Bitcoin Forum

Hi,

I'm new to the forum and have been looking over several possible ways to maximise my earnings from Bitcoin on a daily/weekly basis as a secondary income

During the recent growth, my Coinbase account shows me the daily, weekly, monthly growth in £/$ & %

All my investment is currently in Bitcoin, but in theory if each day my investment grows by 5% for example, is it wise to withdraw that percentage to use as an 'income'. My fear of this is that although my original investment will remain untouched I will be selling a portion of the bitcoin and the more times I do this I will be left with 0.00000 BTC

I have thought of so many pros and cons to the above that I thought id ask

Any thoughts or advice would be appreciated

Buddy... it's impossible for your portfolio to grow 5% each day consistently. You definitely need to do more research about how cryptos work and trading in general. No one can grow your portfolio by 5% everyday. This forum isn't a place where you just come and ask people for coins to buy/sell. This forum is a learning community. If you have real questions, then ask. But foremost, do your own research first.

As for your question about withdrawing, that's totally up to you. The crypto market is very bullish at the time so you may be losing money by withdrawing. If you want to take my advice, I would have whatever coins in your portfolio long term. Reinvest your earnings.

investment is for the long term.
trading is for the short term.
if you are not a professional trader, which is most likely the case, just buy and hold, and let your money grow.
dont look at daily or monthly % gain

it depends on how much bitcoin you currently own and also if you are making more bitcoin like profit or earning.
for example if you have 0.05BTC then just leave it be, selling that small amount is not really going to give you any profit and you will probably lose more in long run than you are selling.
but if you have larger amount, then selling some small amount like the 5% you mentioned is not a bad idea at high prices.

but usually people make profit on their bitcoin by mostly trading. and then withdraw part of that profit. for example you have 0.05BTC and make 0.02BTC profit and withdraw half of it in cash (~$130) for example. but at the same time you increase your bitcoin to 0.06BTC

I would suggest cashing out a portion of the increase in value and letting some of it ride for higher gains in the future, that way you will eventually end up with more money out than you originally put in.

Welcome to the bitcointalk forum, you can spend a lot of time in this forum by looking at prospects that will increase your secondary income to bitcoin.

If you have money you can glance at the bitcoin mining thread or on the investment thread.

If your money is in a moderate position, you can glance at a thread about the market, about buying and selling altcoin that the end result remains in exchange for bitcoin.

If you do not have the money to start bitcoin search, maybe you can glance at a bounty or airdrop thread, and the end result, you can sell to trade or save to buy bitcoin miner.

Good luck, and good luck.

regards,
me

Selling off your investment is not going to help you in the long run. I think cryptocurrencies in general are not suited for people to use them as a source of steady income. You should think of them as assets and treat them as such, thinking about the long term.

If you are looking to have a stable income out of bitcoin, right now it is best to just buy low, hold then sell high but if you are willing to put in the work then just do your research about trading. As for the 5% that you are going to sell i think that is a bit low, you will not be making profit out of it you are better off buying and holding. Reason is you have to deduct transaction fees on that 5% you will be making daily.

I don't think you should look at Bitcoin as an income source in its own right - unless you run an exchange, or ICO.  Unless you are a professional trader, the commission and spreads will work against you, even in a time of rising prices ( which aren't guaranteed ).

Oh well buddy you are touching on a very complex subject i.e. money management and risk management. You may want to start by reading one of excelent books of Van K Tharp (Trading your way to financial freedom, or other books) who actually argues that in each investment it is the *exit* strategy that counts. Not the entry strategy, but exit strategy, sorry that I repeat myself, but I want to be very clear hear. And he devotes whole chapters of his book to exit strategies.

So I thought you might want to read it, since your question clearly is about how to exit from your investment

You could, but you will end up with no long term gains. Theoretically speaking, the rate of growth of your money is not going to decrease either, but if you just plan on holding onto your bitcoins, then it will be much better to just hodl long term. If you want daily income, try trading.

I highlighted your BIGGEST mistake. You should never go ALL IN with any investment, no matter how good it is. The risk in

doing this is simply too big. Bitcoin is still experimental and nowhere near mature enough to be regarded as a SAFE

investment option. I will not even go ALL IN with something like Gold. The saying ALL eggs in one basket comes to mind.  ::)

If you want to lose your money very fast, then day trade. If you want your money to grow. They you need to invest it.

Very very wise words, day trade btc now is very dangerous.

However it can be much worse, what about the guys who short since $6000  :D

Make it half, other for cashing and other is for investment, so that for the future you will do cashing because you invest.

Well... not very realistic I might say. It depends also on the value of the portfolio. Also to have a steady 5% grow daily is utopia.

Always remember to take into account all the different fees (purchase fees, selling fees, fees for transferring between exchanges...)

Unless you're trading in large amounts every day, those can easily eat into your daily profits - if you do have any to begin with.

Also, the best advice I've seen on this forum in the time I've been here: Never invest more than you can afford to lose.

Indeed to have a daily income can certainly do it with daily trading, provided we have ability and good knowledge in field of trading of course very effective to be able to increase bitcoin quickly, but certainly has a higher risk of loss. .

It is not at all wise to do so because you here are confusing two separate things. You are correct that by withdrawing such percentage on daily basis you are reducing your total btc holding in an indirect way. Not 0.0 but it could fall terribly until btc you hold reaches of the value of the amount you invested. Its not a bad plan if you don't trust cryptos but not a good one for long term gain. Moreover btc doesn't always grow in value each week.

It's a wise thing to do if you need the income and are afraid of not receiving anything but at the same time I would strongly advise against it. If you can make 5% a day you can roughly double your investment every fortnight and within a year you will have some crazy return in the millions times your initial investment. I don't think 5% a day is feasible but if you can do it then don't remove your money!

With the bull market in bitcoin just holding will give you good profit. I lend on bitfinex on a daily basis. Not a high % but it all adds up.

You could start to diversify your portfolio with investing into other coins like eth and ltc since you can easily buy them from coinbase secondly I would put your bitcoin into a wallet where you control the keys so you can have the other coins when it forks.

No that isn't a wise move. You would be best to keep the bitcoin and trade the free fork coins you get to make your income. There are a lot of new forks coming soon, and on top of that you can apply for airdrops from coins like GBYTE that are quite valuable also to give yourself extra cashflow. You could also possibly find an exchange that pays you daily for holding your bitcoin on there as an alternative method of raising capital.