Topic: My crypto/Bitcoin advice. - page 2. (Read 502 times)
Bitcoin is better off as a store of value and an alternative currency in some cases, but the majority of people will take Bitcoin as a decentralized currency without any restrictions, but then i will not advise anyone to put their life into Bitcoin unless I don't get the point you are trying to make here.
You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
You shouldn't put your life or your lifesavings into anyone's hands. Invest the amount you can afford to lose. No one can afford to lose everything they have so don't do it.I have read so many comments on how risky it is to depend your life and finances on Bitcoin
It is risky. You can get hacked, you can make a serious mistake and send your coins to the wrong party, you can "trust" the wrong site, wallet, or platform, regulatory changes can affect how you can use your coins, you can become the subject of a $5 wrench attach. And there are no do-overs in Bitcoin. Once it's confirmed, it's out. No support, no reversals, and no remorse. even on this forum some members have made such wrong comments without adding any explanation to what reason it is to make such comments and assumptions thst can mislead newbies and building a wrong minset in some of the established members of this forum and some other cryptocurrency communities
. It's misleading, wrong, and irresponsible to tell other people to invest everything they have into X and telling them nothing bad can affect their investment. 
ۤwith cryptocurrency (Bitcoin).
Just say bitcoin, why put it in parenthesis 
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You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
No it is not the reason. Bitcoin is decentralized because it has no central authority and you don't need a third party to send/receive/store bitcoin.Quote
I have read so many comments on how risky it is to depend your life and finances on Bitcoin
That is a good advice people are giving, the risk is mainly the volatile price but also another risk that sometimes people forget is when newcomers lose their coins to hacks, malware, etc. because they didn't educate themselves and were holding bitcoin on an exchange or something like that.So they have to be warned about the risks.
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even on this forum some members have made such wrong comments without adding any explanation
The warning itself is not wrong but you are right about lack of explanation.Quote
that is a wrong assumption of Bitcoin and the entire cryptocurrency
There is a massive difference between bitcoin and altcoins (ie. "entire cryptocurrency"). Majority of altcoins have an additional risk of being dumped due to being useless and the extra risk of having flawed protocols that can let people steal your coins!Quote
bitcoin mining farm it build a long-term technical knowledge in the operators and exposes your to latest technologies
Not really! Setting up a farm doesn't need any "technical" knowledge. In fact all you need to know are pretty basic stuff (hardware, cooling, connecting to a mining pool,...). 
It is true that Bitcoin has indeed made a huge difference in the lives of many people, however, at the end of the day, its future is still somewhat uncertain, we often call it a high-risk investment. So why make your life dependent on such uncertainty?
There will be no absolutes in this world, not just bitcoins but everything in this world. That is why you should not rely on one or a few of them but rather diversify them. By allocating and diversifying your investments, you'll feel more comfortable and safer than focusing on just one thing, here bitcoin.
There will be no absolutes in this world, not just bitcoins but everything in this world. That is why you should not rely on one or a few of them but rather diversify them. By allocating and diversifying your investments, you'll feel more comfortable and safer than focusing on just one thing, here bitcoin.
You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
Bad advice!Bitcoin is volatile and despite of its adoption and price growth from a few cents to $69,000, it is still a very risky asset for your investment. Let your life relies on a very risky asset is not smart.
You can work, receive salary and use part of your salary to invest into Bitcoin. But you should neither use all money for your Bitcoin investment nor put all of your life to Bitcoin.
Not only Bitcoin but in general don't put all eggs in one bag!
Good luck on that and try as much as possible to build adequate knowledge on the subject matter what I enjoyed most in your write-up is the fact that you mentioned knowledge acquisition as the bedrock of all other activities that can propel easy and steady cash flow in Bitcoin ecosystem even though their all required initial capital to kick start the journey.
What do you mean by "depend your life on bitcoin"? Do you mean making it your main source of income? How are you going to achieve this and what does it have to do with decentralization?
Blockchain or bitcoin being decentralized means freedom and ensure everyone can use it without being afraid of getting censored by a centralized entity, but it doesn't guarantee a stable income.
Blockchain or bitcoin being decentralized means freedom and ensure everyone can use it without being afraid of getting censored by a centralized entity, but it doesn't guarantee a stable income.
I agree that one can depend on bitcoin in their lives as long as they have found a way to do it stably. While you and the others have their safe havens through bitcoin like earning what is right and all the holdings that you've got. For the rest, it's quite hard to do it when the market has already been up and the entry price isn't cheap as it was before. But as you've said, for the long-term goals, we've got various choices and choose the best where we can find the one that fits our needs.
Firstly what's your personal experience? You didn't mention that, although to some degree you are right many people have found means of livelihood from Bitcoin and crypto-currency some has even retired early due to what they have earned from Bitcoin and crypto-current, not everyone has the same story, not everyone bought the right coin early or had a big success in trading, not everyone is rich enough to get the gadget and power to run Bitcoin mining, yes there are good channels to kick off a sustainable earning from bitcoin but not everyone may fit in if they don't bring in what they already possess into crypto-currency.
You can build yourself a sustainable life in crypto by working it out, I have repeatedly said it, you don't need to be an investor, trader, exchange owner or a miner to start. Use your skill earn in crypto and accumulate gradually.
You can build yourself a sustainable life in crypto by working it out, I have repeatedly said it, you don't need to be an investor, trader, exchange owner or a miner to start. Use your skill earn in crypto and accumulate gradually.
OP, you've got a point. When it comes to bitcoin, some individuals only consider the investment aspect, I mean the theoretical aspect without giving any thought to the technical aspect. People frequently overlook this aspect, although it is not their fault for doing so. People lose interest in mining because of how the mining tools are expensive to buy.
Without becoming too technical, grasping the fundamentals of mining can be helpful when one starts using bitcoin. Bitcoin is beneficial on both a theoretical and technical level; you just need to decide which one would work best for you and start investing.
Without becoming too technical, grasping the fundamentals of mining can be helpful when one starts using bitcoin. Bitcoin is beneficial on both a theoretical and technical level; you just need to decide which one would work best for you and start investing.
I think Bitcoin is safe to be seen as a store of value. it would be a case of lack of provisions for another option if Bitcoin fails that would make one totally depend on it as the only means of income. Because truth is aside from death, nothing is sure not even a decentralized coin like Bitcoin.
Because of its volatility, it's proper to and advisable according to other replies on here to invest money that will not be damaging because placing all implicit trust on digital coins is a big gamble not everyone would be willing to take. Currently BTC price is 19,823.93, and let's say with the bear season we are in, it's price keeps fluctuating or dropping and assuming it drops to $1k, what happens to those who have nothing else that brings in income?.
I think it's wrong to say your life depends on it(Bitcoin) without considering the risk of owning or investing Bitcoin. The risk is already there it's just up to someone to minimize the risk and not to mention the unpredictable volatility is already a huge risk. They may choose to store Bitcoin as an investment or trade it like a stock in the market either way both strategy have the same target – and it's to make profit.Because of its volatility, it's proper to and advisable according to other replies on here to invest money that will not be damaging because placing all implicit trust on digital coins is a big gamble not everyone would be willing to take. Currently BTC price is 19,823.93, and let's say with the bear season we are in, it's price keeps fluctuating or dropping and assuming it drops to $1k, what happens to those who have nothing else that brings in income?.
Of course, invest only of what you can afford to lose.
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I would not "fully" depend my life in Bitcoin though. I would say that I can depend on its decentralized nature and would help me store my holdings in the long-term without involving those banks that would email me from time to time about my savings that I did not even ask for.Like mk4 mentioned, especially in third world countries where I also reside, not everyone is capable of being able to buy even a single coin if we're going to put into consideration the price of Bitcoin during late 2017s up to present. This is why others are pursuing to invest in cheaper altcoins, but we all know that many of those altcoins are just shitcoins in the end and aren't reliably worth holding in the long-term.
OP, of course there are many aspects of the crypto industry such as mining, developing crypto applications for payments and other purposes, other jobs related to the crypto industry such as programming, translating professional articles into other languages etc.
When it is commented that crypto is risky, it means primarily crypto trading or investing in crypto.
Every investment is of course risky, and before every investment you should analyze and understand the market, set concrete and achievable goals and have a clear exit strategy.
Diversification of investments in different asset classes is also very important.
When it is commented that crypto is risky, it means primarily crypto trading or investing in crypto.
Every investment is of course risky, and before every investment you should analyze and understand the market, set concrete and achievable goals and have a clear exit strategy.
Diversification of investments in different asset classes is also very important.
You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
I guess what you wanted to say, but the way you wrote it makes no sense. Human life cannot be dependent on Bitcoin because it is not something necessary for human life - a living being depends on air, water and food to survive. Bitcoin is decentralized, but in order to exist it needs electricity and the Internet, and of course devices that will verify transactions.
I have read so many comments on how risky it is to depend your life and finances on Bitcoin even on this forum some members have made such wrong comments without adding any explanation to what reason it is to make such comments and assumptions thst can mislead newbies and building a wrong minset in some of the established members of this forum and some other cryptocurrency communities...
You read such comments for a reason, not because someone (at least not the majority) wants to have a bad influence on others (especially beginners). People who don't understand what Bitcoin is are often victims of their ignorance, whether it's a simple financial loss amid falling prices and panic selling, or various forms of scams. How do you think the people who invested their savings in Bitcoin when it was worth $40k and more feel now?
You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
This one here can also mislead newbies and build a wrong mindset. Bitcoin is indeed decentralized, but that doesn't have anything to do with whether you can depend your life on it or not. Furthermore, Bitcoin's independence from third parties doesn't in any way guarantee anybody that he/she can depend on it.
Bitcoin is referred to as decentralized because it doesn't have a central authority that decides or operates or has control over the network. It's not decentralized because "you can depend your life on" it. That statement doesn't seem to make any sense.
I think Bitcoin is safe to be seen as a store of value. it would be a case of lack of provisions for another option if Bitcoin fails that would make one totally depend on it as the only means of income. Because truth is aside from death, nothing is sure not even a decentralized coin like Bitcoin.
Because of its volatility, it's proper to and advisable according to other replies on here to invest money that will not be damaging because placing all implicit trust on digital coins is a big gamble not everyone would be willing to take. Currently BTC price is 19,823.93, and let's say with the bear season we are in, it's price keeps fluctuating or dropping and assuming it drops to $1k, what happens to those who have nothing else that brings in income?.
Because of its volatility, it's proper to and advisable according to other replies on here to invest money that will not be damaging because placing all implicit trust on digital coins is a big gamble not everyone would be willing to take. Currently BTC price is 19,823.93, and let's say with the bear season we are in, it's price keeps fluctuating or dropping and assuming it drops to $1k, what happens to those who have nothing else that brings in income?.
You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
Agreed that bitcoin is decentralized, however this line that we can depend our life on bitcoin isnt always true. Not all have btc and how could we can depend on something that we arent sure of in the future. You ought to mean was we can not stay hungry or losses money for living if we have bitcoin? If this is right, then aboslutely wrong cause bitcoin is a technology and still evolves in somehow but we cant assume it only go yp in value, likely it could be some sort of investment like stock that go up and down so still its not a thing that can save us from poverty or guaranteed us to be rich alone. 
I have read so many comments on how risky it is to depend your life and finances on Bitcoin even on this forum some members have made such wrong comments without adding any explanation to what reason it is to make such comments and assumptions thst can mislead newbies and building a wrong minset in some of the established members of this forum and some other cryptocurrency communities,
The comments are right and not wrong, and they are put out there not to mislead newbies or any bitcoin user, but to give them the right mindset and way to approach the bitcoin network, the explanation for those comments are not hard to find: 1)bitcoin is too volatile and risky for you to depend totally on it, 2)you have to hold it for long term, many newbies do not know, so it is best to tell them so they will invest what they can afford to lose, and then forget about it in the short term and focus on other aspects of their finances, 3)it is very bad to depend your life on one particular thing, not only bitcoin here, 4)... 
I have read so many comments on how risky it is to depend your life and finances on Bitcoin
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Because it's simply the responsible thing to say? Take note that not everyone has the financial capability to simply just buy and hold bitcoin using most of their liquid cash for the long term. And take note that not everyone is going to hold in the first place — A LOT will panic sell; and a lot will be needing cash for whatever purpose.
A long-term goal that will last a lifetime? OP, how many years of life have you measured for yourself? How many years to wait?
And why do you judge what is right or wrong? Everyone has the right to think as he pleases. For some, bitcoin is money, someone is ready to invest in it, and someone is not ready to wait a lifetime.
I prefer a quiet investment, without fanaticism, and without denying my own work, from which I allocate some interest to invest in bitcoin.
Again, I am not rejecting the study of bitcoin, but I am not suggesting that it be celebrated as the center of the universe on which my entire life may depend.
Do you want to refute it?
And why do you judge what is right or wrong? Everyone has the right to think as he pleases. For some, bitcoin is money, someone is ready to invest in it, and someone is not ready to wait a lifetime.
I prefer a quiet investment, without fanaticism, and without denying my own work, from which I allocate some interest to invest in bitcoin.
Again, I am not rejecting the study of bitcoin, but I am not suggesting that it be celebrated as the center of the universe on which my entire life may depend.
Do you want to refute it?
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