Topic: Nicole wants to give up her taxi in exchange for bitcoin (Read 675 times)

It is very unlikely that this is what's happening, people have a tendency to go all in when it comes a particular investment not realizing that you need to leave enough money for yourself and any emergency that may come up, otherwise when you are in a bad shape economically you are going to be forced to sell the assets in which you invested, now you may get lucky and sell your assets when they are very high in price and you get lots of profits but you are relying on your luck on that scenario.

And as we know luck has a tendency of being completely terrible just when you need it the most, so I do not really think that we are going to hear positive things in the future about this particular story.

in my opinion the decision he made was a bit risky how could he not enter cryptocurency just because his neighbor got a lot of money because his neighbor bought bitcoin in 2018 while he entered the bitcoin bullish period, therefore Nicole needs education about cryptocurency again and knows the risks if he wants to seriously pursue it cryptocurency

I was looking for the payment system that using bitcoin in the taxi and I found this article https://hexcars.co.uk/blog/taxi-with-bitcoin/ this article has pointed out that bitcoin is being used to pay taxi.

Previously, we have seen that taxi competitor like UBER and grab have been considering that they will accept bitcoin as mean of payment and if I'm not mistaken that Uber is already accepted it.

Payment that using bitcoin is already popular now and its is become trend for most merchant. Moreover with most companies that spend their fund to buy bitcoin as mean of investment place will be more considered.

It is too risky if getting into crypto by only following others' opinions so that when it doesn't run what we expect, it may make us blame someone else.
However, I cannot also blame her decision because I don't really know the exact matters and her deep consideration. But here are my opinions

1. If she has been are of the risks by putting the funds into Bitcoin, it is okay.
However, what it must take consideration is that at what rate she spent the money to buy Bitcoin by selling the taxi? If she bought it when Bitcoin is in market correction several days ago, she may get a good rate.

2. What is about the funds?
I mean that about the funds that she used for buying Bitcoin for sure. If she used all in, it may be okay if the funds are free funds, not funds that she bet for her life.

3. Bitcoin is still predicted able to reach higher ATH again. If she is willing to hold Bitcoin until the next ATh in this bullish season, it may work well on her. WIth
But in this case, high funds, high profits, and also high risks.

Maybe if it seems to be wrong as you think, it is better to tell her and give her your opinion and also understanding about the risks. Maybe she didn't know the risks exactly.BUt after telling the risks and she is aware of it, let it be.

Finding another source of funding for your bitcoin investment will be the most optimal move to support her bitcoin aspirations. It would be unwise to sell her taxi since it's a big way for her to earn and with the current scenario we're facing, losing another source of income is a death wish. So advise her to find another job, probably something that she's really good at, and use all her earnings from that to buy bitcoin.

She should have at least the idea on whats shes been doing because expecting something which doesnt have an assurance does really hurt when it turns out or goes to the opposite side.
Risk taking isnt something that is prohibited but only to those people who can took of the risk on potentially gaining something if it turns out to be favoring on your side but of course
you would also need to think off about the probabilities on losing money but knowing bitcoin then its really impossible for such thing to happen but dont cross out the probabilities
of losing capital even if you are just holding.

I also support that she (Nicole) ought to get another fund through another means rather than give up her taxi but if the taxi is giving her some trouble giving it up in exchange for Bitcoin is never a wrong idea but the problem is.
Does she understand how to invest profitably in Bitcoin?
Does she understand the concept of the market? If not I will believe she make the decision without caution and choose to invest in Bitcoin due to the current trend of the market and the pandemic stress.

I'm not sure how much taxi driver get either but I believe taxi driver make nice money especially in the US though the pandemic may somehow affect their business as you noted due to the good hygiene practice, that doesn't hinder them from making money and with the daily money Nicole make she can invest in Bitcoin rather exchange the taxi for Bitcoin.
I think this is just a greedy way of invest in Bitcoin.

Not sure how much do drivers get these days but I guess it is up mostly to the meter.
Looking to the current events, it seems a bit of good idea because it is pandemic as there have been a lot of restriction in travel in different countries.
Assuming the story is true, still giving up your full-time job to go Bitcoin takes a balls to do as you know the price is indeed unstable.

Taxi is his means of making money and Bitcoin is an asset to keep.
If he stops driving a taxi, he will lose his income to support himself and his family. But if he has another job to do, there's nothing wrong with selling Taxi to buy Bitcoin as an investment. The biggest risk is that his Bitcoin could drop in price, which looks terrible.

I assume she doesn't have any other business that will sustain her daily cost of living because you said this.

It's never a good idea to pour out your money to an investment that's just had a good run from the same year. I'm afraid she'll be waiting for a profit in the next 5 years If she's trying purchase Btc even at $50,000.
Her decision was just based on her jealousy from her neighbourhood after successfully cashing out their Btc, which is also not a good sign of investment purposes.
The best thing to do is slowly invest in Bitcoin. Everytime she makes a profit out of her Taxi business, she should slowly buy and accumulate Btc. That way she won't compromise her costs of living.

A very risky decision, I can recalled a family sold almost all their property for Bitcoin way back in 2018 that decision already paif off now. I believe these people are aware of the risks but however they are willing to give a shot for better future, we only live once as we know it.

I think that she is hyped with the current bullish trend of Bitcoin.
However, it may be okay if:
-She has decided it awarely
She has her own savings for her life
3. She can take profits from Bitcoin during this bullish trend
- She knows that bullish trend may ned so that it is better to take some profits before it ends.
- SHe is ready for the bearish market
Because the market will not always bullish but there will be bearish. If she has known and ready, just put the trust in her that she can really afford. Now, I think there is still a chance to buy BTC and make profits from the higher ATH again at least in $70k.

Wouldl like to know as well because if this one is a main source of income then it would really be a risky decision that she had made but if she had able to get in with some job and sustain
herself or her family then the bought bitcoin would really have the chance to make some fortune later on but those are just only what if's.Is she aware on the risk she dealing with?
If he's still unsure on such decision and cant sustain anything then better not to make such step because it will really be risking out her living.
Only invest on the amount you can afford to lose.

Was her car the only source of income? If that is the case, then she might have made a "risky move". Sure, if its going to pay off in the long run, but you should only invest what you can afford to lose. Invest your spare money, not your money that you will need in few days. If she is confident enough to get another job and able to lead a life without struggling, then yeah, she did the right thing. Assuming she doesn't fall for those FUDs, and cashes out only when she has reached her profit goal, then she will be doing fine. Nothing to worry about over here. Just tell her to make sure she knows what she is doing.

Most of the time I am very positive when it comes to people buying bitcoin but that is when they know what they are getting into and understand the risks they are taking, this does not seem to be the case here and this means the person doing this is probably going to lose all their money.

We have already seen this, many people bought at the end of 2017 and then lost a lot of money in just a few months, if they just had held their coins then they could have made 3x and that is with just holding, if they bought bitcoin during the time it was really cheap they could have lowered their buying average and breakeven way sooner, but this is something that only those that actually believe in the technology can do and it does not seem this is one of those cases.

Never buy loads of bitcoins when the price is at a ATH.... and Never buy bitcoins with money that you cannot afford to lose. The Taxi was her sole income (I presume) ....so why would you risk giving up your daily income from your full-time job ..to buy Bitcoin?

You cannot look at the price history and then expect for the price of Bitcoin to repeat that price performance in the future. The Bitcoin price is not predictable and we saw what happened after 2017 ..when the price was at a ATH of $18 000 (If you do not know, then I will tell you... it dropped to $3000+ ) 

What is she going to do to eat and to pay her other expenses?

But when Bitcoin will be accepting for payment in a taxi?

in 2017, many made money on bitcoins, but it is not known what will happen next

it's not a good idea to go all-in without even have plans for her where to get the daily needs, she's going to spend the BTC she bought later on. she's gonna end up looking for a job instead of having a steady income thru the taxi business. 

why not accept BTC as payment for the taxi ride?  with this, she can accumulate BTC from the Bitcoin users, doesn't even have to buy.

This story also reminded me of the people who had invested everything in OneCoin, it might not be the same but there is a probability that they will be the same if the prices go down. I do agree that we have to take it slow when we are investing in bitcoin but a lot of people are greedy and they don't seem to have any rational thinking when they see what bitcoin could've given them and not what they can get when they invested in it. I would go for not selling the taxi in exchange for bitcoin because you could've make more money out of it instead of selling it and the money made there is used to invest in bitcoin and little by little build up your wallet.

This reminds me of a family that sold everything they had and bought bitcoins.
Bitcoin is at its peak at the moment there can be a support check soon of lower lows, and getting into bitcoin when its 50-60k could be heart breaking for her if she’s getting in for a short term.

- I’d say she should buy bitcoins slowly. Eg - 20% this month, 20% next month, and so on. This is just my opinion if she’s going to hold them for long term.

I will also go with the idea that she must not sell her sole source of income to buy bitcoin. Bitcoin wild swings can go in both up and down directions. Like bitcoin price is continuously going down. What if she sells her taxi, buys bitcoin and bitcoin start going down. She can be struck for years..

A decision like this I think isn't advisable at all. It is just like all of a sudden you wanna go all-in on something and have no backup plan at all. Investing in bitcoin is a really good investment don't get me wrong the only not smart move here is having no extra source of income and just straight up going all-in on bitcoin.

I'm sure Nicole has been running a taxi company for a long time, very pity if it has to be exchange for Bitcoin. Because she was influenced
by his neighbors who managed to buy property from the profits he got from Bitcoin. I don't think so hastily decide on such an important thing,
because in my opinion it is very risky if it turns out that the Bitcoin price does not go up as expected. It is true that Bitcoin is a profitable asset,
but Bitcoin is perfect for long term investment. Meanwhile, Nicole earns income for her daily life from the taxi business she runs, it is too risky
to exchange it for Bitcoin. Why not buy Bitcoin from some of the income she get from running the taxi business.

It would turn out to be an impulsive decision to be done if she will just let loose of her taxi in exchange of purchasing Bitcoin and without having any back up source of income in her hand. Better tell her to take caution upon doing her decision and do not just be driven by the reasoning that her life will be better on hand with Bitcoin because you know yourself that it will be a tough decision to start from scratch and she will be like to staking her taxi that seems to be her primary source of income in exchange for funds to be use on crypto. Better tell her that instead of giving up her taxi, just only invest what she can afford unlike putting her taxi in line that is all or nothing situation once she committed mistake then it will be all gone.

Probably taxi was not the only one source of her income or she have put some money for life aside and only then invested in BTC. I am more assured now than ever that BTC will soon increase more but all in all it’s not reasonable to invest everything. We still dependent on fiat money and it will take years to implement crypto in everyday life.

If she is looking for the long term, then you can advice her to wait for a correction rather than investing when the market is at an all time high valuation. Selling her taxi means she is going to be out of work for a long time and what will be her alternative source of income. Before jumping to these conclusions about making a fancy profit you need to think about the maximum profit you might make if you invest now.

Did you know how much she/he earn everyday for driving a cab? You should ask her/him if how much since it's pandemic i know its higher fare than normal day if you are a cab driver and you drive daily in your daily routine you can get 5-10 passenger depends on the situation and day  and if his advertising his cab just for rent a car then much better let's say that in his daily earning much better if he saved that and start buying crypto for small percentage of price and you will need to do is to teach him on what todo then it's a win win situation.

Buying bitcoin and only bitcoin to store your money long term is probably the best choice in this market, however your neighbour is taking for what I can see a rushed decision, she wants to achieve the same results one of your neighbours got, but he bought at 2018 when the entry price was way lower, and what is worst she is only thinking about the profits she can get without any knowledge about what makes bitcoin special and why it has such a high price.

And if all of that was not enough then it is fair to say that the taxi is probably her main form of income and does not know anything about investing, all in all despite choosing the best possible asset in the world she is going to lose money taking into account all the factors I described above.

There's another family that travels using Bitcoin? I can imagine them having a hard time finding stores, especially small ones to accept crypto.

bad idea


she can't sell her taxi to buy bitcoin, it would be a terrible idea

so here's what she should do:

in my country for example the taxi business can easily make a profit of $350 to $500 a month

if in her case she can get $350 a month she can take $50 each month and buy bitcoin

The over aged criteria is another factor that would certainly lead to someone selling her property for bitcoin, normally, before she had taken the decision to sell off her asset (car), she might have saved a lot of money somewhere, who knows. After all, I don't think she will just finalize buying bitcoin without doing a proper research about how to secure her money, if for instance her phone is misplaced, her instructor may have told her how to to keep her private keys in an offline, that's written down on a paper., So there's no way Sher can loose her Moe if actually her phone got lost except she's a novice and didn't look for instructions on how to keep pk.

Maybe it's the right decision, but it's probably too risky.

If it was a few months ago i think it would be a brilliant idea to invest such a big amount on bitcoin but now its a long terme investment because i think it will be a moment before bitcoin will start to go up again and if the taxi is her only way of income i think she should think carefully.

Since the taxi is her only means of earning an income, I think it's quite an unwise decision for her to sell the taxi to buy bitcoin. As much as she'd be making profits on the long run, Bitcoin is unpredictable which means she might have to hold for a long time to make the desired profits. How then will she survive? How will she pay her bills and all?
Since she's working with the taxi, I think one of her options should be getting a loan to buy the bitcoin which she can pay back with time with proceeds from her business.
Another option is to not buy and hodl bitcoin. Instead of hodling it, it quite better to take out to learn all there is to trading cryptocurrencies. that way, she can trade full time and make money actively

Is she owns a taxi company or just a taxi like one car? if it is the latter, then I guess it's much better if she would keep it and make active income on it, then get your capital on it that you wanted to invest in cryptocurrency, because that's much safer than risking what she has it all.

I think risking her taxi seems like she was getting by a FOMO fever and not thinking about the possibility that might happen in the future. What I meant is that the market is very unpredictable and it's not good if we'll risk all of our money on Bitcoin. Because if you invested it all in one shot and if the market turns to a bearish one, then you might withdraw all of your Bitcoin because of FUD causing you a loss of profits.

Yeah The most controversial story back then and even the Medias did not stop searching for the whole family that lives in poorest first after selling everything for bitcoin.

And there is also a family that travels for many countries using Bitcoin only.

This act of support for Bitcoin will benefits them sooner if they will care to Hold and risk for much time and don't look for profit overnight .

That is the ideal thing to do but in this case, the person in the story did an all-in with bitcoin, I hope that the person knows how volatile and risky investing in bitcoin is. Maybe she sold taxi business and invested everything which is going to be a disaster waiting to happen. I mean she could have started low on bitcoin investment and kept the taxi business and keep that income stream.

I think it's better to spend a little bit of your savings, or total amount of money you have on Bitcoin. It's it's important to have extra money reserved for other important things that you need for living a good life.
By the way, I wonder if she sold the taxi and invested all the funds (or part of it) in Bitcoin, or is that trade by barter, or did she abondon her taxi business to invest part of her time and money in Bitcoin investments?

Exchange of taxi to Bitcoin, shall it's possible because some people are aged and also tired of man power business, considering the factor that cryptocurrency is only needs brain work not with man power that consumed energy, it's  some show encouraging to use what you have to get what you want, obvious as stated by op, Nicole exchanges taxi to Bitcoin.
This is interesting and the same time surprise, if the taxi is the only source of living, I don't think its encouraging from my perspective to operates in such functions now assuming after purchasing Bitcoin and she misplaced her phone and someone happened to have access to in wallet and hijacked all the Bitcoin what will the remedy, irrespective that having Bitcoin is good but to a certain point we have to be truthful to ourselves, people going into Bitcoin does not mean Bitcoin is the only source of generating incomes. In conclusion its good if she have any alternative of getting daily bread than expecting fast profit immediately enrolled to crypto life.

What happens to her if she starts buying bitcoin daily with interest from her Taxi? Bitcoin is a very volatile investment it needs patient and security. I believe she's quitting her taxi to focus on Bitcoin because of its security. I wouldn't advice her to go that way however, if she's cool with her decisions. I believe she's old enough to make decisions that would grow her. Whatever everyone tells her now is an added advice to already made up mind of hers, just give her the dangers involved in not securing your bitcoin properly and allow her blossom on her new adventure.

Better keep the taxi because it will pay their bills. However, her investment in bitcoin has no assurance that it can give her regular income as it depends on the market. Now, that bitcoin is going down, she will think twice if she is ready for this volatility issue. In my opinion, don't exchange a job or an asset that is giving you regular income to unfamiliar venture. I believe she is a newcomer also in crypto. So it is really not good idea from her end to dive in crypto in exchange of her regular source of income.

Better to remind her once she entered to the cryptocurrency be prepared if what is possible to happen to her money because bitcoin value is decreasing also fastly not only increasing and once she invested to the bitcoin make sure she forget being emotional during the bear market because once she are emotional it is possible for her to sell her bitcoin even she is lost some of money or sell low that is possible to happen she better to not give up of what she have right now but to add some opportunity like the bitcoin..

That's exactly right and will I guess Nicole now is full of regret seeing the bitcoin price continues pullback in the market. I guess a short correction and will later on it pump again, but who knows, no one knows what will happen next or in the future.

There's nothing wrong if Nicole invested with the amount that she can afford to spend not including the monthly bill and allowance, if they only rely on the revenue or income of the taxi driving, that is not a good choice.

You should know the story first why she has to give up her taxi and what made her mind using the money for bitcoin. All of us are saying that everyone should buy bitcoin.
But once we know the story of the person why they're doing decisions that are good at our first thought, there must be a deeper story and meaning why she has to do that. I hope that she does not experience that much problem for her decision while we're waiting for a higher ATH.

If this one talks about single taxi unit and selling it off then i can say that it isnt really a wise thing to do since this is the only way she could get some income but if he had some other source then its a considerable act.

As long you have told him about the risk then theres no way you can stop here on doing on whats into his mind specially if she sees someone who had become rich or financially capable because of bitcoin investment.

Sometimes these kind of perceptions cant really be right from the start and people should really be thinking off on the particular risk involved rather than on going into the waters without further research
or awareness on how these market moves or works.

The decision of this lady is very risky but the one who does not risk does not win. Maybe she was waiting like big investors do for the price of bitcoin to drop to invest. The biggest bitcoin advocates forecast the highest bitcoin price.

PlanB on Twitter, left his job to dedicate his time to bitcoin. In a recent survey, his followers responded mostly that the price of bitcoin will be around 100K before December 2021. If this prediction comes true, Nicole will have won in her investment.

Nicole should calm down, it's not a good decision to rush things because bitcoin is pumping, that's exactly the definition of FOMO and most likely it will end up with regret. We might like what we are seeing now but the history of bitcoin always tells that bullish period are short while bearish are long.

I think she was too rushed to exchange her taxi with Bitcoin...
the taxi business certainly has a good market and everyone always needs it, I think it is better for her to exchange the profits she gets into Bitcoin. the term she changed the assets of her taxi company to Bitcoin slowly.

It's a terrible idea. Here are the reasons.

1. Bitcoin is at an all time high and can crash 90% just for laughs.
2. The taxi is a tool that allows her to use her time to earn money. If she can't find another source of income that is as good as her taxi, she's throwing away her means of survival.
 

It's just a bad idea all around. At this point this leaves the realm of investing into the realm of gambling. If these were funds that she could afford to lose (like extra savings) then
that's a different discussion altogether.

I'd explain that to her. I'd let her know of the price history of bitcoin, in particular the crashes and help her understand the risks.

Yes, bitcoin could go up massively but it could also go down massively.

Finally, and this is important, is she selling a physical taxi, or some sort of taxi medallion (like in new york). I find it hard to believe it would be a good idea in most situations to sell a vehicle for a source of investment funds as you always lose money on selling vehicles (unless you already bought used and fixed it up or a collectible).

If that’s her decision, then I assume that she already know the risks and must fully acknowledge it. As the old saying goes, only invest what you can afford to lose. If she can afford to lose that amount, then it’s on her. But it’s better to diversify her investments instead of going all out.

This reminds me of my sister who wants to go all-in on Bitcoin. She wants to convert all of her bank savings into Bitcoin. But I told her that’s not a good idea to go all-in, but rather invest what she can afford to lose and learn about diversifying into other long-term assets like Ethereum, Cardano, BNB, etc.

That's interesting, how people can be inspired and be sure to change theire life so much. In this case it's kinda dangerous, but i think she's got a chance. Whishing her luck!

That's a bad idea, maybe she got FOMO.

Giving up a business that is making profit for a hope to make more profit is a bad idea.
Bitcoin is such a risky investment while Taxi business is not, that kind of business, you can make money on a daily basis but bitcoin is volatile.

maybe I would understand if she made that decision during the bear market, but during this time, I can sense a FOMO.

Do you mean that this person owns a car which she uses to provide taxi services to people, and this is her main source of income, but she wants to sell the car for BTC? I'm pro-Bitcoin, but I think it's a terrible idea. One should never put survival at risk when investing money. And how much can that car be worth? If she loses a job and gets Bitcoin, she will have to then spend Bitcoin slowly on basic survival needs, and if the price falls, she'll spend this money very fast. If she's a popular taxi driver, but she wants to get in on Bitcoin, why not just accept BTC as payment for her driving services? This way she'd be able to both hold a job and slowly accumulate some BTC.
Buying Bitcoin at such a high price is very risky, and depriving oneself of the main source of income for that is potentially life-ruining.
If she's tired of her job, however, she can first try to secure a different one, and then sell the car for BTC. It's just that there must always be a backup plan in case Bitcoin goes down, and having a source of income is crucial.

I think that kind of decision is not good at all, what happened to the mentality "invest what you can afford?" It is just like selling your house and living in a street just for Bitcoin. What happens if your neighbor invests and the market crashes, she will have to wait for another bull-market to get back what she had. She'll have no other means of income if this is the only source she has and she'll sell it. She has to think over her decision and not expect too much from investing in BTC.

That's her only income? then that's actually a reckless decision. Tell her that Bitcoin isn't a quick money maker, where she needs to wait for a considerable amount of time to really see her profit in the future. If she's willing to wait a minimum of 10 years, then sure, she can sell her taxi for Bitcoin but she need at least a job to sustain herself and not depend on Bitcoin, especially during this time of pandemic.

Well, my concern is whether she has another source of income before going about this because it’s going to be a whole lot of risk investing in Bitcoin without having any other source of income. If this taxi is her only source of income, my advice would be that she shouldn’t sell it, it’s best she continues with it, and if it’s possible for her let her try to reduce the level of expenses that she makes and try to save up some money and when the money is enough she can invest it in Bitcoin for long term and continue her taxi business while she waits for the right time when Bitcoin is going to pay her.

Maybe she’s yet to understand that Bitcoin is not a quick source of income, if this is the case then it is up to you to teach her this, that Bitcoin doesn’t bring quick wealth, it requires patience and even hard work. That’s all I can say, before selling her taxi she should first of all secure another source of income.

If I am in the situation of Nicole I wouldn't exchange my taxi for bitcoin, having a taxi is a sure income and I wouldn't take it at risk for bitcoin, the good thing to do is to earn money while driving and then save that money to buy bitcoin. Both are a good option but for the safety and security of income just keep your taxi on you.

Not sure if you're aware of this but some guy in Netherlands sold everything, including his house for Bitcoin during the 2017 boom. One hell of a ballsy move and despite the crash afterward, he bought more.

Now he's a multi millionaire/ billionaire.

Nice Story and I'm sure this was Inspired of the Post back 2 years ago when He sells the Car of Her Girlfriend just to buy Bitcoin and years after ? here he is now Profiting with more than 10 folds i believe.
i think it is not about the Girl or the owner that he is more concern but instead he is Very proud that a taxi company is risking his Whole business just to invest in bitcoin and this is something that we must be proud of as Bitcoin believer also.
Who cares about what he knows about this person ? He is just sharing what He knows happening near Him .

I'm not really sure if she will starve to death, it's either

(1) she has a savings already, that will last her a good year or two, so she invest what she can afford to lose
(2) she will probably sell at some point to get profits, at least get some so bring food in the table

We could already speculate that before she sells her taxi for BTC, she had think about it over and over again and that is her final decision. You can also see another example here, This family bet everything on bitcoin when it was $900 – and bought more when it crashed in 2018. It's the risk that they are willing to take.

Very difficult decision to make although there are people who have done similar.

Its one thing selling the Taxi and getting into Bitcoin but at the cost of giving up a
weekly/daily income.

Someone has mentioned it above and I can second it, consider a loan. I did this
last year and it has worked excellently for me but I did it at a more opportune time,
at the start of this bull run.

If Nicole is happy to sell the Taxi and move to Bitcoin but has maybe a different job
lined up or another regular income then fire ahead.

First of all bitcoin is a currency not an investment to get rich quickly. It is like saying she wants to sell her taxi for US dollar to become rich.

Secondly bitcoin is very volatile, that is one of the reasons why everyone suggests that people should "invest" what they can afford to lose. So that if tomorrow price fell from $62k to $53k they don't lose their mind because they would see all their life savings shrink all of a sudden in less than 24 hours!

And finally bitcoin is growing over long term not in a short term. Meaning even if it falls toady in a couple of years from now it will be worth a lot more. This is another reason why people always suggest to invest what you can afford to lose. Because we may not see any significant rise for a long time like what happened in 2018 even though $3k-$6k prices are like a dream today it is impossible to invest everything you own in bitcoin and still hold for 3 years to reach $60k.

This is a story of someone who fears on missing out and wants to go all in.

In Nicole situation, she shouldn't hurry in buying BTC. There are other ways to own BTC without having to sacrifice everything. @Welsh already pointed out accepting BTC as payment from riders or she can also start buying satoshis using a portion of her income from the taxi. It's the longer route but the safer one. If she'll do that until the next halving, who knows if she will be the one buying properties like her neighbor did in 2018.

The entire taxi/uber/lyft industry is about to overrun with Tesla RoboTaxi, Full Self Driving, fleets of Tesla EV's.

California AB 5 just threw the human driver industry under the bus.

The future is likely in shared FSD vehicles.

Ok fake story I know but:) Bad move, but it's up to her and if she's only got herself to pay for then it's a risk I'd be willing to take too especially if I can qualify for welfare which I guess she does or she'd never even consider it.

How much is her taxi now anyway? $15k? Not even a third of a BTC. I bet you if she drives and converts the income to crypto she would earn much more after a year.

Assuming that the story told by the OP is true, I don't believe everything I read on the forums, what I see is that this is typical of people with the mentality of hitting the big time. It is much better and less risky to gradually buy what you can save, with DCA. I believe that Bitcoin will continue to be the most profitable asset for years to come, but I think that person is playing roulette.

If driving taxis is her main(or worse, only) source of income, then this is definitely not a move I'd recommend. Because unless she has a boatload of cash ready to spend for day-to-day needs, where would she get her money then?

As much of a bitcoin bull I am, letting go of sources of income for bitcoin is something I wouldn't do, and not something I would recommend. A better and more responsible move would be to use some of the taxi driving earnings to buy bitcoin.

This is a stupid step and it can easily be mistaken for a brave step because the line between bravery and stupidity is a hair's breadth, Nicole could've used the profit for the taxi services to slowly buy bitcoin and to keep the taxi, I mean bitcoin is a volatile asset compared to a taxi service that could guarantee a daily profit, and if the taxi business declines, they can just adapt and do Ubers or Lyft.

This is a pretty brave step to turn a business that has give income into a risky investment, but it could be that he already considered everything beforehand, and his decision to sell all of his taxis and buy BTC because the income earned from the taxi business began to decline due to this pandemic, she thought to secure residual assets on investments that can provide large returns.

I even think this is not a good step especially if she buys coins based only on suggestions from people.

This story is actually not very clear because it could be that she already has reserve funds to wait until his investment in BTC gives her the profit she has targeted.

"Don't invest what you can't afford to lose.", people are saying that switching to bitcoin is a good idea, yes it is but we should consider other factors before switching to that.

Nicole should also check if he is really willing to invest on bitcoin and he wants to manage it and become a full-time investor of bitcoin.

Because there are some people who are only willing at first and they are impatient about the market and starts to make wrong decisions. They sell in the wrong time, decide in bad situations, and lose their money along with it. It is much better if he will save first in driving or take a loan in the bank but it is much more risky than saving.

For this type of business, and considering various factors including. but not limited to; Security risks, lack of business in Bitcoin to justify it, waiting for confirmations, and the fact that Bitcoin is generally quite volatile it might be worth giving them the advice that they should probably look to invest in Bitcoin, and not accept it right there on the spot. As we know, confirmations ideally should happen before accepting a coin, just for good practice. However, this might be unpractical when it comes to short rides, and you would probably have to delay the passenger.

I don't know, but I just don't think Bitcoin works well in this instance. It takes time to make a Bitcoin payment generally, with various factors someone has to take into consideration, but when someone is using a taxi service they are generally in a rush, especially in the cities. So, they want to make payment as soon as possible.

Of course, they can always accept Bitcoin on the side, and the normal advice of investing in Bitcoin still applies.

And I would if the person wants it so much that she's thinking about selling her car which is her main source of income just to buy bitcoins. In such situation taking a loan is a much better choice.

Consider 2 possible bad outcomes and compare them:

She sells the car and bitcoin goes down. She will not have money to buy her bills and could be forced to sell at a loss.
She takes a loan and it goes down. She'll be in debt but still able to make money to buy food and pay bills without having to sell bitcoins.

At current price how long could she live off what the taxi gets sold for?

Cryptocurrencies are a risky investment. It would be quite a gamble especially if she doesn't have enough funds to cover herself over the next few years if it does badly.

If she could live off 2-4% of whatever the taxi would sell for then it might be worth it (as she could invest half). However, she might instead be better off accepting crypto as payment or giving herself a "bitcoin tax" so she takes off her profits the same amount as she pays in tax and invests that for a more stable return.

Also remember bitcoin has seen crashes of 80+% before.

I would not advise someone to take loans in order to buy Bitcoin. The golden rule is to invest only your own assets that you can afford without any harm for your lifestyle. Personally know persons that took loans in 2017. I think you can imagine the full spectre of their feelings in 2018 after Bitcoin's decrease. And the one more golden rule is not giving advices. Of course you may tell good arguments to her, but you may be blamed in her wrong decisions after unsuccessful results. It is better to try making the analysis together of the risks and other points, but giving her the right to choose.

You know much better about Bitcoin than your neighbor so I think, it's pretty good if you give her advice.  

All I can say on this whole story is, "Invest of what you can afford", because investment in crypto or in Bitcoin need to be patient and it could be take in a long-run process of holding.

If she can survive financially in a long run, that could be.  Bitcoin investment might give a better profit but there's no time frame when it will happen.

Not so, if the amount that she willing to invest in the amount that I have mentioned above.

The safest investment, in the long run, is Bitcoin, IMO, there's no need for other coins.  Just focus on Bitcoin.

If she doesn't have another source of income aside from that taxi driving, it's better to secure first his daily financial needs with a stable source of income than gamble it is investing into crypto.

I don't know how much she's making from driving, but maybe it would be a better idea to take a loan since she's a person with an income, probably also a registered business owner. It shouldn't be hard for such a person to get a loan and invest that into bitcoin while still holding on to her job.

If she's popular like you're saying it means she has an established brand in your area. That's very important and usually hard to achieve. I wouldn't throw that away.

A popular taxi owner in my neighborhood(Nicole) has decided to give up her taxi in exchange for bitcoin. This is a recent development that actually caused reserved comments from other residents of the same neighbor hood. I was of the opinion that she rather source for funds from other means other than giving up her taxi but her mind was already made up. Could this be a brilliant decision or did she act without caution?

I still have to talk to her but first I need to get responds so I would know the best advice I can dish out to her. Considering the fact crpto market isn't predictable and this happens to be her only means of survival is her decision really worth it. Is it really wise to trade her funds in this direction?

I am certain she would make tremendous profit on the long run but what happens now. Is she going to starve to death. She took this decision when one of her closest neigbour purchased a landed property after withdrawing from the bitcoin he bought sometime around 2018. This got to her. She felt her taxi business will not secure her the kind of future she has always dreamt of. This lead her into buying this bitcoin

I understand she is securing the future both for herself and her descendants. But how about the now. Would she be able to cope with the hard times. Or is there a better way of going about this so she can sustain her self from the bitcoin she has purchased.

If she was to split the funds in purchasing other coins it would have been appreciated as well but all she wants to buy is bitcoin. what is the certainty bitcoin will remain on the bullish trend. Is there any guarantee that the price of bitcoin will continue to rise beyond its current market value. This is matter of future security so I decided to bring it up here so she can be well guided on how to go about her funds without making mistakes she would end up regretting