Topic: It Is Dangerous To Completely Rely On Cryptocurrencies (Read 801 times)

it is true that investing in crypto should not be used as the main income,
because investing is different from working for money as usual,

because

investing it must require
mature science,
especially in crypto, it takes a high degree of precision and patience

because

the market could drop by 99% or maybe more,
it will definitely make people who invest there will be depressed,

so in essence
- learn
- understanding
- practice (start investing).

Investing in crypto is never a mistake and experiencing its profits somehow is definitely self satisfying but relying on it alone without a stable source of income will be very dangerous and and will probably put you into financial struggles in the future knowing crypto is very unstable and unpredictable. The reason that crypto should only be a side income rather than making it a source of main income as the risks is very high.

Cryptocurrencies is not a tool to completely rely on for sustainability and survival. It's like a two edged sword that can both make one rich and at the same time make one poor. crypto is best when its traded with funds that doesn't have immediate use. Some might chose to call it spare money or free funds. Its only a business you can count on for survival and crypto is more of an investment and every investment has two sides the profit and the loss which comes in very large margins. I will say invest in crypto as a long term goal with spare money then have a business that meets your everyday needs

If you don't plan, you regret it! This is non-negotiable, and I always tell this to the core fan of Bitcoin. It is not about loving Bitcoin and the benefits attached to it or not, it is about being wise. Anything could happen at any time, but are you prepared for the eventualities? Many would talk about crypto as if there should not be a fiat again, I always smile, because they don't know what they are saying. The best is for the two to exist and we as the players should only make sure we take their advantage as we could.

Without wasting time, it wouldn't be unwise for anyone to invest all their money in Bitcoin and the like. They are assets that fluctuate, and they could disappoint them at the time they need them most.

We can deal with these manipulations if we want. But this is not the reason why it was dangerous and perhaps, risky. What causes this is that we can't assure what gonna happen next nor do we think we can make money every day. That is why, if we have $10,000 in our pocket it was not a good idea to put all of it into crypto but it was best to spread it and invest in the other platforms. because what we just think about is the safety our funds and the assurance that if the other investment will fail, there is another to back it up and we never loss all of it ($10,000).

Cryptocurrency mostly bitcoin is growing faster in the ecosystem. People are getting the awareness every day and night. But there plenty people in the world do not know bitcoin. Investing in crypto needs full understanding of the market. And in any business be a investment or trading there is a risk in it. but the risk should be a well and known (calculated) risk. In investmen, it is not only beginners but also and experience traders need to be carefull because one slide mistake can lead one to loss a lot of fund. trading or investment is a sensitive matter. Risk is part and parcel in human life.

Ofcourse completely rely on Cryptocurrencies is much dangerous because of its high volatility.We all know that crypto market are manipulated by the whales. So it can dump hard anytime.Thats why we should not completely rely on cryptocurrencies.

The scenario where we can't assure to earn passively due to volatility reason maybe one of the reason why its dangerous to rely only on cryptocurrency especially if you only know trading to earn crypto here. But if you have skills and can able to do certain jobs around maybe this will change the phase since actually for having multiple jobs on crypto can give you positive result.

Rely on stablecoin instead, have some backup in stable coin and use some percentage to buy volatile altcoins you like, also engage in trading, and learn it to the core this could give your life meaning, as a trader you can rely on this skill and make use of crypto trading or stock trading.

The reason why cryptocurrency is more dangerous to rely on is because of the volatility of the market,  it is something that can't be predicted.  Depending on it as a source of income you can't tell when is the next dip and how long it will last, and just imagine one who has invested all his/her money on cryptocurrency. Having another source of income will help from being panic when the market is bearish.

Those group of newcomers that enter the crypto industry with excitement and exit within a short period of time with sadness are either misinformed, not informed or are greedy. If you are a good observant, you will notice that newbies hardly join the crypto market at this bear time. Because they won't be making profits, they could even see their money depreciate. But once bull starts, they will jump in and buy thr high and later the market returns to low and dump on them.


Sadly they is the reality of many people. Some persons are so disadvantaged that only bitcoin brightened their lives. I have read countless related stories on internet, where one was so hopeless till they gave crypto a chance.


Happy to know that life is getting better with you mate continue to persever. The most important thing is knowing the right direction and moving on it.


There are many opportunities in the crypto industry, coding, design, writing, nft, freelancing etc

As we know in crypto market it's highly volatile and anytime it can crush and dump hard. So to be safe everyone should invest in crypto how much they can afford. Otherwise any one can fall into big loses. So never rely on cryptocurrencies fully.

that's why the crypto business must be a sideline, because investing in crypto has a lot of risks, this is the internet, we don't know what the future will be like, so invest in crypto but we also have to have other, more stable income, in order to overcome all situations that will happen, and don't get carried away with the lure of getting rich quick through crypto because people who get rich through crypto also take years to achieve success.

it's really not good to prioritize investing in crypto as the main source of income, because investing in crypto requires knowledge, knowledge, and experience even though it's not too guarantee to be profitable, therefore make investing in crypto as your future asset, don't be focus as your main income, because it's not good in my opinion, you must have a job and income in the real world (not the internet).

To answer this question, there should be a few things to consider whether we can rely solely on cryptocurrencies or not.
- Who are we and how are we doing?
  Everyone has different circumstances. If there is still a job, it would be better if this crypto is used as a side, unless we already have sufficient savings and we understand well and are already established with earning from cryptocurrency.
- If we are new, it would be better if we don't just rely on cryptocurrencies, because sometimes the results don't match our expectations, so we will be disappointed and later will hate crypto because we don't know it well.
- Unless we are really in a very difficult situation and have no other work in the real world, and only rely on crypto, then inevitably this is the way out.
Like I used to, relying solely on cryptocurrencies because I had no other choice in the real world and had no other income.
The result? It's really very wow, amazing, and also sad at once, during 1.5 years, life was really hard. However, because the conditions were like that, so it continues and pursued. In the end the results didn't betray the process. Life is getting a little better, however, we do have to be able to process, study harder, take advantage of various opportunities to earn money in crypto, both from this forum, becoming an online admin, trading, looking for airdrops, and so on. Don't be lazy and don't just follow other people.
But if we don't want to learn and don't want to go through such a complicated process, we shouldn't just rely on crypto. Because the crypto world does not always guarantee our lives will be good. Depends on ourselves.

Danger is reduced by diversifying, as is profitability, since they tend to be linked. If you guess which is the next shitcoin or the next small cap that is going to make 100x and you put all your assets in them, you will get rich, but the risk of bankruptcy is practically 100%.

The best thing to do is to have a paid house or a mortgage in the process of being paid, and besides cryptocurrencies other assets of your choice, but study well beforehand to know what you are doing. In my case I have funds indexed to the S&P 500. And Bitcoin, I don't have other cryptocurrencies.

I think it’s dangerous to completely rely on just one thing. Whether it’s cryptocurrencies or something else. Relying on one thing would no doubt bring about disaster in the long run. Look at the earth today; we’ve relied on oil for decades and cant just switch to another source of energy overnight.
The ongoing invasion of Ukraine that Russia has engaged in has made the earth plummet into an energy crisis and inflation is wrecking lots of countries today. If only we had diversified on our energy sources, we wouldn’t be suffering the the effects of the war.
Therefore, it is very dangerous to completely rely on cryptocurrencies as relying on one source would definitely ruin you.

In 2017, at the beginning of the peak of crypto's popularity and when every single project can bring you fortune probably yes, but now when there are many things already changed, it becomes so difficult to just depend on our life completely to crypto. it can't be doubted that many things happened, like government restrictions, failure, scam trials, hacking, etc affected the industry.  Of course, development also happen, but gaining profits, it's not as easy as it is back then. Although gaining multiple times profits from crypto is not impossible, It's always wise to have another source of income other than crypto to guarantee our life.

Thanks for the advice but people this day like risking their money, even when you try to talk them out of it, like saying they shouldn't invest money on meme coins they will say its fine that its their money they don't care if they lose it or not, I believe I am not the only person that have witnessed such.

I guess as long as they are considered investments, there will always be risks of losing particularly for crypto as they are highly volatile and uncertain. However, if you have good knowledge on crypto and you are capable of choosing the right crypto coins to invest, then the risks will be lessen and you will have more chances of profiting than losing. But as a friendly advice, relying completely for crypto investments is never advisable. You can always have crypto investments but see to it that you have also your main source of living so that when crypto fails, you will never be broken when it comes to finances.

It's really very dangerous to completely rely on cryptocurrencies because it's very volatile and can make a big lose if market crash anytime.So we shouldn't invest as much as we can afford. And we should always follow the market trend.

Wright mate, if someone has not had enough money, must be far from cryptocurrency but it's highly volatile.
Crypto investors need high patience and deep study.

There is indeed some risk when comes to keeping your money invested in crypto, even Bitcoin has some risks (mostly associated with the management of the cryptographic keys) but I personally believe that the advantages that cryptocurrencies have to offer are worth some of the risk they imply, we all just need to be responsible and use a lot our common sense and stay away for shillers, scammers and shitcoins in general.

As Venezuelan, allow me to tell you that what it is dangerous as a  common person is to see one's salary or savings turn into nothing in a few months or even weeks, for many people here Cryptocurrency is not a danger at all but rather a safeguard against both inflation and crooks/criminals in uniform who try to steal our hard-earned money. So while you wonder about the dangers of crypto, people here can't afford not to give crypto a chance in order to try to improve their financial stability.

Just do your own research, do not trust, verify, avoid shitcoins as a plague and do not let greed to take over your common sense, good luck!

It's very risky for someone to depend on only one source of income for his/her day to day expenses and if something eventually happens to loose that particular source of income, literally one is finished and it could lead one to starting up from the scratch again, which is very bad. Therefore using or bringing that kind of mindset into a volatile cryptocurrency space (Bitcoin) could take someone back to square 1, which has happened to a lot of people in this crypto space, They said experience is the best teacher but it's better to learn from someone else's experience.
Newbies coming into this crypto space should learn from this, and not only depending on Bitcoin and hoping it's the life changing opportunity for you.

If your income received from investing in cryptocurrencies will be several times higher than the salary received in the office, you will reconsider your opinion, which is really a side business for you. Accordingly, in this case, the income received from the cryptocurrency must not only be reinvested in the cryptocurrency, but also diversified between several assets.

Being fully dependent on cryptocurrency or anything else is extremely risky. Relying solely on one source of income is not advisable. Nothing is guaranteed, and even permanent works can collapse at any time. The greatest method to tackle the growing economic issues in the world is to diversify your income and have up to three streams of income after you have a job. It's crucial to only buy cryptocurrencies that you are prepared to lose. The advice is the same whether dealing with bitcoin or alternative cryptocurrencies. Even if bitcoin decreases, there may be a guarantee that you will still get your money back.

I think what ops meant is investment aspect and generalizing it on cryptocurrency is wrong and will deviate us away from the true fact and nature of cryptocurrency and Bitcoin in particular, I can rely on cryptocurrency 100% if am involved in a technical aspect such as mining or holding for long term, what most people don't understand about cryptocurrency is the fact that one need finances and time to be able to make something life sustaining from Bitcoin and other stocks investment and being an active member of the cryptocurrency community will open you up to so much informations about the industry and if carefully studied and understood it easier to build a good life around cryptocurrency/bitcoin and have a sustainable lifestyle it all depends on the individual and how prepared and informed they are.
Among the different types of investment we have, Bitcoin is the most secured and predictable investment option among all others especially now that the rate of inflation is high and Bitcoin become a hedge over inflation.

Probably, if those victims of Luna have DYOR thoroughly before investing and did not completely rely on crypto for income, then they would never end up commiting suicides. The problem is once it is set in your mind that crypto can be a source of quick profits, then you start taking all in without hesitation that this investment could go wrong in the end.

Well said, but I must say that there’s no business you venture into that doesn’t have a profit and loss so all we have to do is to prepare for both and try to accept each challenges when it comes, cryptocurrency is like any other business.. we all have to invest carefully and not investing all our life savings on it  but if we still have to invest our life saving it’s still accepted because when the profit hits us we enjoy it alone and if it’s fail we take the pains alone. There is a story about a man, whom is a  novice in bet gambling, one day he called he’s friend and seek an advice on how we wanted to invest in a game, his friend was very happy and welcome him, unfortunately he had bad intentions for him so he advices him to invest all he’s money in a particular game which he had  as the worst (dead ) game of the week because he wanted he’s friend to lose so he can laugh at him, at the end of the game the results was different and mr novice won and he’s life was changed for good.. like you said it’s better for us to make our person research and don’t trust in whatever we are been told.

There are lots of conflicting ideas many people especially the less experienced has about crypto-currency and that is about how to be profitable in Crypto-currency. Many of them are throwing out all knowledge the have about every other thing to either learn how to buy and sell coins, how to trade them too. Yes it could be profitable but still cash flow is always top.

You can actually integrate Crypto-currency into your lifestyle and see how it works for you. You don't necessarily have to put in your money just to double it, especially for those who are still struggling financially. You had a life before Crypto-currency, skill, knowledge, service you offer and if you didn't you can start chasing one, apply it into crypto-currency for example if you know about web development you can start developing some crypto related website, work and get your services payment in crypto.

it's not wrong to be fully committed to cryptocurrencies, but what's wrong is not to have any other foundation apart from crypto. If you have a stable income other than crypto it will help overcome any financial problems that could suddenly come your way. Like when the crypto market is crashing and the value of held cryptos is falling. why is it necessary to carry out financial management, so as not to get caught in that situation, so that investments in crypto are not disrupted and basic necessities for life are not disturbed.

It really not good to rely on cryptocurrency as a way of making it or having a good life. Crypto is something that is based on mare predictions and forecast, it not something that is certain to happen, and no matter how sure something is there is always a probability that it might go wrong. So it is advisable to anyone to at least get a good job then you can also in cryptocurrency at least you job will serve as a pole of risk or insurance just in case your investment goes wrong.

It's always dangerous to completely rely on something or someone. If you have the money, you should start a real-life business that is always in demand like a grocery store or restaurant. People can say no to everything but they constantly need food. In the food sector, one thing is sure, you'll always be in demand if you have a good business plan and create a good product.

Perhaps, it was not really advisable. However, we gonna use this as a tool to help to start running a business as an additional sources of income, and while waiting to have a stable job. We know the consequences here and due to the volatility of the market every mistake and decision we made have negative results and could possibly end up our crypto journey. That is why we should have to careful and even we have money, we don't need to put all of them but consider it as backup in case the worse things happen.

Nothing is as dangerous to  completely rely on cryptocurrency as a main source of income. Atleast if someone only has one source of income it certain that by the end of the week or month some amount of money will come in, even if their is no idea how long the job will last.  But as for cryptocurrency no one can tell when will the next bull or dip, so it is very dangerous to rely on it. Cryptocurrency was never designed  to solve unemployment issues for people that people needs to rely on it as a source of income. It is even better to have a business first as a source of income before to think of to make investment on  cryptocurrency.

It is potentially dangerous if you COMPLETELY and ABSOLUTELY rely on cryptocurrencies without any stable income to back it.

The problem with fully committing with cryptocurrencies is that the latter's nature is generally risky and unforeseeable. You literally have no clue when its price may increase/decrease, even though there are tests and researches done in the market. If you fully commit to cryptocurrencies, you would definitely see a fluctuations on your investment as time goes by.

Indeed, right. In order to have financially secured, we have to acquire more assets and multiple sources of income. It is good to have an investment plan in order to work it perfectly and of course, we have to put huge amounts of money into the investment where we know it was profitable and I see that investing in crypto is worth it, though it was risky. What we just need is to have the courage to face the risks as nothing will happen to us if we keep ourselves worried.

That's reality and we cannot change it but instead we can face it. You are right that the world we live is full of risk and we need to choose the risks properly. Well, when we talk about source of income then I wouldn't think that investing or whatever you want to do with cryptocurrency where you earn profit will be my main source of income. I'd rather think that the money I earn fr crypro will be my extra money and my job should be my main source of income. If ever you have crypto in your wallet with a value of let's say $50000 but the price of crypto decrease then the value of the crypto you hold won't be the same when you have a plan where to use the fund but you don't have $50000 anymore that's why the money you earn on crypto shouldn't be your main income since the price is not stable.

The world we live in is full of risk, we just need to choose our risks properly.
Even if someone has complete knowledge about cryptocurrency, it's not good to solely rely on cryptocurrency, and the best thing is to have a diverse source of income.

Well I guess the answer to the OP's question is quite obvious. Even the old proverb goes, "do not put all your eggs in one basket". Have different baskets -  Real Estate, Stocks and Bonds, Agriculture, Mining etc. where you can put your eggs they are the best form of insurance against unforeseen circumstance that may happen in the crypto market.

I'd rather say they don't depend entirely on crypto but they just take the opportunity to get what they want. Investors and traders take advantage of market fluctuations to generate profits regardless of the risks they will face, so it is profit that makes them successful in fulfilling their needs and dreams in life and it all starts with crypto. Regardless of risk, I think crypto has changed the financial conditions of many users today regardless of whether they are traders or investors.

The risk is worth the return, but I do not generalize all assets can be the best choice to invest. This should be a top 10 asset right now especially bitcoin for long term investment. There's no guarantee of success, that's true – but at least they'll know what the benefits of this investment are if they want to become long-term holders.

Definitely true. In the end, it's all a matter of personal preference. Because the truth is that cryptocurrencies will be beneficial to many people without much, if any, risk. Just like anything else in life: don't expect big rewards without any work. For my personal opinion, the transition of cryptocurrencies to everyday life comes step by step: first in the online world (with payment of goods in bitcoin or other goods/services), and after in retail. 

That is correct, but not in all cases. Many people do not have that in mind because they were introduced to cryptocurrency in order to come and invest, and as a result, many people rely on it completely and ignore the risks involved in crypto investment.
People learn cryptocurrency to master it and understand how crypto transactions are made, but in some places, many people learn cryptocurrency to be safe while investing, which means they want to know how to invest and minimize losses during their investment.

A person must have a mindset of "doing a research first before doing it". If you invest in something that you don't have a knowledge about it is the same as diving headfirst into an unknown body of water where there could be rocks deep down below that may hit your head when you dive. Bitcoin is indeed the best cryptocurrency there is but even though it's the best choice to invest but there is always a risk too just like other cryptocurrencies and even investing in stocks also have risks.

Absolutely dangerous, even someone completely rely on Bitcoin also dangerous since no one can predict the future, it's much more like a gambling, you could become a millionaire or rekt. You should diversify to other investment assets e.g. gold, silver, real estate, stock etc.

Focus on your real life job or freelance job (if you have good skills) then convert it to various assets, keep accumulating until the amount is really huge and you can quit your job, then you can start your own business with your capital.

I think the thread title is not quite right. Cryptocurrencies aren't always about investing, not always about "online" earning, and not always about non-fixed/side income. You can depend completely if your main job decides to pay monthly with cryptocurrencies and can also break the risk of volatility by swapping to fiat soonly.

The problem with early investors is that they don't do research before they invest in any project, anyone with moderate knowledge will know that luna was on the verge of collapse aside from the criticism they were having from other blockchain enthusiasts and developers who were warning them of the Ponzi scheme they brought others too.
Some people do criticise bitcoin as air money but you can create something out of nothing, that's not how nature works just like principles f energy of conversation, but they leverage ustc and got manipulated by a whale and have made us all suffer from this crash.
Hold into good alts if you must but bitcoin will always be above all and that's what I will recommend.

You shine again. Three sources of income—I envy you. Under the conditions of a severe crisis and the constant reduction of workers, it is quite difficult to have as many as three sides from which you could receive income. 
Investing in bitcoin will not bring you profit here and now, and for this profit to be noticeable, you must invest a good amount. Otherwise, you will have to wait a long time. But without a third-party source of income, this is difficult to do. A permanent job is great, but you have three of them. Just curious to know, when do you sleep?

Nothing wrong to rely on cryptocurrency if your income here is much bigger on your physical job, but if you are here risking your future and you are not sure about what you are doing then this is not really worth it since its so risky knowing cryptocurrency is volatile. Maybe if you doubt about your future on this industry much better trait this as your side job or a hobby since multiple source of income can generate you more positive result rather than risking your future on single income flow only.

I can't remember how many times I have read this kind of advice on this forum in the years past, but the fact is this kind of thread is very necessary to serve as a warning and a caution to newcomers. Most of the people coming into bitcoin are here just to cash out on their investment and they have taken the same mindset to altcoins that are more volatile than Bitcoin, if one wants to invest in any cryptocurrency and have some sort of peace of mind and fewer losses then you need to look for Bitcoin because the vulnerability in altcoins are higher but then we are always advised to invest what we can afford to let go of.

There is always a case of serious risk when it comes to over dependency on anything and not just cryptos. There are several fields to be attached with in our world and as such, choosing to stick with one would be doing it wrong except, sticking to a single woman of cause, lol.
Every investment has a level of risk that could arise in cuase of running the investment and at other times, from closely related competitors.

Mind you, bitcoin or cryptocurrencies is not exactly a business but a currency that have proven to be an asset over the years but we still believe in a time when it would be just that #Currency.

Frankly, anyone who ends their life (a life they didn't create) because of the loss they incur trading is an idiot! Simple and short. I've no pity for such an individual because there's a caveat almost on all trading sites warning traders of the risky nature of trading. Only those who see cryptocurrency trading as a shortcut to riches throw in all they've into it and when they get burnt no one should've pity on them.

On the other hand, whether cryptocurrency or not, it's not ideal to rely solely on just one source of income. Expand your horizon and engage in other businesses.

It is naive to believe that by investing a small amount in bitcoin, a person will become rich after a while. Putting a hundred or two hundred dollars is unlikely to bring confidence in the future, as newcomers hope. And if someone is going to invest more serious amounts, I think and hope that these people should already have experience in owning capital, and he will never allow without proper preparation, it is so stupid to invest your money.
In addition, you need to consider how long you want to make a profit. And also we all walk under the same sky, so you need to understand the risks that some unforeseen circumstances may happen, and you should not stupidly hope only for a positive result, that is, be prepared for anything.

Yes thats what I also meant. Its like some people are viewing crypto as a rich scheme getaway but thats not that easy to do actually. We should see that there are many who losses a lot here and worse some are even taking suicides knowing that their investment shattered by some of their invested assets. Best example is Luna, whereas a lot of people commit those crazy suicides.

This is looking at Bitcoin from a limited viewpoint. Treating Bitcoin as a hedge, an investment, or a way to avoid hyperinflation is basically an approach which somehow classifies Bitcoin as another alternative financial tool. Although I'm not saying Bitcoin isn't not them, this is more like looking at Bitcoin with the lens of traditional or mainstream finance. Bitcoin's revolutionary, disrupting, or radical appeal is slowly fading. It is in this context that one could be over-invested in Bitcoin.

Again, to somebody who is treating Bitcoin as a free man's money, there's no such thing as over-investment. One wouldn't say, "I have too much freedom; I have to convert some into fiat."

Before I was among the fellas that solely depend on crypto for financial breakthroughs. What I have seen so far from crypto, has made me understand that anything can happen in crypto at any given time. Like the issue of Luna crash, how it happened. With such encounters in crypto, I have come to realize that one shouldn't rely on(crypto) what you don't know about its future tomorrow. A country you reside in can declare bitcoin illegal when you less expected

There are always risks no matter how potentials those investments are. So to lessen the risk, it will be a lot better to find a stable source of living and then invest in cryptocurrencies for additional income. Remember that investments do not always create profits especially if there are factors that trigger it. So one should always have various options when it comes to sources of profits.

I understand that it's hard to depend on cryptocurrencies completely but to say that someone who's been relying on it then did the unexpected of taking his own life, I think that he's already out of his concscious mind and it has built with other problems aside from the fall of the market.

It's sad to see that it's just not this one on the news that have did this. But also those that have fell for the scam of Luna, we've seen those news that many of them have taken their lives too due to depression and frustration that they've taken.

In general, this isn't only in the crypto and it all comes into different forms from different industries which may be related to finance/money or not.

It may be more to the point that there is always a risk in cryptocurrency investment and any investment.
So far, we understand that cryptocurrency is something that is tempting and can bring significant profits. But behind it all, cryptocurrencies also have risks, whether high, medium, or high. This will depend on what coin we choose to invest in. Let alone altcoins that have risks, Bitcoin still has risks. However, in this case, we can manage the risk to fit the portion and we can manage it to avoid the risk. Therefore there are some important things that must be owned before investing in cryptocurrencies.

Most importantly, we should be willing to take risks; even after conducting extensive research on the project you want to invest in, such as checking the profit history of those who have made huge profits in the project, keep in mind that they took a significant risk before reaching that stage.
It is important to note that crypto investment is not a do-or-die situation; you can always live it if you do not have enough capital to invest, which is why it is best to invest the amount you can afford to lose in order to avoid committing suicide or having a health problem.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

 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.

ofcourse its dangerous, I think it all depends on the moment you invest, right now for example is a great moment.
Previously it wasn't though.. Many people made the mistake to buy at the top but if they are patient enough, time will pay.

Its important to diversify and also staking and compounding is a good alternative to earn new coins while everything is down.

Try to find new projecs with no VS invested yet, with that said don't put much in but risk a little bit too,
much of these coins/tokens don't fall as big as the top100 and are a bit more stable when everything falls down.

Yeah, I got you there. I mean even in your usual 9-5 job working in a private company, you should still at least find another source of income. Freelancing business is one of those business worth mentioning especially if you are equipped with a "marketable skill".

Crypto investment is profitable, but we should not rely on it too much as primary source of income. It is even something that you would consider a "passive income" since you're not really doing so much of a work the whole day, maybe look at the graph and charts for an hour or two between days and call it there, just still ensure that you still have another "reliable" source of income that would be able to fulfill your basic needs then call Lambo for your "passive income" once the market just went all greens.

Due to the cryptocurrency volatile nature, It’s really dangerous on completely relying on cryptocurrency especially if you will make it as main source of income because the market is very unpredictable and it is very hard to have a consistent profit if you are focusing most of the time on crypto on chasing profit. Cryptocurrency is best use for investment purposes in long term because big project such as Bitcoin usually grow its price the longer you will wait because the demand on this kind of tokens increase the more the government screwing people on the fiat downside which is inflation.

In conclusion. It’s not bad to invest a significant amount in crypto. Just make sure that the money you are using has no other purpose than investment because your investment plan will be screwed if you have other things planned on the money you put into crypto because you will think about it and worst is cut loss whenever there’s a price change.

Totally rely on it as what? Invest or transfer everything you own? Or excess investment?

Without a strategy, and a risk management plan, even if you just buy Bitcoin, you could end up losing your money unless that money is in excess and you don't need it for the next 10 years.

In terms of investment, it has been proven that investing in banknotes and 99% of altcoins leads to a loss of value over time, so it is not a good investment, especially in the long run.
Investing in good company stocks, bitcoin and gold are all good options if you know what you're doing.

There are exemptions. Yes those are fortunate people and maybe they just continuing what they did up to now. But its always have a good source of income outside crypto like make some business or any kind of money generating which isnt came from crypto. But I didny say that crypto isntt profitable. We all know it is, but depends on someone's how he can manage it.

When you talk about relying on crypto-currency alone are you speaking of usage like financial transactions or the investment, trading and generally crypto-currency as a means of profits making. Well if anyone what's to reply on. Crypto-currency for its financial services then you need to check out:
#If crypto is ban or restricted in your country
# what's the adoption and acceptance of crypto-currency like
# proximity to internet connection

But if you aim to rely on crypto-currency solely for your financial growth I won't totally suggest that. It's profitable learn how to trade in crypto-currency, how to buy and when not to and also sell cryptos but in addition to this you can learn other services you can offer, a skill you are very good in like graphic design, freelancing, web development, coding anyone you are good at and take your payment in Cryptos which you can save up as well

Some people trade bitcoin daily for a living, but investors usually have a source of income outside the network since their profit takes a long time to come, so i feel the message should be directed to day traders of bitcoin.

I am not a bitcoin day trader and i don't know the level of expertise one can have in trading to enable them do it for a living, and are still 'living' comfortably, it may be possible because i have read that people do it, but surely it is not a wise decision to make, trading is very risky, so another source of income should things completely go against you someday is necessary.

There is a difference between investing in Bitcoin and in cryptocurrencies in general. I would say the latter involves much more risk. 99% of all altcoins have no use and will disappear sooner or later.

Bitcoin, on the other hand, is here to stay and should be in every investment portfolio. Depending on one' s life situation in a different portfolio weighting, of course.

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This. 100%.

Research is important before investing in anything or anyone, have a good understanding of how it works and maybe you can profit from it. Today, there are thousands of cryptocurrencies available out there. Because this is such a young market, many of these coins might be undervalued and provide you with lots of good opportunities for profit. But with all of the positives and negatives surrounding cryptocurrencies, it is vital to first educate yourself to the best of your ability.

Overall, investing in cryptocurrency can definitely be a profitable venture to take. However, there are still plenty of risks involved and ways for your investment to plummet. Be sure to fully understand what you are getting yourself into before putting any money down.

A balance between bitcoin and metals is key.
Anyone preaching anything that isn't bitcoin is a shill.

Always have a decent source of income outside of cryptocurrencies. As much as I love Bitcoin(and crypto), we don't really know what kind of black swan event could occur that could mess up this entire industry.

While yes, it's likely for bitcoin to bounce back, but it could always take a lot longer than what people think.

Yes, it is dangerous to rely only on Bitcoin or in your words cryptocurrency. One of the main reason is it in not being adopted locally and within the environment surrounding it. The main reason behind it is the economic stability or the instability of a country.

We have seen and observed, when a country suddenly decided to adopt Bitcoin and then failed to gain the complete adoption. This is not because the the country democratically accepted Bitcoin but because it was forced to accept it as the government of that country wanted an escape route to restructure their economy.

We as a community will come across such governments as we know they, as a government or a dictator or a party controlling the government are now helpless and they know in coming years they will lose control.  

The only way to make Bitcoin or crypto in general is to  become a local currency. The first step would be to make the  locals understand it and then to make them realize what decentralisation means. It would take a long time but it will eventually happen. Therefore give it a time and and wait for the next step before coming into any conclusion.

Considering that there were some "success stories" that people got rich from just crypto and stock trading. It kinda gave them that sort of "mental cushion" that just by doing hardwork in trading would make yield them wealth rather than focus on finding a job that would surely be more reliable in the long-term. In "Trading Discussion" board, I read some darker stories wherein their friends took their own lives due to lots of losses. It is a really sensitive story/thread. I would never rely my life in crypto and stock trading/investment. Those successful stories surely has a lot of untold stories and not everything you read/see in social media is 100% of what happens behind the scenes.


I mean even if I knew the risks and am willing to invest some portion of my savings to it, it's not going to make me rely on it. If investment was termed as a "job", it would be just my side gig.

Yes, new members join this forum daily. It is for the new members who joins this forum and seek to look for guide on how to go about investing in cryptocurrency. Just for them to know the risk involved when they completely rely on it.

Why would someone rely on crypto as their lifeline to continue living or to get their dream life? Its really not a good idea. Investment is associated with risk, so even its not cryptocurrency there is no guaranteed of success. Maybe in business where the flow is good but investment is a highly risk kind of activity where the loss of fund is highly possible to occur.

This is good advice that has already been mentioned several times on this forum, but it is always good to repeat it for new members.
Investing in crypto is no different than investing in the stock market or any other market.
Any such investment is very risky.
Every investor should analyze the market well, prepare his investment plan and have a clear exit strategy.

It's already an old news where LUNA crashing and of course it's dangerous to rely on cryptocurrencies, but if you rely on Bitcoin, it's not really dangerous. This is why anyone shouldn't invest on cryptocurrency aka shitcoins because if the token price decrease for 99% most people can't accept it and will stressed or depressed.

IMO to reduce the risk of investment, it's need a diversify but don't diversify to shitcoins. A good example of diversify is gold, real estate, and stock.

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.