Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 5. (Read 999 times)

As you said above, it depends on the employment situation of each country, and finding new jobs is very difficult and we cannot guarantee exactly when we will have new jobs. Is investing 40% or 70% in bitcoin a wise and correct idea?
I have seen many people fall into unemployment for more than 1 year and if in that case they invest their savings mainly in bitcoin and the investment still does not make a profit, then what will happen?

It can be said that there will be no specific answer to this issue and it will depend on a number of other factors as well as each person's decision. We can't give anyone specific advice on how much to invest in bitcoin and how much they need to save because we don't really know their situation. Personally, I will choose the safe path, I will wait until I find a new job before thinking about investing because I not only take care of myself but also have a wife, children and family.

You asked him to invest in Bitcoin while he had a job, he turned you down, now he comes to you to invest, when his job is gone. Such people cannot achieve anything big. Because they don't think about the future. At that moment, if he had thought about the future and invested as you said, he would not have seen this day, because he would have already had some good money, with which he could have stood his life in a good position even in this difficult time. But at the moment he has no job and no investment.

So right now he should look for a good job, right now he will get nothing by investing in Bitcoin. Because Bitcoin investment requires you to keep some funds for emergencies and have a trust of separate earnings, then you can make your investment last longer, and we all know that it is not possible to earn from Bitcoin if you do not invest in Bitcoin for a long time. So ask him to find a job now.

Why do people need to have alternative source of income to invest in bitcoin? As long as people can manage their money wisely, I do think it is fine to invest in bitcoin. Lets say someone has 1 source of income only and he can save some after he pay for all he needs IRL, it should not be a problem to invest in bitcoin with the remaining money (not all will be better). Of course having alternative source of income will be much better because we can use it for investment while our main income will be used for daily needs but it does not mean that having alternative income is a must.

You should let him know that there is potential wins as well for this one. There's always going to be a risk with investing and you should risk what you can afford to lose.

He is contented with the salary but he lost his job. That's a terrible experience for sure. If he is worried too much about that, then maybe it's really not good to let him invest. Don't push the person if he doesn't want to. I don't think he would like it as well if he is going to invest in crypto because he might be thinking about it too much and cause some problems physically or something.

Personally I find that this forum itself is a good way to start your crypto journey. Sectioned in different boards, one can easily navigate their way through and find what they are looking for. They can also post and start a thread about a topic they are heavily curious about with lots of real people with real experiences. I like how it is community based unlike articles where there’s a tendency for the article to be biased.

Well, I don't have any cousins in such a situation, but above, I have already stated my opinion, which is what I think can equally be done. 

If, for example, you had a job before and were receiving a better salary, then it is possible you must have savings, right? So, if peradventure the job ended and you were jobless at that moment but you already have about $5k or $10k in your savings balance, I would advise you to either invest 40% in Bitcoin, 35% in some daily business, and 15% for personal use to sustain yourself till you probably get another job, then theremaining 10% can go into a savings balance in case of emergencies. 

If you don't have an idea for any business, then you can invest more in Bitcoin and also keep enough savings that can better sustain you until you get a better job. 

Depending on the availability of jobs in your country, you can predict how long it's going to take before you get another job. 

If you want to wait till you have a better financial status, then my question is, why did the person not invest in Bitcoin at an early time when they still had their first job? While waiting till they were jobless before they had the idea to invest?. 

Absolutely, having knowledge before investing in Bitcoin is crucial. I'm curious, what resources or strategies have you found most helpful in building that knowledge?

do you think it's better for someone in your cousin's situation to invest in Bitcoin gradually as he stabilizes his income, or should he wait until he has a more secure financial footing?

Your cousin is making a mistake. It was necessary to invest in the “fed” years, when he had a job and surplus free money. Now that he has no permanent source of income, he remembered the “magic BTC-wand, which makes everyone rich”. Any investment always involves risks. First, your cousin should resolve the issue of his employment/earnings, and once he’s firmly on his feet, he should think about investing. Don’t think that bitcoin will solve all his financial problems when his problems are only getting worse.

That's exactly what happened to your cousin. When he could afford to invest, he didn't. Now in bitcoin he saw a “lifeline”, completely unaware of the nature of btc, which is highly susceptible to volatility. Your cousin wants fast and easy money, not knowing that bitcoin is long and slow money.

You did the right thing, because otherwise, no matter what happens, you will become to blame for his problems. Even if you give sound investment advice, your cousin would be “deaf” to it due to the stress of investing almost his last money. He started a game that he is now unable to play.

Without income there's no way that anybody can do Bitcoin investment, because it takes money to convert to Bitcoin and hodle, and having atleast one steady source of income is important to be able to do DCA method. I've encountered a couple of unemployment youths who are looking for online jobs where they can make money, they'd ask my opinion about the potentials of making money in cryptocurrency, and I'd tell them that cryptocurrency is about trading and investments, that you need money to engage in either of them, so they're not a job for the unemployed.

The OP did the right thing by advising his cousin to invest in Bitcoin, when he had a steady income, when the cousin became broke and remembered Bitcoin, I think that the OP still did the right thing by letting him to understand that Bitcoin, is not a get rich quick scheme, he needs money to invest on the long term before he'll start to see ROI.

Well, yeah, you are right, though. There are some people who need to have other sources of income before they can successfully hold their Bitcoin for a longer period of time when the Bitcoin investment is very profitable to them.

It's easy to invest when you don't have another means of survival; the disadvantage is that such investors may not be able to hold until the bull market is reached. While there are some people too who don't have alternative sources of income and yet are still investing for a long period of time, such people are those that are still under the care of their parents or guidance.

For example, there are some teenagers, probably at the age of 18, who are already aware of Bitcoin and any money they get from their parents, uncles, aunts, and friends they will just invest in Bitcoin and hold it for a very long time. They will not bother to sell because they don't have any responsibility yet; they are still the responsibility of their parents.

But, for someone who is married, or perhaps the person is fully grown and has some financial responsibilities to care for himself or herself and care for the family too, it will be difficult for such a person to hold their investment for a long period of time.

In the case of your cousin, you have already passed on important advice, but I don't think he is going to remain jobless for the rest of his life. I assume he will definitely get another job, and while he is seeking to get another job, he can invest some of his savings from the old job. I believe he had some savings from that old job; let him invest some of it in Bitcoin. Let him also get another job or use some of the savings to invest into a business.

Maybe you didn't read the passage which I stated that he has lost his job where he leaned on his monthly salaries.
So with such person who count Invest in the bitcoin during when he had a job of eaning, I bet if he can afford a dime of his savings to invest after much he lost his job. Besides, his thought of coming to invest in the industry now isn't because he needed to Invest but because he needed a source of earning which would be expected a quick scheme of producing incomes.
I hope that get you cleared Apocollapse?

Therefore, it is necessary to have knowledge first before investing in Bitcoin. Without knowledge, the risk will be greater. If we want to develop, we must also be brave enough to take risks, but it is a risk that can be measured with knowledge. While we don't have it, it's better not to come close, or we'll gamble. Many people are smart in seeing the future and opportunities, so many of them choose Bitcoin to save their money

It is difficult to advise someone without income to invest in Bitcoin. At least he can have an income first and then consider an investment. This investment will serve as something that can help him in the future so that he does not have financial difficulties.

If he can't have an income yet, suggest getting a job first. This is important because he can meet his needs first and think about saving or investing by having an income. Many people don't realize this and are only interested because of other people's invitations.

They don't think investing requires capital separate from their daily needs. If not, his daily needs will be disrupted and his investment will not run smoothly. If your cousin is willing to invest his previous salary, at least he can still survive when he is no longer working.

That's not always the case, there are a lot of investments that are very risky but they don't offer large profits and even if they do, the possibility of getting those profits is very low. Take meme coins as an example. They are extremely risky when it comes to making investments in them, but the possibility of their investors getting large profits isn't always high even though some of them might manage to get that it's just like a jackpot in a casino which is given to a few specific gamblers in a period and all others won't be able to get their hands on it.

A cryptocurrency investor needs to understand that high risk doesn't always means high reward, but high risk only increases the potential profits one can get from the investment they are making.

Remember, profits are never guaranteed in this industry. 

Agreed that everything has risk and nothing is completely safe, but comparing losing our car or having our house burn down to investing in bitcoin is pretty lame. Incidents such as fire and theft are only rare incidents when we are careless or caused by mother nature and are very rare in life. Meanwhile, investing in bitcoin is much riskier because the market is like a battlefield, investing means you are on the battlefield and it will be much more intense than when you are at home.

Investing in bitcoin is a smart choice but if you are not ready then you don't need to invest in it and there are many other options available to you. Just like if you don't have enough skills to participate in the battlefield and stubbornly participate, it will only cause you to quickly lose your life.

I hate to say this but your cousin is setting himself up for failure, he has expectations out of bitcoin and investing in general that are completely out of place, not only that, he plans to start his journey at the worst possible time for himself as he has lost his job.

So when you add all of those factors up, there is almost not chance at all for him to attain the success he looks for, also you need to be careful as well, as even if you have give to him a stern warning against investing in bitcoin, you should not be surprised if he blames you for his losses and this fractures your relationship with him.

Yes it is true that if an investor has no alternative source of income then he should invest in Bitcoin wisely. An investor definitely invests for future protection and good profit but if he is insolvent and has no source of income then after investing he will sell as per need instead of holding. It may happen that after investing in bitcoins he is forced to sell, so in this case he will face loss instead of profit. So an investor should invest when he is wealthy and has alternative sources of income or he can be advised to invest.

This all goes back to knowledge about investing in Bitcoin, if someone never knows about investing in Bitcoin of course they won't dare to do it especially with the potential for big risks.
If you have to wait for financial freedom to invest in Bitcoin then not many people can do it, I think slowly we have to invest in Bitcoin from a young age because if we already understand the potential for big profits in investing in Bitcoin in the future then there is no longer any hesitation in doing that and no more excuses.

Well, the fact is that investing is very risky, which is why the profits offered are so large. If someone had said it like that, they really didn't want to take the risk. However, many people want to take risks when they realize that investment is important, and taking risks when we still have a source of income is something that is highly emphasized, especially when we are still far from financial freedom.