It Is Dangerous To Completely Rely On Cryptocurrencies

[nakamura12]

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.

That's reality and we cannot change it but instead we can face it. You are right that the world we live is full of risk and we need to choose the risks properly. Well, when we talk about source of income then I wouldn't think that investing or whatever you want to do with cryptocurrency where you earn profit will be my main source of income. I'd rather think that the money I earn fr crypro will be my extra money and my job should be my main source of income. If ever you have crypto in your wallet with a value of let's say $50000 but the price of crypto decrease then the value of the crypto you hold won't be the same when you have a plan where to use the fund but you don't have $50000 anymore that's why the money you earn on crypto shouldn't be your main income since the price is not stable.

[Hypnosis00]

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.

Indeed, right. In order to have financially secured, we have to acquire more assets and multiple sources of income. It is good to have an investment plan in order to work it perfectly and of course, we have to put huge amounts of money into the investment where we know it was profitable and I see that investing in crypto is worth it, though it was risky. What we just need is to have the courage to face the risks as nothing will happen to us if we keep ourselves worried.

[qwertyup23]

It is potentially dangerous if you COMPLETELY and ABSOLUTELY rely on cryptocurrencies without any stable income to back it.

The problem with fully committing with cryptocurrencies is that the latter's nature is generally risky and unforeseeable. You literally have no clue when its price may increase/decrease, even though there are tests and researches done in the market. If you fully commit to cryptocurrencies, you would definitely see a fluctuations on your investment as time goes by.

[Rockstarguy]

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.

Apart from DYOR which everyone says but a few does, it is important to only invest into cryptocurrency what you are willing to lose. Be it bitcoin or altcoins, it is the same advice.
There might be guarantee that bitcoin will surely give you back your money even if it declines, but it might not give you when you need it most.

Nothing is as dangerous to  completely rely on cryptocurrency as a main source of income. Atleast if someone only has one source of income it certain that by the end of the week or month some amount of money will come in, even if their is no idea how long the job will last.  But as for cryptocurrency no one can tell when will the next bull or dip, so it is very dangerous to rely on it. Cryptocurrency was never designed  to solve unemployment issues for people that people needs to rely on it as a source of income. It is even better to have a business first as a source of income before to think of to make investment on  cryptocurrency.

[Kelvinid]

It is potentially dangerous if you COMPLETELY and ABSOLUTELY rely on cryptocurrencies without any stable income to back it.

The problem with fully committing with cryptocurrencies is that the latter's nature is generally risky and unforeseeable. You literally have no clue when its price may increase/decrease, even though there are tests and researches done in the market. If you fully commit to cryptocurrencies, you would definitely see a fluctuations on your investment as time goes by.

Perhaps, it was not really advisable. However, we gonna use this as a tool to help to start running a business as an additional sources of income, and while waiting to have a stable job. We know the consequences here and due to the volatility of the market every mistake and decision we made have negative results and could possibly end up our crypto journey. That is why we should have to careful and even we have money, we don't need to put all of them but consider it as backup in case the worse things happen.

[Synchronice]

It's always dangerous to completely rely on something or someone. If you have the money, you should start a real-life business that is always in demand like a grocery store or restaurant. People can say no to everything but they constantly need food. In the food sector, one thing is sure, you'll always be in demand if you have a good business plan and create a good product.

[Bhig Daddy]

It really not good to rely on cryptocurrency as a way of making it or having a good life. Crypto is something that is based on mare predictions and forecast, it not something that is certain to happen, and no matter how sure something is there is always a probability that it might go wrong. So it is advisable to anyone to at least get a good job then you can also in cryptocurrency at least you job will serve as a pole of risk or insurance just in case your investment goes wrong.

[AakZaki]

It is potentially dangerous if you COMPLETELY and ABSOLUTELY rely on cryptocurrencies without any stable income to back it.

The problem with fully committing with cryptocurrencies is that the latter's nature is generally risky and unforeseeable. You literally have no clue when its price may increase/decrease, even though there are tests and researches done in the market. If you fully commit to cryptocurrencies, you would definitely see a fluctuations on your investment as time goes by.

it's not wrong to be fully committed to cryptocurrencies, but what's wrong is not to have any other foundation apart from crypto. If you have a stable income other than crypto it will help overcome any financial problems that could suddenly come your way. Like when the crypto market is crashing and the value of held cryptos is falling. why is it necessary to carry out financial management, so as not to get caught in that situation, so that investments in crypto are not disrupted and basic necessities for life are not disturbed.

[BIT-BENDER]

There are lots of conflicting ideas many people especially the less experienced has about crypto-currency and that is about how to be profitable in Crypto-currency. Many of them are throwing out all knowledge the have about every other thing to either learn how to buy and sell coins, how to trade them too. Yes it could be profitable but still cash flow is always top.

You can actually integrate Crypto-currency into your lifestyle and see how it works for you. You don't necessarily have to put in your money just to double it, especially for those who are still struggling financially. You had a life before Crypto-currency, skill, knowledge, service you offer and if you didn't you can start chasing one, apply it into crypto-currency for example if you know about web development you can start developing some crypto related website, work and get your services payment in crypto.

[Ethan151]

Well said, but I must say that there’s no business you venture into that doesn’t have a profit and loss so all we have to do is to prepare for both and try to accept each challenges when it comes, cryptocurrency is like any other business.. we all have to invest carefully and not investing all our life savings on it  but if we still have to invest our life saving it’s still accepted because when the profit hits us we enjoy it alone and if it’s fail we take the pains alone. There is a story about a man, whom is a  novice in bet gambling, one day he called he’s friend and seek an advice on how we wanted to invest in a game, his friend was very happy and welcome him, unfortunately he had bad intentions for him so he advices him to invest all he’s money in a particular game which he had  as the worst (dead ) game of the week because he wanted he’s friend to lose so he can laugh at him, at the end of the game the results was different and mr novice won and he’s life was changed for good.. like you said it’s better for us to make our person research and don’t trust in whatever we are been told.

[Viscore]

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.

Probably, if those victims of Luna have DYOR thoroughly before investing and did not completely rely on crypto for income, then they would never end up commiting suicides. The problem is once it is set in your mind that crypto can be a source of quick profits, then you start taking all in without hesitation that this investment could go wrong in the end.

[Wiwo]

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

I think what ops meant is investment aspect and generalizing it on cryptocurrency is wrong and will deviate us away from the true fact and nature of cryptocurrency and Bitcoin in particular, I can rely on cryptocurrency 100% if am involved in a technical aspect such as mining or holding for long term, what most people don't understand about cryptocurrency is the fact that one need finances and time to be able to make something life sustaining from Bitcoin and other stocks investment and being an active member of the cryptocurrency community will open you up to so much informations about the industry and if carefully studied and understood it easier to build a good life around cryptocurrency/bitcoin and have a sustainable lifestyle it all depends on the individual and how prepared and informed they are.

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.

Among the different types of investment we have, Bitcoin is the most secured and predictable investment option among all others especially now that the rate of inflation is high and Bitcoin become a hedge over inflation.

[Munir575]

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.

Being fully dependent on cryptocurrency or anything else is extremely risky. Relying solely on one source of income is not advisable. Nothing is guaranteed, and even permanent works can collapse at any time. The greatest method to tackle the growing economic issues in the world is to diversify your income and have up to three streams of income after you have a job. It's crucial to only buy cryptocurrencies that you are prepared to lose. The advice is the same whether dealing with bitcoin or alternative cryptocurrencies. Even if bitcoin decreases, there may be a guarantee that you will still get your money back.

[tvplus006]

...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...

If your income received from investing in cryptocurrencies will be several times higher than the salary received in the office, you will reconsider your opinion, which is really a side business for you. Accordingly, in this case, the income received from the cryptocurrency must not only be reinvested in the cryptocurrency, but also diversified between several assets.

[Franctoshi]

It's very risky for someone to depend on only one source of income for his/her day to day expenses and if something eventually happens to loose that particular source of income, literally one is finished and it could lead one to starting up from the scratch again, which is very bad. Therefore using or bringing that kind of mindset into a volatile cryptocurrency space (Bitcoin) could take someone back to square 1, which has happened to a lot of people in this crypto space, They said experience is the best teacher but it's better to learn from someone else's experience.
Newbies coming into this crypto space should learn from this, and not only depending on Bitcoin and hoping it's the life changing opportunity for you.

[Hispo]

There is indeed some risk when comes to keeping your money invested in crypto, even Bitcoin has some risks (mostly associated with the management of the cryptographic keys) but I personally believe that the advantages that cryptocurrencies have to offer are worth some of the risk they imply, we all just need to be responsible and use a lot our common sense and stay away for shillers, scammers and shitcoins in general.

As Venezuelan, allow me to tell you that what it is dangerous as a  common person is to see one's salary or savings turn into nothing in a few months or even weeks, for many people here Cryptocurrency is not a danger at all but rather a safeguard against both inflation and crooks/criminals in uniform who try to steal our hard-earned money. So while you wonder about the dangers of crypto, people here can't afford not to give crypto a chance in order to try to improve their financial stability.

Just do your own research, do not trust, verify, avoid shitcoins as a plague and do not let greed to take over your common sense, good luck!

[poorman1]

Wright mate, if someone has not had enough money, must be far from cryptocurrency but it's highly volatile.
Crypto investors need high patience and deep study.

[alik111]

It's really very dangerous to completely rely on cryptocurrencies because it's very volatile and can make a big lose if market crash anytime.So we shouldn't invest as much as we can afford. And we should always follow the market trend.

[freedomgo]

It may be more to the point that there is always a risk in cryptocurrency investment and any investment.
So far, we understand that cryptocurrency is something that is tempting and can bring significant profits. But behind it all, cryptocurrencies also have risks, whether high, medium, or high. This will depend on what coin we choose to invest in. Let alone altcoins that have risks, Bitcoin still has risks. However, in this case, we can manage the risk to fit the portion and we can manage it to avoid the risk. Therefore there are some important things that must be owned before investing in cryptocurrencies.

I guess as long as they are considered investments, there will always be risks of losing particularly for crypto as they are highly volatile and uncertain. However, if you have good knowledge on crypto and you are capable of choosing the right crypto coins to invest, then the risks will be lessen and you will have more chances of profiting than losing. But as a friendly advice, relying completely for crypto investments is never advisable. You can always have crypto investments but see to it that you have also your main source of living so that when crypto fails, you will never be broken when it comes to finances.

[MidNite36]

Thanks for the advice but people this day like risking their money, even when you try to talk them out of it, like saying they shouldn't invest money on meme coins they will say its fine that its their money they don't care if they lose it or not, I believe I am not the only person that have witnessed such.