Nicole wants to give up her taxi in exchange for bitcoin

[Antonio_d1ego]

in 2017, many made money on bitcoins, but it is not known what will happen next

[1714619401]

1714619401

[corel]

But when Bitcoin will be accepting for payment in a taxi?

[Kakmakr]

Never buy loads of bitcoins when the price is at a ATH.... and Never buy bitcoins with money that you cannot afford to lose. The Taxi was her sole income (I presume) ....so why would you risk giving up your daily income from your full-time job ..to buy Bitcoin?

You cannot look at the price history and then expect for the price of Bitcoin to repeat that price performance in the future. The Bitcoin price is not predictable and we saw what happened after 2017 ..when the price was at a ATH of $18 000 (If you do not know, then I will tell you... it dropped to $3000+ ) 

What is she going to do to eat and to pay her other expenses?

[wxa7115]

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.

Most of the time I am very positive when it comes to people buying bitcoin but that is when they know what they are getting into and understand the risks they are taking, this does not seem to be the case here and this means the person doing this is probably going to lose all their money.

We have already seen this, many people bought at the end of 2017 and then lost a lot of money in just a few months, if they just had held their coins then they could have made 3x and that is with just holding, if they bought bitcoin during the time it was really cheap they could have lowered their buying average and breakeven way sooner, but this is something that only those that actually believe in the technology can do and it does not seem this is one of those cases.

[adzino]

Was her car the only source of income? If that is the case, then she might have made a "risky move". Sure, if its going to pay off in the long run, but you should only invest what you can afford to lose. Invest your spare money, not your money that you will need in few days. If she is confident enough to get another job and able to lead a life without struggling, then yeah, she did the right thing. Assuming she doesn't fall for those FUDs, and cashes out only when she has reached her profit goal, then she will be doing fine. Nothing to worry about over here. Just tell her to make sure she knows what she is doing.

[milewilda]

Was her car the only source of income? If that is the case, then she might have made a "risky move". Sure, if its going to pay off in the long run, but you should only invest what you can afford to lose. Invest your spare money, not your money that you will need in few days. If she is confident enough to get another job and able to lead a life without struggling, then yeah, she did the right thing. Assuming she doesn't fall for those FUDs, and cashes out only when she has reached her profit goal, then she will be doing fine. Nothing to worry about over here. Just tell her to make sure she knows what she is doing.

Wouldl like to know as well because if this one is a main source of income then it would really be a risky decision that she had made but if she had able to get in with some job and sustain
herself or her family then the bought bitcoin would really have the chance to make some fortune later on but those are just only what if's.Is she aware on the risk she dealing with?
If he's still unsure on such decision and cant sustain anything then better not to make such step because it will really be risking out her living.
Only invest on the amount you can afford to lose.

[bct-user]

I think that she is hyped with the current bullish trend of Bitcoin.
However, it may be okay if:
-She has decided it awarely
She has her own savings for her life
3. She can take profits from Bitcoin during this bullish trend
- She knows that bullish trend may ned so that it is better to take some profits before it ends.
- SHe is ready for the bearish market
Because the market will not always bullish but there will be bearish. If she has known and ready, just put the trust in her that she can really afford. Now, I think there is still a chance to buy BTC and make profits from the higher ATH again at least in $70k.

[ecnalubma]

A very risky decision, I can recalled a family sold almost all their property for Bitcoin way back in 2018 that decision already paif off now. I believe these people are aware of the risks but however they are willing to give a shot for better future, we only live once as we know it.

[Oasisman]

I assume she doesn't have any other business that will sustain her daily cost of living because you said this.

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

It's never a good idea to pour out your money to an investment that's just had a good run from the same year. I'm afraid she'll be waiting for a profit in the next 5 years If she's trying purchase Btc even at $50,000.
Her decision was just based on her jealousy from her neighbourhood after successfully cashing out their Btc, which is also not a good sign of investment purposes.
The best thing to do is slowly invest in Bitcoin. Everytime she makes a profit out of her Taxi business, she should slowly buy and accumulate Btc. That way she won't compromise her costs of living.

[wack slacker]

Taxi is his means of making money and Bitcoin is an asset to keep.
If he stops driving a taxi, he will lose his income to support himself and his family. But if he has another job to do, there's nothing wrong with selling Taxi to buy Bitcoin as an investment. The biggest risk is that his Bitcoin could drop in price, which looks terrible.

[isaac_clarke22]

Not sure how much do drivers get these days but I guess it is up mostly to the meter.
Looking to the current events, it seems a bit of good idea because it is pandemic as there have been a lot of restriction in travel in different countries.
Assuming the story is true, still giving up your full-time job to go Bitcoin takes a balls to do as you know the price is indeed unstable.

[suzanne5223]

Not sure how much do drivers get these days but I guess it is up mostly to the meter.
Looking to the current events, it seems a bit of good idea because it is pandemic as there have been a lot of restriction in travel in different countries.
Assuming the story is true, still giving up your full-time job to go Bitcoin takes a balls to do as you know the price is indeed unstable.

I'm not sure how much taxi driver get either but I believe taxi driver make nice money especially in the US though the pandemic may somehow affect their business as you noted due to the good hygiene practice, that doesn't hinder them from making money and with the daily money Nicole make she can invest in Bitcoin rather exchange the taxi for Bitcoin.
I think this is just a greedy way of invest in Bitcoin.

[hulla]

I also support that she (Nicole) ought to get another fund through another means rather than give up her taxi but if the taxi is giving her some trouble giving it up in exchange for Bitcoin is never a wrong idea but the problem is.
Does she understand how to invest profitably in Bitcoin?
Does she understand the concept of the market? If not I will believe she make the decision without caution and choose to invest in Bitcoin due to the current trend of the market and the pandemic stress.

[Quidat]

I also support that she (Nicole) ought to get another fund through another means rather than give up her taxi but if the taxi is giving her some trouble giving it up in exchange for Bitcoin is never a wrong idea but the problem is.
Does she understand how to invest profitably in Bitcoin?
Does she understand the concept of the market? If not I will believe she make the decision without caution and choose to invest in Bitcoin due to the current trend of the market and the pandemic stress.

She should have at least the idea on whats shes been doing because expecting something which doesnt have an assurance does really hurt when it turns out or goes to the opposite side.
Risk taking isnt something that is prohibited but only to those people who can took of the risk on potentially gaining something if it turns out to be favoring on your side but of course
you would also need to think off about the probabilities on losing money but knowing bitcoin then its really impossible for such thing to happen but dont cross out the probabilities
of losing capital even if you are just holding.

[Twentyonepaylots]

Finding another source of funding for your bitcoin investment will be the most optimal move to support her bitcoin aspirations. It would be unwise to sell her taxi since it's a big way for her to earn and with the current scenario we're facing, losing another source of income is a death wish. So advise her to find another job, probably something that she's really good at, and use all her earnings from that to buy bitcoin.

[Rengga Jati]

It is too risky if getting into crypto by only following others' opinions so that when it doesn't run what we expect, it may make us blame someone else.
However, I cannot also blame her decision because I don't really know the exact matters and her deep consideration. But here are my opinions

1. If she has been are of the risks by putting the funds into Bitcoin, it is okay.
However, what it must take consideration is that at what rate she spent the money to buy Bitcoin by selling the taxi? If she bought it when Bitcoin is in market correction several days ago, she may get a good rate.

2. What is about the funds?
I mean that about the funds that she used for buying Bitcoin for sure. If she used all in, it may be okay if the funds are free funds, not funds that she bet for her life.

3. Bitcoin is still predicted able to reach higher ATH again. If she is willing to hold Bitcoin until the next ATh in this bullish season, it may work well on her. WIth
But in this case, high funds, high profits, and also high risks.

Maybe if it seems to be wrong as you think, it is better to tell her and give her your opinion and also understanding about the risks. Maybe she didn't know the risks exactly.BUt after telling the risks and she is aware of it, let it be.

[Ridwan Fauzi]

But when Bitcoin will be accepting for payment in a taxi?

I was looking for the payment system that using bitcoin in the taxi and I found this article https://hexcars.co.uk/blog/taxi-with-bitcoin/ this article has pointed out that bitcoin is being used to pay taxi.

Previously, we have seen that taxi competitor like UBER and grab have been considering that they will accept bitcoin as mean of payment and if I'm not mistaken that Uber is already accepted it.

Payment that using bitcoin is already popular now and its is become trend for most merchant. Moreover with most companies that spend their fund to buy bitcoin as mean of investment place will be more considered.

[bobyhodob]

in my opinion the decision he made was a bit risky how could he not enter cryptocurency just because his neighbor got a lot of money because his neighbor bought bitcoin in 2018 while he entered the bitcoin bullish period, therefore Nicole needs education about cryptocurency again and knows the risks if he wants to seriously pursue it cryptocurency

[wxa7115]

Was her car the only source of income? If that is the case, then she might have made a "risky move". Sure, if its going to pay off in the long run, but you should only invest what you can afford to lose. Invest your spare money, not your money that you will need in few days. If she is confident enough to get another job and able to lead a life without struggling, then yeah, she did the right thing. Assuming she doesn't fall for those FUDs, and cashes out only when she has reached her profit goal, then she will be doing fine. Nothing to worry about over here. Just tell her to make sure she knows what she is doing.

It is very unlikely that this is what's happening, people have a tendency to go all in when it comes a particular investment not realizing that you need to leave enough money for yourself and any emergency that may come up, otherwise when you are in a bad shape economically you are going to be forced to sell the assets in which you invested, now you may get lucky and sell your assets when they are very high in price and you get lots of profits but you are relying on your luck on that scenario.

And as we know luck has a tendency of being completely terrible just when you need it the most, so I do not really think that we are going to hear positive things in the future about this particular story.