Can one achieve financial independence through crypto currency? - page 6.

Distinctin

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Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

I would not doubt about it since a lot of people are becoming financially independent with the help of cryptocurrency. Although the risk of investment is high, but it will be a life-changing experience if you know how to manage its risks and you know how to deal its volatility wisely. But it will also ruin your finances if you invest without the real understanding on how the investment should be dealt.

BitcoinPanther

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Quote from: ChiBitCTy on February 15, 2023, 08:47:30 PM

I think you need to be a bit more specific with what you mean exactly by "can one achieve financial independence through crypto currency"? Are you asking if you can get rich by owning bitcoin/cryptocurrency, or are you asking if bitcoin and other cryptocurrency coins can "take over" traditional forms of payments and systems such as fiat money and banks. I'm just a bit confused exactly what you mean by that question.

I believe financial independence refers to the ability of a person to be self sufficient. So my answer will be yes. With proper knowledge and right information, a person can invest in a certain project and have a life-changing profit. I known one person who was once financially dependent to his parents but now become financially independent and even give his elders money from the earnings he got by involving himself in in cryptocurrencies.

chikading2016

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Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

It depends on your strategy not all crypto user are financially free, we are crypto users here but still we don't have big money to be called as financially free it is because we have a different ways or decision on making money through crypto, some people are lucky and some are not that is why we have a different status if you are lucky earner in crypto then be more open in it but if you are not then you still need to have another work for another source of income.

Sayeds56

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Quote from: ChiBitCTy on February 15, 2023, 08:47:30 PM

I think you need to be a bit more specific with what you mean exactly by "can one achieve financial independence through crypto currency"? Are you asking if you can get rich by owning bitcoin/cryptocurrency, or are you asking if bitcoin and other cryptocurrency coins can "take over" traditional forms of payments and systems such as fiat money and banks. I'm just a bit confused exactly what you mean by that question.

Thanks for your comments. By "financial independence through crypto currency" , I was referring to the possibility of individuals achieving long-term financial freedom & security by investing in crypto currencies, such as Bitcoin, Ethereum and other alt coins. This could include accumulating good amount of wealth by price appreciation or earning passive income through staking or yield farming.

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Quote from: visionE2 on February 17, 2023, 08:28:11 AM

Quote from: Wong Gendheng on February 16, 2023, 08:40:38 AM

Cryptocurrencies is a very valuable investment, the Bitcoin marketcap is currently more than $ 470 billion, the potential increase is very large and today has gone up more than 10%, if we bought $ 1 million yesterday so today we can profit $ 100k, and this proves that Cryptocurrencies investment can be used as passive income.

There are many people who say they are financially free when in crypto and I am also one of them. It's been the last 3 years I've been making money through crypto investments and that's enough for my needs. I think it's just a matter of hard work, consistency and patience to achieve financial independence. Because now we have to be smart to use this technology to get income.

Saying you have been making money for three years in crypto investment without stating how you achieved this can be very deceptive. We all know the market had serious downtimes from November 2021 till the end of 2022 so it will be good enough to state how you were able to achieve your success this three years so that newbies won't just jump into investing and think the market is all rosy.

Quote from: Kasabus on February 16, 2023, 04:57:46 PM

Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

It will never hard to attain financial freedom as long as you work for it and you exert a lot of effort and determination to make it successful. No matter how risky investing in crypto, but the fact that you are prepared to take the risks and do everything that will make you successful in the future, then I think the risks involved are worth taking as long as you also set some limits and goals in the first place .

Crypto assets is all about taking the risk and it doesn't just end there, It also involves making the right investment choices, knowing what asset is what risking on and having enough patience to make profit. Crypto investment is based on emotional control and good analysis. Most times people can make losses in the bull market due to emotions and poor analysis. The success in crypto investment isn't as easy as it sounds it comes with so much research with dedication.

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Quote from: visionE2 on February 17, 2023, 08:28:11 AM

Quote from: Wong Gendheng on February 16, 2023, 08:40:38 AM

Cryptocurrencies is a very valuable investment, the Bitcoin marketcap is currently more than $ 470 billion, the potential increase is very large and today has gone up more than 10%, if we bought $ 1 million yesterday so today we can profit $ 100k, and this proves that Cryptocurrencies investment can be used as passive income.

There are many people who say they are financially free when in crypto and I am also one of them. It's been the last 3 years I've been making money through crypto investments and that's enough for my needs. I think it's just a matter of hard work, consistency and patience to achieve financial independence. Because now we have to be smart to use this technology to get income.

maybe if you are very familiar with making profits or money from the virtual world it is very good, but if you expect to invest and only focus on one coin maybe it is difficult to stabilize your finances every day. I too have been investing for a long time but it seems I'm not so lucky.

visionE2

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Quote from: Wong Gendheng on February 16, 2023, 08:40:38 AM

Cryptocurrencies is a very valuable investment, the Bitcoin marketcap is currently more than $ 470 billion, the potential increase is very large and today has gone up more than 10%, if we bought $ 1 million yesterday so today we can profit $ 100k, and this proves that Cryptocurrencies investment can be used as passive income.

There are many people who say they are financially free when in crypto and I am also one of them. It's been the last 3 years I've been making money through crypto investments and that's enough for my needs. I think it's just a matter of hard work, consistency and patience to achieve financial independence. Because now we have to be smart to use this technology to get income.

DrBeer

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And how, for example, does cryptocurrency differ from the point of view of generating income .. well, for example, from growing vegetables or, for example, programming?
There are other ways to achieve a good financial performance. But cryptocurrencies have an "advantage" that fools a lot of people. The problem is that, unlike work that produces a real product / service (growing vegetables / programming), cryptocurrency does not create anything. This is a purely speculative asset, where you can earn, as it seems to many, "without doing anything." Yes, in 2017, there was a great opportunity to earn on the hype of cryptocurrencies. And everyone thinks that it is just as easy to do it now. But .. I repeat - this is a speculative asset. And even if you manage to GET income, it will mean that someone has LOST funds. For assets that do not have real collateral, "earnings" always occur due to the loss of the other side of the transaction

BitDane

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Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

There are many members of this forum that gain financial freedom by getting lucky and reaping huge profit from their crypto investment. Aside from that, early Bitcoin enthusiasts that hodl in its early years until now is clearly those people who had achieved financial freedom.

There are lots of evidence that shows people who invested in cryptocurrency gained financial freedom because of the huge profit they got when the market get hyped or pumped hard.

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Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

It will never hard to attain financial freedom as long as you work for it and you exert a lot of effort and determination to make it successful. No matter how risky investing in crypto, but the fact that you are prepared to take the risks and do everything that will make you successful in the future, then I think the risks involved are worth taking as long as you also set some limits and goals in the first place .

Finestream

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Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

It’s really possible to achieve financial freedom with crypto but you have to do it with the right attitude and the right mindset as crypto investing is never easy. If you can overcome all your losses and learned from all your mistakes and failures, probably you will have a chance to succeed but if you quit on the middle of your investment, you will never end up being successful in your investment.

sana54210

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Quote from: ChiBitCTy on February 15, 2023, 08:47:30 PM

I think you need to be a bit more specific with what you mean exactly by "can one achieve financial independence through crypto currency"? Are you asking if you can get rich by owning bitcoin/cryptocurrency, or are you asking if bitcoin and other cryptocurrency coins can "take over" traditional forms of payments and systems such as fiat money and banks. I'm just a bit confused exactly what you mean by that question.

What I understood was having financial freedom to not work, or worry about money. Financial freedom is talked about as if that is the way you should be living without worrying about money and work, since most of us live pay check to pay check and if I lose my job, I can survive just a few months and not anything more, that means that if I have financial freedom, my next pay check could be unknown and I may not ever have any again and yet I could be able to just survive.

This means do you think you could get rich enough to never work for money again thanks to crypto? Is the real question, I believe we can, I do not know if we will, but we can.

Freeman66

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Quote from: AbuBhakar on February 16, 2023, 11:49:29 AM

Quote from: virasisog on February 16, 2023, 11:44:03 AM

As for me, we can reach the financial independence that we want to depend on how we deal with cryptocurrency and how we handle its risks. If we are earning and making a profit from it then we aren't far from financial freedom.
If we know how to take advantage of trading and investing then it can be our key to financial independence. If we know how to take advantage of cryptocurrency's volatility then we arn't far from the freedom that we want.

Those who start early in crypto before the bitcoin reaches this amount or early in 2017 who hold then sell when bitcoin pumps probably made alot now in bitcoin and reach some financial freedom or started to have some capital to attain financial security. I have read many feedbacks before here in forum how bitcoin changed their lives and how they were able to build houses and business because of bitcoin. At times like this it can still be possible but there is a need for more discipline as well skills to gain profit it is not enough that we buy and hold we need to trade it now to make some profit in our investment. If we’re skilled in trading then financial independence can still be possible.

Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

With the situation on ground in my country, it will take more decades for crypto currency to creep into standard market exchange, this is because of the level of ignorance in the rural areas, governmental policies that negates the easy transaction of commodities through crypto currency. And to mention but a few. But for those of us who are enlightened about crypto I think it will make a long way for us to pave our financial freedom.

AbuBhakar

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Quote from: virasisog on February 16, 2023, 11:44:03 AM

As for me, we can reach the financial independence that we want to depend on how we deal with cryptocurrency and how we handle its risks. If we are earning and making a profit from it then we aren't far from financial freedom.
If we know how to take advantage of trading and investing then it can be our key to financial independence. If we know how to take advantage of cryptocurrency's volatility then we arn't far from the freedom that we want.

Those who start early in crypto before the bitcoin reaches this amount or early in 2017 who hold then sell when bitcoin pumps probably made alot now in bitcoin and reach some financial freedom or started to have some capital to attain financial security. I have read many feedbacks before here in forum how bitcoin changed their lives and how they were able to build houses and business because of bitcoin. At times like this it can still be possible but there is a need for more discipline as well skills to gain profit it is not enough that we buy and hold we need to trade it now to make some profit in our investment. If we’re skilled in trading then financial independence can still be possible.

virasisog

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As for me, we can reach the financial independence that we want depending on how we deal with cryptocurrency and how we handle its risks. If we are earning and making a profit from it then we aren't far from financial freedom.
If we know how to take advantage of trading and investing then it can be our key to financial independence. If we take the volatility of the market as an earning opportunity, then we are not far from the kind of freedom that we want. Cryptocurrency is already an open opportunity for everyone to make a profit and we only have to know its real worth and importance.

DOH!

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Quote

Given these factors, the dream of financial freedom can come true by using crypto currency?

For me, cryptocurrencies and stocks are two categories that I think have a basis for achieving financial freedom. There is no formula for financial freedom for “salaried people”??? Absolutely not and won't, I know that. To achieve financial freedom you must accumulate and invest, seize the right opportunity at the right time. For crypto, I had a bright chance to change my life for the better in 2021 but missed it completely, I didn't give up and kept pursuing my dream of money electronics by continuing to accumulate purchases and build your strategy.

Wong Gendheng

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Cryptocurrencies is a very valuable investment, the Bitcoin marketcap is currently more than $ 470 billion, the potential increase is very large and today has gone up more than 10%, if we bought $ 1 million yesterday so today we can profit $ 100k, and this proves that Cryptocurrencies investment can be used as passive income.

cafee_orange

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Quote from: SquallLeonhart on February 15, 2023, 01:28:02 PM

Quote from: cafee_orange on February 15, 2023, 04:25:54 AM

Quote from: Sayeds56 on February 12, 2023, 05:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

In my opinion, it's only in their mindset and how they use the Crypto they have, someone will achieve financial freedom if they know how to use their Cryptocurrency perfectly, and they will fall back into poverty if there is an error in using their Crypto too. I think Crypto is just the object, if the management is correct then that person will achieve financial independence through digital currency.

That is true, people need to learn that crypto is not the saviour all by itself, what you do with it could be a saviour though. If you know how to use it and you know how to make some money from it, then you could definitely make some big changes in your life and have the financial independence everyone talks about.

I think I will never have it, because I am always scared of going back down to poverty and maybe that is a good reason why people fail to avoid it, because they are not afraid. I have seen too many people who keep buying liabilities that makes them poorer, and there is no logical argument on why you would do that if you want more money.

as I said before that Crypto is only the object. if you are able to manage it well then you are a lucky person, but the opposite will happen with Cryptocurrency. I think not a few who comment here are people who have experienced failure in managing their Crypto. anyone can gain financial independence with Crypto, but not those who are greedy.

ChiBitCTy

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I think you need to be a bit more specific with what you mean exactly by "can one achieve financial independence through crypto currency"? Are you asking if you can get rich by owning bitcoin/cryptocurrency, or are you asking if bitcoin and other cryptocurrency coins can "take over" traditional forms of payments and systems such as fiat money and banks. I'm just a bit confused exactly what you mean by that question.

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