Nicole wants to give up her taxi in exchange for bitcoin

[Kittygalore]

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?

That is the ideal thing to do but in this case, the person in the story did an all-in with bitcoin, I hope that the person knows how volatile and risky investing in bitcoin is. Maybe she sold taxi business and invested everything which is going to be a disaster waiting to happen. I mean she could have started low on bitcoin investment and kept the taxi business and keep that income stream.

[rodskee]

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.

Yeah The most controversial story back then and even the Medias did not stop searching for the whole family that lives in poorest first after selling everything for bitcoin.

And there is also a family that travels for many countries using Bitcoin only.

This act of support for Bitcoin will benefits them sooner if they will care to Hold and risk for much time and don't look for profit overnight .

[AicecreaME]

Is she owns a taxi company or just a taxi like one car? if it is the latter, then I guess it's much better if she would keep it and make active income on it, then get your capital on it that you wanted to invest in cryptocurrency, because that's much safer than risking what she has it all.

I think risking her taxi seems like she was getting by a FOMO fever and not thinking about the possibility that might happen in the future. What I meant is that the market is very unpredictable and it's not good if we'll risk all of our money on Bitcoin. Because if you invested it all in one shot and if the market turns to a bearish one, then you might withdraw all of your Bitcoin because of FUD causing you a loss of profits.

[goldade]

Since the taxi is her only means of earning an income, I think it's quite an unwise decision for her to sell the taxi to buy bitcoin. As much as she'd be making profits on the long run, Bitcoin is unpredictable which means she might have to hold for a long time to make the desired profits. How then will she survive? How will she pay her bills and all?
Since she's working with the taxi, I think one of her options should be getting a loan to buy the bitcoin which she can pay back with time with proceeds from her business.
Another option is to not buy and hodl bitcoin. Instead of hodling it, it quite better to take out to learn all there is to trading cryptocurrencies. that way, she can trade full time and make money actively

[Ratash]

If it was a few months ago i think it would be a brilliant idea to invest such a big amount on bitcoin but now its a long terme investment because i think it will be a moment before bitcoin will start to go up again and if the taxi is her only way of income i think she should think carefully.

[lifeforcepools]

Maybe it's the right decision, but it's probably too risky.

[blackened515]

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.

The over aged criteria is another factor that would certainly lead to someone selling her property for bitcoin, normally, before she had taken the decision to sell off her asset (car), she might have saved a lot of money somewhere, who knows. After all, I don't think she will just finalize buying bitcoin without doing a proper research about how to secure her money, if for instance her phone is misplaced, her instructor may have told her how to to keep her private keys in an offline, that's written down on a paper., So there's no way Sher can loose her Moe if actually her phone got lost except she's a novice and didn't look for instructions on how to keep pk.

[Slow death]

A popular taxi owner in my neighborhood(Nicole) has decided to give up her taxi in exchange for bitcoin.

bad idea

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?

she can't sell her taxi to buy bitcoin, it would be a terrible idea

so here's what she should do:

in my country for example the taxi business can easily make a profit of $350 to $500 a month

if in her case she can get $350 a month she can take $50 each month and buy bitcoin

[UserU]

Yeah The most controversial story back then and even the Medias did not stop searching for the whole family that lives in poorest first after selling everything for bitcoin.

And there is also a family that travels for many countries using Bitcoin only.

This act of support for Bitcoin will benefits them sooner if they will care to Hold and risk for much time and don't look for profit overnight .

There's another family that travels using Bitcoin? I can imagine them having a hard time finding stores, especially small ones to accept crypto.

[wxa7115]

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

Buying bitcoin and only bitcoin to store your money long term is probably the best choice in this market, however your neighbour is taking for what I can see a rushed decision, she wants to achieve the same results one of your neighbours got, but he bought at 2018 when the entry price was way lower, and what is worst she is only thinking about the profits she can get without any knowledge about what makes bitcoin special and why it has such a high price.

And if all of that was not enough then it is fair to say that the taxi is probably her main form of income and does not know anything about investing, all in all despite choosing the best possible asset in the world she is going to lose money taking into account all the factors I described above.

[Noctis Connor]

Did you know how much she/he earn everyday for driving a cab? You should ask her/him if how much since it's pandemic i know its higher fare than normal day if you are a cab driver and you drive daily in your daily routine you can get 5-10 passenger depends on the situation and day  and if his advertising his cab just for rent a car then much better let's say that in his daily earning much better if he saved that and start buying crypto for small percentage of price and you will need to do is to teach him on what todo then it's a win win situation.

[7788bitcoin]

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?

If she is looking for the long term, then you can advice her to wait for a correction rather than investing when the market is at an all time high valuation. Selling her taxi means she is going to be out of work for a long time and what will be her alternative source of income. Before jumping to these conclusions about making a fancy profit you need to think about the maximum profit you might make if you invest now.

[StartupAnalyst]

Probably taxi was not the only one source of her income or she have put some money for life aside and only then invested in BTC. I am more assured now than ever that BTC will soon increase more but all in all it’s not reasonable to invest everything. We still dependent on fiat money and it will take years to implement crypto in everyday life.

[Yatsan]

It would turn out to be an impulsive decision to be done if she will just let loose of her taxi in exchange of purchasing Bitcoin and without having any back up source of income in her hand. Better tell her to take caution upon doing her decision and do not just be driven by the reasoning that her life will be better on hand with Bitcoin because you know yourself that it will be a tough decision to start from scratch and she will be like to staking her taxi that seems to be her primary source of income in exchange for funds to be use on crypto. Better tell her that instead of giving up her taxi, just only invest what she can afford unlike putting her taxi in line that is all or nothing situation once she committed mistake then it will be all gone.

[Shasha80]

I'm sure Nicole has been running a taxi company for a long time, very pity if it has to be exchange for Bitcoin. Because she was influenced
by his neighbors who managed to buy property from the profits he got from Bitcoin. I don't think so hastily decide on such an important thing,
because in my opinion it is very risky if it turns out that the Bitcoin price does not go up as expected. It is true that Bitcoin is a profitable asset,
but Bitcoin is perfect for long term investment. Meanwhile, Nicole earns income for her daily life from the taxi business she runs, it is too risky
to exchange it for Bitcoin. Why not buy Bitcoin from some of the income she get from running the taxi business.

[Astvile]

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?

A decision like this I think isn't advisable at all. It is just like all of a sudden you wanna go all-in on something and have no backup plan at all. Investing in bitcoin is a really good investment don't get me wrong the only not smart move here is having no extra source of income and just straight up going all-in on bitcoin.

[Theones]

I will also go with the idea that she must not sell her sole source of income to buy bitcoin. Bitcoin wild swings can go in both up and down directions. Like bitcoin price is continuously going down. What if she sells her taxi, buys bitcoin and bitcoin start going down. She can be struck for years..

[worldofcoins]

This reminds me of a family that sold everything they had and bought bitcoins.
Bitcoin is at its peak at the moment there can be a support check soon of lower lows, and getting into bitcoin when its 50-60k could be heart breaking for her if she’s getting in for a short term.

- I’d say she should buy bitcoins slowly. Eg - 20% this month, 20% next month, and so on. This is just my opinion if she’s going to hold them for long term.

[Lorence.xD]

This reminds me of a family that sold everything they had and bought bitcoins.
Bitcoin is at its peak at the moment there can be a support check soon of lower lows, and getting into bitcoin when its 50-60k could be heart breaking for her if she’s getting in for a short term.

- I’d say she should buy bitcoins slowly. Eg - 20% this month, 20% next month, and so on. This is just my opinion if she’s going to hold them for long term.

This story also reminded me of the people who had invested everything in OneCoin, it might not be the same but there is a probability that they will be the same if the prices go down. I do agree that we have to take it slow when we are investing in bitcoin but a lot of people are greedy and they don't seem to have any rational thinking when they see what bitcoin could've given them and not what they can get when they invested in it. I would go for not selling the taxi in exchange for bitcoin because you could've make more money out of it instead of selling it and the money made there is used to invest in bitcoin and little by little build up your wallet.

[electronicash]

it's not a good idea to go all-in without even have plans for her where to get the daily needs, she's going to spend the BTC she bought later on. she's gonna end up looking for a job instead of having a steady income thru the taxi business. 

why not accept BTC as payment for the taxi ride?  with this, she can accumulate BTC from the Bitcoin users, doesn't even have to buy.