin will remain king. Yet it won’t make you rich today, tomorrow, or even within a year.
There is a famous way of thinking amongst Bitcoiners about how long it takes to become successful in this market.
During your first four-year cycle, you can make great gains. During your second 4 year cycle, you can make life-changing money. Finally, during your 3rd cycle, you can become wealthy.
The most successful people in Bitcoin and crypto enter the market within a long time timeframe. When you invest within a 10+ year timeframe instead of trying to become rich in just a handful of months, this will result in Bitcoin’s volatility being much less stressful for you. It will then be more likely that you will be able to survive in this market for the long term and see the finish line. It’s at that point that you’ll be able to achieve life-changing money.
Constant Buying
Throughout the years, another glaring mistake that I’ve noticed is that people aren’t constantly buying Bitcoin.
Most people will FOMO into the market when prices are pumping or will say that they are waiting for prices to drop to their perfect price point to buy.
However, once prices begin to drop drastically, they become spooked and never end up buying BTC. It has been proven that Bitcoiners who just consistently dollar-cost-averaged in BTC were more successful than investors who tried to perfectly time the market.
Most people will think that securing the greatest gains by dollar-cost-averaging would be the greatest benefit through this method. However, the true benefit is the stress this will eliminate from your life.
After you set your buys, you can walk away and have everything automated. You’ll no longer need to worry about daily price movements, having perfect timing, or even worrying about the constant FUD that seems to be released. After all, you have been in the research, built your conviction, and know where this market is heading.
Set Your Goal
Finally, something that has worked incredibly well for me is knowing what your Bitcoin goal is and setting up short-term goals for how you will achieve that.
Just like many people, my original goal was to accumulate one full Bitcoin. It was far too expensive to buy a full coin, and so I had to make a plan of how I was going to achieve that within a certain timeframe.
The goal I made was to end each day with more Bitcoin than when I woke up in the morning.
This method required me to find some way to either buy Bitcoin or earn it. It eventually motivated me to create side hustles to earn extra money. Things such as delivering food during free time or writing cryptocurrency-related articles.
At first, it might seem like your progress is moving at a snail's pace. But over multiple years, it begins to add up to something significant.
Because of this method, several years ago, I was able to achieve my goal of accumulating a full Bitcoin. Since then, I have continued to add to this goal and accumulate far more than I ever thought was possible.
None of these guidelines will make you rich with Bitcoin overnight. However, if you are motivated and do these over multiple years, you will be surprised how quickly your life will change. It appears we are on the verge of a very special Bitcoin cycle, with pricing far exceeding anyone’s expectations. It is too late to become wealthy with Bitcoin, but you need to act as soon as possible.
How about you? What has made you successful with Bitcoin?
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As always, thank you for reading!