Topic: Should I invest in cryptocurrency or start my business? - page 6. (Read 1126 times)

I will not recommend you use all your money to invest in cryptocurrencies. Because, using free money is the most appropriate, namely money that you don't want to use for anything, when it turns out that you fail in this investment, you won't have a problem. Because investing in cryptocurrency has a very high risk. Don't believe someone who says investing in cryptocurrencies will make you rich quickly. this is not entirely true.

I will prefer to suggest you divide your money. Some higher percentages to start your business that you really know. and I think that before your business is stable, you are better to stay in your job, don't quit at first to avoid some problems in your financial system. But if your business is likely stable, you may consider it.

You can use some smaller percentage of your money to invest in cryptocurrency. I will only suggest investing in Bitcoin because this is the most trusted and valuable crypto. But, never think to get a quick results. Investing in Bitcoin is much worthier in long-term period. At least, you can invest in Bitcoin by buying them right now and waiting for the bullish era. So, you can add more investment in Bitcoin using other free money while your business is also running well.

There are a few questions to answer before making your decision on which to chose.

• How long are you willing to hodl
• Do you have plans for this money any time soon
• How good are you in managing business
• Are you willing to learn how to manage secure your keys
•  How much capital is involved

How long are you willing to hodl
As a starter Bitcoin should be the preferred option for investment and to profit from Bitcoin it will require holding for long. The term long has no specific time frame it could be 6months, 1year, 2 years or even more depending on how fast it takes price to go bullish.

Do you have plans for this money any time soon
If the money has a short time need then business should be a better option for your said capital. business too rewards but the difference is that Business will give earned/ active income but if Bitcoin starts rewarding it comes as a passive income where you get rewarded just for holding.

How good are you in managing business
If you are good at business management having a business and investing in Bitcoin can be another alternative. That way it will be the proceeds from the business that get invested. It will be a good way to manage risk as well.

Are you willing to learn how to manage secure your keys
It's not enough owning Bitcoin knowing where to save them is more important because your keys are as important has your investment. Always chose cold wallets. Most preferably run your own node.

How much capital is involved
Starting a business is more difficult this days. The cost of running a business gets more expensive has inflation rate keeps hitting the roof. If your capital is good enough to give a passive income then business can be a good start then the proceed used for investment. But with little capital investment should be preferred.

Don't just see the potential for profitable crypto, but you also have to really understand the potential risks that will arise if you don't really understand what you are doing. Investing in cryptocurrencies is not as easy as you think, the risks that will be incurred will also be very large if you are not prepared with everything and some basic knowledge. starting your business in crypto also depends on regulatory issues set in your country, don't violate the rules that have been made. If crypto is legal and allowed as an official transaction then many businesses that you can build with crypto, not just trading but business goods and services can be integrated with crypto.

Before I give my suggestions, I'll love to ask you some questions. What do you consider your freelancer job as? Do you consider them as mian Job or side Job. If your freelancer job is a side job then focus on investing as it's obvious you already have a main job that take most of your time and adding a business to that won't be recommended as you can't jungle them all which will lead to you losing out. But if your freelancer job is your main job then you can start up a business along with that and with time you can shift focus to your business to make it a main job that you give more attention while you turn your freelancer job to a side John.

Irrespective of all this, you won't be doing yourself anyharm by turning in some funds into investing in Bitcoin and holding for long term. Don't make investing your full time job but whenever there's an extra cash, save them in investing in Bitcoin. This is the surest thing to do now as in 5-10 years time, Bitcoin will be trading at outrageous price that you won't forgive yourself if you didn't get you hands on them now.

I'd propose splitting the money. Take a portion to establish a business and a portion to invest in bitcoin. If you're confident in the potential of the business you want to invest in, go ahead and do it. The small profit you generate there can be used for your family's sustenance while also contributing to your bitcoin savings if you still have enough profit to invest more into it.

I'm so confident that you'll earn from your bitcoin investment rather than the business since I don't know the nature of the business. Bitcoin has the potential to recover its previous growth rate. Investing in bitcoin is a good idea right now because you will not be sorry. Hold for as long as the market remains bearish until it recovers. Then you'll be able to witness the fruits of your investment.

Don't think of your bitcoin investment as a savings account that you can dip into whenever you need money, which highlights the importance of focusing on your business as well. If you want to gain a lot of money from your bitcoin investment, you should never rely entirely on it for your daily sustenance. Instead, concentrate on your business and watch how your bitcoin investment grows over time.

Do not complicate things. If you have a reasonable amount of money, then you can invest half of it to bitcoin and invest the remaining half to your other desired business. That way, if bitcoin fails, you still have other business to generate an income for you. Do not go all in with bitcoin, the risk is too high knowing bitcoin is highly volatile.

If your source of income is not enough to sustain you then I will advice you to create more source of income first(business) before you investing crypto. Having more money for daily consumption will save and help you to concentrate,  not depending in your investment even if the market price falls. But if you are okay with what you earn as income it is good to invest in bitcoin,  a long-term investment.  The market right now is good for long-term investment.

I would suggest you establish a business but this depends on the amount of money you have saved so far and also invest in Cryptos precisely Bitcoin and you have to note that investing in Bitcoin involves some kind of risk because the market is very volatile and it also involves being patient.

Why I suggest you should go for the two options is that so you don't have to regret in the future, maybe if you only had established a Business and later you see Bitcoin skyrocket in price or only invested in Bitcoin, later the price of Bitcoin falls lower than the current price and you start regretting, therefore going in for the two will help you not to miss out on both.

Making investing choice should depend on your interest and how you can achieve that. For you to be a good crypto investor, you must be ready to learn and ready about how you can about your journey to become a crypto investor. There are a lots of crypto scams and weak coins that could make you lose all your funds in seconds which is the reason why you need to be very careful with how you are going to get things done.

If you also have interstate in investing things then that is okay because it is good to spread your eggs not putting all your eggs in one basket. Investing in crypto and other areas too so that you can have random investments which are cool.

All the advices here pretty much contains all of the information you would need to make a decision, cause the final decision is yours to make, others can only make suggestions with the information you provided (which isn't much).

Your understanding of Bitcoin and the business you plan to enter should also help guide your decisions. Both investments have their own fair share of risks, BTC has a significantly less risk when compared to many altcoins, and some businesses are more risky than others (and possibly even more risky than holding Bitcoin).

For any of your investments to be successful, DYOR - Do Your Own Research.

If you do not know, take a step back and think it through. Everyone is different, and your path will depend on your own personal situation and skills. Figure out your goals and aspirations in life. Does "be a investor in cryptocurrency" make the cut? If it does, then go for it. Investing in your own business is probably a safer investment. But, it is all about the mindset you have. If you believe in cryptocurrency and think it will be a viable investment option in the future, then invest. Just don't pour your life savings into crypto!

Put crypto as your last priority. Continue your freelancing career while establishing your business as we never know when these prices would last before bull run starts again. It would really suck to get losses these days just from how our current economy goes lately.

At the end of the day, if you have some money that you afford losing, then that might be the cue for you to buy some crypto though I would advise you to think about it thoroughly. It does not matter how many or how much since you got to start somewhere anyway.

Bitcoin is better known as a long-term investment asset for everyone, you might consider bitcoin as one of the reasons why you should invest in crypto. Bitcoin allows you to buy lower now as the -76% discount is still in effect, you should decide to invest in that soon if you are starting to believe bitcoin is one to recommend.

So you should own bitcoins instead of trusting other cryptos (altcoins), and be a long term holder.

If you have saved a reasonable amount of money why not continue because it is good and also stable for your finances or maybe it can be made into other assets such as Gold, Property, or other more important assets compared to Cryptocurrencies which have high risk.

You, as a beginner, want to invest in cryptocurrency, you will not necessarily get good results, but you will have a bad experience because you as a beginner of course, will not understand everything, including how the market moves which fluctuates a lot at any time, so you have to understand that and learn everything if you want to really get into cryptocurrency investment especially Bitcoin.

Creating a business must also be with your abilities and what opportunities are good for it, have you seen the potential, then you can run it along with your freelance work, but if the business is created in crypto currency, then you have to do longterm work investing but if you want to earn every day or every week then you need to trade but keep in mind that in cryptocurrency there are high risks that must be faced.

Investing in cryptocurrencies (including BTC) is always a risk, but no matter what someone advises you to start a business, you must know that it also comes with its own risks. Whatever you intend to invest in, you should certainly do as thorough a research as possible, which will try to reduce the risks for your investment. There are certainly businesses that could pay off in times of inflation, and there are also those that could very easily fail in just a few months.

I will ask a simple question - why not divide the money into two parts and start a business and also invest in something else? It doesn't necessarily have to be BTC, but it can also be real estate, gold or something completely different that you think could bring profit in the future.

you can do both (invest and make your own business), don't just invest all your money in cryptocurrencies if you don't have a stable financial foundation, you are only making things difficult for yourself.

Opening a business that provides you with a stable income will definitely make you leave your freelance job, so you should choose a business that won't let you leave your freelancing job at all.

currently, it's a trend that people have income from many income wells, so don't just depend on your income on just one income well, you need more side income.

But why not do both? Or are you trying to say that you will trade actively hence you cannot do both as it needs an ample amount of time? I suggest you start a business of your interest rather than trading. You can start a business and then invest long-term in the top and more stable cryptocurrencies like Bitcoin. 

Trading is not an easy job. Based on my experience and observation of people I know, in order to earn regularly in trading you need effort in technical skills and you also need to follow the news and trends. You also need the experience because every now and then some strategies aren't going to become effective forever. And besides, the risk of losing is always there and it might be too stressful for newbies to handle. 

I would go with starting your own business. Having your own business is equivalent to being your own boss and not having to answer to anyone(except to your clients of course). Investing in cryptocurrencies(preferably bitcoin) is a nice idea especially now that we’re currently in the bear market. But for you to reap the benefits, you would have to hold for a long time.

Having a start up isn’t always easy and as with all things, comes with challenges. But the idea of having your own business is a noble one as you would be an employer of labor.
I would advise you to start your own business and later on, if you’re still willing and financially buoyant, then you could delve into investment of cryptocurrencies.

Obviously the answer would depend on a lot of factors(do you know the industry, is the idea good, etc), but 80% of the time I'd say go start a business. You have more control over the business compared to buying cryptocurrencies; and add the fact that a business would actually give you cash flow.

I’m on this same scenario before https://bitcointalksearch.org/topic/m.60516153 but the only difference was I already have the Bitcoin to start my business but I’m hesitant to sold my Bitcoin due to the potential of pumping since back then was the first wave of crypto market crash. I ended up selling part of my crypto holding and save some for my crypto savings. I decided to just split my asset just to make sure I can start my business and generate profit while still involved on crypto investment.

I’m currently have a stable income on my buy and sell business while my remaining crypto assets only lose few amount since I’m not holding huge amount compared before. I’m now slowly DCA on Bitcoin using part of my business profit. My target is to exceed my old Bitcoin holdings slowly using my business profit only.

Securing a stable source of income in the form of business first is best way then just enter on crypto if you are already generating profit. Bitcoin investment needs a lot of time commitment for your money to grow since the current market will give you high risk of losing more to your original holdings value. If you have the capital to do both by splitting it then I suggest to do it but don’t all in in crypto if you have a business plan.