Should I depend solely on Bitcoin?

[Zaka1221]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

Does your friend trade with Bitcoin or does he hold it? I assume, he trades because you can't stop working by just holding. Quitting your job and starting full-time trading is a very, very risky decision to my mind because you can easily lose your whole capital and then when you are also without a job, you are in a very bad condition and that's not far from being homeless, potentially forever. If I were into his shoes, I would invest in Bitcoin but I wouldn't say no to my business that has been earning me the money because when you are newbie in something, your future isn't decided, you can make such a bold decision when you are pro in something, not when you are new in something.

Bitcoin gave an excellent platform to earn money from that and millions of people are depend on Bitcoin and that is best investment and trading platform. Many people are earning millions of dollars in a year and they started a small but with time they learned lessons and now they are earning good. People have to learn more about trading and graph if they want to depend on that . People are facing different problems in the society who don't know what cryptocurrency is and they have to learn more about cryptocurrency if they want to get success in life . People don't trade because they are thinking it could be risky but people no learning could make this investment risky.

[cryptotact11]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

It is funny how people who have dependent on a single corrupt currency and single asset their whole lives consider depending on Bitcoin to be risky. Your evaluation is wrong.

Yep, because putting - ALL - faith in BTC wouldn't be good in the long run: we need a stable source to keep getting more of BTC, and we wouldn't be able to live off from it entirely, imo..

You should be earning money using other means and putting it all into Bitcoin, everything else is a mistake. 

[kawetsriyanto]

~but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin.

Why he must quit selling artworks? If he only invest in Bitcoin, it won't spend a lot of time. Even he invests and trades Bitcoin, I'm very sure he still has enough time for selling artworks and running his business. It makes no sense to solely relies on Bitcoin, especially Bitcoin investment only. It takes for few years to take profits. If he has no regular income from his jobs in real life, how he can fulfill his daily/weekly/monthly necessities? 

Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset.

It is better to diversify assets. And we should have regular jobs even if we have assets. Sure, Bitcoin has high volatility, it is also a risky investment. It will be riskier if someone invests in Bitcoin with no proper knowledge. Your friend is one of the real example, if he just join Bitcoin investment now, it means he buy at an expensive price. It is totally not recommended for a beginner to start their Bitcoin investment in the bullish season. Even worse, it is almost the end of bullish season.