Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 6. (Read 999 times)

At this point of time almost everyone considers bitcoin as an investment method and investment should be done only when we have met our basic necessities and have savings that can be invested with affordable risk.
So considering your friend's situation we can say that since he doesn't have a job right now, it wouldn't be wise for him to invest in bitcoin at this point of time.
If he had been earning then it would have made sense but right now the time is to find a job and then start earning and then may be consider investing in bitcoin.

sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

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

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

What you did was right. Bitcoin is not a place to get rich quickly, someone who wants to invest in Bitcoin must be aware of the risks of their investment in this instrument. If they don't have enough money, but want to invest in Bitcoin, then they don't need to invest in this asset, because they would rather use the money to find work or their other needs. Because the price of Bitcoin can go up and down, and when someone has no income but they still want to invest in Bitcoin with their last money, then in the end they will still sell the Bitcoin they hold to cover their needs - why invest if in the end you sell it in no time.

People always want to overdo it in the crypto space, even if all they can spare for Bitcoin investment is one percent of their monthly salary they will feel the hype later and increase the amount themselves, I know people who do this just because they want to have a lot of Bitcoin as fast as possible.

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

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

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

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

It is not easy to suggest Bitcoin investment to new people, even if you already know about it, but new people will not easily believe it even if you provide proof of good profits from Bitcoin. Especially for those who feel comfortable with the income they earn every month, because there will definitely be worries.
Since this person is your cousin, you should invite him to do a business that is easy for him to understand and that he also knows about profitable businesses. And with this you can meet often and have a lot of free time to educate your cousins ​​about the benefits and advantages of Bitcoin, and having a business is one of the best ways when you lose your job.
And I'm sure this way your cousin will definitely be interested if he really understands and has enough knowledge about everything related to Bitcoin and the risks involved, and he will definitely start while he is still working and doing business with you. And when he lost his job, he still had a business and also invested in Bitcoin, and it was all because of you.

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

That will be a lesson for OP's cousin and he should change his life plans if he doesn't want to be in this situation again. But I don't think investment will help us in case we are unemployed because there is no guarantee that investment will always bring profit. Investment needs to have a long-term vision and must be completely separate from daily needs, only taking profits when the set goals are achieved. I think saving will be more effective in case we are unemployed than investing.