Bitcoin Forum

Greetings to the entire Bitcointalk community, this thread is motivated by personal experience with cryptocurrency (Bitcoin).

          Introduction:
You can depend your life on Bitcoin that is why Bitcoin is referred to as decentralized and independent!
I have read so many comments on how risky it is to depend your life and finances on Bitcoin even on this forum some members have made such wrong comments without adding any explanation to what reason it is to make such comments and assumptions thst can mislead newbies  and building a wrong minset in some of the established members of this forum and some other cryptocurrency communities, let me educate you, that is a wrong assumption of Bitcoin and the entire cryptocurrency anyone still believing that is on the wrong part, we have so many aspects in Bitcoin that one can build a stable life with, both in the technical aspect and theoretical terms.
Bitcoin is a financial giant that encompasses so many scopes let's say e g bitcoin mining farm it build a long-term technical knowledge in the operators and exposes your to latest technologies or setting up and exchanging both peer-to-peer and centralized trading exchanges this can give you a long-term goal that will last you a lifetime, bitcoin is an industry which is why knowledge is an important tool to have a sustainable life in the industry knowing what to do alone have helped you solve half of your problem.

Have a pleasant weekend!

I think it is just how to convey to people that bitcoin is a speculative asset in short term, but the fact is that bitcoin is a hedge against inflation and a store of value in long term.

Bitcoin is an asset, a digital currency and money.

Of course,  sir you are right and your view are not different from mind may be in the use of words! but the message is the same.
I try as much as possible to include all aspect but in the area of entire cryptocurrrncies which encompasses all other blockchain based tokens/coins. And one can build a normal job through Bitcoin it all depends on the sacrifice one is willing to pay to attained that position. One of the way to measure stability in life is having a steady flow of income and having the resource to push through life expectancy, i have seen individual building a life round Bitcoin but that doesn't mean their dont invest in other sectors like real estate there is need for diversification, but that does not eludes the fact that Bitcoin is an hedge above inflation.

A long-term goal that will last a lifetime? OP, how many years of life have you measured for yourself? How many years to wait? 
And why do you judge what is right or wrong? Everyone has the right to think as he pleases. For some, bitcoin is money, someone is ready to invest in it, and someone is not ready to wait a lifetime. 
I prefer a quiet investment, without fanaticism, and without denying my own work, from which I allocate some interest to invest in bitcoin. 
Again, I am not rejecting the study of bitcoin, but I am not suggesting that it be celebrated as the center of the universe on which my entire life may depend.
Do you want to refute it?

Because it's simply the responsible thing to say? Take note that not everyone has the financial capability to simply just buy and hold bitcoin using most of their liquid cash for the long term. And take note that not everyone is going to hold in the first place — A LOT will panic sell; and a lot will be needing cash for whatever purpose.

The comments are right and not wrong, and they are put out there not to mislead newbies or any bitcoin user, but to give them the right mindset and way to approach the bitcoin network, the explanation for those comments are not hard to find: 1)bitcoin is too volatile and risky for you to depend totally on it, 2)you have to hold it for long term, many newbies do not know, so it is best to tell them so they will invest what they can afford to lose, and then forget about it in the short term and focus on other aspects of their finances, 3)it is very bad to depend your life on one particular thing, not only bitcoin here, 4)...

Agreed that bitcoin is decentralized, however this line that we can depend our life on bitcoin isnt always true. Not all have btc and how could we can depend on something that we arent sure of in the future. You ought to mean was we can not stay hungry or losses money for living if we have bitcoin? If this is right, then aboslutely wrong cause bitcoin is a technology and still evolves in somehow but we cant assume it only go yp in value, likely it could be some sort of investment like stock that go up and down so still its not a thing that can save us from poverty or guaranteed us to be rich alone.

I think Bitcoin is safe to be seen as a store of value. it would be a case of lack of provisions for another option if Bitcoin fails that would make one totally depend on it as the only means of income. Because truth is aside from death, nothing is sure not even a decentralized coin like Bitcoin.

 Because of its volatility, it's proper to and advisable according to other replies on here to invest money that will not be damaging because placing all implicit trust on digital coins is a big gamble not everyone would be willing to take. Currently BTC price is 19,823.93, and let's say with the bear season we are in, it's price keeps fluctuating or dropping and assuming it drops to $1k, what happens to those who have nothing else that brings in income?.

This one here can also mislead newbies and build a wrong mindset. Bitcoin is indeed decentralized, but that doesn't have anything to do with whether you can depend your life on it or not. Furthermore, Bitcoin's independence from third parties doesn't in any way guarantee anybody that he/she can depend on it.

Bitcoin is referred to as decentralized because it doesn't have a central authority that decides or operates or has control over the network. It's not decentralized because "you can depend your life on" it. That statement doesn't seem to make any sense.

I guess what you wanted to say, but the way you wrote it makes no sense. Human life cannot be dependent on Bitcoin because it is not something necessary for human life - a living being depends on air, water and food to survive. Bitcoin is decentralized, but in order to exist it needs electricity and the Internet, and of course devices that will verify transactions.


You read such comments for a reason, not because someone (at least not the majority) wants to have a bad influence on others (especially beginners). People who don't understand what Bitcoin is are often victims of their ignorance, whether it's a simple financial loss amid falling prices and panic selling, or various forms of scams. How do you think the people who invested their savings in Bitcoin when it was worth $40k and more feel now?

OP, of course there are many aspects of the crypto industry such as mining, developing crypto applications for payments and other purposes, other jobs related to the crypto industry such as programming, translating professional articles into other languages etc.
When it is commented that crypto is risky, it means primarily crypto trading or investing in crypto.
Every investment is of course risky, and before every investment you should analyze and understand the market, set concrete and achievable goals and have a clear exit strategy.
Diversification of investments in different asset classes is also very important.

I would not "fully" depend my life in Bitcoin though. I would say that I can depend on its decentralized nature and would help me store my holdings in the long-term without involving those banks that would email me from time to time about my savings that I did not even ask for.

Like mk4 mentioned, especially in third world countries where I also reside, not everyone is capable of being able to buy even a single coin if we're going to put into consideration the price of Bitcoin during late 2017s up to present. This is why others are pursuing to invest in cheaper altcoins, but we all know that many of those altcoins are just shitcoins in the end and aren't reliably worth holding in the long-term.

I think it's wrong to say your life depends on it(Bitcoin) without considering the risk of owning or investing Bitcoin. The risk is already there it's just up to someone to minimize the risk and not to mention the unpredictable volatility is already a huge risk. They may choose to store Bitcoin as an investment or trade it like a stock in the market either way both strategy have the same target – and it's to make profit.

Of course, invest only of what you can afford to lose.

OP, you've got a point. When it comes to bitcoin, some individuals only consider the investment aspect, I mean the theoretical aspect without giving any thought to the technical aspect. People frequently overlook this aspect, although it is not their fault for doing so. People lose interest in mining because of how the mining tools are expensive to buy.

Without becoming too technical, grasping the fundamentals of mining can be helpful when one starts using bitcoin. Bitcoin is beneficial on both a theoretical and technical level; you just need to decide which one would work best for you and start investing.

Firstly what's your personal experience? You didn't mention that, although to some degree you are right many people have found means of livelihood from Bitcoin and crypto-currency some has even retired early due to what they have earned from Bitcoin and crypto-current, not everyone has the same story, not everyone bought the right coin early or had a big success in trading, not everyone is rich enough to get the gadget and power to run Bitcoin mining, yes there are good channels to kick off a sustainable earning from bitcoin but not everyone may fit in if they don't bring in what they already possess into crypto-currency.

You can build yourself a sustainable life in crypto by working it out, I have repeatedly said it, you don't need to be an investor, trader, exchange owner or a miner to start. Use your skill earn in crypto and accumulate gradually.

I agree that one can depend on bitcoin in their lives as long as they have found a way to do it stably. While you and the others have their safe havens through bitcoin like earning what is right and all the holdings that you've got. For the rest, it's quite hard to do it when the market has already been up and the entry price isn't cheap as it was before. But as you've said, for the long-term goals, we've got various choices and choose the best where we can find the one that fits our needs.

What do you mean by "depend your life on bitcoin"? Do you mean making it your main source of income? How are you going to achieve this and what does it have to do with decentralization?
Blockchain or bitcoin being decentralized means freedom and ensure everyone can use it without being afraid of getting censored by a centralized entity, but it doesn't guarantee a stable income.

Good luck on that and try as much as possible to build adequate knowledge on the subject matter what I enjoyed most in your write-up is the fact that you mentioned knowledge acquisition as the bedrock of all other activities that can propel easy and steady cash flow in Bitcoin ecosystem even though their all required initial capital to kick start the journey.

Bad advice!

Bitcoin is volatile and despite of its adoption and price growth from a few cents to $69,000, it is still a very risky asset for your investment. Let your life relies on a very risky asset is not smart.

You can work, receive salary and use part of your salary to invest into Bitcoin. But you should neither use all money for your Bitcoin investment nor put all of your life to Bitcoin.

Not only Bitcoin but in general don't put all eggs in one bag!

It is true that Bitcoin has indeed made a huge difference in the lives of many people, however, at the end of the day, its future is still somewhat uncertain, we often call it a high-risk investment. So why make your life dependent on such uncertainty?

There will be no absolutes in this world, not just bitcoins but everything in this world. That is why you should not rely on one or a few of them but rather diversify them. By allocating and diversifying your investments, you'll feel more comfortable and safer than focusing on just one thing, here bitcoin.

Just say bitcoin, why put it in parenthesis :)

No it is not the reason. Bitcoin is decentralized because it has no central authority and you don't need a third party to send/receive/store bitcoin.

That is a good advice people are giving, the risk is mainly the volatile price but also another risk that sometimes people forget is when newcomers lose their coins to hacks, malware, etc. because they didn't educate themselves and were holding bitcoin on an exchange or something like that.
So they have to be warned about the risks.

The warning itself is not wrong but you are right about lack of explanation.

There is a massive difference between bitcoin and altcoins (ie. "entire cryptocurrency"). Majority of altcoins have an additional risk of being dumped due to being useless and the extra risk of having flawed protocols that can let people steal your coins!

Not really! Setting up a farm doesn't need any "technical" knowledge. In fact all you need to know are pretty basic stuff (hardware, cooling, connecting to a mining pool,...).

You shouldn't put your life or your lifesavings into anyone's hands. Invest the amount you can afford to lose. No one can afford to lose everything they have so don't do it.

It is risky. You can get hacked, you can make a serious mistake and send your coins to the wrong party, you can "trust" the wrong site, wallet, or platform, regulatory changes can affect how you can use your coins, you can become the subject of a $5 wrench attach. And there are no do-overs in Bitcoin. Once it's confirmed, it's out. No support, no reversals, and no remorse.

. It's misleading, wrong, and irresponsible to tell other people to invest everything they have into X and telling them nothing bad can affect their investment. 

Bitcoin is better off as a store of value and an alternative currency in some cases, but the majority of people will take Bitcoin as a decentralized currency without any restrictions, but then i will not advise anyone to put their life into Bitcoin unless I don't get the point you are trying to make here.

Bitcoin could be a very useful investment today and in the future, but that won’t guarantee profits all the time so we should not completely depend on it as it could be a very risky and dangerous decision. And just so you know OP, it’s hard to last long in crypto market if you are like marrying your bitcoin the whole time. Bitcoin is only an investment, it might make us profitable or not in the future, the reason why we should not depend on it completely and find additional means that will also give us stable source of income not only to survive, but also to avoid us experiencing financial breakdown when bitcoin is not productive anymore.

Do not be overconfident with bitcoin because once an investment, it will always have the chances to fall and never recover again. Although it’s not possible for bitcoin today, but no one holds the future really. So as much as we want more profits and become financially stable, then we should always have a stable source of living too like having a stable job that will give you good amount of compensation when your investments is no longer profitable anymore.

Just as Bitcoin can help build your life, same as it can also do the reverse to your life which is shatter your life, if proper research isn't done before hopping into it.
Bitcoin which is a stable and decentralized coin, has in the past years witnessed a great lifetime growth and also some challenges as well. I don't really blame people who have the wrong mind conception about Bitcoin, because most of this people don't actually take out time to make quality research but rather choose to be feed with junk from bittered fellows.
Just as it is said that "rumors spread more like a wide fire", so it is same with rumors and stories from Bitcoin as well, because most people focus so hard on just jumping into the industry and believe to make a buck of millions from it and possibly become millionaires with a relatively small capital,  hence they don't treat Bitcoin like a business or investment but rather see it like a get rich quick scheme and when it fails, they start preaching hate for Bitcoin to newbies and Intending investors.

Bitcoin is life and I think on my opinion that Bitcoin is of more economic and financial advantage than it's disadvantages.

Depending your life on a single financial investment/method is as wrong as putting all your eggs in one basket.
Although Bitcoin is the future gold and blockchain is the future technology and everyone would have to use BTC sooner or later, but you must have cash, stocks, gold and other investments as well as Bitcoin.

Relying on one stream of income and investment is risky because if anything happen to that source , you will be grounded. But if the one sigle investment is a sure way and having a legitimate profits in a cinstant basis can give one some form of relief while trying to creat multiple source to sustain your financial life. Bitcoin happen to be one of such of investment that can give some form of stability .

you misunderstood what the OP meant. The OP said you can start a business in Bitcoin as a miner or a P2P exchange maker. Bitcoin is the beginning and leader of all cryptocurrencies, although the price is very volatile if you are really good at seeing opportunities and also have great analysis then you can depend your life on Bitcoin and get rich from it.

the majority of people think that Bitcoin will not create a stable financial life but you forget one thing if you want to be rich choose an unstable investment asset, if you want a life with a stable income then become an employee in a company or institution and get a salary from there, Bitcoin is only for those who believe in it.

Here is one more blog, a small eBook:
https://infopedia.io/revolution-of-money/ (https://infopedia.io/revolution-of-money/)

(r)Evolution of Money
Money and Payment systems of tomorrow - Bitcoin rise with crypto industry story

Content:
1.Monetary Chronicles
2.Bitcoin Explanation
3.Comparative Advantage
4.Global Effects
5.Looking Forward

Disclaimer: I'm the author.

Again, relying solely on Bitcoin or cryptocurrencies for beginners is not good and it is very risky. Because there are no guarantees here. If we are beginners, it would be better if we still have a handle or other work in the real world, but this is if we do have a job in the real world. If it is forced and only depends on the crypto world, then we have to take the risk ourselves. This may be a different case because like there is no other option.

On the other hand, many people actually only depend on crypto for a living. Why? because they are already able. They not only play in this forum but also carry out various activities in the crypto world such as trading, investing, being the administrator of a project, or others. Where indeed their income in crypto is more established. This is also another case.
So it can return to each individual condition.

Btw, starting the crypto business is also not easy, there needs certain seriousness in all aspects, Moreover, if we want the condition you said. There will be high challenges, to compete with others. Not every crypto business will run as we plan and think. We have seen so many failed projects so far. This is really different with Bitcoin that is more established.

Ok good to see that you author this handbook yourself,  and for that am going to have a read through the book if you want some reviews on the book I can also offer you that for free, am very interested in contributing to any intellectual work that helps to add to the body of the existing knowledge of Bitcoin and other related topics and I must say am impressed to see that you have put thos together.
We need a lot of knowledge in the space to help us make better investment decisions and how to gainfully engage the Bitcoin network for maximum benefits.

Would be glad to receive a review.
As stated at the bottom, both compliments and criticism are welcomed.

I quickly looked at what you wrote, looks pretty good to me. You covered a lot of topics through the way of writing acceptable even for beginners. after I read the complete text, maybe I will leave a more detailed review.
However, bookmarked your page. Do you plan to expand the topic and add new material?

Yes, next post is planned to be about second layer, Lightning networks and others.

To everything with an advantages also lies disadvantages as well.
It is true and proven that Bitcoin and the cryptocurrency industry has really been a great escape route for many of us, and despite it's short time since launch, Bitcoin and cryptocurrency has kept proving itself to be a life saver and so many people have been able to live their dream lives through Bitcoin and cryptocurrency at large.

It also obvious, that the opportunities In cryptocurrency can't be over emphasized, but  the truth also have to be told, as there are a whole lot of people who have been sent bankrupt and frustrated as well, which may be as a result of so much wrong informations gotten about Bitcoin which also include getting rich over the night.

I hope as we enlightened people about cryptocurrency we should also help prepare their minds to the bear market and how to stay firm when the market is against them.

Happy weekend

Bitcoin has promissory future but yet it's never advisable for  anyone to depend on bitcoin or any digital asset it because of it's volatile nature. Instead risk what you can afford to lose keep it affordable and play safer. The rate of suicide record has pertaining crypto bankruptcy is increasing by the day as we keep getting investors who had to take their lives has a result of wiped accounts

If you are really afraid to depend on bitcoin or cryptocurrency digital assets, you should pay attention to the risks from the start. Cryptocurrencies are digital assets with high volatility and that makes their prices fluctuate. Those who couldn't understand it would lose their yuan very easily. But for those of us who already know what to do, this will be a good opportunity to invest and multiply profits. As for the suicide note rate increasing due to crypto investing, it's entirely their fault. Using the money they still need for the future is highly discouraged, because if they lose there will be no one to blame but themselves.
Crypto is the future for those who understand the digital assets that will affect modern payments. Know the advantages and disadvantages and also the risks that will arise.

I think this is the idea to go about it with. As a speculative asset that works for a store of value.

Despite the fact that, most of us on the for are all crypto or bitcoin enthusiast, we ought to realise that, bitcoin has got uncertainties about it and as such, you've got to watch it on your investments and follow it up with the trendings in the cryptocurrency space.

Bitcoin have been able to surpass most of the stunts thrown at it by the various anti bitcoins in the fr or critics and government but it does succumb to some of the FUDs at times and one without proper orientation or even with proper orientation but with certain situations of the world might seek out ROI at a time when one ought to hodl and have his life on the line.

I believe bitcoin would be around for a long time but until it gains a wider acceptance, we don't have to throw away the risk factors just yet.

What I have observed from this discussion is that ops have missed interpreted some terms and words based on his personal feeling and making statements such as depending on Bitcoin for life may be seen as a statement that is out of context to me, since one can not build your entire life around a speculative asset as Bitcoin.

And when we talk about depending on something, it should be an asset that has long-term value without volatility such as we experience with Bitcoin.

I'm sure whatever angle to that statement you made was informed by a personal experience of yours. However, I'm of the opinion that no one should place their life consequent on anything; not even on Bitcoin. Yes, it may be decentralized and all that but that isn't the only thing to life. Bitcoin, despite its accolades, is still unstable and volatile. It seems the most safe of all cryptos but that isn't to say one shouldn't be precautions while dealing in it. There are many who won't even talk highly and in good light about Bitcoin till date. Everyone's perspective isn't the same on Bitcoin. Many bemoan their losses while few glory in it.

Invest in bitcoin and have a steady job that will sustain you as you pursue life successes in crypto. Crypto doesn't promise us financial stability because of its volatile nature. You can put your mind to what you don't know what will come of it tomorrow. To be financially free in crypto requires patience to wait. What will sustain you then is your job. You can't just wait for that to happen without having something to do to keep you going. Although some people depend their lives on bitcoin just because they are been paid every week on bitcoin(signature campaign) way more than the salary offered to them as a job. That's their choice and decision.

The important thing is that we already know that bitcoin can help us improve our lives, and by investing in it, we can get it.
And if they have a job outside of bitcoin, that's good for them because they can set aside part of their salary to invest in bitcoin and it will be much easier than those who are trying hard to earn bitcoins from many ways to make ends meet.
And while we work in the real world, we can also work to make money in cryptocurrency so that our income will increase, especially if the market experiences a bull run.
And yes, we must be patient in investing in crypto because it is not as easy as turning the palm and it takes time to be able to get that profit.