Should I invest in cryptocurrency or start my business?

Natalim

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Quote from: palle11 on January 11, 2023, 04:43:49 PM

Quote from: Cryptomultiplier on January 11, 2023, 04:24:58 PM

Unless you don't intend to work again, have enough capital and is sufficient enough to absorb losses, I wouldnt advise starting a business just yet. Weigh the pros and con's apart then you can really decide which would pay you better in the long run.

We don't need to be discouraged from starting our own businesses. Op seem to have had experience from working for somebody and wants to take a necessary risk and chances are there that he can succeed if he gradually go in for it. He doesn't need to stop his work entirely but can reduce the rate of focus and divert his strength, energy, ability and ideas to grow his business. At least now he is a freelancer, so he has more control of his time.

Running a business needs more time, especially at the start and if OP has enough time to manage it while still at work, success is not impossible. I support the idea of doing this because this is also what happen to me until such time I decided to stop working and focus on the business we've started. It is really all about what we think could be the best for us and our passion. But I see that most business owners are doing nothing instead, they focus and allocate their time solely to their business which I think we should have to think about and do this if possible.

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Quote from: palle11 on January 11, 2023, 04:43:49 PM

Quote from: Cryptomultiplier on January 11, 2023, 04:24:58 PM

Unless you don't intend to work again, have enough capital and is sufficient enough to absorb losses, I wouldnt advise starting a business just yet. Weigh the pros and con's apart then you can really decide which would pay you better in the long run.

We don't need to be discouraged from starting our own businesses. Op seem to have had experience from working for somebody and wants to take a necessary risk and chances are there that he can succeed if he gradually go in for it. He doesn't need to stop his work entirely but can reduce the rate of focus and divert his strength, energy, ability and ideas to grow his business. At least now he is a freelancer, so he has more control of his time.

Since he brought opinion about his intention to invest in cryptocurrency them that is fine and he shouldn't be discouraged because he is looking for other ways to make money by investing which is a good move for him. What he need to do is to learn some prerequisite things about cryptocurrency so that he can know the necessity for being a crypto investor.
I don't think he would have to stop his online work to invest in another sector like cryptocurrency where safety and self displine would be very important.

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Quote from: KupaCrypto on January 10, 2023, 03:20:54 PM

Investing in crypto currency won't stress you that much as all you have do is buy coins and stay on your bed or anywhere and monitor the exchange value of the coin either on your phone or laptop or better still just buy and leave it for long term profits.

That's the idea we all have until we finally decided to invest in it and instead of to sit and watch our profit grow the opposite happened. Investing in crypto doesn't mean the investors should just go online search for examples of promising projects and invest in them. You should be willing to spend some considerable amount of your time to doing research because if you fail to carryout your research properly you will only end up what little it is that you have invested.

As for me I would advise Op to consider going into both cryptocurrency and along side running a business, but that will depend on the amount of money that Op possess but if Op has enough then he should go for both of them.

palle11

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Quote from: Cryptomultiplier on January 11, 2023, 04:24:58 PM

Unless you don't intend to work again, have enough capital and is sufficient enough to absorb losses, I wouldnt advise starting a business just yet. Weigh the pros and con's apart then you can really decide which would pay you better in the long run.

We don't need to be discouraged from starting our own businesses. Op seem to have had experience from working for somebody and wants to take a necessary risk and chances are there that he can succeed if he gradually go in for it. He doesn't need to stop his work entirely but can reduce the rate of focus and divert his strength, energy, ability and ideas to grow his business. At least now he is a freelancer, so he has more control of his time.

Cryptomultiplier

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It is quite true in terms of the time requirements demanded to manage a cryptocurrency investment compared to a business. While the later requires presence, crypto currency investment can be done by a broker, the individual, and can be done over a period without bothering on the current gains.
Unless you don't intend to work again, have enough capital and is sufficient enough to absorb losses, I wouldnt advise starting a business just yet. Weigh the pros and con's apart then you can really decide which would pay you better in the long run.

inthelongrun

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Quote from: KupaCrypto on January 10, 2023, 03:20:54 PM

Investing in business is time consuming as after investing in it you have to sit and watch it closely. You also have the stress of waking up in the morning go to the shop so you try to run the day to day activities of the shop, but Investing in crypto currency won't stress you that much as all you have do is buy coins and stay on your bed or anywhere and monitor the exchange value of the coin either on your phone or laptop or better still just buy and leave it for long term profits.

For busy people, investing is the easy way rather than starting a business that consumes a lot of energy and resources. It will be hard to start a business and just let other people run it, most of it fails because they might not give their 100% effort and they won't lose anything. If a business becomes successful though, it earns more than a long-term investment. So it is always the higher risk with the higher effort that profits more which is fair enough. I am also torn between these two. But it seems I will give up most of my time if ever I pick to start a business.

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment if to invest in cryptocurrencies or to establish my business.

If you have a lot of savings that you can diversify, then I will advise you to invest some in cryptocurrency and also some percentages in setting up your own business. Cryptocurrency investment does not need time devotion but your business needs time to build so you can easily combine the both of them and arrive at the good ground but over concentration of investment on one side may frustrate you when your expectations failed to come to manifestation, so the role that says you should not put your eggs in one market come into play here.

KupaCrypto

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Investing in business is time consuming as after investing in it you have to sit and watch it closely. You also have the stress of waking up in the morning go to the shop so you try to run the day to day activities of the shop, but Investing in crypto currency won't stress you that much as all you have do is buy coins and stay on your bed or anywhere and monitor the exchange value of the coin either on your phone or laptop or better still just buy and leave it for long term profits.

Derrickiell

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Quote from: Rengga Jati on December 31, 2022, 05:59:27 PM

Both investing in crypto and starting a business have their own positive and negative sides. they also have their own risks. But, you need to know what you need to do with your money because you need to manage your funds. Crypto investment may be promising and will give you big profits But this is a higher risk. You may not patient enough to see the bullish era. But if you are really ready for the condition, you may set some budget to invest in crypto. Ensure that it is Bitcoin investment only for newbies. Money management is very important here, you may also star doing business and investing in crypto right? It is based on your own money management to minimize the risks. Not all in.

Investing in cryptocurrencies and starting a business are both risky. The encryption industry is a risky investment. If you want to enter the encryption field, don’t rush to start investing. You must first understand the industry and learn more about encryption. You can start by investing in Bitcoin first, and you will be able to make a good profit from your investment.

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

First and foremost, obtain some knowledge first both from crypto or from your desired business that you want to establish. That way, you will know which one will fit for you based on your personal capabilities and skills. And second, consider the capital you want to invest. Otherwise, you would want to venture on both business if you have sufficient capital, and if that both works, you will have multi sources of profits if possible.

Rigon

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Since you are here connected with cryptocurrency. Then you must have good knowledge about cryptocurrency. But I want to say if you are interested in investing in this cryptocurrency then definitely invest in Bitcoin. Later on you will be able to pay better from this investment. Coins other than Bitcoin will put you at a lot of risk in this crypto currency. So if you invest then definitely invest it in Bitcoin which will not feel risky even after holding for a long time and will get good returns from it.

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Since you are working as an online freelancer you must have a good idea about bitcoin and crypto currency. But if not then just want to say don't suddenly invest in cryptocurrencies. If you know about cryptocurrency's volatility, risk factors, its history and have a good idea about future prospects then you may be worthy to invest in this platform. If you are very enthusiastic about investing at this time then invest in Bitcoin which will be able to give you a good return. There are also some altcoins where the investment risk can be relatively high. Investing in bitcoin for a long time will be able to reduce your risk.

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Quote from: Viscore on January 02, 2023, 03:58:59 PM

Quote from: suzanne5223 on December 10, 2022, 07:26:28 PM

Quote from: Maaz Sultan on December 10, 2022, 03:51:01 PM

It all depends upon you if you have the skills and knowledge about cryptocurrencies go with cryptocurrencies. But my suggestion is that only invest in cryptocurrencies if you have spare money in banks that you won't need to use on daily bases. And if you know business very well so it is wise to invest in business. You can do cryptocurrencies as side business.

Yes, people should always invest the amount they can afford to lose in cryptocurrency but Maaz Sultan there's no skill needed to invest in crypto what is needed is only knowledge.
I think the OP wants to be greedy, I believe her plan was to buy a whole BTC and if she still reading this I will advise her to both ^{start the business and buy some fraction of BTC when she has some spare money she can DCA on Bitcoin}.

Well, if OP will start seeing business to fulfill his greed, then I don’t think his investments will succeed in the future. It should always be noted that any successful investment takes time and sometimes are slow in progress, so if he’s greedy and only want quick profits, crypto investment won’t work for him. However, if he can be a good and patient crypto investor, and has also knowledge and expertise in running a local business, then he must try them both to maximize his future profits.

Both Cryptocurrency and running a local business require no expertise what is needed is the study of your competitor's drawback, introducing something creative that will thrill consumers, and the simultaneous provision of great service when this is done the rest is risk and financial management.
Having said that, for the OP to be successful in both crypto and the creation of business is the reason why I advise she should do both. However, she must see crypto as an investment or a method of saving fund instead of putting it in the bank so she can control her FUD and buzz. Besides, this will encourage long-term holding.

Sokoloau

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Investing and owning a business can be both. Investing in cryptocurrencies is risky, don't invest all your money in cryptocurrencies. It takes a long time to profit from investing in them during a bear market. This requires the return of doing business to meet the needs of daily life.

Viscore

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Quote from: suzanne5223 on December 10, 2022, 07:26:28 PM

Quote from: Maaz Sultan on December 10, 2022, 03:51:01 PM

It all depends upon you if you have the skills and knowledge about cryptocurrencies go with cryptocurrencies. But my suggestion is that only invest in cryptocurrencies if you have spare money in banks that you won't need to use on daily bases. And if you know business very well so it is wise to invest in business. You can do cryptocurrencies as side business.

Yes, people should always invest the amount they can afford to lose in cryptocurrency but Maaz Sultan there's no skill needed to invest in crypto what is needed is only knowledge.
I think the OP wants to be greedy, I believe her plan was to buy a whole BTC and if she still reading this I will advise her to both ^{start the business and buy some fraction of BTC when she has some spare money she can DCA on Bitcoin}.

Well, if OP will start seeing business to fulfill his greed, then I don’t think his investments will succeed in the future. It should always be noted that any successful investment takes time and sometimes are slow in progress, so if he’s greedy and only want quick profits, crypto investment won’t work for him. However, if he can be a good and patient crypto investor, and has also knowledge and expertise in running a local business, then he must try them both to maximize his future profits.

freedomgo

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

You can actually do both if you have the sufficient funds and you think you are capable enough to manage them well and make them successful investments in the future. Besides, crypto investments won’t take the most of your time, and you can still make use of your free time managing another business that you think will surely create a demand to the customers around.

KupaCrypto

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Crypto currency can really be a good investment plan because of its rapid rise and high returns overnight. But you have to be prepared for the risk involved, even in businesses there are certain risks too , crypto currency is a good investment especially when you desire direct knowledge to the demand of digita currency, but before you go into the investment plan, having the adequate knowledge of it is very important, so you really know what you are going into.

Taskford

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Don't start in things you don't know, if you are a total newbie in crypto much better stay away on investment and research for further more knowledge. Much really better if you invest your money on physical business and create a income stream with it so that you have enough money to use on your crypto investment attempts. But if you are really interested on cryptocurrency especially on bitcoin maybe best not yo rush things and gather all ideas needed so that you became more knowledgeable on many things you want you enter.

Marvell1

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Quote from: Stepstowealth on November 26, 2022, 06:54:46 AM

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Crypto is a risky investment, if you want to invest, you must first have knowledge about it, don't rush to invest even bitcoin, because I see many people recommend only putting money in bitcoin. It can be said that bitcoin is safe, but with its volatility, being a complete newbie like you is also very easy to panic and can lose if the mood is not stable.

As for opening a business, if you have experience or knowledge about it, you should invest in it instead of investing in cryptocurrencies. All make a profit, so choose the one you feel is right for you. As long as it works for you, you can make much money without investing in bitcoin.

Mate2237

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Quote from: Rengga Jati on December 31, 2022, 05:59:27 PM

Both investing in crypto and starting a business have their own positive and negative sides. they also have their own risks. But, you need to know what you need to do with your money because you need to manage your funds. Crypto investment may be promising and will give you big profits But this is a higher risk. You may not patient enough to see the bullish era. But if you are really ready for the condition, you may set some budget to invest in crypto. Ensure that it is Bitcoin investment only for newbies. Money management is very important here, you may also star doing business and investing in crypto right? It is based on your own money management to minimize the risks. Not all in.

I agree with you that both has advantage and disadvantage. Business without risk is not a business. According to entrepreneurship, entrepreneur must have the mindset of calculated risk. A risk that you know that must come but it will be a profit one. Which kind of business the OP is planning or doing. If the business is making profit that you are satisfied with then there would be no need to invest with your capital but you can still invest with the profit in bitcoin.

Though everything depends on you, you are the owner of the money so you use your money the way you want. Happy New Year to everyone here.

Topic: Should I invest in cryptocurrency or start my business? (Read 1125 times)