Nicole wants to give up her taxi in exchange for bitcoin

[Zilon]

A popular taxi owner in my neighborhood(Nicole) has decided to give up her taxi in exchange for bitcoin. This is a recent development that actually caused reserved comments from other residents of the same neighbor hood. I was of the opinion that she rather source for funds from other means other than giving up her taxi but her mind was already made up. Could this be a brilliant decision or did she act without caution?

I still have to talk to her but first I need to get responds so I would know the best advice I can dish out to her. Considering the fact crpto market isn't predictable and this happens to be her only means of survival is her decision really worth it. Is it really wise to trade her funds in this direction?

I am certain she would make tremendous profit on the long run but what happens now. Is she going to starve to death. She took this decision when one of her closest neigbour purchased a landed property after withdrawing from the bitcoin he bought sometime around 2018. This got to her. She felt her taxi business will not secure her the kind of future she has always dreamt of. This lead her into buying this bitcoin

I understand she is securing the future both for herself and her descendants. But how about the now. Would she be able to cope with the hard times. Or is there a better way of going about this so she can sustain her self from the bitcoin she has purchased.

If she was to split the funds in purchasing other coins it would have been appreciated as well but all she wants to buy is bitcoin. what is the certainty bitcoin will remain on the bullish trend. Is there any guarantee that the price of bitcoin will continue to rise beyond its current market value. This is matter of future security so I decided to bring it up here so she can be well guided on how to go about her funds without making mistakes she would end up regretting

[pixie85]

I don't know how much she's making from driving, but maybe it would be a better idea to take a loan since she's a person with an income, probably also a registered business owner. It shouldn't be hard for such a person to get a loan and invest that into bitcoin while still holding on to her job.

If she's popular like you're saying it means she has an established brand in your area. That's very important and usually hard to achieve. I wouldn't throw that away.

[sheenshane]

You know much better about Bitcoin than your neighbor so I think, it's pretty good if you give her advice.  

All I can say on this whole story is, "Invest of what you can afford", because investment in crypto or in Bitcoin need to be patient and it could be take in a long-run process of holding.

Could this be a brilliant decision or did she act without caution?

If she can survive financially in a long run, that could be.  Bitcoin investment might give a better profit but there's no time frame when it will happen.

Is it really wise to trade her funds in this direction?

Not so, if the amount that she willing to invest in the amount that I have mentioned above.

If she was to split the funds in purchasing other coins it would have been appreciated as well but all she wants to buy is bitcoin.

The safest investment, in the long run, is Bitcoin, IMO, there's no need for other coins.  Just focus on Bitcoin.

If she doesn't have another source of income aside from that taxi driving, it's better to secure first his daily financial needs with a stable source of income than gamble it is investing into crypto.

[milani]

I don't know how much she's making from driving, but maybe it would be a better idea to take a loan since she's a person with an income, probably also a registered business owner. It shouldn't be hard for such a person to get a loan and invest that into bitcoin while still holding on to her job.

If she's popular like you're saying it means she has an established brand in your area. That's very important and usually hard to achieve. I wouldn't throw that away.

I would not advise someone to take loans in order to buy Bitcoin. The golden rule is to invest only your own assets that you can afford without any harm for your lifestyle. Personally know persons that took loans in 2017. I think you can imagine the full spectre of their feelings in 2018 after Bitcoin's decrease. And the one more golden rule is not giving advices. Of course you may tell good arguments to her, but you may be blamed in her wrong decisions after unsuccessful results. It is better to try making the analysis together of the risks and other points, but giving her the right to choose.

[jackg]

At current price how long could she live off what the taxi gets sold for?

Cryptocurrencies are a risky investment. It would be quite a gamble especially if she doesn't have enough funds to cover herself over the next few years if it does badly.

If she could live off 2-4% of whatever the taxi would sell for then it might be worth it (as she could invest half). However, she might instead be better off accepting crypto as payment or giving herself a "bitcoin tax" so she takes off her profits the same amount as she pays in tax and invests that for a more stable return.

Also remember bitcoin has seen crashes of 80+% before.

[pixie85]

I don't know how much she's making from driving, but maybe it would be a better idea to take a loan since she's a person with an income, probably also a registered business owner. It shouldn't be hard for such a person to get a loan and invest that into bitcoin while still holding on to her job.

If she's popular like you're saying it means she has an established brand in your area. That's very important and usually hard to achieve. I wouldn't throw that away.

I would not advise someone to take loans in order to buy Bitcoin. The golden rule is to invest only your own assets that you can afford without any harm for your lifestyle. Personally know persons that took loans in 2017. I think you can imagine the full spectre of their feelings in 2018 after Bitcoin's decrease. And the one more golden rule is not giving advices. Of course you may tell good arguments to her, but you may be blamed in her wrong decisions after unsuccessful results. It is better to try making the analysis together of the risks and other points, but giving her the right to choose.

And I would if the person wants it so much that she's thinking about selling her car which is her main source of income just to buy bitcoins. In such situation taking a loan is a much better choice.

Consider 2 possible bad outcomes and compare them:

She sells the car and bitcoin goes down. She will not have money to buy her bills and could be forced to sell at a loss.
She takes a loan and it goes down. She'll be in debt but still able to make money to buy food and pay bills without having to sell bitcoins.

[Welsh]

For this type of business, and considering various factors including. but not limited to; Security risks, lack of business in Bitcoin to justify it, waiting for confirmations, and the fact that Bitcoin is generally quite volatile it might be worth giving them the advice that they should probably look to invest in Bitcoin, and not accept it right there on the spot. As we know, confirmations ideally should happen before accepting a coin, just for good practice. However, this might be unpractical when it comes to short rides, and you would probably have to delay the passenger.

I don't know, but I just don't think Bitcoin works well in this instance. It takes time to make a Bitcoin payment generally, with various factors someone has to take into consideration, but when someone is using a taxi service they are generally in a rush, especially in the cities. So, they want to make payment as soon as possible.

Of course, they can always accept Bitcoin on the side, and the normal advice of investing in Bitcoin still applies.

[AniviaBtc]

"Don't invest what you can't afford to lose.", people are saying that switching to bitcoin is a good idea, yes it is but we should consider other factors before switching to that.

Nicole should also check if he is really willing to invest on bitcoin and he wants to manage it and become a full-time investor of bitcoin.

Because there are some people who are only willing at first and they are impatient about the market and starts to make wrong decisions. They sell in the wrong time, decide in bad situations, and lose their money along with it. It is much better if he will save first in driving or take a loan in the bank but it is much more risky than saving.

[Strongkored]

This is a pretty brave step to turn a business that has give income into a risky investment, but it could be that he already considered everything beforehand, and his decision to sell all of his taxis and buy BTC because the income earned from the taxi business began to decline due to this pandemic, she thought to secure residual assets on investments that can provide large returns.

If she was to split the funds in purchasing other coins it would have been appreciated as well but all she wants to buy is bitcoin.

I even think this is not a good step especially if she buys coins based only on suggestions from people.

This story is actually not very clear because it could be that she already has reserve funds to wait until his investment in BTC gives her the profit she has targeted.

[Kong Hey Pakboy]

This is a pretty brave step to turn a business that has give income into a risky investment, but it could be that he already considered everything beforehand, and his decision to sell all of his taxis and buy BTC because the income earned from the taxi business began to decline due to this pandemic, she thought to secure residual assets on investments that can provide large returns.

This is a stupid step and it can easily be mistaken for a brave step because the line between bravery and stupidity is a hair's breadth, Nicole could've used the profit for the taxi services to slowly buy bitcoin and to keep the taxi, I mean bitcoin is a volatile asset compared to a taxi service that could guarantee a daily profit, and if the taxi business declines, they can just adapt and do Ubers or Lyft.

[mk4]

If driving taxis is her main(or worse, only) source of income, then this is definitely not a move I'd recommend. Because unless she has a boatload of cash ready to spend for day-to-day needs, where would she get her money then?

As much of a bitcoin bull I am, letting go of sources of income for bitcoin is something I wouldn't do, and not something I would recommend. A better and more responsible move would be to use some of the taxi driving earnings to buy bitcoin.

[Poker Player]

Assuming that the story told by the OP is true, I don't believe everything I read on the forums, what I see is that this is typical of people with the mentality of hitting the big time. It is much better and less risky to gradually buy what you can save, with DCA. I believe that Bitcoin will continue to be the most profitable asset for years to come, but I think that person is playing roulette.

[slaman29]

Ok fake story I know but:) Bad move, but it's up to her and if she's only got herself to pay for then it's a risk I'd be willing to take too especially if I can qualify for welfare which I guess she does or she'd never even consider it.

How much is her taxi now anyway? $15k? Not even a third of a BTC. I bet you if she drives and converts the income to crypto she would earn much more after a year.

[PointHope]

The entire taxi/uber/lyft industry is about to overrun with Tesla RoboTaxi, Full Self Driving, fleets of Tesla EV's.

California AB 5 just threw the human driver industry under the bus.

The future is likely in shared FSD vehicles.

[Bttzed03]

This is a story of someone who fears on missing out and wants to go all in.

In Nicole situation, she shouldn't hurry in buying BTC. There are other ways to own BTC without having to sacrifice everything. @Welsh already pointed out accepting BTC as payment from riders or she can also start buying satoshis using a portion of her income from the taxi. It's the longer route but the safer one. If she'll do that until the next halving, who knows if she will be the one buying properties like her neighbor did in 2018.

[pooya87]

First of all bitcoin is a currency not an investment to get rich quickly. It is like saying she wants to sell her taxi for US dollar to become rich.

Secondly bitcoin is very volatile, that is one of the reasons why everyone suggests that people should "invest" what they can afford to lose. So that if tomorrow price fell from $62k to $53k they don't lose their mind because they would see all their life savings shrink all of a sudden in less than 24 hours!

And finally bitcoin is growing over long term not in a short term. Meaning even if it falls toady in a couple of years from now it will be worth a lot more. This is another reason why people always suggest to invest what you can afford to lose. Because we may not see any significant rise for a long time like what happened in 2018 even though $3k-$6k prices are like a dream today it is impossible to invest everything you own in bitcoin and still hold for 3 years to reach $60k.

[aoluain]

Very difficult decision to make although there are people who have done similar.

Its one thing selling the Taxi and getting into Bitcoin but at the cost of giving up a
weekly/daily income.

Someone has mentioned it above and I can second it, consider a loan. I did this
last year and it has worked excellently for me but I did it at a more opportune time,
at the start of this bull run.

If Nicole is happy to sell the Taxi and move to Bitcoin but has maybe a different job
lined up or another regular income then fire ahead.

[Yaunfitda]

I'm not really sure if she will starve to death, it's either

(1) she has a savings already, that will last her a good year or two, so she invest what she can afford to lose
(2) she will probably sell at some point to get profits, at least get some so bring food in the table

We could already speculate that before she sells her taxi for BTC, she had think about it over and over again and that is her final decision. You can also see another example here, This family bet everything on bitcoin when it was $900 – and bought more when it crashed in 2018. It's the risk that they are willing to take.

[rodskee]

Nice Story and I'm sure this was Inspired of the Post back 2 years ago when He sells the Car of Her Girlfriend just to buy Bitcoin and years after ? here he is now Profiting with more than 10 folds i believe.

wow you sound too concern , i like that atittude of yours but how much do you know this girl ?

i think it is not about the Girl or the owner that he is more concern but instead he is Very proud that a taxi company is risking his Whole business just to invest in bitcoin and this is something that we must be proud of as Bitcoin believer also.

maybe you dont know that this girl got involved in bitcoin before and has a deep bitcoin knowledge than you thats why he didnt think twice of doing this and you wont know what if this girl nicole have other profitable business because majority of people will not sell his current profitable business and risk it in more riskier business but except to those one family that risk all what they got to buy btc but they have made a right choice because we see where btc is now .

Who cares about what he knows about this person ? He is just sharing what He knows happening near Him .

[UserU]

Very difficult decision to make although there are people who have done similar.

Its one thing selling the Taxi and getting into Bitcoin but at the cost of giving up a
weekly/daily income.

Someone has mentioned it above and I can second it, consider a loan. I did this
last year and it has worked excellently for me but I did it at a more opportune time,
at the start of this bull run.

If Nicole is happy to sell the Taxi and move to Bitcoin but has maybe a different job
lined up or another regular income then fire ahead.

Not sure if you're aware of this but some guy in Netherlands sold everything, including his house for Bitcoin during the 2017 boom. One hell of a ballsy move and despite the crash afterward, he bought more.

Now he's a multi millionaire/ billionaire.