Bitcoin Forum

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

This is not about alternative source of income, but how much money he can set aside to invest which will not affect his monthly spending, this is why people who want to invest something need to have emergency funds.

If he only have one job that pay really well, he don't have to looking for alternative source of income.

Bitcoin never produce any dividend, if Bitcoin can produce dividend or generate more coins, it's clear you're hold your coins in centralized exchanges, holding in CEX is bad for security.

When someone does not have a means of income, it will be impossible for that person to invest in bitcoin because he will hardly hodli that investment and might run at loss because when he is faced with challenges, he will sell of his bitcoin regardless the price of bitcoin at that moment, which will make him run at loss especially if bitcoin is below is entry price. Your friend had the opportunity to invest when he can, and you were there to put him through but he refused. Just because he lost his job, he is back to his senses that he wants to invest. This is how some people are, they will think that they will have whatever they want everytime due to their current financial status, and they will not think of investing when they can it is when they have lost it all, they Wil want to invest.

You were the ones who first told him about investing in Bitcoin and now when he's ready to invest in Bitcoin, you're trying to run away from him. I know his situation is different now because he has lost his job but you can still help him to start investing in Bitcoin.

If you're a good cousin then tell him in detail about the crypto market and its volatility, and at the same time you should tell him about the security issues that could arise if someone invest in Bitcoin without proper knowledge.

Once you clear out everything, then allow him to decide that whether he's going to invest in it or not, if he again decided to invest in it after knowing all those things then you should at least help him out a little bit by guiding him that how one can start investing in Bitcoin, or you could tell him about this forum and then he may learn about Bitcoin investing from the reputed members of the forum.

At this point of time almost everyone considers bitcoin as an investment method and investment should be done only when we have met our basic necessities and have savings that can be invested with affordable risk.
So considering your friend's situation we can say that since he doesn't have a job right now, it wouldn't be wise for him to invest in bitcoin at this point of time.
If he had been earning then it would have made sense but right now the time is to find a job and then start earning and then may be consider investing in bitcoin.

OP is not running away from his cousin, simply because the other guy's economic conditions are no longer suitable to invest in bitcoin at this time. Why don't you ask the opposite question, why did he previously have a stable economy and avoid OP's investment advice? I don't see anything wrong and completely agree with the OP's advice to his cousin.

For someone with no income and a get-rich-quick mindset, giving investment advice at this time is trying to kill them rather than help them. Even if you give them thousands of tips, thousands of warnings about the risks of investing in bitcoin, they will never know how risky it will be because they have never experienced it before. The volatility and risk of investing in bitcoin cannot be described in words, only those who have truly experienced it can know what it feels like.

Before he was convinced to move back to you for help like this to come and invest in Bitcoin, he was already convinced in his mind that since he lost his job, Bitcoin will be the life saver for him.

Maybe it will be based on the things he might have read about those who invest in Bitcoin and how they made it out rich from it, which is the misinformation most people live with.
 
The best thing he needs right now is to look for another job that could give him earnings and not invest the little savings that he might have into bitcoin, whose price will be floating, thinking he can have a life-changing opportunity.  

I always tell my friends the project is good, I believe in it, I put money in it BUT it may go to zero at any moment.
So in case it goes 20% down, they won't look at me with regret.

The security issues when investing is a whole another problem.. I am not into dedicated solutions for crypto as I'd rather be a fish in the ocean than shark in the tank and use regular hardware for cold and hot wallet but if someone is not too savvy with computers, maybe a hardware wallet is a good idea - even better would be to learn about the dangers because even hardware wallet users are getting scammed due to social hacking / mail spam with misspelled domains etc.

This kind of advice makes sense. A bear market can mean BTC USD takes years to recover, especially now as the prices trend near all time high levels. People without a security deposit or some stable income that allows them to save beyond their needs are going to have a very hard time if it stays in a slump and they need the money. For them the financial loss or much more significant to someone with a property he can earn income from or someone with a high paying job.

So really, if your friends are poor, by all means, take the time and teach them. Show them a skill, that skill may very well be crypto. But don't given them predatory advice to invest anywhere especially if you know that they can't afford the risk of losing, which is a very probable scenario. BTC isn't guaranteed to keep going up forever.

This really depends on the amount of money someone is receiving as income, the amount he is spending monthly and the amount he can use to invest. Some people are not collecting high amount of money that can satisfy them while some will be collecting an amount that can satisfy them but can not save. Some people with just one source of income can be satisfied and save enough than someone having two or more incomes. People face different things in life. There are sometimes that you may have just a source of income and having enough to save, that does not mean you should not invest in bitcoin, because you have the capability. What that matters is capability. If you have the capability to spend, save and invest, having one source of income or more is not what to be considered.

he only remembers to invest now that he is in such situation. you remind him that he best find a job while also DCAing in BTC. a normie like him are often not a trader and may not have the patience to wait for months to a year.

having a job that supports him and his family will be best while he has something to expect like the BTC investment. BTC is something of a fall back whether he is in loss or profit, its a money he can pull out when it he needed the most.

Well, yes, it does make sense. Some people are indeed  earning enough on a daily basis from crypto investment but in most instances, people are yielding to loss due to bad decisions or mistakes. The role of alternative source of income is for sustainability of loss and profit. Even if you're in profit, which is inconsistent in most instances, you'd be left with nothing in the long run especially if you're still new with crypto investments. Even "professionals" or experienced investors are suffering from loss so what more with beginners.

Alternative source of income will save you from being at financial problematic edge. What's best is to know your "grounds". Know how much you can engage with investments and the amount you can afford to lose in this industry.

 
His friend investing in bitcoin can be very risky because he is either surviving with his savings from his previous job or he is surviving from debt. If he is surviving from his savings, then he is in a slightly good condition. If he can get a new job or a business with the money he has at hand, after having a business or another job, then it will be the best and right time for him to invest in bitcoin because investment is never too late.

Otherwise, if he invests now, he will end up surviving in debt, and that will just create a bigger problem for him because how sure is he that the profit that he will get in bitcoin will be able to cover all the debt that he accumulates? So when investing in bitcoin, you don't need advice but decision-making that will favor you in any condition you find yourself in after investing so that you will not end up selling your coins at a loss.

In my opinion, you did everything right in saying this. I personally, with great caution, can advise anyone to invest in Bitcoin, before that I will carefully analyze the person and see whether he is emotional and prone to rash actions, as well as whether he is greedy or not. If these conditions are met, then only in this single case can I tell him a lot about it. Of course, in our conversation, I will warn him that this can be very dangerous for his wallet, and that you can not only earn, but also lose, because when buying any asset we take on the risk. Although many say that they are not responsible for those whom they told, I cannot say that I think the same. If a person loses some money, then I will indirectly blame myself. On the other hand, it would be wrong to be completely silent and not tell other people about Bitcoin, because in itself it is one of the best assets that exist. And I am still very grateful to those friends who introduced me to Bitcoin several years ago.

It is not about having an alternative source of income but having sufficient funds to cover your basic needs and also having an emergency fund. Anybody who sees Bitcoin investment as a full-time job will sell his coins easily because he would have bills to settle. The people who assume that they can make quick money from investing in Bitcoin are misinformed or they assume that they are investing in a Ponzi scheme or pump-and-dump shitcoin.   

How do you expect a jobless man to invest in Bitcoin? How do you want him to survive if he uses his current savings to invest in a long-term project like Bitcoin? I think OP did the right thing by discouraging him from investing now he has no job. He should get a job first before investing.   

Bitcoin investment might be a profitable one but it can never be a reliable one due to its high volatility. That’s why you can’t just invest and rely on it solely, that will only put your life at risk. Find a stable job at least prior to any investment so that if ever you fail on your investment, your whole life won’t breakdown as well. That way, regardless if your investment will work or not, at least your finances will still be stable and can still cater to make ends meet.

You are missing the link because it's not about the alternative income but rather how much they can allocate to invest into Bitcoin because there are people who earns a lot but don't plan their investment and ignore Bitcoin investment while there are also people with limited income but they keep aside a part of it for investment or DCA. It depends on interest of every individual hence we cannot pressurise anyone to invest into Bitcoin if they see value in it they would surely invest.

I no longer refer to it as an investment when discussing with my inner circle.  I now term it as 'savings,' a term that aligns better with its nature.  Bitcoin serves as your savings account, offering a more lucrative alternative to leaving funds in a bank with ridiculous interest rates.  It appears to entail less risk compared to typical investments, at least from my viewpoint.

That's the advice you should offer your cousin: encourage him to save in bitcoin rather than invest. 

If someone is ready to invest for the reason of losing his job then it can be called a goal, why is that how can he cover his needs especially there are still bills every month, of course the investment that your friend plans will not be in line even there can sell at a loss while he needs money when urgent.

I always do not recommend him to invest if his planning is not ready, he can come back again and be responsible to me of course because at the beginning I myself directed.

When someone has invested, they still have a job at the same time there are other sources of income, so obviously what he sets aside to spend bitcoin will be safe in the sense that needs are met with the salary he gets.

Don't just look at bitcoin investment as a get-rich-quick scheme, it's a lie, it takes a long time to see the benefits.

Investment is not coercion but will. Investment in many types that can be done by anyone as long as the investment destination is known. From a good understanding of investment goals will encourage anyone to do it. If the purpose of investment is to maintain a hedge for the value of the Fiat currency and is known by people, then the awareness to make investments will be made.
They will in the next stage will ask themselves that the type of investment will be done to maintain value. If you are afraid of the uncertainty of Bitcoin prices, yes they can invest in other types such as gold.

For me personally, if you can use it is also good. Do not be a lecturer to others like a priest in the church for fear of losing more money if the contents of the lecture do not match what is desired.
I will not do it to others who started from me unless they begin with them.

There is nothing wrong if he choose to come back to Bitcoin investment, perhaps that's why they say that every change in behavior or acceptance is as a result of experience so perhaps he has realized that if he had diversified his part of the salary into Bitcoin he would have gotten an investment to fall back on since he has lost his job but however if his motive on Bitcoin is to become rich overnight or an alternative of making money on a weekly basis is obvious he may not be ready yet because it will be very difficult or impossible achieving that, however I realized that most people who have not really venture into Bitcoin has a very wrong impression on Bitcoin investment because they feel that is very easy to start and begin to make money immediately.

The reason why I'm saying this is because it was not quite long ago when I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, I became surprised were he might have gotten such idea, so perhaps that's why in a case like this we should really know the intentions of the person for choosing to invest on Bitcoin to avoid coming back later and start blaming you if he did not see what he was expecting on his investment.

 I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, The advice I gave to my cousins was not to invest in bitcoin but to save in bitcoin.
Many of that are scared to avoid coming back later, I told him that even the security before investing is a problem.. I encourage him to a o have a job and pure that u earn before investing in bitcoin..

Basically, you don't need to ask your cousin to invest in Bitcoin. You only can help him if he is interested in Bitcoin himself. If you ask him to invest, you will take the responsibility if your cousin fails in his Bitcoin investment in the future. I believe you don't want to be blamed if there is something bad happening in your cousin Bitcoin investment.

Someone should be optimistic and brave enough if he wants to invest in Bitcoin. If your cousin is afraid, it means he is not ready to deal with the risks in Bitcoin investment. So, it is better to give the time for your cousin to learn more about Bitcoin investment first.

If he lost his job, how he can have the funds for investment?
Investment isn't the priority if someone has no income. It is better to have a job first and make sure to have good salary. When your cousin has free money for investment monthly, you can let him to buy Bitcoin. We must know that taking profits from Bitcoin mostly not in a short time, it will take a long time. He can expect to get profits monthly from Bitcoin. Moreover, your cousin is a beginner.

I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

Telling people to invest in bitcoin is never my type, although I have been in crypto for quite long now. That’s because I know how risky it is to invest in such a volatile coin and an unpredictable market as well, and certainly, bitcoin is not for everyone. Most especially if you have no stable job to count on, and your plan is to rely only on the future profits of bitcoin, well that won’t really do with bitcoin. It can be profitable but it takes years first of long term hodling before you can achieved it, so you need to have your own job first before you decide to risk your funds into bitcoin. Otherwise, you will starve to death first before you will experience profitability with bitcoin.

His reasons for refusing to accept his cousin's decision to agreeing to invest in bitcoin right now, for me it's cogent and understandable. The cousin who refused to invest when he could have been comfortable for him to invest is now agreeing to when everything is falling apart with him as a result of losing his job (source of income). The impression is that he's now in dare need of a source of income that shouldn't take much time to manifest in returns and that's not how bitcoin works being an asset with much volatility we can't say for sure when profit will be made, and what if it has to take till next year before the bull run take a full shape to ATH. Can he wait? For someone without a job. If you suspect that by introducing anyone at all to invest in bitcoin will mount unrequired pressure on you from that person as time goes on, it's best to run away from it. Peace over drama.

There are two factors your cousin has explain about his inability to invest in Bitcoin, first he said he is afraid not to lose his money upon investment, the second one is that he is a contented man who is happy with his salary.
For him to fall back to you in respect for him to invest, seems like coming to get a quick fix on his financial situation, so it then means he doesn't really understand how bitcoin works, so he needs to first build his knowledge about Bitcoin. For his kind of person, if he gets another salary job, he will jetterson the whole idea of Bitcoin investment the way i see him, because it's not looking like Bitcoin is his thing or something he can patiently wait for to increase in value as required for investors, except he wants to be a short time investor.
So in helping him, he needs a steady stream and DCA method to follow through for the period he wants to invest.

This is truly the right advice to give to anybody, I mostly tell people that you should hold you savings in bitcoin as it is an hedge against Fiat inflation and if they ask me about the returns I tell them it is more less a bonus for them but I still warn them that the volatility that increases the price usually also dumps but a long term holders do have the advantage of avoiding this loss but yet still not guaranteed.


I don’t think we need to reason anything about this because it is crystal clear that the person in question is looking for a source of income to balance up his Former lifestyle and bitcoin is certainly not that investment. The problem is that the kind of narrative that people have about bitcoin and cryptocurrency is sometimes bad; many people see this as a get rich quick scheme and once they have problems they refer here to double their investment which isn’t. So I don’t blame OP for the advice he dished out

Alternative isnt the issue on here but rather money or fund management would really be the key. Its not bad on making up some suggestions into other people but make it sure that you have explained it well too when it comes to the risks involved because if you do find yourself that explaining all the good things but forgotten the bad ones then you are just basically putting up yourself on getting blamed at the moment that the market
will really be that fucking up someone that you had introduced or someone you have taught about it. We do know that people do loves on blaming someone on the moment that they are losing money.
This is why it would really be that best on the moment that you had explained to someone then tell them about the risks and never ever make some sugar coated words on investing to crypto because
everything can't be talked about assured or guaranteed profits.

If you do have single source of income then you could still be able to allocate a little portion of that income and could be able to invest but of course you shouldnt really be forgetting the primary
rule here on crypto investment is that you should really be that invest on the amount on which you can afford to lose as always. There's no such guarantee that you can make money out of this market.
So better prepare yourself in terms of mind and emotion because this wont really be a smooth sail ride.

Based on that story, if you have a fixed job then you should save some of your money to emergency funds just in case you lose your job. We don't know what would happen in the future, better be safe than sorry I would say.   If you have affordable money to invest on any investment method out there then go ahead, otherwise please don't you just make yourself worse. Investment is not a quick rich money making method.

In these days or era if you only rely on one stable job then you will only live enough, I mean with the continous inflation rate sooner or later your stable salary or income will mot be enough thats why investing, having business or finding side hustle will be a good alternative, if you still can do then having another source of income will make you the cut, and one of it is investing in crypto currency or bitcoin, but also not all people could do bitcoin because there is a risk, even though the investor will only use extra money, fhe impact of losing it all to bitcoin will have a great impact to them financially, so if you cant and cant manage to handle the complexity of bitcoin then bitcoin is not for you, there are more ways to earn through ceypto currency a person just need to explore.

That's his first mistake. Investing in bitcoin is not and should not be treated as an actual job. If you want to invest in Bitcoin, it should have happened when he had the stable income. Relying on bitcoin for your daily needs would be a disaster. It's a good choice that you decided not to get involved. Bad decisions after bad decisions.

Investing in Bitcoin without having real income is of course not very good and it will not be possible to carry out the investment well, because of course we have needs that we must fulfill and to be able to get satisfactory results in investing in Bitcoin we must be able to survive for a period of time. for a long time and it is very unlikely that we can invest if we cannot meet the needs we need and it would be better for us to have a source of income that can meet the needs we need before we can decide to invest in Bitcoin, don't let us listen to other people's advice then we continue to decide to invest, of course this is a very bad decision.

I noticed this is common behavior. I might also be guilty of the same. Whenever you have a good source of income and you even have extra money, you don't think of making more money. You probably think of spending, of how to enjoy your money. So instead of thinking of how your money would give you more money, you focus on the pleasurable things your money can afford. It's only when your source of income becomes problematic that you scamper looking for other ways to earn. I, too, am battling against this tendency.

His awareness grew when he no longer had a monthly income generated from his job, if at that time he wanted to follow your invitation, he would find it easier to accumulate Bitcoin by setting aside part of his salary to invest in Bitcoin. Investing when he no longer has a source of income will greatly affect his emotions and he may blame you when the value of his assets decreases due to Bitcoin market fluctuations that occur all the time.

Point him to all the risks that come with investing in Bitcoin without proper knowledge and impress upon him the volatility that always occurs in the crypto market. Your job is only to direct and inform him of all the possibilities that could happen in crypto investment, let him determine his own path without any more reason for him to blame you when he experiences risks while investing.

Truer qords never been said before, you can't keep up an investment if you've got nothing that would help you survive in the real world. Bitcoin is supposed to be for the long-term and if investing in it can lead you to more hardships that would leave you no choice but to get back that investment to supplement your daily expenses then you're doing it wrong. But this doesn't have to be the case as always, even if you have no other income, you can always consider leaving a really small percentage of your salary to invest in bitcoin, even that $1 dollar would count if you do it consistently and for the long-term.

This is a common problem among some high-income earners. They are always comfortable with what they earn since it can cover their expenses and give them other pleasurable things. Most of us fail to understand that nothing lasts forever, so there is a need to plan for the future. A friend once told me that I should save from my income every month, no matter how small, and this is what I have been doing with Bitcoin.

Applying the DCA investing pattern I ensure to keep some amount of Bitcoin monthly. The sum might not be big, but it gives me some level of satisfaction that I am investing in the future. It has not been an easy task because I have had to forgo many activities or things that once gave me pleasure to keep buying Bitcoin.

That attitude is very common among some people to ignore their opportunity but once their job is terminated, it's then they will come back to their senses to remember what you have told them about Bitcoin and they will be serious to invest. But if you have other sources of income that will be helping you to solve other challenges not to sell your Bitcoin, it will be easy for you to make a huge amount of income from your Bitcoin investment when bullish season appear, because you have other sources of income that is boosting your confidence. well, is never too late for your cousin to be part of Bitcoin investment, and all you need to do to help him is to educate him about Bitcoin investment before he can use small capital to start.

Well, actually you were right to recommend that he invest while he still has a job. In fact, I also thought like that, and at that time I was forced to invest. However, when I lost my job, I really felt the benefits of the investment. However, this could be a lesson for him that while he still has income, he needs to think about what things are good to invest in and not be quickly satisfied with his income at that time. Investments will help us when we have no source of income. Currently he has no source of income, and wants to invest in bitcoin which has quite a high risk of investing if you don't have a source of income. I suggest looking for income first, because I still adhere to the principle that don't invest using money you don't want to lose.

Should he be talking about getting started in making an investment after he has lost his job? The decision to think towards coming into the Bitcoin investment sector at the time he's supposed to be thinking about getting a new job is totally wrong and will only serve to land him in a big mess if he tries getting started at this stage and phase of his life.

So since he's still struggling financially, how does he intend setting out an amount that's going into DCA and another that's going to serve as his emergency funds and still have enough to take care of his general upkeep? Sometimes we need to be realistic enough to know that even when some decision are the best to be made, if you make certain decisions at the wrong time, you're going to end up putting yourself at a very tight corner and in a situation were you live the rest of your life regretting ever taking such an action.

It's hard to understand how many people like to get themselves into trouble, giving advice or asking others to invest in bitcoin is an unwise idea. Think about it, if they invest profitably, we will not receive any benefits from them, but if they lose money, we will be the ones blamed, even called scammers. I really don't understand why so many people like to do this.

Basically, investing is risky, and it's riskier if it's bitcoin, a volatile asset. So let them learn and make their own decisions, don't try to ask or force them.

I agree when OP gives advice to his cousin not to invest in bitcoin while he is unemployed. But if OP hadn't asked his cousin to invest in bitcoin before, he wouldn't be in this situation now. OP is in a dilemma as he is the one who introduced bitcoin to his cousin but now OP is also the one who refuses his cousin to invest in bitcoin.

People always want to overdo it in the crypto space, even if all they can spare for Bitcoin investment is one percent of their monthly salary they will feel the hype later and increase the amount themselves, I know people who do this just because they want to have a lot of Bitcoin as fast as possible.

OP dropped a good advice, if you don't have a good source of income don't think about Bitcoin investment, if you also can't stick to a certain percentage of your money into Bitcoin every month you will likely over-invest in Bitcoin and it could backfire later on.

As for him telling his cousin to invest in Bitcoin is not a forceful attempt, if his cousin says no to him it is the end, I've advised many people to grab Bitcoin at $3500 in 2020 and they said no, a year later they rushed to tell me how they regret not taking my advice, the same thing will happen to anyone who failed to listen.

Actually due to what op said earlier that he advice his cousin to invest in bitcoin but he was afraid that he don't want to experience any lose in the market, had it been he listen to op advice he wouldn't have been in this situation right now. sometimes this happens as a result of being greed unlike what op said earlier that his cousin Said that he don't want to invest his money in bitcoin meanwhile he has a decent job that is paying him very well then, what will happen to him if he just invest with a little amount that he can afford to lose and just forget about it? that is why is not good to put our egg in one basket because had it been he invested in bitcoin at that early stage, I think there will still be a hope for him now that he lost his job. However Most people always forget that bitcoin is a very good asset that can profit One in the future.

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That's an interesting situation with your cousin. Do you think it might be a good idea for him to start with a small amount to get a feel for the market without risking too much? How have others in this group handled introducing cautious friends or family to crypto investing? Any tips on managing their expectations and helping them understand the volatility?

It is not easy to suggest Bitcoin investment to new people, even if you already know about it, but new people will not easily believe it even if you provide proof of good profits from Bitcoin. Especially for those who feel comfortable with the income they earn every month, because there will definitely be worries.
Since this person is your cousin, you should invite him to do a business that is easy for him to understand and that he also knows about profitable businesses. And with this you can meet often and have a lot of free time to educate your cousins ​​about the benefits and advantages of Bitcoin, and having a business is one of the best ways when you lose your job.
And I'm sure this way your cousin will definitely be interested if he really understands and has enough knowledge about everything related to Bitcoin and the risks involved, and he will definitely start while he is still working and doing business with you. And when he lost his job, he still had a business and also invested in Bitcoin, and it was all because of you.

That will be a lesson for OP's cousin and he should change his life plans if he doesn't want to be in this situation again. But I don't think investment will help us in case we are unemployed because there is no guarantee that investment will always bring profit. Investment needs to have a long-term vision and must be completely separate from daily needs, only taking profits when the set goals are achieved. I think saving will be more effective in case we are unemployed than investing.

By the way, I also agree with you that the idea of investing while we are unemployed is a bad idea, and OP was clearly right in giving advice to his cousin.

But bitcoin alone is not an income. That is if you're not doing anything with it, anyway. So talking about alternative income doesn't really make any sense here since technically he had no income at all.


Investment is only good if you've already done it, and it's only going to help you not run out of money. It won't help you if you're trying to make more money.

Don't feel bad regarding on his decision since after all its really hard to trust something that you don't know. Maybe he's fine at his comfort zone since he think that he can stay long on his current job. Also it seems he is currently happy on what he's doing so don't get angry if he's decision is not to invest on bitcoin for now. But for sure later on once he realize that bitcoin is good currency and investment then for sure he will come to you and ask so hopefully you are still ready to guide him once he decide to invest on bitcoin.

Next time don't come unto those people who doesn't have clear interest to know about bitcoin since you might just really get disappointed on their answer since for sure they would provably decline your offer. But instead let those people come and see your result since for sure if they are so interested about bitcoin then they are the one who will find ways to learn information about bitcoin.

If he get broke due to his decision not to get out on his comfort zone then its unfortunate for him, but don't close your door on him and still have a good approach to teach him if he's ready to learn since for sure teaching those interested individual is fulfilling especially if they succeed on their investment also their activities on bitcoin and altcoin space.

It is not actually easy because people always start with the good side of it and they get interested immediately but if not someone that is also desperate instead of asking a question they are more interested in making a profit than knowing about the risk that investing comes with, or even security of how to keep your assets self. but they won't ask they will jump in steps and be asking when to start and how to start making money. and what they fail to understand again is that you can not compare yourself with someone who has been in the system for a very long time. but they will always want to show their self and compare and if you do things like that you will not learn.

Even if the person is family is better to make everything clear because a lot of people will want to trade but do not know what is behind trading, but when you make everything clear you won't have a problem because they know the dangers and the risk and they still want to trade that shows they are dedicated about learning, and if they have another source of income will even make things much easier because they wont rely on trading alone. and one source of income no longer works because bills keep increasing. and bitcoin is not a bad idea to turn to, so everything at the end of the day will be in the hands of the person interested in learning trading if he or she wants to actually learn.

The last sentence made me laugh. OP, teach living luxuriously and economically. How do you imagine this?  
To be an investor, no matter where, you always need free capital. There can be no talk of any investment at all if people live and work only on food and clothing. And sometimes I read stories that people only have enough of their salary to buy food. If you skimp on this, your health will soon be ruined, and then additional problems will arise with the purchase of medicines. You always have to think about this. But I will agree that someone could deprive themselves of some alcoholic beverages, gambling, and other entertainment and instead buy some Bitcoin, realizing that this money could go nowhere. Moreover, campaigning for investments of other people's money, knowing that finances do not allow this, is tantamount to leading people into another abyss. Give people information and freedom of choice.

You are right and this is a good advice for him. If he has invested in Bitcoin a while back, he would have by now be in profit, but he is coming back to Bitcoin just because he lost his job, which means that he is here for money that will be used to care for his needs.

NB: Bitcoin investment is not a get rich scheme, you need to be patient to be able to earn from the investment; it is also not advisable to invest all your money in Bitcoin, it is advisable to invest the amount you can afford to lose, and your Brother's money is something he cannot afford to lose.
Therefore, your brother should consider learning crypto trading instead so that he can know how to analyze the market and earn a leaving for himself.

You know your cousin is funny; when he still had a source of income, he didn't think of investing in Bitcoin, which would have been a better opportunity for him because he somehow had a source to sell Bitcoin while doing DCA. 

Although he now thinks of investing when he no longer has a stable job, which will be more of a hassle and challenge for him in the beginning, good luck in starting to invest in Bitcoin.

He wants to invest in Bitcoin not because he understands and is amazed by what Bitcoin has to offer, but he just the FOMO of seeing you who have achieved success through Bitcoin and ultimately wants to follow the same path but with a different point of view. You don't need to be responsible if at any time he feels at a loss or panics, because basically investing in Bitcoin is not just putting in money. There are many things to learn, and you must have a strong reason for deciding to invest in Bitcoin. If these things are not taken into account, then the investment is considered unclear. Investing is not a get rich quick way in any asset, including Bitcoin. But to give us awareness about financial management long term.

That's because no one taught them how to restrain themselves, they don't like the idea that they're going to miss out right now and they feel like something is really awesome within them if they're invested into cryptocurrency. Most newbies do it, I think it's always the case because no one guided them to not overdo it and also, it's worth noting that when you do it the first, you also have this feeling that what you've just invested in crypto isn't enough and so you go and do it again and you buy more so you can see the asset that you currently hodl to be much bigger

Totally in agreement with that advice, if you will starve just so you can invest in bitcoin, it's probably in your best interest that you find a way to make more money and with that, you will have a spare money which you can then use to your liking or to invest in bitcoin without the worry that your basic needs aren't met.

You did the right thing, obviously.
A lot of new investors in the market have a wrong perception about cryptocurrencies because they think they can make an investment and keep earning money constantly like how one can get some commission by staking their funds in a pool or something. They don't understand how cryptocurrency investments work which becomes the reason for them to lose money when they make their investments and then panic sell when they see the prices declining.

So, if someone comes to you asking for advice on making investments in cryptocurrencies, you should let them know the risks involved and tell them what they don't know and then ask them to do their research before they take any step to avoid unnecessary losses.

What you did was right. Bitcoin is not a place to get rich quickly, someone who wants to invest in Bitcoin must be aware of the risks of their investment in this instrument. If they don't have enough money, but want to invest in Bitcoin, then they don't need to invest in this asset, because they would rather use the money to find work or their other needs. Because the price of Bitcoin can go up and down, and when someone has no income but they still want to invest in Bitcoin with their last money, then in the end they will still sell the Bitcoin they hold to cover their needs - why invest if in the end you sell it in no time.

Even they have multiple source of incomes or rich, I won't suggest them to invest on Bitcoin.

Why I need to risk my privacy and spend my time when I didn't get anything, moreover it just make me to take risk for getting blamed if the Bitcoin price didn't go to the direction that they predict.

Most people have cell phones, if they interested with Bitcoin, they already googled to learn and find to tutorial how to buy Bitcoin.

I'd change the sentiment to 'don't advise anyone to invest in Bitcoin', period. Believing in Bitcoin and even educating people a bit about Bitcoin is one thing, but recommending investing in it is completely different. Any investment is a financial risk, even if Bitcoin seems like a good investment option. I fully agree that a person needs to be able to afford to invest in Bitcoin, so there should be some source of that extra funding in order to invest, so that it doesn't jeopardize basic well-being. That being said, this funding doesn't have to come from an alternative source of income. If a person has a surplus of income at the main workplace, or simply some extra funding from anywhere, it can be invested in Bitcoin.

It is very true if we think that Bitcoin is not a place that will make us rich quickly and understanding the risks of investing in Bitcoin is of course very important, because it is impossible for someone to start investing without properly understanding the risks of the investment they are making.
Delaying investing because we don't have funds that we can invest is very good, because it is very impossible to be able to carry out investments well if they still have difficulty meeting their needs and it would be very good if they looked for a job that can meet their needs so they can prepare themselves to make investments.

I am somewhat disappointed by your discussion as I have heard enough about the positive aspects of Bitcoin that I became interested in investing in Bitcoin. I don't have any experienced people around me from whom I can take help in this matter so I took this forum to know and learn about Bitcoin. I will definitely take the risk of money but if the market only goes down after I invest then the outcome will go against me which I will find very difficult to accept.

Don't give investment advice to anyone. If they lose money, they will blame you. If they make money, they will blame you for why they didn't take more risks, why they didn't invest more money.
Investing in Bitcoin is a good choice regardless of alternative income streams. Investing is done with surplus money that you don't need at the moment. If you are using emergency money for any kind of investment, you need to anticipate the consequences in the event of a negative situation.

Suggesting investing in Bitcoin with someone who has no income is not a good idea. He still has difficulty making ends meet so he will definitely have difficulty investing in Bitcoin. Most people who are in that condition will not want to invest in Bitcoin and will prioritize meeting their living needs first. That is why we have to be careful when explaining investment in Bitcoin, and we have to make sure that he already has a steady income so that he can manage his finances and have money to start investing in Bitcoin. We also don't need to force him to invest in Bitcoin because it is a choice.

That was your cousin's first mistake, why he didn't want to invest even though he was still earning or working. I see your brother has a very high fear of losing his money.  What makes your cousin want to invest in Bitcoin? Is your sibling pressured by his necessities because he doesn't have a job anymore? If you at least know that your sibling is no longer working, the step or action you should take is that you must strictly forbid your sibling from investing. This is not recommended by anyone, if someone has no income but wants to invest then it is very risky for their finances.

Not just bitcoin, but any investment in this world will not be enough for someone who just lost their life now wanted to continue their same lifestyle for certain period of time only with the returns they get from investing on to something.

I would say it's better to keep the savings for the cash flow that is going to be required to meet the needs meanwhile you find a job that can give you the same salary package that you were receiving earlier. Bitcoin is not quick rich scheme definitely not for someone who is in desperate situation of money making since any kind of investment needs patience and it should be long term to get the actual returns.

You potentially could lose everything you own. It's possible for your house to burn down, your bank to go bankrupt, your car to be stolen. Are you afraid it will happen? Are you losing sleep every night thinking about it? I sure don't.

Yes' there's a chance to lose everything when you buy bitcoin, but there's also a chance to lose it all when you continue to hold fiat money.
IMO buying bitcoin is one of the smartest things you can do in life.

He's just going to make things more and more difficult for himself even after putting all that efforts.Bitcoin investments is not quite something that you should do without proper knowledge of the understandable features.
You could have options to consider,and there are risks of losses attached to it,because you could lose everything,its going to be a great loss for him to make such a wreckage.
Investing in bitcoin is not for the weak,also when trying to suggest to someone to invest in bitcoin,ensure that the information don't sound coerced so he doesn't regret his decisions.

Well, the fact is that investing is very risky, which is why the profits offered are so large. If someone had said it like that, they really didn't want to take the risk. However, many people want to take risks when they realize that investment is important, and taking risks when we still have a source of income is something that is highly emphasized, especially when we are still far from financial freedom.

This all goes back to knowledge about investing in Bitcoin, if someone never knows about investing in Bitcoin of course they won't dare to do it especially with the potential for big risks.
If you have to wait for financial freedom to invest in Bitcoin then not many people can do it, I think slowly we have to invest in Bitcoin from a young age because if we already understand the potential for big profits in investing in Bitcoin in the future then there is no longer any hesitation in doing that and no more excuses.

Yes it is true that if an investor has no alternative source of income then he should invest in Bitcoin wisely. An investor definitely invests for future protection and good profit but if he is insolvent and has no source of income then after investing he will sell as per need instead of holding. It may happen that after investing in bitcoins he is forced to sell, so in this case he will face loss instead of profit. So an investor should invest when he is wealthy and has alternative sources of income or he can be advised to invest.

I hate to say this but your cousin is setting himself up for failure, he has expectations out of bitcoin and investing in general that are completely out of place, not only that, he plans to start his journey at the worst possible time for himself as he has lost his job.

So when you add all of those factors up, there is almost not chance at all for him to attain the success he looks for, also you need to be careful as well, as even if you have give to him a stern warning against investing in bitcoin, you should not be surprised if he blames you for his losses and this fractures your relationship with him.

Agreed that everything has risk and nothing is completely safe, but comparing losing our car or having our house burn down to investing in bitcoin is pretty lame. Incidents such as fire and theft are only rare incidents when we are careless or caused by mother nature and are very rare in life. Meanwhile, investing in bitcoin is much riskier because the market is like a battlefield, investing means you are on the battlefield and it will be much more intense than when you are at home.

Investing in bitcoin is a smart choice but if you are not ready then you don't need to invest in it and there are many other options available to you. Just like if you don't have enough skills to participate in the battlefield and stubbornly participate, it will only cause you to quickly lose your life.

That's not always the case, there are a lot of investments that are very risky but they don't offer large profits and even if they do, the possibility of getting those profits is very low. Take meme coins as an example. They are extremely risky when it comes to making investments in them, but the possibility of their investors getting large profits isn't always high even though some of them might manage to get that it's just like a jackpot in a casino which is given to a few specific gamblers in a period and all others won't be able to get their hands on it.

A cryptocurrency investor needs to understand that high risk doesn't always means high reward, but high risk only increases the potential profits one can get from the investment they are making.

Remember, profits are never guaranteed in this industry.  :)

It is difficult to advise someone without income to invest in Bitcoin. At least he can have an income first and then consider an investment. This investment will serve as something that can help him in the future so that he does not have financial difficulties.

If he can't have an income yet, suggest getting a job first. This is important because he can meet his needs first and think about saving or investing by having an income. Many people don't realize this and are only interested because of other people's invitations.

They don't think investing requires capital separate from their daily needs. If not, his daily needs will be disrupted and his investment will not run smoothly. If your cousin is willing to invest his previous salary, at least he can still survive when he is no longer working.

Therefore, it is necessary to have knowledge first before investing in Bitcoin. Without knowledge, the risk will be greater. If we want to develop, we must also be brave enough to take risks, but it is a risk that can be measured with knowledge. While we don't have it, it's better not to come close, or we'll gamble. Many people are smart in seeing the future and opportunities, so many of them choose Bitcoin to save their money

Maybe you didn't read the passage which I stated that he has lost his job where he leaned on his monthly salaries.
So with such person who count Invest in the bitcoin during when he had a job of eaning, I bet if he can afford a dime of his savings to invest after much he lost his job. Besides, his thought of coming to invest in the industry now isn't because he needed to Invest but because he needed a source of earning which would be expected a quick scheme of producing incomes.
I hope that get you cleared Apocollapse?

Well, yeah, you are right, though. There are some people who need to have other sources of income before they can successfully hold their Bitcoin for a longer period of time when the Bitcoin investment is very profitable to them.

It's easy to invest when you don't have another means of survival; the disadvantage is that such investors may not be able to hold until the bull market is reached. While there are some people too who don't have alternative sources of income and yet are still investing for a long period of time, such people are those that are still under the care of their parents or guidance.

For example, there are some teenagers, probably at the age of 18, who are already aware of Bitcoin and any money they get from their parents, uncles, aunts, and friends they will just invest in Bitcoin and hold it for a very long time. They will not bother to sell because they don't have any responsibility yet; they are still the responsibility of their parents.

But, for someone who is married, or perhaps the person is fully grown and has some financial responsibilities to care for himself or herself and care for the family too, it will be difficult for such a person to hold their investment for a long period of time.

In the case of your cousin, you have already passed on important advice, but I don't think he is going to remain jobless for the rest of his life. I assume he will definitely get another job, and while he is seeking to get another job, he can invest some of his savings from the old job. I believe he had some savings from that old job; let him invest some of it in Bitcoin. Let him also get another job or use some of the savings to invest into a business.

Without income there's no way that anybody can do Bitcoin investment, because it takes money to convert to Bitcoin and hodle, and having atleast one steady source of income is important to be able to do DCA method. I've encountered a couple of unemployment youths who are looking for online jobs where they can make money, they'd ask my opinion about the potentials of making money in cryptocurrency, and I'd tell them that cryptocurrency is about trading and investments, that you need money to engage in either of them, so they're not a job for the unemployed.

The OP did the right thing by advising his cousin to invest in Bitcoin, when he had a steady income, when the cousin became broke and remembered Bitcoin, I think that the OP still did the right thing by letting him to understand that Bitcoin, is not a get rich quick scheme, he needs money to invest on the long term before he'll start to see ROI.

Your cousin is making a mistake. It was necessary to invest in the “fed” years, when he had a job and surplus free money. Now that he has no permanent source of income, he remembered the “magic BTC-wand, which makes everyone rich”. Any investment always involves risks. First, your cousin should resolve the issue of his employment/earnings, and once he’s firmly on his feet, he should think about investing. Don’t think that bitcoin will solve all his financial problems when his problems are only getting worse.

That's exactly what happened to your cousin. When he could afford to invest, he didn't. Now in bitcoin he saw a “lifeline”, completely unaware of the nature of btc, which is highly susceptible to volatility. Your cousin wants fast and easy money, not knowing that bitcoin is long and slow money.

You did the right thing, because otherwise, no matter what happens, you will become to blame for his problems. Even if you give sound investment advice, your cousin would be “deaf” to it due to the stress of investing almost his last money. He started a game that he is now unable to play.

do you think it's better for someone in your cousin's situation to invest in Bitcoin gradually as he stabilizes his income, or should he wait until he has a more secure financial footing?

Absolutely, having knowledge before investing in Bitcoin is crucial. I'm curious, what resources or strategies have you found most helpful in building that knowledge?

Well, I don't have any cousins in such a situation, but above, I have already stated my opinion, which is what I think can equally be done. 

If, for example, you had a job before and were receiving a better salary, then it is possible you must have savings, right? So, if peradventure the job ended and you were jobless at that moment but you already have about $5k or $10k in your savings balance, I would advise you to either invest 40% in Bitcoin, 35% in some daily business, and 15% for personal use to sustain yourself till you probably get another job, then theremaining 10% can go into a savings balance in case of emergencies. 

If you don't have an idea for any business, then you can invest more in Bitcoin and also keep enough savings that can better sustain you until you get a better job. 

Depending on the availability of jobs in your country, you can predict how long it's going to take before you get another job. 

If you want to wait till you have a better financial status, then my question is, why did the person not invest in Bitcoin at an early time when they still had their first job? While waiting till they were jobless before they had the idea to invest?. 

Personally I find that this forum itself is a good way to start your crypto journey. Sectioned in different boards, one can easily navigate their way through and find what they are looking for. They can also post and start a thread about a topic they are heavily curious about with lots of real people with real experiences. I like how it is community based unlike articles where there’s a tendency for the article to be biased.

You should let him know that there is potential wins as well for this one. There's always going to be a risk with investing and you should risk what you can afford to lose.

He is contented with the salary but he lost his job. That's a terrible experience for sure. If he is worried too much about that, then maybe it's really not good to let him invest. Don't push the person if he doesn't want to. I don't think he would like it as well if he is going to invest in crypto because he might be thinking about it too much and cause some problems physically or something.

Why do people need to have alternative source of income to invest in bitcoin? As long as people can manage their money wisely, I do think it is fine to invest in bitcoin. Lets say someone has 1 source of income only and he can save some after he pay for all he needs IRL, it should not be a problem to invest in bitcoin with the remaining money (not all will be better). Of course having alternative source of income will be much better because we can use it for investment while our main income will be used for daily needs but it does not mean that having alternative income is a must.

You asked him to invest in Bitcoin while he had a job, he turned you down, now he comes to you to invest, when his job is gone. Such people cannot achieve anything big. Because they don't think about the future. At that moment, if he had thought about the future and invested as you said, he would not have seen this day, because he would have already had some good money, with which he could have stood his life in a good position even in this difficult time. But at the moment he has no job and no investment.

So right now he should look for a good job, right now he will get nothing by investing in Bitcoin. Because Bitcoin investment requires you to keep some funds for emergencies and have a trust of separate earnings, then you can make your investment last longer, and we all know that it is not possible to earn from Bitcoin if you do not invest in Bitcoin for a long time. So ask him to find a job now.

As you said above, it depends on the employment situation of each country, and finding new jobs is very difficult and we cannot guarantee exactly when we will have new jobs. Is investing 40% or 70% in bitcoin a wise and correct idea?
I have seen many people fall into unemployment for more than 1 year and if in that case they invest their savings mainly in bitcoin and the investment still does not make a profit, then what will happen?

It can be said that there will be no specific answer to this issue and it will depend on a number of other factors as well as each person's decision. We can't give anyone specific advice on how much to invest in bitcoin and how much they need to save because we don't really know their situation. Personally, I will choose the safe path, I will wait until I find a new job before thinking about investing because I not only take care of myself but also have a wife, children and family.

It's funny when for you to say potential loss, I think it's laughable, because theirs no investment that doesn't involve risk and loss, I know very well that anyone who is into cryptocurrency investment and mostly bitcoin will experience loss, even manual business, people do experience losses, and I know very well that a business can not stand firm without experiencing loss, so for me, anyone that wants to invest in bitcoin we should tell the person to make research and know the risk and advantages and disadvantages that is involved for bitcoin investment.

The we do whenever we want to venture into something else not to investigate properly before we invest, when you obtain information from someone, what you need is to ensure that you have make inquiries of the information if you are willing to move forward with the information, for the seek of not to venture into wrong investment, take time to peruse into the system and know what's necessary and what is not necessary to do, secondly, is not good to go into investment with pressure or because people is into it already, make your own research and find out your cogent information first.

Aside bitcoin investment, can anyone mention any investment choice that’s attached with the idea of getting rich quickly because I don’t get why most people consider investment as a get rich quick scheme for example land, real estate still needs time before one can yield income, except the person is referring to loan companies. Secondly there’s no risk free investment choice because most people can be so funny after stating that bitcoin investment is a long term investment they’ll judge without research. There’s no guarantee for an investor who want to invest without any source of income because the end result might be 50/50 when there’s no money to settle needs and other things they might come for the investment and sometimes the market might not be in the right position but when there’s no option they’ll have to sell in loss.

If your cousin lost his previous job from which he used to receive a monthly salary, he should look for another job. As you have explained to him, the investment field is fraught with risks and is not a fertile ground for quick profits. Of course, having an alternative source of income to cover his daily and family needs will greatly contribute to the success of his long-term investments. If he needs money, he will find it from this source without the need to withdraw his capital from Bitcoin and leave the market, and he will also be able to increase the amount of Bitcoin he has constantly.

It is worth noting that sufficient experience and knowledge must accompany the source of income, as he is a beginner; without them, he may be exposed to fraud or lose his seed phrase, and he may invest at the wrong times. Therefore, he should take his time to learn and understand the basics and so on. I believe he will thank you one day.

Aside from that when we feel uncertain about their words like asking what if's... it is just to happen that this person will blame us later.
It is quite good to share and give a piece of advice to a person who shows interest and trust, those people who have an investment mindset because I believe that they are responsible people who are willing to listen and adapt to the situation. And for sure, they know what they have to do as they can stand alone.

That is why we must know who we are talking about. It is not about money but the behavior and mindset of the person who deserves to be taught.

I guess what OP means here is not actually an alternative source of income but most likely a main source of income since his cousin has lost his job now but has become eager to invest instead. I believe it’s really a must to have a main job or a regular flow of income prior to investing because the world of investments do not guarantee sure profits and you can’t completely rely on it to cater your basic needs. Hence, by having a regular income, regardless if your investment comes into profits or not, you’ll remain confident that your finances won’t be in troubled.

When it comes to alternative source of income, I don’t think that would be a requirement before deciding to invest. As long as you have a job that will support your financial needs, then you can proceed investing in assets with high potentials to succeed.

Yeah, you're right OP. Before anyone think of any Investment decision the need for an in-flow of money is needed just to keep us in a place whereby we careless or worry about our investment holdings. Just like your Brother refuse to listen then because he was comfortable which lead to a bad end which isn't good either, now for him to invest it would a be quest to balance up his needs and as such affect his Bitcoin holdings.

In essence, OP is simply charging everyone to invest when we can, because nothing is certain than lavishing and not building our financial life.

Actually, in a situation like that, what will your cousin invest when he has no income?

investing is not really about having an alternative income. but those who do should have enough to meet their needs and have more funds to invest.
This means that whatever your income is, when you have some leftover and when you invest it doesn't affect your finances then you feel ready enough to carry out your investment.

but with your cousin's thoughts, that's ridiculous. although he may still have savings that can be invested. but when he doesn't get income to meet his needs, the investment he makes will only fail when he needs money and there is no more money in his pocket.
I know what your cousin thinks, he thinks investing in Bitcoin is a get rich quick scheme.

It is to be noted that not all investments are good and suitable for everyone, some of them are not meant to be especially if we have a lack of interest and knowledge. We just imagine that not all investors are successful in this kind of investment but fortunately, they become successful in others. It has been the reality that investing depends on our risk appetite and we better not going to push through if we can handle the risk.

We have to remind ourselves that there is no quick returns investment (other than scams) and if we rely solely on our Bitcoin investment for our expenses, that is a big NO. It is a big mistake and a wrong investment plan as it has never been seen like that.

Exactly, the concept of a bitcoin Investor communicating with an interested person who's willing to be part of the industry should be basically emphasize on the risky aspects because such is the period of time for the beginners to build their fragile emotions to be solid without panicking especially when the market price falls and also give them the privileges to go on research to learnt more about the industry by themselves would be very much necessary.

When OP cousin has job he refused to invest in Bitcoin and after losing job he want's to invest in Bitcoin. Bitcoin is not a get rich quick scheme rather you have to invest and then patiently wait for the return. It can take months or years before you start seeing your targeted profit as there is no clear cut duration of Bitcoin bearish cycle. Those of us who have job, must invest whatever they can comfortably afford in Bitcoin as a financial cushion for crisis.

To be honest, when I plan to invest in bitcoin, I spend most of my time exploring this forum and read every topic that attracts me. And in instances where I’m not satisfied with their answers, that’s only the time I’ll go for extended research but mostly, the forum itself is sufficient enough to provide reliable answers to the questions I have in my mind. The good thing in the forum is that we can find reputable members that offer us some useful links that will help us to get clearer understanding on the topic. I really appreciate those kind of people here.

Not only bitcoin but any kind of investment shouldn't be done without proper knowledge and awareness about what you are doing.
If we put our money into anything without any knowledge then there is high probability that our money will be wasted.
Besides that, we should only make investments if we can afford to take the risk of losing money.
If we don't have any money to invest or are in need of money then we shouldn't be investing it at first place.

He thinks bitcoin is a ponzi scheme that Is why he is so contented with his income and do not want to risk buying bitcoin because he doesn't believe in bitcoin. Him having this mindset about bitcoin,  it is all good that he never forced himself to invest in bitcoin. The mistake he made was he never give a try to seek for more understanding,  he was so comfortable with just the income that was coming.
He just misunderstand bitcoin and their is need for him to get the right information of bitcoin, to know bitcoin is not a free money that people earn when they are jobless or investing in Bitcoin does not make people to become rich quick. You need to make him understand that what he needs right now is not bitcoin but a job which he can gain steady source of income. If people who depend on bitcoin to make them rich can be serious to think of how they can have steady source of income it will really help to gain more financial strength.

When it comes to any investment not just Bitcoin, it's not about having an alternative source of income but how much you are willing to sacrifice from available resources no matter how small... besides with Bitcoin it's actually even easy to plan for it as you could be buying in bits the DCA way and this way it won't put pressure on your pocket/budget!
Anybody pulling the alternative income card isn't just interested in investing in crypto tbh, and btw very few can buy cryptos if they aren't millenials as this generation likes to buy things they can see, say for example gold, or a collector's car... otherwise anybody given the information about Bitcoin and how it works and if they are convinced they certainly will invest without any fuzz.

So after things are hard for your cousin, he’s looking for a way to invest in bitcoin. You should tell your cousin that after investing in bitcoin, he shouldn’t be expecting a daily, weekly, or monthly return. If your cousin is investing, he should make sure his investment plan is long term and not short term because things might end up not going well for him. If your cousin wants to invest in bitcoin, then he should get himself a job.
 
He needs a job to earn money so that he will be able to use the money for survival, but if he doesn’t have any source of income, even if he invests in bitcoin, he will end up selling the bitcoin back whenever he is in need of money.

It's rare to find someone who couldn't diversify his source of income to other areas when he was prettily doing financially well than when struggling to survive with no more source of incomes. I can tell you that if you get involved in such cases of my cousin, then you should get yourself ready to be blamed because he can't afford to starve himself and unables to pay his bills when he have funds there in his bitcoin investment.
So you can imagine if he gets choked up and needed to sell on emergency purposes at when the market price seems low even to a point he can't recover his capital, what'd you think will be his state of emotion? Of course all blames would be on me.



So right there you could find necessary reasons why my cousins case intentions of picking late interest on Investing on bitcoin seems to be void.
He thought is that he was going to make it quick rich to sustain his financial needs since he has lost his job. I just can't be part of that so, it's better I leave the whole blames to him than worrying my conscience to had mislead him knowing that his portfolio isn't capable to undergo a demanded long time holding like bitcoin before you can make some profits.

People have so many reasons why they want to invest in bitcoin, Some invest for their retirement time, Some invest for hedging against inflation, whereas some are looking for quick profit returns, but whichever way or purposes the end goal is realizing profit, is quite unfortunate that your friend lost his job, However I kind of think that since he didn't invest when he has a job when you first told him about to buy Bitcoin and now coming back to invest,  it means he's looking for a quick profit which is not in line with Bitcoin investment beacause there's no 100% certaintity that the price of Bitcoin is going go up immediately .Therefore one thing you should let him know is that Bitcoin is not a get rich quick business, so he don't put the only available cash he has thinking that the market will shoot up tomorrow.

Your cousin misused the opportunity he had to invest on Bitcoin, although I can't tell if his income was enough but if it was then he really misused it.Money is never enough yeah we know but with some people's source of income they can provide for themselves the basic necessities of life and get an emergency fund and the rest should go for an investment it could be Bitcoin or whatever,the goal of Bitcoin investment is to secure wealth in the future.I don't see alt income related to what your bro is facing, though it's good to have other source of income as a result of the economic instability (Inflation) but in this case he shouldn't rely on Bitcoin investment as a source of income because his not gonna get his desired profit.

I don't think this is the best time for your cousin to invest in bitcoin after he has lost his job. He really needs to have a source of income if he really wants to be successful in bitcoin investments. Bitcoin investment will not give him profits weekly or monthly; it can be a long period of time before it may even see an opportunity to take profit in bitcoin, so I am just wondering how he is going to survive for the long term after he has invested part of his money in bitcoin investment, as you mentioned that it is not currently easy for him now.

Due to the volatility of Bitcoin, we are always advised to always invest what we can afford to lose, but the way this story came up, I don't think he can really have the amount of money he can afford to lose. Currently, it has been tough for him, so if this kind of person should invest in Bitcoin and the Bitcoin market is down after he has invested for some time, I doubt this type of person will not sell their Bitcoin investment when they need the money, which they may even lose. 

It doesnt have any sense that you would really be making some investment on which at the moment that you dont have any job. Come to think that investment on crypto isnt a solution on the current financial struggle that you are currently that experiencing on which we do know that we do still need that constant and secured salary on day to day or coming from other income sources. Dealing up with crypto space
doesnt really guarantee that you could really be able to make profits on which is why it would be not a good option for you to take on such situation. As for having that kind of advice then it would be better on telling them about the basics about investment on crypto or even just say with Bitcoin on which it cant really be able to bring out that immediate profit on which he/she might really be that expecting something
big profits on the moment that he would be putting up some money on which we know that this isnt how it works.

Trying out to make it as a band-aid solution into that current jobless condition you are in? You are potentially making things even more worst.Plus, come or bare in mind that market movements arent that something that could be predicted. If you would tend to make up some profits out of those movements then better think not or having none of those considerations because market reality
would really be just that make you disappointed.

an unemployed person is not worthy of being a bitcoin investor, remember bitcoin is a very volatile asset, it is certain that an unemployed person will not be able to withstand emotional stress when the price of bitcoin goes down, he will definitely sell the bitcoin he has when the price goes down or when he needs money then that bitcoin is not suitable for unemployment. look for a job first, increase your income then you deserve to be a bitcoin investor.

One of the things that is quite risky and important to prepare is indeed related to the maturity of preparation before birth. Because if you are not really ready, then there will be certain fears or worries that befall someone. And we don't need to rush them to quickly invest in Bitcoin if they are still unsure and not ready. because that will actually make the risk much higher.

Investment is not just about investing money and taking profits. But also emotional management is also what makes a person ready or not for various existing conditions, both mental and financial readiness.

And in my opinion, it's normal if you're not ready to invest in Bitcoin because you feel your financial condition is still unstable and you can't set aside it yet. Instead of forcing yourself, it will actually be at a higher risk. So, just think about it first, make sure whoever is really ready with everything, so that they don't worry or panic easily when making decisions.

Some people don't really understand how bitcoin investments should be followed up with as they just think that Bitcoin investment is just about buying when you don't have a source of income to take care of your other needs and maybe buy more using the DCA. Bitcoin investment is not a get rich quick scheme whereby you are promised to double your investment within a short interval which in most cases are scam projects and if not that Bitcoin has passed that stage of being referred to a scam projects, you can agree with me that cryptocurrency are associated with various risks so I won't advise anyone to persuade anybody to invest in Bitcoin except they have a good source of income and the income should come on regular basis so that they can be able to be patient enough and allow their investments to grow in the long term.

Well, seeing the fact that he suddenly become eager to invest now because he has lost his job, it’s clear that his main purpose is to achieve quick profits, but unfortunately he’s in the wrong investment as no one gets immediate profits with bitcoin. Long term hodling is the best key for bitcoin, if he won’t submit to that, he’ll definitely end up losing and regretting. No wonder why OP cannot support his way of investing right now, because he’s definitely into the thought that bitcoin could cover up all his bills and make him instant rich in the process.

He's messing up Big time.. tell him that if he doesn't wanna blame you at the end for introducing him to something as unproductive as Bitcoin is (ofcourse that'll be his fate since he's out there, hoping that his investment appreciates in a space of no time) he better get his ass a Job to sustain himself. Investing in Bitcoin with your savings, without doing anything else to keep life going smoothly, until it gets to a good selling period is as good as wagering on casino games with borrowed funds - both will lead you to unending problems.

The process of HODLing takes and time and requires patience; there's no way he's gonna be patient enough for, let's say, 2 year or so, to be able to get an ATH price tag regardless of how much it'd be.
Edit;
P/s: This is not even a good time to buy, especially for little capital base since the market is bullish.

Waiting will only be worth it if you have other income-generating activities on the other side. But if you are just waiting for your assets to grow, it would be like waiting in vain as you don't know if you will be earning profit or not. At least, if you have other side jobs, you are not totally depending on your assets. Life goes on while waiting for your assets. It means, you have other expenses to pay for or monthly bills you need to pay.

The bitcoin should be on purpose not because you were told, you got hyped, or you just keep up with it because you see a lot of people are interested in it, it's better and better that you understand what Bitcoin is and what it really is it can bring to human life in this age.

Because for others, one of the reasons why they invest in Bitcoin is because it is proven and tested in long-term investment, which for me is also true, second, there are as many merchants or companies in the whole world now really recognizes this as a mode of payment or investment.

That's right, it's not good for someone to decide to invest in Bitcoin because they're just following the hype or other people telling them to, of course this will be detrimental to us if we do that and it would be better for us to understand it first before deciding to invest.

Investing in Bitcoin has indeed been proven and they will benefit from holding Bitcoin in the long term, the large number of large companies that have used Bitcoin certainly makes us more confident in choosing to invest in Bitcoin in preparing for a better future.

I truly agree with you. For a better caption, bitcoin investment is ought to be an alternative source of income and not a primary based to rely on because on everyday life, we'd always been in need to facilitate on monetary commodities and expenses which bitcoin can not offer the privileges to execute them at when we needed it.
Bitcoin investments is bets regarded for future bargain because the fertility of bitcoin is basically (time) which may long or longer magnitude and the strategic (DCAing) accumulations.
Otherwise, the investor would end up labeling bitcoin a scam while it was out of how investment misconducts and inability to stick to the system demands.

There is an interesting point from what you have said above, namely "He should get a job first before investing". Well, I think this might also apply to everyone who has the will to invest, especially BTC. Normally, all of that has a beginning before entering and investing in BTC from various sources of income.  Whether from following several campaigns in this forum or from other sources of income either daily/monthly salary.

That's just it, I agree to your sentiment bro, you don't practically need another source of income for you to be able to invest in Bitcoin, what is actually mandatory is having a source of income that comes in regularly then I believe that you are good to go, because as long as you are paid weekly or monthly, the logical thing to do is to invest an amount you can do away without through the DCA accumulating strategy, with that, you can still sort out your monthly expenses, so with that method it would be must more easier to invest, as long as it's an amount you can do away without.

So I would advice that your cousin to first of all look for a job, then after that, depending on how much he is being paid, he would have to remove like 10% or 15 % from it as long as it's an amount he can do away without, with that, I believe that he can start his accumulating journey till he is quite ok with the stash of Bitcoin in his possession.

You've already made yourself unaccountable to whatever happens next, I think that it's time that you shut up about it with your cousin, and you should've known not to advised him to invest in bitcoin in the first place if you already knew that your cousin is already hanging by a thread with that temporary job. I feel like you've screwed up big time OP and you're just trying to tone what's happened to you and your cousin because if the money will get lost because of the panic, I'm pretty sure that there's bound to be a fall out somewhere that would lead to you saying things like this, that's the thing that makes me think is happening in this one. I guess your advice is a good one given that it does make sense that you don't really want to prioritize investing when you don't have any money to spare for it, and when the choice is between not starving and investing, most would recommend you the former.

It is not all about getting a job first, it is all about investing for the right reasons. The young man is only interested in making quick money just to fund his expensive lifestyle. Considering how volatile bitcoin  price is, he might get disappointed if things don't go as he envisioned it. Getting a job first is not the solution because he can dumb the idea of investing in bitcoins once he gets another job and starts earning money. There are several things to consider before investing in anything at all.They include:

• Risks involved and your ability to tolerate those risks
• Your financial plan

From OP's post above, the young man doesn't seem like he is willing to take the risks. He isn't investing with amounts he can afford to lose neither does he have any other plan aside wishing to double the money he is investing. Investments needs a committed investor, the young man lacks it and that is why he might get little or no returns from his investment.

You did the right thing by protecting your cousin from investing in a desperate way, currently he is in desperations to get a new source of income because his old source of income has ended and this can make him to make irrational decisions that will make him to lose money and you are going to be the individual to receive the blame despite the fact you were doing something good for him because you introduced him to investing in Bitcoin. Let him first look for a new job then he can invest in Bitcoin and save up money to be investing more in Bitcoin to prevent him from not having another source of income to rely on if he was to lose the job again. He has already learnt his lessons and he would not behave in the way he did when you first told him about investing in Bitcoin. Experience teaches us lessons that will help us to make better life decisions.

Yes, I am one of those people and even in this case I ended up selling anytime there was a medical emergency, even as recently as three days ago when mother in law was taken to Intensive Care, I had to spend 900 dollars that I didn't had, but took a loan out basically.

So all in all, sometimes the poor can't just invest, because at the end of the day we can't even survive with the income we have, and because of a few things our whole life gets crumbled, and there isn't anything I can do about it. We try, I do try to put anything I can, even if it's a dollar I will invest, even if it's 10-20 doesn't matter if I find a few cents then I would invest that, as long as I do not give up, I trust that one day I will have a good amount.

He can always buy with any amount that won't empty his pocket and salary if ever his cousin has already a good job. It's hard to rely on it if he doesn't have alternative source of income and it's a good suggestion to let him find first something stable for him to do whatever he can and won't be affected a lot by the market's volatility. Many quits because they didn't anticipated the high volatile of the market because they thought that it will be easy for them.

It was the right move on your part. Not only this time(because I don't think this time is any different from another) but you should never tell someone to invest in Bitcoin or any other crypto currency if it's not the money he/she can afford to lose, or, in your words, has a good  Alt. income. Bitcoin is not something that consistently gives you profits, like, week after week. You have to be ready for many months with no income if you want to be a Bitcoin investor.

I'll avoid also accountability with these kind of people. If they're going to pass the responsibility to me or they'd make me feel guilty, I don't like that. You just did the right thing to tell that you're not accountable what will happen to his investment and you're not involvement whether he profits or not. In my experience, with these people, they're likely to blame you just for the volatility of Bitcoin but when they're in profit, they'd happy secretly and won't even credit you for helping them.

That's why I avoid talking to friends and relatives that I know their motives and attitudes towards something. If they can't take it on their own, they should better get away and stay off the market because no one is going to save them with their losses. I don't like people who likes to blame because they'd make you feel bad at all times and with little losses that they'd get, they want to make you refund it to them as soon as possible.

Otherwise, they're going to tell you that you shouldn't tell them what to invest or pushed you to invest where in fact that you've told them that you shouldn't blamed for their investment because they were the ones decided to invest and not you.

For those who blamed the OP that he wouldn't had asked the cousin to invest in Bitcoin in the first place, I don't think if OP really deserve the blames.

Of course Bitcoin is  lucrative form of investment which all of us here knows and it does not seem bad when you learn about such opportunity and could not lead your relatives know about knowing quite well that the current state of your relatives can bear the volatile conditions of the industry. Probably they could be financially bouyant then which significe that they would not be emotionally traumatized when the market flops low.

OP did the right thing detaching himself when his cousin came back to him for the investment. Clearly based on OPs narrative, the cousin did not realize the advice from the OP as a regret instead the cousin is directly coming in to give it a try hoping he would generate income on usually basis which Bitcoin is not supported to the possibility of that.

I think it's better not to give any investment advice to others even if that person has a stable economy and they say they are willing to take risks. There is no guarantee that if they lose money they will not blame us, they say they are ready just because they want to make money and they ignore the risks we mentioned. But if unfortunately their investment fails, they will most likely blame us. That's why I always avoid giving bitcoin investment advice to anyone, including my relatives.

Investing in bitcoin is not just about holding for a few months to make a profit, but sometimes it can take several years to generate profits because bitcoin is unpredictable. No one can predict anything or know in advance what will happen.

Oh yes I've opted out of it so I'm definitely not part of it if eventually he insisted of investing after all sanctions. My conscience has been cleared.
I don't actually find him as one who came late to invest on the bitcoin by the time he came being ready but he actually came at the wrong time if factorizing it on his financial being at the current level.
Whether he'd ignore my advice as told not to invest on it for now or not, I know he'd definitely learn on the hard way. Although bitcoin investment isn't the only option for him to hedge against his future outbreak of inflation or source of income but that'd had definitely proferred him a hold to hopefully rely on.

Most of people just like to show off, that if they knew anything about Bitcoin and crypto they would pretend like they are the only pro in that domain, as for Bitcoin I've seen many people just making random comments about it without knowing about the core concept. Haha, even I've seen people who think of some shit meme coins replacing Bitcoin in the crypto market by the end of the cycle. On a random discussion a couple of days ago, I did recommend one of my fellows to make some entries in Bitcoin in order to get some short-term profits and have a plan for long-term accumulation as well, and he replied with a shit coin that he's interested in that coin for the long run because it can replace Bitcoin haha like really.

The most interesting part is that he's not a newbie he's quite familiar with he crypto market and the latest trends as well, anyway we cant force anyone but giving a recommendation is not wrong with a disclaimer of DYOR, because if your recommendation can allow someone to explore something new to earn living and get some short/long term profits there nothing wrong with it.

Bitcoin investment is not a get rich quick platform, but get rich is sure if you can have patience to hold for a long period of time, because Bitcoin price keep increasing every four years of circle of Bitcoin halving has already occurred. Since the person wants to earn in Bitcoin, you can introduce him on a spot or future trading expect to under go cryptocurrency trading training platform, is easier to make more profits if he can analyze crypto market movement.

You will only panic about volatility if you don't understand it for sure, but if you understand the depth of it, you won't feel worried about losing your investment. To be honest, this is usually the primary purpose of Bitcoin and other cryptocurrencies in this business industry.

In my situation, most of the time I get profit from altcoins, and with the other earnings I get from altcoins, I also buy other altcoins that have potential in the future, and I also buy a few bitcoins.

It's just that his cousin was so complacent when he had a job that he thought there would be no problem, so he didn't care about what we were doing. Then, when he lost his job because he was having trouble with no source of income, he suddenly said the same things to his cousin.

But even so, if he shows and insists that he is really interested in learning about bitcoin or cryptocurrency, there is no problem there as long as he is prepared for what he can really face here, because it is not easy to understand or learn.

At least we can say that that used to be the case many times in the past. Today, when many predict $200k+ in the future, and I personally agree with that, we still can't say when it will happen. I'd say, it is very likely that at some point next year we'll reach that price, but still I wouldn't say I guarantee that to anyone. The best advice, as always, invest only what you can afford to lose, or, in the case with Bitcoin, invest only if you can afford to lose half of your investment.

That is why I say, "Dont put all your eggs in one basket." Bitcoin is the best investment in the world, but its not a cure-all. In unpredictable economic times, everyone needs a consistent income, a safety net. Build a stable foundation before adding things. Bitcoin is the great, but the investment needs a good foundation.

Your cousin's struggling. He's scrambling after missing out on Bitcoin's heist. Not too late. Still, he must invest wisely. Start modest: dca, and dont panic sell when markets fall. Most importantly, he needs a new career, a side gig, or something to get money. Bitcoin is a long-term investment. Wealth is built over time, not quickly.

I think he needs to prioritize his stable source of income for now and investment would be his next target as it is way too risky if he will do it at the same time as he has a family to feed and bills to get paid. If he has extra money that is the signal for him to invest because risking the hard earned money we have especially if oir loved ones depends on us is like gambling it all in casinos.

I think we need to tell people about what Bitcoin investment is all about. There is need for the information to be passed to the person that wants to invest because when that's less knowledge about it, it could make investors to panic a lot seeing their funds depreciating in price which supposed noy to be. Bitcoin investments is quite risky and we need to know what we are doing so we don't have to keep complaining of lost funds because of less information about it. Anyone can lost money in  cryptocurrency no matter whether you are pro new to it.

If you don't tell people about bitcoin investment they will never know about bitcoin. Bitcoin investment can be advised but they should know the investment risks first. If they know all the information about the market they will never panic and if they keep it at the right time they can make good income from bitcoin. A certain percentage of your income should be kept for investment.

Giving financial advice is definitely a tough job. If one does not have an alternative source of income then inviting him to invest in an investment platform especially Bitcoin can be a big mistake. It is very simple that Bitcoin is a currency of high volatility. There is no guarantee of return on investment. Investors who live or need to live on their investment money should never be encouraged to invest in any such platform.

Undoubtedly Bitcoin is a good platform for investment but only those who have financial support to invest. If the price drops after investing in Bitcoin, those who have alternative support are the ones who is worthy to invest. If someone is advised to invest in Bitcoin, he must discuss the negative and positive aspects of investing in Bitcoin. Bitcoin is definitely a good investment but it definitely requires long-term planning. If an investor has the ability to invest for the long term then he can invest in Bitcoin.

You've made a lot of points but while we specify this to secure alternative source of income is that if you're to invest on bitcoin with your savings when there's no source of income then you can not be able to DCA and once you've Invested and you've exhausted your savings which there's no source to account incomes of course you'd have no choice than to sell your assets.
It's unfortunate that we times goes you'd finish spending your asset funds and since theirs no source of income you'd become bound to no income and running bankrupt.

This has been my advice for every new investors in the cryptocurrency market. I had created a similar thread in the local board and telling people that they should not invest of they are not in any way having or something to survive because definitely he must touch the investment money to solve one problem or the other if he is not doing anything to support himself. One can enjoy bitcoin investment if he is doing something so that he would be hodling the coins till the bull or All Time High. And many people don't o ow this things and all what they want is to invest and make profit.

And those who are working in the government and business people are the good people to invest in bitcoin because they have steady income. Though others can also invest if they planned well.

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

At this stage of Bitcoin, I wouldn't bring someone with saving account to come and invest in Bitcoin, I wouldn't give strategy or any advice, just make sure he stay away as possible because of their expectations. A person who has money in his saving account is probably doing it to keep the money for something important in the future, advising such person to buy Bitcoin is giving him hope for tomorrow that Bitcoin will appreciate but how many percent do you think he will get on his saving account.

At this level of Bitcoin price, if you can't hold for long time so that Bitcoin will grow, you wouldn't make much. We aren't below $10k where you can make much profits. However, if you have plenty of cash to invest, I mean something that can afford a Bitcoin, then you can earn something better but anything less than that, you will earn little or even make little, that's why it's advisable to buy for long term for long profits.

Steady and other alternative income are indeed important if someone wants to explore his opportunities in crypto market. As this market has no guarantee when will you make profits, it is best to secure you have other sources to pay for your monthly bills and other important expenses. Because if you are relying on your crypto assets, you won't know when will you get profits out of it. And so the chance of selling it prematurely will be there if you find yourself tight in budget.

Before recommending Bitcoin investment to someone, one should consider whether they can handle the risk of investing in Bitcoin. There are many investors who invest in multiple coins, including Bitcoin, but in that case they can master all the risk management strategies themselves. Moreover, those investors who have no alternative source of income should not be advised to invest in Bitcoin because they will be forced to sell the investment if the source of income decreases after investing in Bitcoin.

Wherever one is working, whether he or she is a doctor, a lawyer, an engineer, or a teacher or whatever it is as long as he or she has money to invest then it’s highly suggested that he or she invest it in the right assets and crypto would be one of them.

The problem is a lot of people see crypto as a job, not as an investment option to get back to when you’re old and ready to reap its rewards.

If your cousin was investing while he was job I think he would have withdrawn his bitcoin money now because he is now unemployed and needs money to meet his family needs. now If he invests all the money in Bitcoin, he will panic and sell at a loss when the price of Bitcoin falls. You can give your brother a suggestion to find a way to earn his income quickly, add you to the forum to learn about Bitcoin, or you can give advice yourself in various ways. If prosperity returns in his life then you should encourage him to invest because he interested to be invest Bitcoin.

I mean no one should be investing in heavily speculative and volatile assets/investments/commodities unless they have the money to do so.  Everyone should be trying to invest in their future, but for the vast majority of those people, doing so means doing so responsibly until one builds up enough assets that sets them on track for retirement but has additional money they could be investing, then investing in alternative assets such as bitcoin could make sense.

But when you tell them what happened in the past, predicting bitcoin will reach 200k USD means you are giving them suggestions and intending to advise them to invest in bitcoin even though it is not advice direct.

That's not necessarily too bad, but I think you need to emphasize the risk more to them instead of just talking about the returns they will get when they invest in bitcoin. Giving the advice “only invest what you can afford to lose” is certainly indispensable but what worries me is whether they will actually follow your advice or will they invest with borrowed money or money that cannot be lost. For someone who is unemployed or has no source of income and wants to get rich, they can do anything without caring about the risks they will face.

You are right. The pressure is real, they can borrow, invest all, go far just to invest and expect return in second, of which when it turns out that it did not go as expected, they would put the blame on another and drive themselves to emotional imbalances. So the need, for clarification before we advise them to invest should be prioritize, when it comes to investing one must have a source of income first, nobody can invest in an empty stomach or account and believe that such investment would yield any great result. The reason why many people cry, regret and call Bitcoin Market all sort of names is because of this underlining factor, people investing with high hopes, impatience, expectations far from normal.

I prefer not to advise anyone. because of someone's financial condition, we won't really know. but if they come and ask me, then I will give them some advice before they invest in Bitcoin.

More people ask me and are interested in Bitcoin because of the news on social media. they see Bitcoin investment and trading as something very safe but don't see the risks. There are even those who see Bitcoin as a way to make quick profits. In fact, those who asked actually already bought instantly on the stock exchange. and they are without basic knowledge.

All quick get rich investment are scams as I have never in my life see anyone that works, the ones that stood it time to work don't exceed maximum of 2 months before they fold and then disappear. If you must invest into anything, you have to understand that you need patience and the return on the investment must be moderate but I guess because Bitcoin and crypto has spoilt a lot of people because of these profits, we don't look twice before making mistakes on any investment.

I'm not the type that will bring anyone to invest in Bitcoin but if they insist that I should help them, I will not reject because if you do, they will feel you don't want to put them through but my first cautions comes before anything, I will tell them the risk involves and things they will likely see in the future and if they accept, then we can proceed with whatever they tell me to teach them about Bitcoin.

many people think that investment can be used as their main income and a way to get rich quickly. they do not understand that investment has a risk that at any time someone can lose the money they invest because of an unstable market, especially in crypto investment. this is the reason why investment requires alternative income, where the money can be used to get profit from the investment market. someone who wants to invest should think about it and consider it carefully, because the wrong mindset about investment can be a bad thing for them.

Your suggestion does sound worth considering, but what makes me a little surprised is how do you know if someone's relative is feeling panicked due to the decline in Bitcoin prices or urgent life needs? Because I see personal things such as daily needs in other people and feelings of panic in someone, it is also not easy to know even though someone is running an investment like Bitcoin. The person's family or relatives really need to encourage them so that they don't become careless and panic when investing if they themselves really like Bitcoin and this must continue to be encouraged because their siblings don't choose the wrong investment for themselves.

I would do the same, I don't want to give advice to anyone unless someone asks me about bitcoin. But what I can give them is the basic knowledge, the necessary documents, and they should take the time to learn it all before making an investment decision.


But in this case, do you give them any advice or still choose to stay silent and let them experience buying bitcoin without basic knowledge and see it as a get-rich-quick scheme?
If it were me, I would stay silent and let them experience and learn their own lessons after the loss. For those who have no knowledge but rush to invest in bitcoin thinking it can make them rich quickly, advice will not work for them and experience is what they need. .

Untill it's realized that the nature of bitcoin investment is not a get rich quick and isn't one of the MemeCoins that's subjected to coins surprising increase based on marketing hypes strategies, then beginners would bear it in mind that there coming to invest on bitcoin would require a long time holding which only an alternative and stable source of income would let you achieve your investment goal.
Considering a good life the reasons why invest, we can't have the money growing somewhere there while we're dieing on hunger and medical cares. Of course non alternative income would always disrupt our bitcoin holding while waiting to make profits.

You must have enough money to invest.  Investment is a type of savings. You can save only when you have the source and ability to earn enough money. Investing in Bitcoin is risky, not only in Bitcoin, but investing in all sectors is risky, some sectors have less risk, some sectors have more risk, so no one should give financial advice to others. And those who will invest should invest from their own responsibility.  Because if you invest you have to take risk. If someone asks me for advice, I will never give financial advice to anyone.

Well, I feel that investment depends on the type so that it can be said that it is a type of savings. However, in crypto, I think this is a risky type of investment, and perhaps I feel that it can be considered a savings if only choose popular crypto. Apart from that, I don't think having money is enough, but we need to have other sources of income to help us when we encounter risk problems from this investment. Many people are reckless in investing in crypto, such as selling all their assets, or taking out loans with quite high interest. however, when they incur losses from these investments, they find it difficult to repay their loans because they have no other source of income.

You are correct because I see some of my friends investing as a source of income, which is not supposed to be because bitcoin is volatile and no one can predict it. I usually advise someone not to invest if he does not have another way of generating money because he will never succeed in crypto if he does not have other sources of income. Because if you don't have any other source of income and have invested with the funds you have with the intention of selling when you make a profit, you will be stuck with it for a long time. And you opted to leave it for the long run, and an emergency came up, and you don't have any source to solve your problem definitely you will sell your coins and solve the issue and probably the coin can be is lose or profit. But you haven't chose you rather sell it and deal with the difficulties yourself. And your investment is already miserable therefore it is best to get something done that will help you financially without affecting your investment.

I received my first couple BTC by selling a video game code that came with one of my graphics cards. Looking back, it’s funny now that those BTC turned out to be so valuable. However, it isn’t a bad way to get your hands on some Bitcoin. Surely you must own something that someone would be interested in buying from you using BTC.

Funny you mentioned that you got your first BTC from selling a code to an actual video game.  I'm trying to convince these people we need a videogame board/child board but it's slowly killing me as we speak.   :'(

Even though the individual doesn't have a large income right now to fulfill all his needs, I guess he has to re-calculate his household spendings, and find a way to allocate part of his budget for investments, otherwise how is he going to overcome the current financial issues he is facing? Maybe he can cut some expenses here and there to use the money to invest in Bitcoin.

Moreover, the biggest problem in his case is mindset. He has the wrong mindset for life, since he is an immediatist person who want quick profits from investments, can't deal emotionally with volatility, besides wasting money when he has a lot of it disponible on his hands.

If he doesn't change his approach towards his lifestyle nothing is going to improve for him. Even if he had a million of dollar, it wouldn't be enough, anyway...

The risks we talk of differ from person to person.

Because it depends on an investor’s ability, goals, and methods in investing. Their geographical location also matters and how their government operates and regulates different kinds of investments are all part of risks to be managed.

It sounds like your cousin is facing a challenging situation with the loss of his job and financial difficulties. It's understandable that he might be considering Bitcoin as an investment opportunity, but it's crucial for him to approach it with caution and a clear understanding of the risks involved.

Bitcoin can be volatile, and investing in it requires a long-term perspective and a diversified portfolio. It's also important for him to have other sources of income or savings to cover his financial needs and not rely solely on Bitcoin.

Ultimately, the decision to invest in Bitcoin or any other investment should be based on careful consideration of one's financial situation and risk tolerance. If your cousin decides to invest, it's essential for him to do thorough research and seek advice from financial professionals.

I'm just saying my personal opinion. I'm not an expert, and even experts can be wrong. That's why I'm always saying: "Invest only what you can afford to lose". Don't listen to anyone, because no one except yourself can really know your situation. I mean, no one can know what you can afford lose.



You are absolutely right, the risk is huge and everyone should be aware of that.


No one thinks that borrowed money is something that you can afford to lose. Absolutely no one.

He's responsible to whatever he's facing about his finances as a case to had lost his job. There where lot of chances for him to diversify his earning and mustn't been on bitcoin as i advised him. Now he's learning how lessions in the hard way after spending on unproductive things when he had a job.
Investing in bitcoin isn't a saviour to magically take one out of poverty but as a hedge to boycott economy inflations with rewarding potentials of profitabilities on long time holding and anyone without an alternative source of income is never a welcomed to the long term holding demands on bitcoin. My cousin is an failure to partake on the bitcoin as currently of his joblessness because all he sees now is a quick provisions to earning.

Although he later realized that he was determined to make a good investment. But now that he is out of a job, if he's trying to rely on Bitcoin to conduct his family, it would be a complete miscalculation. Because no one will get regular income by investing in Bitcoin, but if one keep investing here, Bitcoin will turn into a big asset in the long run. It would be best if he could keep his job and accumulate bitcoins by doing DCA regularly then he would definitely get a good return. One will not get rich by investing in Bitcoin. So everyone must invest with long-term planning. If a person does not have an alternative source of income then he cannot hold Bitcoin for long. So before investing in bitcoins one needs financial independence first otherwise the investment will not be prosperous.

Advising someone to invest in Bitcoin is not a bad idea but how the person responds to the advice is what matters, I want to address what OP is saying first because, if not for advice, I am sure Op himself would not be involved with Bitcoin. Aside from the fact that anyone can be interested in Bitcoin, the only thing the person needs is to be given guidelines on where to start before they will still think that it will all be easy. From the guidelines, they will know if they continue or not, and it is better that way so that there won't be too much stress. because after a lot of explanation, you see them giving excuses, instead of making everything plain.

losing a job. Before getting a new one, he is going to keep himself busy. Bitcoin is not a bad idea for the time there will be something to depend on, it would have been interesting if he had started before losing his job. before getting a new one, is going to keep himself busy. bitcoin is a long-term asset the earlier you invest, the more interesting it becomes, for those that want to always accumulate, but as for me, I will buy once and hold once. That is more convenient for me than buying and buying, and if I am adding big, because my target will be making a good profit out of my investment i see how people pull out big profits and that has also become my goal.

Don't know if this story is true or not but you totally did the right thing. Telling and actually setting the expectations of people who think and see bitcoin as a get rich quick scheme are seldom able to keep investing in the crypto industry, cause by the time they lose their shit, even if it's just a single dollar, they automatically flip out and they end up with no money, and a new sense of spite and hate for bitcoin and crypto. It was a mistake I made as well in the past that I will no longer do ever again.

Also could be the reason why this cousin of yours asked you to help him with his investments is because he still has spare money lying around, thinking that was enough an investment to make a sustainable income stream without having to work, or he's asking for a quick buck from you and bitcoin lol. In any case, do not let this guy in on cryptocurrencies unless he learns what it's really all about.