Bitcoin Forum
December 16, 2017, 08:09:51 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Cashing in on Bitcoin - Daily Income  (Read 337 times)
hook171
Newbie
*
Offline Offline

Activity: 1


View Profile
December 06, 2017, 03:09:12 PM
 #1

Hi,

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

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

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

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

Any thoughts or advice would be appreciated
1513411791
Hero Member
*
Offline Offline

Posts: 1513411791

View Profile Personal Message (Offline)

Ignore
1513411791
Reply with quote  #2

1513411791
Report to moderator
1513411791
Hero Member
*
Offline Offline

Posts: 1513411791

View Profile Personal Message (Offline)

Ignore
1513411791
Reply with quote  #2

1513411791
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513411791
Hero Member
*
Offline Offline

Posts: 1513411791

View Profile Personal Message (Offline)

Ignore
1513411791
Reply with quote  #2

1513411791
Report to moderator
Triple
Hero Member
*****
Offline Offline

Activity: 700


View Profile
December 06, 2017, 03:11:55 PM
 #2

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

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

@ngelcryptopia
Jr. Member
*
Offline Offline

Activity: 56

Automated Intelligent Trading


View Profile
December 06, 2017, 03:15:21 PM
 #3

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

BrewMaster
Hero Member
*****
Offline Offline

Activity: 658


There is trouble abrewing


View Profile
December 06, 2017, 03:18:12 PM
 #4

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

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

richsoon
Full Member
***
Offline Offline

Activity: 122


View Profile
December 06, 2017, 03:18:51 PM
 #5

Hi,

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

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

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

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

Any thoughts or advice would be appreciated

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

Activity: 28


View Profile
December 06, 2017, 03:21:54 PM
 #6



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

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

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

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

Good luck, and good luck.

regards,
me

   ▀  C   ▀   
steadyrice
Jr. Member
*
Offline Offline

Activity: 56


View Profile
December 06, 2017, 03:28:45 PM
 #7

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

lucifochrome
Full Member
***
Offline Offline

Activity: 154



View Profile
December 06, 2017, 03:30:09 PM
 #8

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

Jet Cash
Hero Member
*****
Offline Offline

Activity: 728



View Profile WWW
December 06, 2017, 03:34:54 PM
 #9

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

*****  Bitcoin mailer domain name for sale *****
BitcoinMailer.com
click on the domain link to buy it for $95
colonel_koval
Newbie
*
Offline Offline

Activity: 14


View Profile
December 06, 2017, 03:39:06 PM
 #10

Hi,

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

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

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

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

Any thoughts or advice would be appreciated

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

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

   ▀  C   ▀   
Opquar
Sr. Member
****
Offline Offline

Activity: 418


View Profile
December 06, 2017, 03:47:59 PM
 #11

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

Activity: 1330


★Bitvest.io★ Play Plinko or Invest!


View Profile
December 06, 2017, 04:31:40 PM
 #12

Hi,

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

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

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

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

Any thoughts or advice would be appreciated

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

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

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

Phalo
Member
**
Offline Offline

Activity: 98

★777Coin.com★ Fun BTC Casino!


View Profile
December 06, 2017, 05:28:40 PM
 #13

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

presearch
Jr. Member
*
Offline Offline

Activity: 33

The Unofficial Presearch Community Profile


View Profile
December 06, 2017, 05:35:21 PM
 #14

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

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

However it can be much worse, what about the guys who short since $6000  Cheesy
vergel24official
Newbie
*
Offline Offline

Activity: 28


View Profile
December 06, 2017, 05:40:37 PM
 #15

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

Activity: 42


View Profile
December 06, 2017, 05:42:52 PM
 #16

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

Activity: 42


View Profile
December 06, 2017, 06:00:02 PM
 #17

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

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

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

Activity: 280



View Profile
December 06, 2017, 07:05:03 PM
 #18

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

ahmad21
Sr. Member
****
Offline Offline

Activity: 392



View Profile
December 06, 2017, 07:10:46 PM
 #19

Hi,

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

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

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

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

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

randythered
Full Member
***
Offline Offline

Activity: 140



View Profile
December 06, 2017, 07:16:05 PM
 #20

Hi,

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

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

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

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

Any thoughts or advice would be appreciated

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

Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!