Nicole wants to give up her taxi in exchange for bitcoin

[Trinx01]

If I am in the situation of Nicole I wouldn't exchange my taxi for bitcoin, having a taxi is a sure income and I wouldn't take it at risk for bitcoin, the good thing to do is to earn money while driving and then save that money to buy bitcoin. Both are a good option but for the safety and security of income just keep your taxi on you.

[lixer]

Well, my concern is whether she has another source of income before going about this because it’s going to be a whole lot of risk investing in Bitcoin without having any other source of income. If this taxi is her only source of income, my advice would be that she shouldn’t sell it, it’s best she continues with it, and if it’s possible for her let her try to reduce the level of expenses that she makes and try to save up some money and when the money is enough she can invest it in Bitcoin for long term and continue her taxi business while she waits for the right time when Bitcoin is going to pay her.

Maybe she’s yet to understand that Bitcoin is not a quick source of income, if this is the case then it is up to you to teach her this, that Bitcoin doesn’t bring quick wealth, it requires patience and even hard work. That’s all I can say, before selling her taxi she should first of all secure another source of income.

[meanwords]

That's her only income? then that's actually a reckless decision. Tell her that Bitcoin isn't a quick money maker, where she needs to wait for a considerable amount of time to really see her profit in the future. If she's willing to wait a minimum of 10 years, then sure, she can sell her taxi for Bitcoin but she need at least a job to sustain herself and not depend on Bitcoin, especially during this time of pandemic.

[Genemind]

I think that kind of decision is not good at all, what happened to the mentality "invest what you can afford?" It is just like selling your house and living in a street just for Bitcoin. What happens if your neighbor invests and the market crashes, she will have to wait for another bull-market to get back what she had. She'll have no other means of income if this is the only source she has and she'll sell it. She has to think over her decision and not expect too much from investing in BTC.

[kryptqnick]

Do you mean that this person owns a car which she uses to provide taxi services to people, and this is her main source of income, but she wants to sell the car for BTC? I'm pro-Bitcoin, but I think it's a terrible idea. One should never put survival at risk when investing money. And how much can that car be worth? If she loses a job and gets Bitcoin, she will have to then spend Bitcoin slowly on basic survival needs, and if the price falls, she'll spend this money very fast. If she's a popular taxi driver, but she wants to get in on Bitcoin, why not just accept BTC as payment for her driving services? This way she'd be able to both hold a job and slowly accumulate some BTC.
Buying Bitcoin at such a high price is very risky, and depriving oneself of the main source of income for that is potentially life-ruining.
If she's tired of her job, however, she can first try to secure a different one, and then sell the car for BTC. It's just that there must always be a backup plan in case Bitcoin goes down, and having a source of income is crucial.

[Botnake]

That's a bad idea, maybe she got FOMO.

Giving up a business that is making profit for a hope to make more profit is a bad idea.
Bitcoin is such a risky investment while Taxi business is not, that kind of business, you can make money on a daily basis but bitcoin is volatile.

maybe I would understand if she made that decision during the bear market, but during this time, I can sense a FOMO.

[Pandji02]

That's interesting, how people can be inspired and be sure to change theire life so much. In this case it's kinda dangerous, but i think she's got a chance. Whishing her luck!

[cheezcarls]

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

If that’s her decision, then I assume that she already know the risks and must fully acknowledge it. As the old saying goes, only invest what you can afford to lose. If she can afford to lose that amount, then it’s on her. But it’s better to diversify her investments instead of going all out.

This reminds me of my sister who wants to go all-in on Bitcoin. She wants to convert all of her bank savings into Bitcoin. But I told her that’s not a good idea to go all-in, but rather invest what she can afford to lose and learn about diversifying into other long-term assets like Ethereum, Cardano, BNB, etc.

[KonstantinosM]

It's a terrible idea. Here are the reasons.

1. Bitcoin is at an all time high and can crash 90% just for laughs.
2. The taxi is a tool that allows her to use her time to earn money. If she can't find another source of income that is as good as her taxi, she's throwing away her means of survival.
 

It's just a bad idea all around. At this point this leaves the realm of investing into the realm of gambling. If these were funds that she could afford to lose (like extra savings) then
that's a different discussion altogether.

I'd explain that to her. I'd let her know of the price history of bitcoin, in particular the crashes and help her understand the risks.

Yes, bitcoin could go up massively but it could also go down massively.

Finally, and this is important, is she selling a physical taxi, or some sort of taxi medallion (like in new york). I find it hard to believe it would be a good idea in most situations to sell a vehicle for a source of investment funds as you always lose money on selling vehicles (unless you already bought used and fixed it up or a collectible).

[Renampun]

...

I think she was too rushed to exchange her taxi with Bitcoin...
the taxi business certainly has a good market and everyone always needs it, I think it is better for her to exchange the profits she gets into Bitcoin. the term she changed the assets of her taxi company to Bitcoin slowly.

[Yamifoud]

Nicole should calm down, it's not a good decision to rush things because bitcoin is pumping, that's exactly the definition of FOMO and most likely it will end up with regret. We might like what we are seeing now but the history of bitcoin always tells that bullish period are short while bearish are long.

[verita1]

The decision of this lady is very risky but the one who does not risk does not win. Maybe she was waiting like big investors do for the price of bitcoin to drop to invest. The biggest bitcoin advocates forecast the highest bitcoin price.

PlanB on Twitter, left his job to dedicate his time to bitcoin. In a recent survey, his followers responded mostly that the price of bitcoin will be around 100K before December 2021. If this prediction comes true, Nicole will have won in her investment.

Do you think #bitcoin will reach $500K, $288K (S2FX model) or $100K (S2Fv2 model) before December 2021 .. or will BTC stay below $100K?

https://twitter.com/100trillionUSD/status/1374737020006842371?s=19

[carlfebz2]

If this one talks about single taxi unit and selling it off then i can say that it isnt really a wise thing to do since this is the only way she could get some income but if he had some other source then its a considerable act.

As long you have told him about the risk then theres no way you can stop here on doing on whats into his mind specially if she sees someone who had become rich or financially capable because of bitcoin investment.

Sometimes these kind of perceptions cant really be right from the start and people should really be thinking off on the particular risk involved rather than on going into the waters without further research
or awareness on how these market moves or works.

[batang_bitcoin]

You should know the story first why she has to give up her taxi and what made her mind using the money for bitcoin. All of us are saying that everyone should buy bitcoin.
But once we know the story of the person why they're doing decisions that are good at our first thought, there must be a deeper story and meaning why she has to do that. I hope that she does not experience that much problem for her decision while we're waiting for a higher ATH.

[ReiMomo]

Nicole should calm down, it's not a good decision to rush things because bitcoin is pumping, that's exactly the definition of FOMO and most likely it will end up with regret. We might like what we are seeing now but the history of bitcoin always tells that bullish period are short while bearish are long.

That's exactly right and will I guess Nicole now is full of regret seeing the bitcoin price continues pullback in the market. I guess a short correction and will later on it pump again, but who knows, no one knows what will happen next or in the future.

There's nothing wrong if Nicole invested with the amount that she can afford to spend not including the monthly bill and allowance, if they only rely on the revenue or income of the taxi driving, that is not a good choice.

[Question123]

Better to remind her once she entered to the cryptocurrency be prepared if what is possible to happen to her money because bitcoin value is decreasing also fastly not only increasing and once she invested to the bitcoin make sure she forget being emotional during the bear market because once she are emotional it is possible for her to sell her bitcoin even she is lost some of money or sell low that is possible to happen she better to not give up of what she have right now but to add some opportunity like the bitcoin..

[tippytoes]

Nicole should calm down, it's not a good decision to rush things because bitcoin is pumping, that's exactly the definition of FOMO and most likely it will end up with regret. We might like what we are seeing now but the history of bitcoin always tells that bullish period are short while bearish are long.

That's exactly right and will I guess Nicole now is full of regret seeing the bitcoin price continues pullback in the market. I guess a short correction and will later on it pump again, but who knows, no one knows what will happen next or in the future.

There's nothing wrong if Nicole invested with the amount that she can afford to spend not including the monthly bill and allowance, if they only rely on the revenue or income of the taxi driving, that is not a good choice.

Better keep the taxi because it will pay their bills. However, her investment in bitcoin has no assurance that it can give her regular income as it depends on the market. Now, that bitcoin is going down, she will think twice if she is ready for this volatility issue. In my opinion, don't exchange a job or an asset that is giving you regular income to unfamiliar venture. I believe she is a newcomer also in crypto. So it is really not good idea from her end to dive in crypto in exchange of her regular source of income.

[Josefjix]

What happens to her if she starts buying bitcoin daily with interest from her Taxi? Bitcoin is a very volatile investment it needs patient and security. I believe she's quitting her taxi to focus on Bitcoin because of its security. I wouldn't advice her to go that way however, if she's cool with her decisions. I believe she's old enough to make decisions that would grow her. Whatever everyone tells her now is an added advice to already made up mind of hers, just give her the dangers involved in not securing your bitcoin properly and allow her blossom on her new adventure.

[GeorgeJohn]

Exchange of taxi to Bitcoin, shall it's possible because some people are aged and also tired of man power business, considering the factor that cryptocurrency is only needs brain work not with man power that consumed energy, it's  some show encouraging to use what you have to get what you want, obvious as stated by op, Nicole exchanges taxi to Bitcoin.
This is interesting and the same time surprise, if the taxi is the only source of living, I don't think its encouraging from my perspective to operates in such functions now assuming after purchasing Bitcoin and she misplaced her phone and someone happened to have access to in wallet and hijacked all the Bitcoin what will the remedy, irrespective that having Bitcoin is good but to a certain point we have to be truthful to ourselves, people going into Bitcoin does not mean Bitcoin is the only source of generating incomes. In conclusion its good if she have any alternative of getting daily bread than expecting fast profit immediately enrolled to crypto life.

[Ucy]

I think it's better to spend a little bit of your savings, or total amount of money you have on Bitcoin. It's it's important to have extra money reserved for other important things that you need for living a good life.
By the way, I wonder if she sold the taxi and invested all the funds (or part of it) in Bitcoin, or is that trade by barter, or did she abondon her taxi business to invest part of her time and money in Bitcoin investments?