It Is Dangerous To Completely Rely On Cryptocurrencies

[Asiska02]

Investing in cryptocurrencies is now viewed as normal and the use is now getting popularised to almost every young person growing up in the modern day to prosper financially. Even the young people who initially missed the opportunity have grown interest in it and are using it to support themselves.

With all of this taking place, I want to emphasize that purchasing and investing in bitcoin, which is undoubtedly the best cryptocurrency, does not guarantee that you will be completely sustained for the rest of your life. Consider it a reliable side business that you can use to supplement your primary income when it suffers delays or to supplement to cover up for your daily expenses.

Some people have lost their lives as a result of completely depending on cryptocurrencies due to the unexpected market downturn. Some people even committed suicide as a result of the last big decline in cryptocurrency’s price in the market. Whatever happens to you in this life, it doesn't justify ending it on your own.

For beginners, it is advised before investing in cryptocurrencies to do your own research on the subject. Check the historical performance of those who have profited from it and those who have not, this will provide you with a forecast. With this, you can plan your investment and get a solid profit over the long term. Keep in mind that this is not a quick money-making scheme, conduct your own study and invest only after full understanding and knowledge.

[Despairo]

It's already an old news where LUNA crashing and of course it's dangerous to rely on cryptocurrencies, but if you rely on Bitcoin, it's not really dangerous. This is why anyone shouldn't invest on cryptocurrency aka shitcoins because if the token price decrease for 99% most people can't accept it and will stressed or depressed.

IMO to reduce the risk of investment, it's need a diversify but don't diversify to shitcoins. A good example of diversify is gold, real estate, and stock.

[Daniel91]

Investing in cryptocurrencies is now viewed as normal and the use is now getting popularised to almost every young person growing up in the modern day to prosper financially. Even the young people who initially missed the opportunity have grown interest in it and are using it to support themselves.

With all of this taking place, I want to emphasize that purchasing and investing in bitcoin, which is undoubtedly the best cryptocurrency, does not guarantee that you will be completely sustained for the rest of your life. Consider it a reliable side business that you can use to supplement your primary income when it suffers delays or to supplement to cover up for your daily expenses.

Some people have lost their lives as a result of completely depending on cryptocurrencies due to the unexpected market downturn. Some people even committed suicide as a result of the last big decline in cryptocurrency’s price in the market. Whatever happens to you in this life, it doesn't justify ending it on your own.

For beginners, it is advised before investing in cryptocurrencies to do your own research on the subject. Check the historical performance of those who have profited from it and those who have not, this will provide you with a forecast. With this, you can plan your investment and get a solid profit over the long term. Keep in mind that this is not a quick money-making scheme, conduct your own study and invest only after full understanding and knowledge.

This is good advice that has already been mentioned several times on this forum, but it is always good to repeat it for new members.
Investing in crypto is no different than investing in the stock market or any other market.
Any such investment is very risky.
Every investor should analyze the market well, prepare his investment plan and have a clear exit strategy.

[cryptoaddictchie]

Why would someone rely on crypto as their lifeline to continue living or to get their dream life? Its really not a good idea. Investment is associated with risk, so even its not cryptocurrency there is no guaranteed of success. Maybe in business where the flow is good but investment is a highly risk kind of activity where the loss of fund is highly possible to occur.

[Asiska02]

This is good advice that has already been mentioned several times on this forum, but it is always good to repeat it for new members.

Yes, new members join this forum daily. It is for the new members who joins this forum and seek to look for guide on how to go about investing in cryptocurrency. Just for them to know the risk involved when they completely rely on it.

[isaac_clarke22]

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Considering that there were some "success stories" that people got rich from just crypto and stock trading. It kinda gave them that sort of "mental cushion" that just by doing hardwork in trading would make yield them wealth rather than focus on finding a job that would surely be more reliable in the long-term. In "Trading Discussion" board, I read some darker stories wherein their friends took their own lives due to lots of losses. It is a really sensitive story/thread. I would never rely my life in crypto and stock trading/investment. Those successful stories surely has a lot of untold stories and not everything you read/see in social media is 100% of what happens behind the scenes.

~

I mean even if I knew the risks and am willing to invest some portion of my savings to it, it's not going to make me rely on it. If investment was termed as a "job", it would be just my side gig.

[pakhitheboss]

Yes, it is dangerous to rely only on Bitcoin or in your words cryptocurrency. One of the main reason is it in not being adopted locally and within the environment surrounding it. The main reason behind it is the economic stability or the instability of a country.

We have seen and observed, when a country suddenly decided to adopt Bitcoin and then failed to gain the complete adoption. This is not because the the country democratically accepted Bitcoin but because it was forced to accept it as the government of that country wanted an escape route to restructure their economy.

We as a community will come across such governments as we know they, as a government or a dictator or a party controlling the government are now helpless and they know in coming years they will lose control.  

The only way to make Bitcoin or crypto in general is to  become a local currency. The first step would be to make the  locals understand it and then to make them realize what decentralisation means. It would take a long time but it will eventually happen. Therefore give it a time and and wait for the next step before coming into any conclusion.

[mk4]

Always have a decent source of income outside of cryptocurrencies. As much as I love Bitcoin(and crypto), we don't really know what kind of black swan event could occur that could mess up this entire industry.

While yes, it's likely for bitcoin to bounce back, but it could always take a lot longer than what people think.

[andulolika]

A balance between bitcoin and metals is key.
Anyone preaching anything that isn't bitcoin is a shill.

[Stalker22]

Research is important before investing in anything or anyone, have a good understanding of how it works and maybe you can profit from it. Today, there are thousands of cryptocurrencies available out there. Because this is such a young market, many of these coins might be undervalued and provide you with lots of good opportunities for profit. But with all of the positives and negatives surrounding cryptocurrencies, it is vital to first educate yourself to the best of your ability.

Overall, investing in cryptocurrency can definitely be a profitable venture to take. However, there are still plenty of risks involved and ways for your investment to plummet. Be sure to fully understand what you are getting yourself into before putting any money down.

[bullrun2024bro]

~

There is a difference between investing in Bitcoin and in cryptocurrencies in general. I would say the latter involves much more risk. 99% of all altcoins have no use and will disappear sooner or later.

Bitcoin, on the other hand, is here to stay and should be in every investment portfolio. Depending on one' s life situation in a different portfolio weighting, of course.

Anyone preaching anything that isn't bitcoin is a shill.

This. 100%.

[Z-tight]

Some people trade bitcoin daily for a living, but investors usually have a source of income outside the network since their profit takes a long time to come, so i feel the message should be directed to day traders of bitcoin.

I am not a bitcoin day trader and i don't know the level of expertise one can have in trading to enable them do it for a living, and are still 'living' comfortably, it may be possible because i have read that people do it, but surely it is not a wise decision to make, trading is very risky, so another source of income should things completely go against you someday is necessary.

[BIT-BENDER]

When you talk about relying on crypto-currency alone are you speaking of usage like financial transactions or the investment, trading and generally crypto-currency as a means of profits making. Well if anyone what's to reply on. Crypto-currency for its financial services then you need to check out:
#If crypto is ban or restricted in your country
# what's the adoption and acceptance of crypto-currency like
# proximity to internet connection

But if you aim to rely on crypto-currency solely for your financial growth I won't totally suggest that. It's profitable learn how to trade in crypto-currency, how to buy and when not to and also sell cryptos but in addition to this you can learn other services you can offer, a skill you are very good in like graphic design, freelancing, web development, coding anyone you are good at and take your payment in Cryptos which you can save up as well

[cryptoaddictchie]

Considering that there were some "success stories" that people got rich from just crypto and stock trading. It kinda gave them that sort of "mental cushion" that just by doing hardwork in trading would make yield them wealth rather than focus on finding a job that would surely be more reliable in the long-term.

There are exemptions. Yes those are fortunate people and maybe they just continuing what they did up to now. But its always have a good source of income outside crypto like make some business or any kind of money generating which isnt came from crypto. But I didny say that crypto isntt profitable. We all know it is, but depends on someone's how he can manage it.

[hugeblack]

Totally rely on it as what? Invest or transfer everything you own? Or excess investment?

Without a strategy, and a risk management plan, even if you just buy Bitcoin, you could end up losing your money unless that money is in excess and you don't need it for the next 10 years.

In terms of investment, it has been proven that investing in banknotes and 99% of altcoins leads to a loss of value over time, so it is not a good investment, especially in the long run.
Investing in good company stocks, bitcoin and gold are all good options if you know what you're doing.

[Coin_trader]

Due to the cryptocurrency volatile nature, It’s really dangerous on completely relying on cryptocurrency especially if you will make it as main source of income because the market is very unpredictable and it is very hard to have a consistent profit if you are focusing most of the time on crypto on chasing profit. Cryptocurrency is best use for investment purposes in long term because big project such as Bitcoin usually grow its price the longer you will wait because the demand on this kind of tokens increase the more the government screwing people on the fiat downside which is inflation.

In conclusion. It’s not bad to invest a significant amount in crypto. Just make sure that the money you are using has no other purpose than investment because your investment plan will be screwed if you have other things planned on the money you put into crypto because you will think about it and worst is cut loss whenever there’s a price change.

[isaac_clarke22]

There are exemptions. Yes those are fortunate people and maybe they just continuing what they did up to now. But its always have a good source of income outside crypto like make some business or any kind of money generating which isnt came from crypto. But I didny say that crypto isntt profitable. We all know it is, but depends on someone's how he can manage it.

Yeah, I got you there. I mean even in your usual 9-5 job working in a private company, you should still at least find another source of income. Freelancing business is one of those business worth mentioning especially if you are equipped with a "marketable skill".

Crypto investment is profitable, but we should not rely on it too much as primary source of income. It is even something that you would consider a "passive income" since you're not really doing so much of a work the whole day, maybe look at the graph and charts for an hour or two between days and call it there, just still ensure that you still have another "reliable" source of income that would be able to fulfill your basic needs then call Lambo for your "passive income" once the market just went all greens.

[Stakefast]

ofcourse its dangerous, I think it all depends on the moment you invest, right now for example is a great moment.
Previously it wasn't though.. Many people made the mistake to buy at the top but if they are patient enough, time will pay.

Its important to diversify and also staking and compounding is a good alternative to earn new coins while everything is down.

Try to find new projecs with no VS invested yet, with that said don't put much in but risk a little bit too,
much of these coins/tokens don't fall as big as the top100 and are a bit more stable when everything falls down.

[Rruchi man]

 IMO, You can rely on cryptocurrency if you are not limiting yourself to just investing and hodling cryptos alone, but also actively exploring and seeking out other opportunities within the cryptocurrency space. But as you explore other opportunities within the crypto space, it will also be wise to keep an open mind to explore other profitable opportunities outside the crypto space that hold future prospects of relevance and profit. I'm certain the proverb "don't put all your eggs in one basket" is familiar with everyone.

[2stout]

It is absolutely dangerous to complete rely on cryptocurrencies or anything as you should not rely completely on one thing.  It's ill advised to keep all of your eggs in one basket including fiat, stocks, etc.