Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income (Read 999 times)

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

Although he later realized that he was determined to make a good investment. But now that he is out of a job, if he's trying to rely on Bitcoin to conduct his family, it would be a complete miscalculation. Because no one will get regular income by investing in Bitcoin, but if one keep investing here, Bitcoin will turn into a big asset in the long run. It would be best if he could keep his job and accumulate bitcoins by doing DCA regularly then he would definitely get a good return. One will not get rich by investing in Bitcoin. So everyone must invest with long-term planning. If a person does not have an alternative source of income then he cannot hold Bitcoin for long. So before investing in bitcoins one needs financial independence first otherwise the investment will not be prosperous.

It sounds like your cousin is facing a challenging situation with the loss of his job and financial difficulties. It's understandable that he might be considering Bitcoin as an investment opportunity, but it's crucial for him to approach it with caution and a clear understanding of the risks involved.

Bitcoin can be volatile, and investing in it requires a long-term perspective and a diversified portfolio. It's also important for him to have other sources of income or savings to cover his financial needs and not rely solely on Bitcoin.

Ultimately, the decision to invest in Bitcoin or any other investment should be based on careful consideration of one's financial situation and risk tolerance. If your cousin decides to invest, it's essential for him to do thorough research and seek advice from financial professionals.

But when you tell them what happened in the past, predicting bitcoin will reach 200k USD means you are giving them suggestions and intending to advise them to invest in bitcoin even though it is not advice direct.

That's not necessarily too bad, but I think you need to emphasize the risk more to them instead of just talking about the returns they will get when they invest in bitcoin.

Giving the advice “only invest what you can afford to lose” is certainly indispensable but what worries me is whether they will actually follow your advice or will they invest with borrowed money or money that cannot be lost. For someone who is unemployed or has no source of income and wants to get rich, they can do anything without caring about the risks they will face.

Investing in Bitcoin is risky, not only in Bitcoin, but investing in all sectors is risky, some sectors have less risk, some sectors have more risk, so no one should give financial advice to others. And those who will invest should invest from their own responsibility. 

Untill it's realized that the nature of bitcoin investment is not a get rich quick and isn't one of the MemeCoins that's subjected to coins surprising increase based on marketing hypes strategies, then beginners would bear it in mind that there coming to invest on bitcoin would require a long time holding which only an alternative and stable source of income would let you achieve your investment goal.
Considering a good life the reasons why invest, we can't have the money growing somewhere there while we're dieing on hunger and medical cares. Of course non alternative income would always disrupt our bitcoin holding while waiting to make profits.

I received my first couple BTC by selling a video game code that came with one of my graphics cards.

many people think that investment can be used as their main income and a way to get rich quickly. they do not understand that investment has a risk that at any time someone can lose the money they invest because of an unstable market, especially in crypto investment. this is the reason why investment requires alternative income, where the money can be used to get profit from the investment market. someone who wants to invest should think about it and consider it carefully, because the wrong mindset about investment can be a bad thing for them.

You must have enough money to invest.  Investment is a type of savings. You can save only when you have the source and ability to earn enough money. Investing in Bitcoin is risky, not only in Bitcoin, but investing in all sectors is risky, some sectors have less risk, some sectors have more risk, so no one should give financial advice to others. And those who will invest should invest from their own responsibility.  Because if you invest you have to take risk. If someone asks me for advice, I will never give financial advice to anyone.

This has been my advice for every new investors in the cryptocurrency market. I had created a similar thread in the local board and telling people that they should not invest of they are not in any way having or something to survive because definitely he must touch the investment money to solve one problem or the other if he is not doing anything to support himself. One can enjoy bitcoin investment if he is doing something so that he would be hodling the coins till the bull or All Time High. And many people don't o ow this things and all what they want is to invest and make profit.

And those who are working in the government and business people are the good people to invest in bitcoin because they have steady income. Though others can also invest if they planned well.

I prefer not to advise anyone. because of someone's financial condition, we won't really know. but if they come and ask me, then I will give them some advice before they invest in Bitcoin.

More people ask me and are interested in Bitcoin because of the news on social media. they see Bitcoin investment and trading as something very safe but don't see the risks. There are even those who see Bitcoin as a way to make quick profits. In fact, those who asked actually already bought instantly on the stock exchange. and they are without basic knowledge.

If your cousin was investing while he was job I think he would have withdrawn his bitcoin money now because he is now unemployed and needs money to meet his family needs. now If he invests all the money in Bitcoin, he will panic and sell at a loss when the price of Bitcoin falls. You can give your brother a suggestion to find a way to earn his income quickly, add you to the forum to learn about Bitcoin, or you can give advice yourself in various ways. If prosperity returns in his life then you should encourage him to invest because he interested to be invest Bitcoin.

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

You are right. The pressure is real, they can borrow, invest all, go far just to invest and expect return in second, of which when it turns out that it did not go as expected, they would put the blame on another and drive themselves to emotional imbalances. So the need, for clarification before we advise them to invest should be prioritize, when it comes to investing one must have a source of income first, nobody can invest in an empty stomach or account and believe that such investment would yield any great result. The reason why many people cry, regret and call Bitcoin Market all sort of names is because of this underlining factor, people investing with high hopes, impatience, expectations far from normal.

For someone who is unemployed or has no source of income and wants to get rich, they can do anything without caring about the risks they will face.

At least we can say that that used to be the case many times in the past. Today, when many predict $200k+ in the future, and I personally agree with that, we still can't say when it will happen. I'd say, it is very likely that at some point next year we'll reach that price, but still I wouldn't say I guarantee that to anyone. The best advice, as always, invest only what you can afford to lose, or, in the case with Bitcoin, invest only if you can afford to lose half of your investment.