Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 4. (Read 999 times)

It doesnt have any sense that you would really be making some investment on which at the moment that you dont have any job. Come to think that investment on crypto isnt a solution on the current financial struggle that you are currently that experiencing on which we do know that we do still need that constant and secured salary on day to day or coming from other income sources. Dealing up with crypto space
doesnt really guarantee that you could really be able to make profits on which is why it would be not a good option for you to take on such situation. As for having that kind of advice then it would be better on telling them about the basics about investment on crypto or even just say with Bitcoin on which it cant really be able to bring out that immediate profit on which he/she might really be that expecting something
big profits on the moment that he would be putting up some money on which we know that this isnt how it works.

Trying out to make it as a band-aid solution into that current jobless condition you are in? You are potentially making things even more worst.Plus, come or bare in mind that market movements arent that something that could be predicted. If you would tend to make up some profits out of those movements then better think not or having none of those considerations because market reality
would really be just that make you disappointed.

I don't think this is the best time for your cousin to invest in bitcoin after he has lost his job. He really needs to have a source of income if he really wants to be successful in bitcoin investments. Bitcoin investment will not give him profits weekly or monthly; it can be a long period of time before it may even see an opportunity to take profit in bitcoin, so I am just wondering how he is going to survive for the long term after he has invested part of his money in bitcoin investment, as you mentioned that it is not currently easy for him now.

Due to the volatility of Bitcoin, we are always advised to always invest what we can afford to lose, but the way this story came up, I don't think he can really have the amount of money he can afford to lose. Currently, it has been tough for him, so if this kind of person should invest in Bitcoin and the Bitcoin market is down after he has invested for some time, I doubt this type of person will not sell their Bitcoin investment when they need the money, which they may even lose. 

Your cousin misused the opportunity he had to invest on Bitcoin, although I can't tell if his income was enough but if it was then he really misused it.Money is never enough yeah we know but with some people's source of income they can provide for themselves the basic necessities of life and get an emergency fund and the rest should go for an investment it could be Bitcoin or whatever,the goal of Bitcoin investment is to secure wealth in the future.I don't see alt income related to what your bro is facing, though it's good to have other source of income as a result of the economic instability (Inflation) but in this case he shouldn't rely on Bitcoin investment as a source of income because his not gonna get his desired profit.

People have so many reasons why they want to invest in bitcoin, Some invest for their retirement time, Some invest for hedging against inflation, whereas some are looking for quick profit returns, but whichever way or purposes the end goal is realizing profit, is quite unfortunate that your friend lost his job, However I kind of think that since he didn't invest when he has a job when you first told him about to buy Bitcoin and now coming back to invest,  it means he's looking for a quick profit which is not in line with Bitcoin investment beacause there's no 100% certaintity that the price of Bitcoin is going go up immediately .Therefore one thing you should let him know is that Bitcoin is not a get rich quick business, so he don't put the only available cash he has thinking that the market will shoot up tomorrow.

It's rare to find someone who couldn't diversify his source of income to other areas when he was prettily doing financially well than when struggling to survive with no more source of incomes. I can tell you that if you get involved in such cases of my cousin, then you should get yourself ready to be blamed because he can't afford to starve himself and unables to pay his bills when he have funds there in his bitcoin investment.
So you can imagine if he gets choked up and needed to sell on emergency purposes at when the market price seems low even to a point he can't recover his capital, what'd you think will be his state of emotion? Of course all blames would be on me.



So right there you could find necessary reasons why my cousins case intentions of picking late interest on Investing on bitcoin seems to be void.
He thought is that he was going to make it quick rich to sustain his financial needs since he has lost his job. I just can't be part of that so, it's better I leave the whole blames to him than worrying my conscience to had mislead him knowing that his portfolio isn't capable to undergo a demanded long time holding like bitcoin before you can make some profits.

So after things are hard for your cousin, he’s looking for a way to invest in bitcoin. You should tell your cousin that after investing in bitcoin, he shouldn’t be expecting a daily, weekly, or monthly return. If your cousin is investing, he should make sure his investment plan is long term and not short term because things might end up not going well for him. If your cousin wants to invest in bitcoin, then he should get himself a job.
 
He needs a job to earn money so that he will be able to use the money for survival, but if he doesn’t have any source of income, even if he invests in bitcoin, he will end up selling the bitcoin back whenever he is in need of money.

When it comes to any investment not just Bitcoin, it's not about having an alternative source of income but how much you are willing to sacrifice from available resources no matter how small... besides with Bitcoin it's actually even easy to plan for it as you could be buying in bits the DCA way and this way it won't put pressure on your pocket/budget!
Anybody pulling the alternative income card isn't just interested in investing in crypto tbh, and btw very few can buy cryptos if they aren't millenials as this generation likes to buy things they can see, say for example gold, or a collector's car... otherwise anybody given the information about Bitcoin and how it works and if they are convinced they certainly will invest without any fuzz.

He thinks bitcoin is a ponzi scheme that Is why he is so contented with his income and do not want to risk buying bitcoin because he doesn't believe in bitcoin. Him having this mindset about bitcoin,  it is all good that he never forced himself to invest in bitcoin. The mistake he made was he never give a try to seek for more understanding,  he was so comfortable with just the income that was coming.
He just misunderstand bitcoin and their is need for him to get the right information of bitcoin, to know bitcoin is not a free money that people earn when they are jobless or investing in Bitcoin does not make people to become rich quick. You need to make him understand that what he needs right now is not bitcoin but a job which he can gain steady source of income. If people who depend on bitcoin to make them rich can be serious to think of how they can have steady source of income it will really help to gain more financial strength.

Not only bitcoin but any kind of investment shouldn't be done without proper knowledge and awareness about what you are doing.
If we put our money into anything without any knowledge then there is high probability that our money will be wasted.
Besides that, we should only make investments if we can afford to take the risk of losing money.
If we don't have any money to invest or are in need of money then we shouldn't be investing it at first place.

To be honest, when I plan to invest in bitcoin, I spend most of my time exploring this forum and read every topic that attracts me. And in instances where I’m not satisfied with their answers, that’s only the time I’ll go for extended research but mostly, the forum itself is sufficient enough to provide reliable answers to the questions I have in my mind. The good thing in the forum is that we can find reputable members that offer us some useful links that will help us to get clearer understanding on the topic. I really appreciate those kind of people here.

When OP cousin has job he refused to invest in Bitcoin and after losing job he want's to invest in Bitcoin. Bitcoin is not a get rich quick scheme rather you have to invest and then patiently wait for the return. It can take months or years before you start seeing your targeted profit as there is no clear cut duration of Bitcoin bearish cycle. Those of us who have job, must invest whatever they can comfortably afford in Bitcoin as a financial cushion for crisis.

Exactly, the concept of a bitcoin Investor communicating with an interested person who's willing to be part of the industry should be basically emphasize on the risky aspects because such is the period of time for the beginners to build their fragile emotions to be solid without panicking especially when the market price falls and also give them the privileges to go on research to learnt more about the industry by themselves would be very much necessary.

It is to be noted that not all investments are good and suitable for everyone, some of them are not meant to be especially if we have a lack of interest and knowledge. We just imagine that not all investors are successful in this kind of investment but fortunately, they become successful in others. It has been the reality that investing depends on our risk appetite and we better not going to push through if we can handle the risk.

We have to remind ourselves that there is no quick returns investment (other than scams) and if we rely solely on our Bitcoin investment for our expenses, that is a big NO. It is a big mistake and a wrong investment plan as it has never been seen like that.

Actually, in a situation like that, what will your cousin invest when he has no income?

investing is not really about having an alternative income. but those who do should have enough to meet their needs and have more funds to invest.
This means that whatever your income is, when you have some leftover and when you invest it doesn't affect your finances then you feel ready enough to carry out your investment.

but with your cousin's thoughts, that's ridiculous. although he may still have savings that can be invested. but when he doesn't get income to meet his needs, the investment he makes will only fail when he needs money and there is no more money in his pocket.
I know what your cousin thinks, he thinks investing in Bitcoin is a get rich quick scheme.

Yeah, you're right OP. Before anyone think of any Investment decision the need for an in-flow of money is needed just to keep us in a place whereby we careless or worry about our investment holdings. Just like your Brother refuse to listen then because he was comfortable which lead to a bad end which isn't good either, now for him to invest it would a be quest to balance up his needs and as such affect his Bitcoin holdings.

In essence, OP is simply charging everyone to invest when we can, because nothing is certain than lavishing and not building our financial life.

I guess what OP means here is not actually an alternative source of income but most likely a main source of income since his cousin has lost his job now but has become eager to invest instead. I believe it’s really a must to have a main job or a regular flow of income prior to investing because the world of investments do not guarantee sure profits and you can’t completely rely on it to cater your basic needs. Hence, by having a regular income, regardless if your investment comes into profits or not, you’ll remain confident that your finances won’t be in troubled.

When it comes to alternative source of income, I don’t think that would be a requirement before deciding to invest. As long as you have a job that will support your financial needs, then you can proceed investing in assets with high potentials to succeed.

Aside from that when we feel uncertain about their words like asking what if's... it is just to happen that this person will blame us later.
It is quite good to share and give a piece of advice to a person who shows interest and trust, those people who have an investment mindset because I believe that they are responsible people who are willing to listen and adapt to the situation. And for sure, they know what they have to do as they can stand alone.

That is why we must know who we are talking about. It is not about money but the behavior and mindset of the person who deserves to be taught.

If your cousin lost his previous job from which he used to receive a monthly salary, he should look for another job. As you have explained to him, the investment field is fraught with risks and is not a fertile ground for quick profits. Of course, having an alternative source of income to cover his daily and family needs will greatly contribute to the success of his long-term investments. If he needs money, he will find it from this source without the need to withdraw his capital from Bitcoin and leave the market, and he will also be able to increase the amount of Bitcoin he has constantly.

It is worth noting that sufficient experience and knowledge must accompany the source of income, as he is a beginner; without them, he may be exposed to fraud or lose his seed phrase, and he may invest at the wrong times. Therefore, he should take his time to learn and understand the basics and so on. I believe he will thank you one day.

Aside bitcoin investment, can anyone mention any investment choice that’s attached with the idea of getting rich quickly because I don’t get why most people consider investment as a get rich quick scheme for example land, real estate still needs time before one can yield income, except the person is referring to loan companies. Secondly there’s no risk free investment choice because most people can be so funny after stating that bitcoin investment is a long term investment they’ll judge without research. There’s no guarantee for an investor who want to invest without any source of income because the end result might be 50/50 when there’s no money to settle needs and other things they might come for the investment and sometimes the market might not be in the right position but when there’s no option they’ll have to sell in loss.

It's funny when for you to say potential loss, I think it's laughable, because theirs no investment that doesn't involve risk and loss, I know very well that anyone who is into cryptocurrency investment and mostly bitcoin will experience loss, even manual business, people do experience losses, and I know very well that a business can not stand firm without experiencing loss, so for me, anyone that wants to invest in bitcoin we should tell the person to make research and know the risk and advantages and disadvantages that is involved for bitcoin investment.

The we do whenever we want to venture into something else not to investigate properly before we invest, when you obtain information from someone, what you need is to ensure that you have make inquiries of the information if you are willing to move forward with the information, for the seek of not to venture into wrong investment, take time to peruse into the system and know what's necessary and what is not necessary to do, secondly, is not good to go into investment with pressure or because people is into it already, make your own research and find out your cogent information first.