Bitcoin investment, fulltime endeavor or side hustle?

taufik123

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Quote from: topbitcoin on June 04, 2023, 08:57:24 AM

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So I guess the people who are buying and selling every day are not investors but traders, so there is no term full time investment or full time effort in investing in bitcoin. (and naturally in bitcoin trading you know profit and loss if it is done that massively every day)
Ideally bitcoin investment is done as a side or as a diversification of income from the main income.

More precisely, Day Traders, but Investors and traders have almost the same thing in common, the only difference is the time to hold assets.
Traders are more often to make sales and purchases, taking advantage of any price fluctuations that occur.

This is indeed a part-time job that is suitable for anyone. being the main investment that provides benefits for the long term.
and about the risks that will occur, of course, there must be and it will happen to anyone.

Just choose, want to be an active trader or a trader and also a long-term investor.

superman184

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Quote from: Trouvaille on May 31, 2023, 09:27:51 PM

Investing full-time requires you to devote most of your time and energy to analyzing markets and trading. Moreover, the price fluctuation of Bitcoin is unstable, and there is no guarantee that it will always be profitable.

I don't think you have to spend a lot of time and energy on making market analysis if the asset you want to invest in is a very well-defined asset like Bitcoin. In addition, if an investor who prefers to invest long-term in Bitcoin, I don't think the investor needs to devote all his time and energy to watch the market every day, although it would also be better if an investor could have time to watch the market every day after investing. Because in general it is part of an investor's duties when he already owns the assets he is investing in.

topbitcoin

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I think that it is necessary to clarify regarding investment and trade, of course these are two different things in the world of finance, investment is very different from trading, so don't mix them up. People who sell and buy bitcoins every day are called traders, while people who make purchases then have holding periods such as 2 weeks, 1 month, 2 months and so on are called short-term investments.
So I guess the people who are buying and selling every day are not investors but traders, so there is no term full time investment or full time effort in investing in bitcoin. (and naturally in bitcoin trading you know profit and loss if it is done that massively every day)
Ideally bitcoin investment is done as a side or as a diversification of income from the main income.

Taskford

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Quote from: Bazzu on June 04, 2023, 02:43:36 AM

Quote from: Trouvaille on May 31, 2023, 09:27:51 PM

Investing full-time requires you to devote most of your time and energy to analyzing markets and trading. Moreover, the price fluctuation of Bitcoin is unstable, and there is no guarantee that it will always be profitable.

but we can also invest in btc and make it our main income if we are really good at analyzing and our knowledge of crypto is very extensive or for example it is very difficult for us to get another job, then we can invest in crypto and make it main income.

We can make it as our main source of income if we became an expert on this industry but if you are not consistent and your profit is not stable on crypto then you cannot expect anything for now with this. Better to make it as side hustle while you are still learning because if you think leaving your job because you are earning a few chunks. Maybe you get broke if the platform where you generate some income stops.

Bazzu

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Quote from: Trouvaille on May 31, 2023, 09:27:51 PM

Investing full-time requires you to devote most of your time and energy to analyzing markets and trading. Moreover, the price fluctuation of Bitcoin is unstable, and there is no guarantee that it will always be profitable.

I agree with your opinion and indeed if we rely on income from crypto investments then we will definitely continue to analyze price movements and so on.
and in my personal opinion btc investment is suitable as a side business because btc prices are very unpredictable.

but we can also invest in btc and make it our main income if we are really good at analyzing and our knowledge of crypto is very extensive or for example it is very difficult for us to get another job, then we can invest in crypto and make it main income.

Trouvaille

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Investing full-time requires you to devote most of your time and energy to analyzing markets and trading. Moreover, the price fluctuation of Bitcoin is unstable, and there is no guarantee that it will always be profitable.

Wimex

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there are many factors that must be taken into account before making this decision, in addition to the fact that in order to invest in bitcoin and fully dedicate yourself to this, assets would be needed for this investment to grow and bear fruit, and of course there is another factor to take into account and it is that these results are not immediate, so in question you have to take alternatives to generate income and thus you can continue producing until you see progress with the investment made. For my part, I would not do it, my thinking is that the greater sources of income you have, the more feasible the reward is.

crunck

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Quote from: Hatchy on May 21, 2023, 03:24:16 AM

after this encounter, I decided to bring this question too to the Bitcoin community itself so I would hear from other traders like myself. What is your opinion about this would you quit your job and go into Bitcoin investment, considering it as a full-time hustle?

Even if it brings us high income, but with its volatility and uncertain future, it cannot be compared with traditional work. Because traditional work has a low salary, but its stability gives us security and sustainability. Why don't we take advantage and combine the two to give us the best income and the highest security? Have you ever thought about what would happen if bitcoin and the market disappeared or were no longer profitable?

stomachgrowls

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Quote from: lalabotax on May 24, 2023, 05:46:41 PM

Quote from: Hatchy on May 21, 2023, 03:24:16 AM

as a crypto trader sometimes, there's this question that usually comes to my mind and that is if there are people out there who are into Bitcoin investment fulltime and then if crypto currency paid me more than my current job, would I quit my job to go into Bitcoin fully?

The question is then:
1. Is your income from crypto really more than offine?
2. Can your crypto income really last long?
3. Don't you have a problem if one day your crypto income stops suddenly, or drops in a matter of hours so you might not get any earnings for a certain time?
4. What are you doing in this crypto investment, is it trading, or other work that can at least guarantee that you will always get regular income to provide for your present, future, and urgent needs?
If all of that is fulfilled, then it doesn't seem like a problem, as long as you really can accept all the risks that might happen and can anticipate them.

1. If yes, then proceed and going full time but if NO, then you shouldnt quit
2. There no certainty about crypto investment or crypto space.
3. Always mind off that risks and always be considerable about back up plans because if not then youre fucked up.
4. Dont quit on your day job, invest on bitcoin and some altcoins to be hold up for long term but dont expect something from it.

It all matters on someones preference whether they could see that they could be able to sustain themselves in speaking about finances. We know that there are ones who do took a
gamble on doing full time engagement with crypto and quit up their day jobs. Well, its their choice but be sure that you should really be that able to cope up
when problems do exist.

lalabotax

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Quote from: Hatchy on May 21, 2023, 03:24:16 AM

as a crypto trader sometimes, there's this question that usually comes to my mind and that is if there are people out there who are into Bitcoin investment fulltime and then if crypto currency paid me more than my current job, would I quit my job to go into Bitcoin fully?

The question is then:
1. Is your income from crypto really more than offine?
2. Can your crypto income really last long?
3. Don't you have a problem if one day your crypto income stops suddenly, or drops in a matter of hours so you might not get any earnings for a certain time?
4. What are you doing in this crypto investment, is it trading, or other work that can at least guarantee that you will always get regular income to provide for your present, future, and urgent needs?
If all of that is fulfilled, then it doesn't seem like a problem, as long as you really can accept all the risks that might happen and can anticipate them.

Magic-Money

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Bitcoin investment is about information, which early investors of Bitcoin made a lot of profits, which the journey of Bitcoin has not even started, because Bitcoin price in the near future is going to be unbelievable, talk about side hustle is just looking for money from hand to mount money as a daily feeding, which can not buy expensive assets, but Bitcoin investment is a patient business that requires time and more profitable in future for financial freedom.

suzanne5223

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Quote from: kaseygriffin on May 24, 2023, 03:39:09 PM

It is better to work part time than to focus on bitcoin full time. You will have less money pressure when focusing on working full time with bitcoin, but you will face great pressure to make a monthly profit. Pressure makes you misjudge yourself and can knock you down at any moment. Your quality of life will then go down drastically. It's still better to prioritize part-time work as a side job. Earning money from it and reinvesting it will help increase your income even more.

You have a point but every thing depend on your personal self and the issue surrounding both the BTC trading and your real-life job. We have crypto traders that quit their job to focus on Bitcoin because they believe they have reached the peak of doing well with only cryptocurrency job.
The OP keep his job while set a target because sooner or later if he don't quit his job he maybe sack. What I believe is important is knowing what he's doing investing in BTC and developing another skill that will fetch him money rather than crypto trading that's unpredictable.
After achieving a good investment, skills, and reaching the peak of his target he can then quit his job.

kaseygriffin

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It is better to work part time than to focus on bitcoin full time. You will have less money pressure when focusing on working full time with bitcoin, but you will face great pressure to make a monthly profit. Pressure makes you misjudge yourself and can knock you down at any moment. Your quality of life will then go down drastically. It's still better to prioritize part-time work as a side job. Earning money from it and reinvesting it will help increase your income even more.

AnonBitCoiner

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Although doing a job is difficult for some people but it has a constant value for you which you will get after each month. I will never quite my job for bitcoin investment because bitcoin doesn't guarantee maximum return always but it can also be a cause of one's failure.

Bitcoin investment doesn't effect your job so you can be a part of bitcoin investment and continue your job as well but never make bitcoin as a single source of getting money.

bitzizzix

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Having a job and also a fixed salary that will be received every month is a choice that must be prioritized besides investment or a side job, because this is a definite income.
In addition, you must have the capital to invest and make investments that don't interfere with your work, because you can do it while working and also in your free time, especially for making long-term investments.
both can be done depending on your wisdom in allocating time which I don't think long term investing takes a lot of time, and you just have to look at the market or your coin any time and only take the time to buy when the price goes down and then hodl.
and i do both because i need capital every month to buy bitcoins from my remaining salary because i do DCA and buy every month after getting my salary from my job, and it's all for the long term.

Sakanwa

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Quitting my job depends on the type of job I'm doing currently and there are possibilities that if I find something more profitable and less time demanding, then I wouldn't have to stress myself over some casual jobs which means that I can give up my job if crypto trading becomes more profitable and if I become stable but having a second thought, I think there is no need giving up my job if doing the both jobs doesn't affect me at least directly and there is a saying that we should always have multiple streams of income so doing my regular job along with trading wouldn't be a bad idea provided they don't cause any harm mentally on me.

I will personally love to got into trading full time but that will depend on how much capital I have and if I'm to start trading on a small basics then it will have to be a side hussle to give me room to raise more capital till I get balance in trading

romero121

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Rather than going full time, it is good to spend dedicated time. This increase the chance of earning better as well as know better about cryptocurrency market. When one have got a job that pays regularly will lower the pressure of earning through the cryptomarket. When you depend completely on the cryptomarket, sometimes scenario might not favour to earn good. This can affect the living standard. Prioritising it as a side income will let one make some earning as well as reinvest the earning. Such practice will let you have better earning streams.

demonica

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It depends on the situation. If you're earning enough in Bitcoin investment where it can manage your expenses and even allows you to save for the future, then you can consider it as your fulltime. Why work another job when it's giving you more? Also, if Bitcoin or crypto in general is taking most of your time where you don't think you can afford to work another job anymore, then make it your fulltime. But if you can still work another job and your Bitcoin investment isn't enough to sustain your needs and expenses, then use that opportunity to earn more by having a job and a side hustle. Your investment can be your passive income while you earn another income by working. We don't know how long can your investment be in a good position so it's better to have a stable job where it can give you a stable source of income.

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Quote from: Vaculin on May 22, 2023, 04:40:07 PM

Quote from: Marvell1 on May 21, 2023, 10:49:20 AM

Quote from: Hatchy on May 21, 2023, 03:24:16 AM

...

after this encounter, I decided to bring this question too to the Bitcoin community itself so I would hear from other traders like myself. What is your opinion about this would you quit your job and go into Bitcoin investment, considering it as a full-time hustle?

I want to ask you one thing. In your opinion, having one source of income or two sources of income, which is better? This life always contains surprises, so we always need B plans for it, and having 2 or more sources of income is one of those plans. With a world rife with inflation, and currencies depreciating daily, many people struggle to earn extra income from various jobs. Having 2 income sources is the dream of many people, including me.

As others have also said, bitcoin or crypto is too volatile and very risky. So quitting your job to spend all your time investing in bitcoin is really a bad idea. I completely agree with what those guys have said.

Any investment has its own risk and cannot guarantee consistent profits unlike a decent job that gives us fixed income every month. But I believe those who take the risk in leaving their jobs in exchange for investment have also their valid reason. If they have enough assets that will assure their bright future, then why not? After all, keeping a job will not make you rich overtime, but keeping an investment will create life changing progress if you work on it for long term.

If they are well prepared, even if they don't make money by focusing on bitcoin full time but can still live a life like everyone else, then that decision is completely justified. But I'm afraid there won't be as many people as you say. Those who are looking to quit outside jobs to spend all their time in bitcoin is because they become greedy when they see the profits that bitcoin brings and think that making money from bitcoin is too easy. They want to focus entirely on bitcoin to make a quick buck and maybe retire early. I've met a few people with that mindset, and most of them failed and went back to their old jobs.

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Quote from: Hatchy on May 21, 2023, 03:24:16 AM

as a crypto trader sometimes, there's this question that usually comes to my mind and that is if there are people out there who are into Bitcoin investment fulltime and then if crypto currency paid me more than my current job, would I quit my job to go into Bitcoin fully?

So yesterday, as I went out at night to grab some snacks for myself. I bumped into a group of friends who were also into cryptocurrency trading. Then it turned on me that I should drop my question of whether Bitcoin or crypto trading could be a full-time hustle that would continuously put food on our tables in the near future and if they could quit their current jobs going into Bitcoin investment fulltime?Their responses were quit alike saying that
"to them, Bitcoin would continue to be a side hustle and since the price of cryptocurrency is volatile they could loss the value of their investment at anytime. they also said that they couldn't quit their jobs as that would continue to bring more capital for their investment"

after this encounter, I decided to bring this question too to the Bitcoin community itself so I would hear from other traders like myself. What is your opinion about this would you quit your job and go into Bitcoin investment, considering it as a full-time hustle?

Since bitcoin or crypto is highly volatile one should always have a full time job based on fiat currency and keep crypto as a side hustle. This is the first thing taught in Risk Management by Crypto mentors.

Topic: Bitcoin investment, fulltime endeavor or side hustle? (Read 590 times)