Topic: Challenge of Bitcoin as the only source of income - page 2. (Read 541 times)

Most of the investors can start depositing their bitcoin in their thick funds at the end of the month after daily expenses for their family. But they may forget that they may need urgent need in the future, such as need for emergency treatment or losing jobs or other factors. For these reasons he may need a lot of cash. The decision to invest the entire money in disposable money without having to arrange cash in your hand may prove wrong at that time. Because they may not have any option for without withdrawing their valuable resource Bitcoin at an urgent need. So it is better to keep partial cash without investing your entire money every month so that you can spend the family of the family for 3-6 months. According to this plan, if your investment can be sorted to the future, you will reach your goals which increases the size of Bitcoin holding.

Well the truth is that I no that we all love Bitcoin investment because we believe that in the future it could give us another good story line but that doesn't mean that we should see it as the only source of income because is not actually meant to be so, if perhaps that is your motive I will strongly advised you change that narrative because the only way you will enjoy your Bitcoin investment is if you have other means of sustaining yourself while your Bitcoin investment is running, actually don't get me wrong because the reason why I'm saying this is that if for instance you see your Bitcoin investment as the only source of your income is obvious you will be tampering with it whenever you have any serious need but in other words if you have other means you will see that you be able to hold without having any difficulties.

First of all not having any other sources of income is really not good for your holdings, because you will have to fall back to your holdings for survival which is not a good idea, as long as you really want to have a good stash of Bitcoin in possession and you are actually thinking long term, not doing anything will make you eat up your investment bit by bit till it runs out.

Secondly, talking about you staying home all day and be doing nothing, bro, we all know the society we find ourselves, especially in Nigeria,  once you are at home doing nothing, and you are living a good live, spending extravagantly, you will definitely be seen as a yahoo boy, so in a situation like the one you pointed out, I would advice that you do all your crypto job or anything you are doing online that pays your bills, you do it in the comfort of your home,  though I would advice you let one or two people that are close to you know what you does for a living, so that in case of tomorrow, they might be able to speak on your behalf, and even in your absence, but as for the constant pressing of phone, I suggest you do it mostly indoor, so that you won't be seen as a fraudster.

Lastly, control the way you spend money, especially in the presence of those your neighbors, let them not start thinking you are into fraud.

It has been said severally not to rely on Bitcoin as your only means of livelihood, you have to engage yourself in another business in other for you to be on safe side in case of any problem while investing, it also serve as a backup funds for you. Having another source of income gives you an edge over financial challenges, but Incase you don't have money to set up business, you can start with whatever your little income you get from campaign signature after becoming a full member  . Sitting down at home always and making your money from Bitcoin is not always adviceable be you can be mistaken for yahoo yahoo or any other criminal act ,no matter little your business could be, you can still do your Bitcoin from your shop/office.

Bitcoin is a good idea but having only a single source of income is a bad idea.

If you want security, make sure you have multiple sources of income, so that if a single source fails for any reason, then you will still have the other sources.

I don't know how well you are going to explain to people who are not into cryptocurrency to understand that its very possible to live a live as such without actually having to go out daily for a job or a business and still be comfortable to a great extent and that is why it will be good to be conservative with your life style generally and not to start portraying a very extravagant life when you know your source of income is such that needs too many explanation and not everyone is even acquainted with it in this country. honestly even as a bitcoiner, if i ask you what you do to earn an income that affords you such a large life style and you say to me its bitcoin, I'm going to have some atoms of doubts except you add some specifics such as saying you a bitcoin trader then i will be sure you are actually making the most of bitcoin but even an investor in bitcoin may not tell me all they do is invest in bitcoin and they do no there thing yet they are living so large at every moment, not especially as i understand the dynamics of investing in bitcoin.

You can choose Bitcoin as a medium of investment/deposit which can expect high returns for the future. Bitcoin should not be your only source of income. It is important to have multiple sources of income and keep it diversified if you want to live well. If you only work from home you may face various health problems so you should focus more on alternative income besides accumulating Bitcoins to handle family financial stress.

That's true, as it will really affect our investment because we will find it hard to invest for the future purpose.

So the only way to make this work and actualized our dreams it's just by having or doing another work or job that will be giving us money on a daily basis in case of emergency like you said, if we have another source of income, we will be able to save for long term as we want and it will save us the stress of exchanging the coin into fiat for our own consumable. So we should try doing another or have another side hustle to help us from unwanted embarrassment, disgrace etc.

In recent times many people are engaged in various online based professions to diversify their source of income. Freelancing, Graphics Design and other online careers. If you don't want to promote anything related to Bitcoin, then call it an online based profession. Basically you have to be strategic in the way of life which changes with time. If you live a good life, many may object and annoy you, but you must be firm in your ways. But you must have a source of alternative income so that people get a positive impression of your identity.

It is easy, whoever ask you how do you get funds since you are not leaving the house. Tell them that you work from home and you are into online marketing, I believe that will clear every doubt. One thing that you must know is that bitcoin cannot be the only source of income, because it is not a get rich quick scheme and bitcoin will not give you profit if you don't buy and hodli for long. So you need a means of income either business or a job to take care of your needs. Even people that are in signature campaigns here in the forum cannot say that they have a job because they are paid weekly. The reason is that it is not all the time you will be in a signature campaign due to the company pausi g or stopping the campaign, how will those people cope. You see in life you need to have a source where you get paid weekly or monthly regularly. It is when you have accumulated enough Bitcoin in a long time that you might start depending on your bitcoin investment.

we're living in an Internet era, people do a lot of works from the house, the awareness is high, everyone knw, you don't have to go out daily for people to see that you're hard working person,  you can work smart from home and have a good living. Investing in Bitcoin is a good step but having it as your only source of income is wrong or Investing all your money in Crypto is a wrong idea. Instead use your gain from Bitcoin to invest in other business like real estate,  this will help you to make more money.

Regarding to what people will think, for the fact you're doing a legitimate business, whether indoor or outdoor, never be distracted of what people will say, because people will always talk.

I created a similar topic like this some time ago Can we proudly tell people that we're Bitcoiners?, you can check the link to see the opinion of people there. Then in my own opinion, bitcoin is not new anymore as the awareness is every where so inasmuch as you have access to an internet enabled device or phone there is no way you won't come across something relating to Bitcoin on the internet however, it is not necessary to persuade anyone about what you are into but if you also wish to tell people so that they won't raise suspicion that you are into fraud or internet scams you can still let others know but you need to be mindful of the kind of people you relate such information with so that you don't jeopardize your own security.

I will not tell anyone my source of income is bitcoin for security reasons. The world knows about Bitcoin and everyone knows how valuable it's, saying that to people might only invoke more insecurity around you, it can come from your friends and even immediate family members, we have seen cousin stealing from each other, it's not a wise decision to ever tell anyone you earn Bitcoin or have Bitcoin.

If you live alone, I don't think you need to make explanation to anyone and what you do but if you do leave in a place where people are inquisitive and want to know what you do, simply tells them you do gigs and write content online, that's your means of making money, an educated person understands what it's to work for someone online or better still tells them you a trader but don't go into details about it unless they are your guardian but you don't have to spill everything to them.

By the way, I don't think someone who buy and hold Bitcoin for time will be living an expensive lifestyle that will brings such questions, you must have hold into some coins after a while before you can make money here, I'm not if such will create unnecessary questions unless you must have invested in Bitcoin since 2009 or make some lambo money from meme coins that can make you rock under a week.

You are right to an extent Bitcoin is very good mostly especially when you invest for long term cause definitely you will get something great from it but making Bitcoin a source of income depends though there are people who is actually doing it (they are always online 247) and they have a special room where they stay to avoid distraction. These people are expert though they make loss but their loss Is/are always minimal compare to there profit and they always start with huge amount of money though some start with little amount and what they do mostly is trading, they don't do investment that much, so if you are not this good to the extent that your loss will be small compared to your profit then it is not advisable to take it as a source of income and lastly It is not necessary or compulsory to prove to someone or people that you are into Bitcoin investment or cryptocurrency they should believe whatever they want to, as long as they don't have evidence of what they are saying and you are not doing what they think or feel you are doing, so to me I think they are wasting their time.

You almost said it all. Let me add to what you have said so far. Bitcoin is not a source of income whether you are into trading or investment. It requires capital to start running and the only way you can get your capital is by having a source of income which is outside of Bitcoin. It could be a work or business. Having the idea of making Bitcoin a source of income is totally wrong. With time our investment might yield good profit and if it is trading, we may profit in trading, yet we shouldn't think of tapping into our profit for taking care of our needs and paying bills. The money should be used to do other business and make more investment it could not be in Bitcoin or anymore we may diversify by going into rea estate and agriculture.

It is advisable that you keep your activities in bitcoin private in a country like ours where the government is not too friendly with bitcoin. Look at the recent ban of exchanges, the sanctions on OPay and other banks that operate wallet accounts and other harsh actions taken by our government against cryptocurrency in general, that should tell you it is absolutely necessary to be discrete about bitcoin related information. Apart from this, consider your safety and security when it becomes a common knowledge that you have some bitcoin in your possession. This is not a situation to be in so the best is to remain secret and leave your neighbors to guess and assume anything they are comfortable with. So long as you are convinced that you are not doing anything illegal, there will be no need to care about the impression they have about you. What make you even think that if you tell them that you are a bitcoin investor or trader that they will believe you?

Yes Oga we know say e no dey good to tell pipo say you dey invest or trade crypto but the other things be say Bitcoin is not the only thing someone should see as his or her only source of income. Although it's fine to make Bitcoin your source of income but the really matter be say no be only 1 source of income wey person suppose to get, as you get crypto assets you suppose to get other ones too in case of anything. We get many people wey dey do only crypto jobs like marchant for exchanges and believe me say most of them don't have anyone other job. Although they might not see anything bad there but the truth is that it's not good for one to have only 1 job as a source of income. This our country no be the type wey person suppose keep crypto assets or business as em only method to make money.

Why do you even have to make bitcoin your only source of income? You might be a trader or an investor, but at least you should have other sources of income from which you can make money. You shouldn’t depend completely on bitcoin alone because anything can happen at any time. I know some people who are unemployed and who depend fully on trading for survival, but I don’t really like the idea.

I don’t care about what people say or think about me as long as I am not doing anything illegal. And I stay in a estate, so nobody cares about what you are doing for survival, everyone is always staying indoors and are always minding their business. I know that in some places, if you are a youth and you are always indoors, they will start thinking you are doing some illegal things, but if your hands are clean, then you shouldn’t panic.

There’s nothing much to do in this case because the nature of environment we find ourselves determines the type of impression that people will have on us when they see you exhibiting such characteristics in the society. You don’t need to explain to people what your source of income is because you’re not accountable to them and they are not entitled to be disclosed to. Once you know that your source of income is not illegal and you won’t have any issue with security agencies when they come to interrogate, I don’t think there’s cause for alarm on what other people think about you and where you source for money for your expenses. Bitcoin has become so wide and used by many people around the world, so for a government that is enlightened to it, they know that you’re doing anything illegal and shouldn’t be probed for your source of income.

Bitcoin no fit be person only source of income in essence,if you wan invest you gat get other source of income to accumulate continually and to take get fund wey oyibo dey call emergency fund incase of any emergency mata e no go make you wan tamper from your holdings,and even if na trading e no dey sure say you dey cashout huge profits everyday because of the volatility,nai make experienced traders dey say trading no be income wey person go rely on because of the volatility and losses.
The internet dey wide to make money,so anybody wey wan think say I'm into illegal online business na ehn business.Pipo wey get the understanding say de internet na place where we fit make money no go dey think otherwise, although we get de legal and illegal means of making money online but most Nigerians dey classify all online means of earning as Yahoo,and most the dangerous thing to do as a bitcoiner na to go tell people say your into Bitcoin just to clear their doubt,e beta make you dey anonymous like Satoshi Nakamoto because you no know who be who.