Why a source of income is very important before investing in Bitcoin

[Agbe]

It has always been emphasized on this forum that Bitcoin investment should be made with money that you have no use of because Bitcoin investment is better done with a long term investment view this is because Bitcoin is not something that will give instant profits because due to Volatility of the assets there are times where the price of Bitcoin will fall even below your investment capital hence the need for investors to have a backup plan apart from only investing in Bitcoin, money that is been used for the purpose of investing in Bitcoin should not be that painful to you in case of any emergencies

[Stepstowealth]

Investment and business are all good to make you wealthy, but we need to fight for a source of income first before we invest in Bitcoin because Bitcoin is unpredictable.

It is difficult to get one source of income, let alone a source of income that is good and viable enough to carry investments. I think that mostly for Nigerians trying to invest in Bitcoin would have to be made from a place of sacrifice because only few Nigerians enjoyed the privilege of having sufficient amount of money that accommodates their lives need and then some for investments the rest of us have to struggle our way into investment by making sacrifices and budget cuts when necessary. You do not need more sources of income to start investing you just need to learn how to make more sacrifices.

[SmartCharpa]

It's not a good idea for someone to think about investing in Bitcoin when they no have a stable source of income. Bitcoin investment does not guarantee you to get rich, so you should no go and tell anyone that they can get rich if they invest in Bitcoin. Risk involved in Bitcoin investment and if one doesn't have the knowledge before they invest, they might end up losing money. It's important to have a source of income because you don't have to rely on your investment, Bitcoin investment no be get rich scheme, it will take a long time before you get a high return.

Moreover, Bitcoin investment is not about getting a huge return when the market goes up, but if you want to succeed when it comes to Bitcoin investment, you have to invest for a long-term, you invest for the future, no be profits that you want to use at that period of time. If you always think about making a good profit anytime the market increase, then you just dey gamble with your money, you are not investing. To succeed in Bitcoin investment, it require a long term journey, you will continue to buy whether the market is bad or good.

[Stormisover]

In my opinion I think the reason why source of income is very important in bitcoin investment is because bitcoin investment is not like that of shitcoin investment that you will just put your money and start waiting for the value to get hype No" hyping does not take place in bitcoin investment Rather the amount you invested will determine how the potential return will look like, so for you to have a reasonable portion you need a source of getting money so that you can be able to make a large portfolio by investing weekly or monthly, though most people can only investment in bulk and then allow it to compound, but anyone who is going with this approach will not be term as bitcoin investor.

I don't agree with you saying those that invest in bulk will not be termed Bitcoin investors, have you forgotten that there are different methods of buying Bitcoin, strategies of buying Bitcoin such as the DCA, the lump sum that is the buying in bulk for those that have larger amounts of money to do that they can go ahead to do that depending if it is their choice and they can take the risk of tolerating it, anyone that is buying Bitcoin for the sake of holding it for long term investment and  allow it to compound in value should be generally termed am investor, not only those buying frequently with the dca are termed investors.

[Pablo-wood]

Investment and business are all good to make you wealthy, but we need to fight for a source of income first before we invest in Bitcoin because Bitcoin is unpredictable.

It is difficult to get one source of income, let alone a source of income that is good and viable enough to carry investments. I think that mostly for Nigerians trying to invest in Bitcoin would have to be made from a place of sacrifice because only few Nigerians enjoyed the privilege of having sufficient amount of money that accommodates their lives need and then some for investments the rest of us have to struggle our way into investment by making sacrifices and budget cuts when necessary. You do not need more sources of income to start investing you just need to learn how to make more sacrifices.

Sacrifices in investment becomes much lighter when there are other streams of income. This income mustn't be loud and big. As far as it is enough to meet our daily needs then sacrifices can be made from there. Imagine someone earning below minimum wage and there are people looking who are patiently waiting for the paycheck to land in so they can table their requests.

Life as a Nigerian is challenging the reason everyone old enough to take up responsibilities  should be self employed no matter how small except they have a more reliable job that can balance their investment and business life.

[EL MOHA]

In my opinion I think the reason why source of income is very important in bitcoin investment is because bitcoin investment is not like that of shitcoin investment that you will just put your money and start waiting for the value to get hype No" hyping does not take place in bitcoin investment Rather the amount you invested will determine how the potential return will look like, so for you to have a reasonable portion you need a source of getting money so that you can be able to make a large portfolio by investing weekly or monthly, though most people can only investment in bulk and then allow it to compound, but anyone who is going with this approach will not be term as bitcoin investor.

Who then should be regarded as an investor if those that buy in bulk are not regarded as one, everyone has its own opinion of bitcoin investor or any investment but the general consensus of what am investor is someone or an entity that buys into something with the potential of making a profit from that asset, so the method of buying is not necessary to classify anyone as an investor. Moreover the person who buys in bulk is nothing different, the reasons for even doing a DCA is to get a best average price since the price fluctuates and most importantly to actually encourage small income earners to also invest and not thing they need large amount first to invest.

Those investors doing DCA usually will have an average buy price which is much lower than a bulk buyer and the bulk buyer can also have a better entry price that will be better than any DCA buy. The only people not regarded as investors are traders, they buy and sell in a day or week or even monthly, this are not regarded as investors in my opinion

[Judith87403]

Investment and business are all good to make you wealthy, but we need to fight for a source of income first before we invest in Bitcoin because Bitcoin is unpredictable.

It is difficult to get one source of income, let alone a source of income that is good and viable enough to carry investments. I think that mostly for Nigerians trying to invest in Bitcoin would have to be made from a place of sacrifice because only few Nigerians enjoyed the privilege of having sufficient amount of money that accommodates their lives need and then some for investments the rest of us have to struggle our way into investment by making sacrifices and budget cuts when necessary. You do not need more sources of income to start investing you just need to learn how to make more sacrifices.

I agree with you on the aspect of making sacrifices, because bitcoin investment is worth it which is why those guys that know the importance of holding bitcoin will try as much as they can just to own a little portion in thier portfolio regardless to thier financial situation, yet they will be struggling in different means just to make sure that there bitcoin investment will remain untouched until they find a more reliable source of income then they will be able to put everything in the right place. However, having a source of income is very important whether stable or not whichever way you use to get money will be considered as a source of income.

[Gost ms]

E no means say person wey no get a stable source of income no go fit invest in Bitcoin. You fit start by investing with de little amount wey you get for hand then later you fit start to dey source for a stable income/Job wey go keep you consistent in accumulating Bitcoin. Having a stable income dey very important for an investor because e  go need the money from his earnings to use sort out his basic needs,then wetin remain from the money go become his discretional income. From his discretional income na em go take use dey buy Bitcoin weekly or monthly regardless of de price while him go also dey build his emergency funds simultaneously with his investment. So Having a stable income dey very important to keep our Bitcoin investment running.

You can invest only if you have a discretionary income. Because there are many people whose jobs are not stable. But they can generate discretionary income through proper financial management. You can invest any amount of money to invest. You can invest any amount of money by adopting the DCA method. You have to generate a discretionary income and with it you have to be consistent in investing. You have to hold your investment patiently until your time limit ends.

[CryptopreneurBrainboss]

All this requires a source of income before you can see the benefits of it, but if you don't have one, you will always see the negative side of it without seeing the positive side, because you don't have enough money to build yourself up to increase your experience towards it.

Source of income gives you peace of mind and that's something you really need as an investor and one that's planning on lasting long in the industry. The longer you stay here, the more profits you're likely to make. The more you hodl, the more profits you get and it's Bitcoin we're talking about not generalizing all crypto.

With a source of income, you no go dey fear when the market they fall, you no go reason any correction because you won't be in a hurry to sell. Why people they fear then sell when market they crash na because na there their everything they.

The money them they use chop or run other investment them, na for the market e dey so it becomes difficult for them to keep on holding but with a source of income, you no go get that problem.

[Stormisover]

All this requires a source of income before you can see the benefits of it, but if you don't have one, you will always see the negative side of it without seeing the positive side, because you don't have enough money to build yourself up to increase your experience towards it.

Source of income gives you peace of mind and that's something you really need as an investor and one that's planning on lasting long in the industry. The longer you stay here, the more profits you're likely to make. The more you hodl, the more profits you get and it's Bitcoin we're talking about not generalizing all crypto.

With a source of income, you no go dey fear when the market they fall, you no go reason any correction because you won't be in a hurry to sell. Why people they fear then sell when market they crash na because na there their everything they.

The money them they use chop or run other investment them, na for the market e dey so it becomes difficult for them to keep on holding but with a source of income, you no go get that problem.

Na always big advice when people are advice not to invest all or most of their income in to Bitcoin but to only invest a portion we can do without na there we go get the peace of mind you are talking about without that peace of mind you can die before the mature of your investment and this is the problem that those investing for short term are passing through because there focus dey only to see Bitcoin going up and anything that makes Bitcoin to drop they are in trouble some will rush and sell and some times na in Lost only to see Bitcoin rising back with new all time high, invest the small you can let go and for long term with patient na the Koko.

[Adams0001]

In my opinion I think the reason why source of income is very important in bitcoin investment is because bitcoin investment is not like that of shitcoin investment that you will just put your money and start waiting for the value to get hype No" hyping does not take place in bitcoin investment Rather the amount you invested will determine how the potential return will look like, so for you to have a reasonable portion you need a source of getting money so that you can be able to make a large portfolio by investing weekly or monthly, though most people can only investment in bulk and then allow it to compound.

In any investment you are doing, bitcoin or shicoin without getting a source of income He will definitely make you lose on the market, because is unpredictable if bitcoin can be predicted am sure everyone should be a rich person by now. But since u can't predict it is better you get something doing so that you can be risky your funds time time even you lose you will know that you get backup that anytime u lose you will get another funds to top your investment more better. Normally they have some people that done have steady income but they invest in bitcoin and they get profit and that one can be a risky because when the market didn't go well that one can definitely make you lost alot of funds. That is why you should always invest want you can afford to lose in the market and if you don't have steady income how can u invest money you can lose. Except you are risk taker you don't care if you lose.

[RealNoblee]

When it comes to trading or investing in Bitcoin having a source of income is very crucial...if you don't have a source of income you might end up spending your investment because you won't have the patience for it to appreciate...This is the reason why you must have a source of income so you don't make terrible decisions.. Another reason why you must have a Source of income is, thr crypto market isn't stable, there's a possibility that the price might go down and if you have nothing to fall back to it will be a problem

It's a fact that without a constant flow of income, it becomes difficult to experience and sustain the desired growth in an investment that is mostly profitable when kept for long like bitcoin.

But one must also understand that it's not all about having a steady income, it's having a workable knowledge on the investment, the right mindset and patience.

The success is 60% guaranteed

[Versatile_choice]

[Edited out]

That is why you should always invest want you can afford to lose in the market and if you don't have steady income how can u invest money you can lose. Except you are risk taker you don't care if you lose.

Yeah, and the DCA method make it easier for everyone because with the DCA method you're free to invest with any amount you feel like is okey for you. About the aspect of having a steady income, you don't have to wait until you have a steady income before getting started once your discretionary fund is available you're free to invest, but if you also think that having a stable income is compulsory before getting started then you can wait until you have a stable source of income, although i could imagine how difficult it is when one is investing without a stable source of income, but if you plan yourself very well you won't be finding it difficult to invest without a stable source of income.