friend I want to invest short term in bitcoin and crypto. to meet their living a - page 4.

serjent05

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Quote from: Bazzu on October 28, 2022, 09:17:02 PM

a friend of mine came to me and he asked, is it possible to invest in bitcoin and crypto for the short term,?

It is possible to invest in Bitcoin for short-term period but don't expect to have a high profit. Though it is better to do day-trade than make a short-term investment in Bitcoin because at the current condition of the Bitcoin market, it is somehow hard to see Bitcoin surging in a short span of time. I think it will take several months before we can see a decent profit in the Bitcoin market. He can try altcoins but the risk involved in investing in new altcoin project is huge.

Quote from: Bazzu on October 28, 2022, 09:17:02 PM

which is to meet daily needs, and I am confused to answer because I am still a beginner in bitcoin and crypto. and I want to ask everyone about it?

Better to find a job or set up a small business (like a food stall or sari-sari store) in order to meet daily needs. Bitcoin investment at the current market condition will take time before you can make a profit and is not suitable for meeting everyday needs. Until your friend is an experienced day trader, I think the thought of investing in Bitcoin for daily needs will fail.

electronicash

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what i think he meant is that he wants to invest in BTC and earn thru it that he can withdraw money to spend for his daily needs. it would make sense for someone with low capital and needs to provide for himself to survive. this can be done in leverage trading. but him being a newbie, it will be very difficult to achieve without much trading experience. his best way of getting more profit is to hold for long term. as for his daily spending, he needs a job.

jakdanyel

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It would be very wrong to invest in cryptocurrencies to meet the needs of everyday life. At the moment of a possible fall, the money in your hands disappears, and this time you will not be able to meet your needs.
If you want to invest in bitcoin and other crypto currencies, you should invest with the increased money you have. You should even consider the crypto coins you receive as they will not be used for a long time. In this way, you will get more profit and your mind will be at ease.

Maidak

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Called investment, there will always be risk and investing in bitcoin is not an easy investment that can meet daily needs. Bitcoin is a very risky investment, you can make a lot of money from it but you can also lose it all if you don't have enough experience in the market. Day trading can also be considered a short term investment, but to make money by trading you need a lot of knowledge and experience that a beginner will never be able to do.

Tell your friend that he needs a steady job before he wants to invest in bitcoin, and absolutely do not use borrowed money to invest in bitcoin, it will bring his life to a standstill.

Die_empty

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Quote from: Bazzu on October 28, 2022, 09:17:02 PM

a friend of mine came to me and he asked, is it possible to invest in bitcoin and crypto for the short term,? which is to meet daily needs, and I am confused to answer because I am still a beginner in bitcoin and crypto. and I want to ask everyone about it?

I think you friend has a very wrong information or perception about bitcoin. He feels investing in bitcoin is like a small scale business where you make some profit for daily survival. If he is searching for a business that would give him daily income, maybe he should consider starting a firewood business to assist homes that are experiencing power cuts or high cost of gas. Cooking gas in my country have soared to almost 80% high and people are searching for other source of fuel.

If he really wants to invest in bitcoin he must have the virtues of patience and courage. Your friend must be willing to Hodl bitcoin for a long time because the bullish market season is unpredictable.

Quote from: maydna on October 29, 2022, 09:29:00 AM

It is possible to do that, but if it is to fulfil his daily needs, he needs to learn to analyze the ups and downs of the market so that he can buy and sell bitcoins for profit. From that profit, he can fulfil his daily needs, and if he is more proficient in analyzing the market, he will be able to get more profits. It's just a matter of time before your friend can benefit, and it depends on how he learns. Maybe you can also study with your friend so that you and he can share each other's experiences to improve your abilities.

How can one meet his daily needs from a market that sometimes experience losses for weeks. OP's friend wants an investment that he can derive funds that would sustain him daily. There is a possibility that he might loose even half of his investment in one day.

maydna

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It is possible to do that, but if it is to fulfil his daily needs, he needs to learn to analyze the ups and downs of the market so that he can buy and sell bitcoins for profit. From that profit, he can fulfil his daily needs, and if he is more proficient in analyzing the market, he will be able to get more profits. It's just a matter of time before your friend can benefit, and it depends on how he learns. Maybe you can also study with your friend so that you and he can share each other's experiences to improve your abilities.

gantez

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When you are having the mentality that you want to invest in bitcoin to make daily profit, I get wondering how you want to do that and succeed with it. You will need to trade it for you to have kind of daily profit but that is not easy. Bitcoin hodling is also not easy to profit on short term so is a discouragement already.

hugeblack

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To get a clear answer, you must know the amount of your capital and how much your daily needs are.
If your daily needs are in the range of 3 to 15 dollars, with a little technical knowledge and the appropriate capital (more than 3000) you can achieve this easily.

As your needs increase and the invested capital decreases, the return will be more insistent.

Lucius

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Your friend is only one of those who probably heard or read somewhere that Bitcoin is some kind of magical internet money from which some people have become rich, which is not something to be surprised about considering the way Bitcoin is trying to be presented to the masses. The whole thing is of course completely different, but various scammers use people like your friend and you and promise them 100% or 500% monthly if they invest their money with them. The old rule says "if it's too good to be true, it's a lie."

Briefly and clearly tell your friend that the answer is NO, and not to accept any offers from social networks or so-called friends who might convince him otherwise. He can get a free lunch from you or another true friend, and everything else is just an expensive scam.

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Quote from: Bazzu on October 28, 2022, 09:17:02 PM

a friend of mine came to me and he asked, is it possible to invest in bitcoin and crypto for the short term, which is to meet daily needs, and I am confused to answer because I am still a beginner in bitcoin and crypto. and I want to ask everyone about it?

What I have read many times on this forum is that investing in bitcoin is not a get rich quick scheme and looking to get profit from bitcoin requires you to be patient, the kind of patience which your friend who wants to invest to meet his daily needs will not have. Read through this topic "Educating people on Bitcoin for free" and the responses, you will learn better from it to advice your friend well. To meet basic needs your friend needs to try to improve his income, either by learning a profitable skill or becoming an employee to a company. Trying to invest in bitcoin when he cannot meet his daily needs yet can easily get him into a state of depression if the price of bitcoin falls.

livingfree

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Quote from: Bazzu on October 28, 2022, 09:17:02 PM

a friend of mine came to me and he asked, is it possible to invest in bitcoin and crypto for the short term,? which is to meet daily needs, and I am confused to answer because I am still a beginner in bitcoin and crypto. and I want to ask everyone about it?

You have to be a day trader if you're wanting to earn from bitcoin to sustain your daily needs. But as a beginner, you'll need to invest a lot of time until you can do this as your full time job.

As both of you are a beginner, tell your friend that it's possible but for guys like you, it won't be as easy. And before you come to that point, you'll learn a lot of lessons of losing and I know that you don't want to have it.

Jawhead999

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There's no guarantee your investment will always make profit, especially right now when the market is still unhealthy. You can do invest short term in Bitcoin and crypto, but you wouldn't always make profit to be used for your daily expense. IMO short term investment is similar like trading where 95% will lose their money and only 5% people who make money. It's better if you find a job in your real life rather than trading when you're still new about trading.

odunybiz

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Quote from: Bazzu on October 28, 2022, 09:17:02 PM

a friend of mine came to me and he asked, is it possible to invest in bitcoin and crypto for the short term,? which is to meet daily needs, and I am confused to answer because I am still a beginner in bitcoin and crypto. and I want to ask everyone about it?

Investing in crypto isn't come easy. Although we have so many aspect that could earn you money in the crypto space but it requires enough knowledge. Crypto isn't for the lazy ones. He can invest if he's ready to learn and utilize his/ her time for it. Going into crypto trading after learning it's various skills can help in settling daily needs but this is somehow risky if one doesn't have good knowledge about it. Cryptocurrency is interesting and profitable if done right.

mk4

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You technically can — but as a beginner, what are the chances of you being successful with a short term hold? Very slim. You're better off doing something else whereas you can have far more control over the process and the result (business/gig/work/etc). With things like crypto or markets in general, you can make great picks, but short-term volatility can mess you up.

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In the short term Bitcoin may be more likely to drop in value than to rise, and your friend might have to cut their losses if they invested money they can afford to spare.

Quote from: Bazzu on October 28, 2022, 09:17:02 PM

is it possible to invest in bitcoin and crypto for the short term,? which is to meet daily needs,

Bitcoin doesn't meet daily needs, that's what a job does.
Bitcoin is a currency which doubles as an investment for many.
I would not advice your friend to try earning passive income through any of the DeFi or staking methods as they are very high risk.

adaseb

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What do you mean by meet daily needs?

Do you mean you want to invest in Bitcoin and then have it generate income for you? Very difficult to do.

If you bought in 2015 at $200 you could of made good money. But buying at $20000? How high can it go. Maybe 3x or 5x. But you won’t get rich off it.

That ship has sailed.

Bazzu

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a friend of mine came to me and he asked, is it possible to invest in bitcoin and crypto for the short term,? which is to meet daily needs, and I am confused to answer because I am still a beginner in bitcoin and crypto. and I want to ask everyone about it?

Topic: friend I want to invest short term in bitcoin and crypto. to meet their living a - page 4. (Read 849 times)