Topic: Never depend on cryptocurrency as your only source of income. (Read 948 times)

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

When my friends started cryptocurrency few years ago, they seriously engaged in trading, but I knew nothing about trading then, I was just learning from them, during this last bull run, some of my friends that started trading, decided to quit there job just because they believe the money they are making from trading is sufficient for them and they don’t have to be stressing themselves going to office everyday since they can make enough money from cryptocurrency without going out. I advised them not to quit but they didn’t listen to me, now that we are in bear market, all of them have been frustrated since they are not making money from cryptocurrency and they already left their job and is not really easily for them to secure a new job, currently coins are down and this is the best opportunity to buy more coin but unfortunately for them they are selling the coins the already bought to keep for long term just to take care of themselves.

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea, most people can’t really hold there coins because cryptocurrency is their only source of income, which whenever they are in need of money they endup selling the coins which they purchase to hold for a long period of time, but if you are having other sources of income whenever you are in need of emergency money, you won’t sell your coins, you can get money from those other sources of income you are having.

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

We need to avoid a lot of misconceptions surrounding thos topic of the source of income as this term can be defined in many terms and under different conditions, I have a friend who does not have any other job aside from cryptocurrency trading and he is making good profits from trading after he spent many months-Years learning the skills.
So having only that source of income in trading is sufficient for him and he is having steady savings, so why should he now worry about having cryptocurrency as a source of income?

We need to avoid a lot of misconceptions surrounding thos topic of the source of income as this term can be defined in many terms and under different conditions, I have a friend who does not have any other job aside from cryptocurrency trading and he is making good profits from trading after he spent many months-Years learning the skills.
So having only that source of income in trading is sufficient for him and he is having steady savings, so why should he now worry about having cryptocurrency as a source of income?

even just depending on your stable income alone will not be good, now the term side hustle is not new anymore, many people are indeed forced to have more than one source of income to support their already stable economy.

Even in cryptocurrency, you can have many ways to generate side income such as trading, becoming an escrow or exchange service provider, writing to earn crypto, bug campaigns or signatures. 

therefore, never just depend on one income, there are many other opportunities out there that we must take advantage of.

Newcomers to crypto should take note of this, it’s important not to depend on it fully as the only source of income because its unstable and unreliable. You might be doing well now and the market could just go down and change everything for you. So always have a stable paying job to support your crypto just incase.

Newcomers to crypto should take note of this, it’s important not to depend on it fully as the only source of income because its unstable and unreliable. You might be doing well now and the market could just go down and change everything for you. So always have a stable paying job to support your crypto just incase.

Indeed, Quitting from previous jobs for crypto will be a bad decision moreover for newbies. Never think that we can be rich sooner in the crypto business because crypto is high risk and we must be wiser for this. We may be able to be rich because of crypto, but we still needs process for that, not like gambling with luck only.

For my little experience on cryptocurrency today I can say we can defend on cryptocurrency but not trading on bitcoin most people take trading as there priority on bitcoin.
Some don't boarder to have much knowledge about cryptocurrency before engage in the forum , so is better to have much knowledge.
And you're true by saying no one should use only bitcoin as source of income anything can happen which you may not be able to afford

it is rather difficult if we don't have passive income every month in the sense that we don't have any other work besides earning income from cryptocurrency. Now, from what I understand, maybe it's better if we look at business opportunities, I mean we can take advantage of trading results to open a side business in the real world so that gradually without realizing it, we have two incomes side by side every day.

There are many ways to get to Roma. that's the saying you have to make. and for those beginners in crypto it's better to learn first before investing or trading and don't be greedy for the profits that come. use the crypto business to be able to open another business in this life.

Never depend on cryptocurrency as your only source of income.

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Your friend risk too much without thinking some alternative if things go south and cryptocurrency trading is not for everyone. We should not rely on a single source of income especially in cryptocurrency because of its unpredictability due to high volatility movement.

Just ask this to yourself or to your friend "what makes you think you can survive in crypto space?" Especially if your knowledge is too limited to trading only, there are people who did this, some did great while some didn't make it the same as what happened to your friend.

Trading is not for everybody.