It Is Dangerous To Completely Rely On Cryptocurrencies - page 4.

Russlenat

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Quote from: Asiska02 on September 11, 2022, 08:03:49 AM

Investing in cryptocurrencies is now viewed as normal and the use is now getting popularised to almost every young person growing up in the modern day to prosper financially. Even the young people who initially missed the opportunity have grown interest in it and are using it to support themselves.

With all of this taking place, I want to emphasize that purchasing and investing in bitcoin, which is undoubtedly the best cryptocurrency, does not guarantee that you will be completely sustained for the rest of your life. Consider it a reliable side business that you can use to supplement your primary income when it suffers delays or to supplement to cover up for your daily expenses.

Some people have lost their lives as a result of completely depending on cryptocurrencies due to the unexpected market downturn. Some people even committed suicide as a result of the last big decline in cryptocurrency’s price in the market. Whatever happens to you in this life, it doesn't justify ending it on your own.

For beginners, it is advised before investing in cryptocurrencies to do your own research on the subject. Check the historical performance of those who have profited from it and those who have not, this will provide you with a forecast. With this, you can plan your investment and get a solid profit over the long term. Keep in mind that this is not a quick money-making scheme, conduct your own study and invest only after full understanding and knowledge.

Yes it’s totally dangerous if you start investing without proper knowledge and skills achieved. Because the fact that crypto investments are high risks, then you should always be cautious and careful on all your decisions and future moves because that will tell if you can be successful or not. Otherwise, you might end up wasting your money and efforts because you only see crypto investments as quick source of profits, when in fact it’s not how these crypto works.

Sanitough

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Quote from: Asiska02 on September 11, 2022, 08:03:49 AM

Investing in cryptocurrencies is now viewed as normal and the use is now getting popularised to almost every young person growing up in the modern day to prosper financially. Even the young people who initially missed the opportunity have grown interest in it and are using it to support themselves.

With all of this taking place, I want to emphasize that purchasing and investing in bitcoin, which is undoubtedly the best cryptocurrency, does not guarantee that you will be completely sustained for the rest of your life. Consider it a reliable side business that you can use to supplement your primary income when it suffers delays or to supplement to cover up for your daily expenses.

Some people have lost their lives as a result of completely depending on cryptocurrencies due to the unexpected market downturn. Some people even committed suicide as a result of the last big decline in cryptocurrency’s price in the market. Whatever happens to you in this life, it doesn't justify ending it on your own.

For beginners, it is advised before investing in cryptocurrencies to do your own research on the subject. Check the historical performance of those who have profited from it and those who have not, this will provide you with a forecast. With this, you can plan your investment and get a solid profit over the long term. Keep in mind that this is not a quick money-making scheme, conduct your own study and invest only after full understanding and knowledge.

I will not advise anyone to completely rely on crypto for a source of income. Crypto investments are very risky, you could end up losing everything you have with just a single wrong move. However, there’s always ways to lessen the risk and make it work on you. Always DYOR in every investment you want to take, and when you think your profits from crypto are already undeniably huge, then you can stick to it as your own source of income.

Z-tight

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Quote from: Darker45 on September 11, 2022, 08:19:17 PM

It would be a different story, though, if you are focused on Bitcoin's philosophy and ideals. Those who really believe in Bitcoin don't mind getting into it full time. Bitcoin isn't investment for them; it is the freeman's money.

But then even with bitcoin, is going in full time a wise thing to do, i started a thread the other time asking if we all are investing more than we can afford to lose in bitcoin, bitcoin has gotten to the point where it is now a hedge to fiat, and as inflation continues, people put more money into the bitcoin network without minding about the adage of not investing more than you can afford to lose.

My take on this is, bitcoin isn't going to crash and leave people with a failed investment, it will rise and fall short term, and then long term we will see another all time high, but for people that can't handle the pressure of what happens in the short term, then they should not get into it full time, until they are ready.

NdaMk

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Quote from: TechHub on September 11, 2022, 01:24:16 PM

I love this article, I keep saying to people that Crypto currency is not a get rich quick scheme also invest what you can afford to loose aswell. Before you jump into buying a Crypto currency you also do your research about the coin to avoid loss or panic.

The problem is new adopters of crypto aren't patient enough to grow gradually some even jump the scheme of learning it personally. They are looking for the opportunity the early adopters had. Some of these gullible and naive people put almost all there life savings into altcoins that ends up recking them. The only advice I have for investors is have another steady source of income and you will be at peace in investing

suzanne5223

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Sadly, some people lost their lives as a result of complete ignorance about the crypto market because it was said to be an alternative.
Secure investment advice is to never keep eggs in one basket which technically makes relying completely on cryptocurrencies to be dangerous despite the potential it presented. However, ones can still rely on crypto if she offers paid services online or work in a company that pays her in crypto.

Ziskinberg

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perhaps, those who already have experience with crypto investment can really say it was risky. Maybe it was dangerous in regards to health as it will affect our mentality but in general, it was an opportunity for us to make money more than any investment. No Risk, No Gain...this is how people think about crypto. But we have to keep our mind that there is no easy money in this form of investment and newbies must be aware of the volatile nature of the market that is why we should have to be knowledgeable enough before we start.

pooya87

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Quote from: Asiska02 on September 11, 2022, 08:03:49 AM

Some people have lost their lives as a result of completely depending on cryptocurrencies due to the unexpected market downturn.

For beginners, it is advised before investing in cryptocurrencies to do your own research on the subject.

To be fair the examples like this are not people who "invested" in bitcoin though. These people are gamblers who bought bitcoin because they thought bitcoin is like a lottery and the coins they were buying were the lottery tickets. They've also invested more than they could afford to lose. Which is why when their "tickets" didn't win, they lost their minds.

This is exactly why I always discourage newbies who see bitcoin as a get rich quick scheme from buying bitcoin and instead advise them to start learning more about the technology itself and see the true potential of this great currency. Now you also see why I always insist on calling bitcoin a currency not an asset or an investment.

libert19

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Quote from: Asiska02 on September 11, 2022, 08:03:49 AM

Check the historical performance of those who have profited from it and those who have not, this will provide you with a forecast.

People usually tell their success stories often than failing ones and if you listen to these stories you will just get survivorship bias, I like to think you should dip in yourself and then have review on your own performance.

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Quote from: Asiska02 on September 11, 2022, 08:03:49 AM

With all of this taking place, I want to emphasize that purchasing and investing in bitcoin, which is undoubtedly the best cryptocurrency, does not guarantee that you will be completely sustained for the rest of your life. Consider it a reliable side business that you can use to supplement your primary income when it suffers delays or to supplement to cover up for your daily expenses.

Some people have lost their lives as a result of completely depending on cryptocurrencies due to the unexpected market downturn. Some people even committed suicide as a result of the last big decline in cryptocurrency’s price in the market. Whatever happens to you in this life, it doesn't justify ending it on your own.

That is the mistake of some people, there are people who have made a lot of money during the bull season and they think, they can make money in this market, enough for them to take care of their lives. They started to quit their main job outside and devote all their time to cryptocurrencies. But when the bear season occurs, it becomes very difficult to make a profit, many people regret later for not calculating this.

No matter how lucrative cryptocurrency investment is, you should have multiple sources of income to ensure a hassle-free life since the future is so uncertain.

Darker45

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Since we're talking about Bitcoin as an investment, then the old adage 'invest what you can afford to lose' applies. Considering especially the reality of the market which is both volatile and unpredictable, it is really not a wise idea to "completely rely" on it.

It would be a different story, though, if you are focused on Bitcoin's philosophy and ideals. Those who really believe in Bitcoin don't mind getting into it full time. Bitcoin isn't investment for them; it is the freeman's money.

SOKO-DEKE

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What is the reason behind it that someone will completely rely on cryptocurrency? From my own idea you can just use it as an asset for future alternative. When dealing with cryptocurrency you to have other job that will be fetching you money.from observation of market price from every corner especially news, market going up and down you should know that is not completely reliable. People that are seriously in cryptocurrency will advise you not to invest all your found or money that you can't afford to lose.

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Cryptocurrency can be a reliable source of income only if you run a crypto-related business or launch your own blockchain project. It can be very profitable if you know what you are doing and have a good plan.
On the other hand, cryptocurrency trading is very risky. You can make huge profits as you can suffer big losses. You should never rely on it and make it your only source of income even if you are an experienced trader.

Pokapoka124

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I think a huge amount of people in the crypto space jump into crypto investments without any prior understanding of crypto. They follow a simple strategy which worked for people they know or see on the internet or sometimes maybe even themselves. The strategy is easy, join as many signal groups as you can, follow crypto twitter and crypto influencers pages, take investment advice from people who claim to have made millions off crypto and simply do as they say no questions asked.

KingsDen

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Nicely said.
The reality is that it is dangerous to completely rely on any one source of income. Nothing is sure, it can fail at any time, even permanent jobs do fail. Once you have something doing, try to diversify and have upto 3 sources of income, that is the best way to combat this rising economic crises in the world.

Apart from DYOR which everyone says but a few does, it is important to only invest into cryptocurrency what you are willing to lose. Be it bitcoin or altcoins, it is the same advice.
There might be guarantee that bitcoin will surely give you back your money even if it declines, but it might not give you when you need it most.

Ultegra134

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Investments are dangerous, period. Investing is our only breakthrough against inflation, which is slowly depreciating our fiat currencies. It's not only cryptocurrencies that have risks; all investments do, from the stock market to real estate or bonds. Cryptocurrencies have become more popular in the last year or two due to some sh!tcoins that were either hyped or were pure scams, leading people into believing that easy and risk-free money can be made.

Personally, cryptocurrencies are one of the best things I've experienced in my life.

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Not just in cryptocurrencies, but also in other industries. Dependence on one's principal source of income causes extreme poverty. To prevent losing everything when investing in a business, exercise care. The finest tool for your business is having a plan B. All business ventures are dangerous, not just cryptocurrency investments.

TechHub

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I love this article, I keep saying to people that Crypto currency is not a get rich quick scheme also invest what you can afford to loose aswell. Before you jump into buying a Crypto currency you also do your research about the coin to avoid loss or panic.

Pokapoka124

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You made an excellent observation, one that is overlooked or should I say ignored in crypto communities. This is a common character found in people who started investing in bitcoin recently, most FOMO and invest more than they can afford in crypto because they sincerely believe “it is a smarter choice than keeping money in the bank”. This is a result of how they have been introduced to bitcoin and crypto in general. They joined the crypto space believing its the newest and fastest way of becoming a millionaire. When you have that mindset at the back of your head, it is easy to throw in all your money in a crypto project just because Elon Musk tweeted about it. The fear of missing out on the next big crypto project that’s going to do x500 in days keeps these guys hooked in.

2stout

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It is absolutely dangerous to complete rely on cryptocurrencies or anything as you should not rely completely on one thing. It's ill advised to keep all of your eggs in one basket including fiat, stocks, etc.

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IMO, You can rely on cryptocurrency if you are not limiting yourself to just investing and hodling cryptos alone, but also actively exploring and seeking out other opportunities within the cryptocurrency space. But as you explore other opportunities within the crypto space, it will also be wise to keep an open mind to explore other profitable opportunities outside the crypto space that hold future prospects of relevance and profit. I'm certain the proverb "don't put all your eggs in one basket" is familiar with everyone.

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