Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 8.

Spaceman1000$

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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

There are two factors your cousin has explain about his inability to invest in Bitcoin, first he said he is afraid not to lose his money upon investment, the second one is that he is a contented man who is happy with his salary.
For him to fall back to you in respect for him to invest, seems like coming to get a quick fix on his financial situation, so it then means he doesn't really understand how bitcoin works, so he needs to first build his knowledge about Bitcoin. For his kind of person, if he gets another salary job, he will jetterson the whole idea of Bitcoin investment the way i see him, because it's not looking like Bitcoin is his thing or something he can patiently wait for to increase in value as required for investors, except he wants to be a short time investor.
So in helping him, he needs a steady stream and DCA method to follow through for the period he wants to invest.

Lida93

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Quote from: SamReomo on May 27, 2024, 10:38:38 AM

You were the ones who first told him about investing in Bitcoin and now when he's ready to invest in Bitcoin, you're trying to run away from him. I know his situation is different now because he has lost his job but you can still help him to start investing in Bitcoin.

His reasons for refusing to accept his cousin's decision to agreeing to invest in bitcoin right now, for me it's cogent and understandable. The cousin who refused to invest when he could have been comfortable for him to invest is now agreeing to when everything is falling apart with him as a result of losing his job (source of income). The impression is that he's now in dare need of a source of income that shouldn't take much time to manifest in returns and that's not how bitcoin works being an asset with much volatility we can't say for sure when profit will be made, and what if it has to take till next year before the bull run take a full shape to ATH. Can he wait? For someone without a job. If you suspect that by introducing anyone at all to invest in bitcoin will mount unrequired pressure on you from that person as time goes on, it's best to run away from it. Peace over drama.

Questat

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Quote from: GideonGono on May 27, 2024, 04:27:18 PM

I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

Telling people to invest in bitcoin is never my type, although I have been in crypto for quite long now. That’s because I know how risky it is to invest in such a volatile coin and an unpredictable market as well, and certainly, bitcoin is not for everyone. Most especially if you have no stable job to count on, and your plan is to rely only on the future profits of bitcoin, well that won’t really do with bitcoin. It can be profitable but it takes years first of long term hodling before you can achieved it, so you need to have your own job first before you decide to risk your funds into bitcoin. Otherwise, you will starve to death first before you will experience profitability with bitcoin.

GideonGono

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I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

kawetsriyanto

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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.

Basically, you don't need to ask your cousin to invest in Bitcoin. You only can help him if he is interested in Bitcoin himself. If you ask him to invest, you will take the responsibility if your cousin fails in his Bitcoin investment in the future. I believe you don't want to be blamed if there is something bad happening in your cousin Bitcoin investment.

Someone should be optimistic and brave enough if he wants to invest in Bitcoin. If your cousin is afraid, it means he is not ready to deal with the risks in Bitcoin investment. So, it is better to give the time for your cousin to learn more about Bitcoin investment first.

Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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.

If he lost his job, how he can have the funds for investment?
Investment isn't the priority if someone has no income. It is better to have a job first and make sure to have good salary. When your cousin has free money for investment monthly, you can let him to buy Bitcoin. We must know that taking profits from Bitcoin mostly not in a short time, it will take a long time. He can expect to get profits monthly from Bitcoin. Moreover, your cousin is a beginner.

Baban twince

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I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, The advice I gave to my cousins was not to invest in bitcoin but to save in bitcoin.
Many of that are scared to avoid coming back later, I told him that even the security before investing is a problem.. I encourage him to a o have a job and pure that u earn before investing in bitcoin..

Salahmu

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There is nothing wrong if he choose to come back to Bitcoin investment, perhaps that's why they say that every change in behavior or acceptance is as a result of experience so perhaps he has realized that if he had diversified his part of the salary into Bitcoin he would have gotten an investment to fall back on since he has lost his job but however if his motive on Bitcoin is to become rich overnight or an alternative of making money on a weekly basis is obvious he may not be ready yet because it will be very difficult or impossible achieving that, however I realized that most people who have not really venture into Bitcoin has a very wrong impression on Bitcoin investment because they feel that is very easy to start and begin to make money immediately.

The reason why I'm saying this is because it was not quite long ago when I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, I became surprised were he might have gotten such idea, so perhaps that's why in a case like this we should really know the intentions of the person for choosing to invest on Bitcoin to avoid coming back later and start blaming you if he did not see what he was expecting on his investment.

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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

Investment is not coercion but will. Investment in many types that can be done by anyone as long as the investment destination is known. From a good understanding of investment goals will encourage anyone to do it. If the purpose of investment is to maintain a hedge for the value of the Fiat currency and is known by people, then the awareness to make investments will be made.
They will in the next stage will ask themselves that the type of investment will be done to maintain value. If you are afraid of the uncertainty of Bitcoin prices, yes they can invest in other types such as gold.

For me personally, if you can use it is also good. Do not be a lecturer to others like a priest in the church for fear of losing more money if the contents of the lecture do not match what is desired.
I will not do it to others who started from me unless they begin with them.

BABY SHOES

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If someone is ready to invest for the reason of losing his job then it can be called a goal, why is that how can he cover his needs especially there are still bills every month, of course the investment that your friend plans will not be in line even there can sell at a loss while he needs money when urgent.

I always do not recommend him to invest if his planning is not ready, he can come back again and be responsible to me of course because at the beginning I myself directed.

When someone has invested, they still have a job at the same time there are other sources of income, so obviously what he sets aside to spend bitcoin will be safe in the sense that needs are met with the salary he gets.

Don't just look at bitcoin investment as a get-rich-quick scheme, it's a lie, it takes a long time to see the benefits.

Medusah

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I no longer refer to it as an investment when discussing with my inner circle. I now term it as 'savings,' a term that aligns better with its nature. Bitcoin serves as your savings account, offering a more lucrative alternative to leaving funds in a bank with ridiculous interest rates. It appears to entail less risk compared to typical investments, at least from my viewpoint.

That's the advice you should offer your cousin: encourage him to save in bitcoin rather than invest.

kentrolla

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You are missing the link because it's not about the alternative income but rather how much they can allocate to invest into Bitcoin because there are people who earns a lot but don't plan their investment and ignore Bitcoin investment while there are also people with limited income but they keep aside a part of it for investment or DCA. It depends on interest of every individual hence we cannot pressurise anyone to invest into Bitcoin if they see value in it they would surely invest.

mirakal

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Quote from: pawanjain on May 27, 2024, 10:56:17 AM

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.

Bitcoin investment might be a profitable one but it can never be a reliable one due to its high volatility. That’s why you can’t just invest and rely on it solely, that will only put your life at risk. Find a stable job at least prior to any investment so that if ever you fail on your investment, your whole life won’t breakdown as well. That way, regardless if your investment will work or not, at least your finances will still be stable and can still cater to make ends meet.

Die_empty

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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.

It is not about having an alternative source of income but having sufficient funds to cover your basic needs and also having an emergency fund. Anybody who sees Bitcoin investment as a full-time job will sell his coins easily because he would have bills to settle. The people who assume that they can make quick money from investing in Bitcoin are misinformed or they assume that they are investing in a Ponzi scheme or pump-and-dump shitcoin.

Quote from: SamReomo on May 27, 2024, 10:38:38 AM

You were the ones who first told him about investing in Bitcoin and now when he's ready to invest in Bitcoin, you're trying to run away from him. I know his situation is different now because he has lost his job but you can still help him to start investing in Bitcoin.

How do you expect a jobless man to invest in Bitcoin? How do you want him to survive if he uses his current savings to invest in a long-term project like Bitcoin? I think OP did the right thing by discouraging him from investing now he has no job. He should get a job first before investing.

hedgeh0g

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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

In my opinion, you did everything right in saying this. I personally, with great caution, can advise anyone to invest in Bitcoin, before that I will carefully analyze the person and see whether he is emotional and prone to rash actions, as well as whether he is greedy or not. If these conditions are met, then only in this single case can I tell him a lot about it. Of course, in our conversation, I will warn him that this can be very dangerous for his wallet, and that you can not only earn, but also lose, because when buying any asset we take on the risk. Although many say that they are not responsible for those whom they told, I cannot say that I think the same. If a person loses some money, then I will indirectly blame myself. On the other hand, it would be wrong to be completely silent and not tell other people about Bitcoin, because in itself it is one of the best assets that exist. And I am still very grateful to those friends who introduced me to Bitcoin several years ago.

Egii Nna

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Quote from: pawanjain on May 27, 2024, 10:56:17 AM

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.

His friend investing in bitcoin can be very risky because he is either surviving with his savings from his previous job or he is surviving from debt. If he is surviving from his savings, then he is in a slightly good condition. If he can get a new job or a business with the money he has at hand, after having a business or another job, then it will be the best and right time for him to invest in bitcoin because investment is never too late.

Otherwise, if he invests now, he will end up surviving in debt, and that will just create a bigger problem for him because how sure is he that the profit that he will get in bitcoin will be able to cover all the debt that he accumulates? So when investing in bitcoin, you don't need advice but decision-making that will favor you in any condition you find yourself in after investing so that you will not end up selling your coins at a loss.

Yatsan

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Well, yes, it does make sense. Some people are indeed earning enough on a daily basis from crypto investment but in most instances, people are yielding to loss due to bad decisions or mistakes. The role of alternative source of income is for sustainability of loss and profit. Even if you're in profit, which is inconsistent in most instances, you'd be left with nothing in the long run especially if you're still new with crypto investments. Even "professionals" or experienced investors are suffering from loss so what more with beginners.

Alternative source of income will save you from being at financial problematic edge. What's best is to know your "grounds". Know how much you can engage with investments and the amount you can afford to lose in this industry.

electronicash

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he only remembers to invest now that he is in such situation. you remind him that he best find a job while also DCAing in BTC. a normie like him are often not a trader and may not have the patience to wait for months to a year.

having a job that supports him and his family will be best while he has something to expect like the BTC investment. BTC is something of a fall back whether he is in loss or profit, its a money he can pull out when it he needed the most.

Charles-Tim

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This really depends on the amount of money someone is receiving as income, the amount he is spending monthly and the amount he can use to invest. Some people are not collecting high amount of money that can satisfy them while some will be collecting an amount that can satisfy them but can not save. Some people with just one source of income can be satisfied and save enough than someone having two or more incomes. People face different things in life. There are sometimes that you may have just a source of income and having enough to save, that does not mean you should not invest in bitcoin, because you have the capability. What that matters is capability. If you have the capability to spend, save and invest, having one source of income or more is not what to be considered.

alani123

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This kind of advice makes sense. A bear market can mean BTC USD takes years to recover, especially now as the prices trend near all time high levels. People without a security deposit or some stable income that allows them to save beyond their needs are going to have a very hard time if it stays in a slump and they need the money. For them the financial loss or much more significant to someone with a property he can earn income from or someone with a high paying job.

So really, if your friends are poor, by all means, take the time and teach them. Show them a skill, that skill may very well be crypto. But don't given them predatory advice to invest anywhere especially if you know that they can't afford the risk of losing, which is a very probable scenario. BTC isn't guaranteed to keep going up forever.

MeGold666

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Quote from: SamReomo on May 27, 2024, 10:38:38 AM

If you're a good cousin then tell him in detail about the crypto market and its volatility, and at the same time you should tell him about the security issues that could arise if someone invest in Bitcoin without proper knowledge.

I always tell my friends the project is good, I believe in it, I put money in it BUT it may go to zero at any moment.
So in case it goes 20% down, they won't look at me with regret.

The security issues when investing is a whole another problem.. I am not into dedicated solutions for crypto as I'd rather be a fish in the ocean than shark in the tank and use regular hardware for cold and hot wallet but if someone is not too savvy with computers, maybe a hardware wallet is a good idea - even better would be to learn about the dangers because even hardware wallet users are getting scammed due to social hacking / mail spam with misspelled domains etc.

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