It Is Dangerous To Completely Rely On Cryptocurrencies

[sunsilk]

I understand that it's hard to depend on cryptocurrencies completely but to say that someone who's been relying on it then did the unexpected of taking his own life, I think that he's already out of his concscious mind and it has built with other problems aside from the fall of the market.

It's sad to see that it's just not this one on the news that have did this. But also those that have fell for the scam of Luna, we've seen those news that many of them have taken their lives too due to depression and frustration that they've taken.

In general, this isn't only in the crypto and it all comes into different forms from different industries which may be related to finance/money or not.

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[Vaculin]

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.

There are always risks no matter how potentials those investments are. So to lessen the risk, it will be a lot better to find a stable source of living and then invest in cryptocurrencies for additional income. Remember that investments do not always create profits especially if there are factors that trigger it. So one should always have various options when it comes to sources of profits.

[JoyMarsha]

Before I was among the fellas that solely depend on crypto for financial breakthroughs. What I have seen so far from crypto, has made me understand that anything can happen in crypto at any given time. Like the issue of Luna crash, how it happened. With such encounters in crypto, I have come to realize that one shouldn't rely on(crypto) what you don't know about its future tomorrow. A country you reside in can declare bitcoin illegal when you less expected

[Darker45]

It would be a different story, though, if you are focused on Bitcoin's philosophy and ideals. Those who really believe in Bitcoin don't mind getting into it full time. Bitcoin isn't investment for them; it is the freeman's money.

But then even with bitcoin, is going in full time a wise thing to do, i started a thread the other time asking if we all are investing more than we can afford to lose in bitcoin, bitcoin has gotten to the point where it is now a hedge to fiat, and as inflation continues, people put more money into the bitcoin network without minding about the adage of not investing more than you can afford to lose.

My take on this is, bitcoin isn't going to crash and leave people with a failed investment, it will rise and fall short term, and then long term we will see another all time high, but for people that can't handle the pressure of what happens in the short term, then they should not get into it full time, until they are ready.

This is looking at Bitcoin from a limited viewpoint. Treating Bitcoin as a hedge, an investment, or a way to avoid hyperinflation is basically an approach which somehow classifies Bitcoin as another alternative financial tool. Although I'm not saying Bitcoin isn't not them, this is more like looking at Bitcoin with the lens of traditional or mainstream finance. Bitcoin's revolutionary, disrupting, or radical appeal is slowly fading. It is in this context that one could be over-invested in Bitcoin.

Again, to somebody who is treating Bitcoin as a free man's money, there's no such thing as over-investment. One wouldn't say, "I have too much freedom; I have to convert some into fiat."

[cryptoaddictchie]

There are always risks no matter how potentials those investments are. So to lessen the risk, it will be a lot better to find a stable source of living and then invest in cryptocurrencies for additional income. Remember that investments do not always create profits especially if there are factors that trigger it. So one should always have various options when it comes to sources of profits.

Yes thats what I also meant. Its like some people are viewing crypto as a rich scheme getaway but thats not that easy to do actually. We should see that there are many who losses a lot here and worse some are even taking suicides knowing that their investment shattered by some of their invested assets. Best example is Luna, whereas a lot of people commit those crazy suicides.

[lovesmayfamilis]

It is naive to believe that by investing a small amount in bitcoin, a person will become rich after a while. Putting a hundred or two hundred dollars is unlikely to bring confidence in the future, as newcomers hope. And if someone is going to invest more serious amounts, I think and hope that these people should already have experience in owning capital, and he will never allow without proper preparation, it is so stupid to invest your money.
In addition, you need to consider how long you want to make a profit. And also we all walk under the same sky, so you need to understand the risks that some unforeseen circumstances may happen, and you should not stupidly hope only for a positive result, that is, be prepared for anything.

[Mpamaegbu]

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.

Frankly, anyone who ends their life (a life they didn't create) because of the loss they incur trading is an idiot! Simple and short. I've no pity for such an individual because there's a caveat almost on all trading sites warning traders of the risky nature of trading. Only those who see cryptocurrency trading as a shortcut to riches throw in all they've into it and when they get burnt no one should've pity on them.

On the other hand, whether cryptocurrency or not, it's not ideal to rely solely on just one source of income. Expand your horizon and engage in other businesses.

[Mr.right85]

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.

There is always a case of serious risk when it comes to over dependency on anything and not just cryptos. There are several fields to be attached with in our world and as such, choosing to stick with one would be doing it wrong except, sticking to a single woman of cause, lol.
Every investment has a level of risk that could arise in cuase of running the investment and at other times, from closely related competitors.

Mind you, bitcoin or cryptocurrencies is not exactly a business but a currency that have proven to be an asset over the years but we still believe in a time when it would be just that #Currency.

[Piesel]

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 join this forum and seek to look for a guide on how to go about investing in cryptocurrency. Just for them to know the risk involved when they completely rely on it.

I can't remember how many times I have read this kind of advice on this forum in the years past, but the fact is this kind of thread is very necessary to serve as a warning and a caution to newcomers. Most of the people coming into bitcoin are here just to cash out on their investment and they have taken the same mindset to altcoins that are more volatile than Bitcoin, if one wants to invest in any cryptocurrency and have some sort of peace of mind and fewer losses then you need to look for Bitcoin because the vulnerability in altcoins are higher but then we are always advised to invest what we can afford to let go of.

[Taskford]

Nothing wrong to rely on cryptocurrency if your income here is much bigger on your physical job, but if you are here risking your future and you are not sure about what you are doing then this is not really worth it since its so risky knowing cryptocurrency is volatile. Maybe if you doubt about your future on this industry much better trait this as your side job or a hobby since multiple source of income can generate you more positive result rather than risking your future on single income flow only.

[lovesmayfamilis]

Nicely said.
The reality is that it is dangerous to completely rely on any one source of income. Nothing is sure, it can fail at any time, even permanent jobs do fail. Once you have something doing,  try to diversify and have upto 3 sources of income, that is the best way to combat this rising economic crises in the world.

You shine again. Three sources of income—I envy you. Under the conditions of a severe crisis and the constant reduction of workers, it is quite difficult to have as many as three sides from which you could receive income. 
Investing in bitcoin will not bring you profit here and now, and for this profit to be noticeable, you must invest a good amount. Otherwise, you will have to wait a long time. But without a third-party source of income, this is difficult to do. A permanent job is great, but you have three of them. Just curious to know, when do you sleep?

[Cookdata]

Before I was among the fellas that solely depend on crypto for financial breakthroughs. What I have seen so far from crypto, has made me understand that anything can happen in crypto at any given time. Like the issue of Luna crash, how it happened. With such encounters in crypto, I have come to realize that one shouldn't rely on(crypto) what you don't know about its future tomorrow. A country you reside in can declare bitcoin illegal when you less expected

The problem with early investors is that they don't do research before they invest in any project, anyone with moderate knowledge will know that luna was on the verge of collapse aside from the criticism they were having from other blockchain enthusiasts and developers who were warning them of the Ponzi scheme they brought others too.
Some people do criticise bitcoin as air money but you can create something out of nothing, that's not how nature works just like principles f energy of conversation, but they leverage ustc and got manipulated by a whale and have made us all suffer from this crash.
Hold into good alts if you must but bitcoin will always be above all and that's what I will recommend.

[noorman0]

I think the thread title is not quite right. Cryptocurrencies aren't always about investing, not always about "online" earning, and not always about non-fixed/side income. You can depend completely if your main job decides to pay monthly with cryptocurrencies and can also break the risk of volatility by swapping to fiat soonly.

[Apocollapse]

Absolutely dangerous, even someone completely rely on Bitcoin also dangerous since no one can predict the future, it's much more like a gambling, you could become a millionaire or rekt. You should diversify to other investment assets e.g. gold, silver, real estate, stock etc.

Focus on your real life job or freelance job (if you have good skills) then convert it to various assets, keep accumulating until the amount is really huge and you can quit your job, then you can start your own business with your capital.

[nakamura12]

A person must have a mindset of "doing a research first before doing it". If you invest in something that you don't have a knowledge about it is the same as diving headfirst into an unknown body of water where there could be rocks deep down below that may hit your head when you dive. Bitcoin is indeed the best cryptocurrency there is but even though it's the best choice to invest but there is always a risk too just like other cryptocurrencies and even investing in stocks also have risks.

[Hyphen(-)]

I think the thread title is not quite right. Cryptocurrencies aren't always about investing, not always about "online" earning, and not always about non-fixed/side income. You can depend completely if your main job decides to pay monthly with cryptocurrencies and can also break the risk of volatility by swapping to fiat soonly.

That is correct, but not in all cases. Many people do not have that in mind because they were introduced to cryptocurrency in order to come and invest, and as a result, many people rely on it completely and ignore the risks involved in crypto investment.
People learn cryptocurrency to master it and understand how crypto transactions are made, but in some places, many people learn cryptocurrency to be safe while investing, which means they want to know how to invest and minimize losses during their investment.

[decodx]

I think the thread title is not quite right. Cryptocurrencies aren't always about investing, not always about "online" earning, and not always about non-fixed/side income. You can depend completely if your main job decides to pay monthly with cryptocurrencies and can also break the risk of volatility by swapping to fiat soonly.

Definitely true. In the end, it's all a matter of personal preference. Because the truth is that cryptocurrencies will be beneficial to many people without much, if any, risk. Just like anything else in life: don't expect big rewards without any work. For my personal opinion, the transition of cryptocurrencies to everyday life comes step by step: first in the online world (with payment of goods in bitcoin or other goods/services), and after in retail. 

[Falconer]

Why would someone rely on crypto as their lifeline to continue living or to get their dream life? Its really not a good idea.

I'd rather say they don't depend entirely on crypto but they just take the opportunity to get what they want. Investors and traders take advantage of market fluctuations to generate profits regardless of the risks they will face, so it is profit that makes them successful in fulfilling their needs and dreams in life and it all starts with crypto. Regardless of risk, I think crypto has changed the financial conditions of many users today regardless of whether they are traders or investors.

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.

The risk is worth the return, but I do not generalize all assets can be the best choice to invest. This should be a top 10 asset right now especially bitcoin for long term investment. There's no guarantee of success, that's true – but at least they'll know what the benefits of this investment are if they want to become long-term holders.

[Davidvictorson]

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.

Well I guess the answer to the OP's question is quite obvious. Even the old proverb goes, "do not put all your eggs in one basket". Have different baskets -  Real Estate, Stocks and Bonds, Agriculture, Mining etc. where you can put your eggs they are the best form of insurance against unforeseen circumstance that may happen in the crypto market.

[Myleschetty]

A person must have a mindset of "doing a research first before doing it". If you invest in something that you don't have a knowledge about it is the same as diving headfirst into an unknown body of water where there could be rocks deep down below that may hit your head when you dive. Bitcoin is indeed the best cryptocurrency there is but even though it's the best choice to invest but there is always a risk too just like other cryptocurrencies and even investing in stocks also have risks.

The world we live in is full of risk, we just need to choose our risks properly.
Even if someone has complete knowledge about cryptocurrency, it's not good to solely rely on cryptocurrency, and the best thing is to have a diverse source of income.