It Is Dangerous To Completely Rely On Cryptocurrencies

[Luffygroove]

In 2017, at the beginning of the peak of crypto's popularity and when every single project can bring you fortune probably yes, but now when there are many things already changed, it becomes so difficult to just depend on our life completely to crypto. it can't be doubted that many things happened, like government restrictions, failure, scam trials, hacking, etc affected the industry.  Of course, development also happen, but gaining profits, it's not as easy as it is back then. Although gaining multiple times profits from crypto is not impossible, It's always wise to have another source of income other than crypto to guarantee our life.

[Iroh]

I think it’s dangerous to completely rely on just one thing. Whether it’s cryptocurrencies or something else. Relying on one thing would no doubt bring about disaster in the long run. Look at the earth today; we’ve relied on oil for decades and cant just switch to another source of energy overnight.
The ongoing invasion of Ukraine that Russia has engaged in has made the earth plummet into an energy crisis and inflation is wrecking lots of countries today. If only we had diversified on our energy sources, we wouldn’t be suffering the the effects of the war.
Therefore, it is very dangerous to completely rely on cryptocurrencies as relying on one source would definitely ruin you.

[Poker Player]

Danger is reduced by diversifying, as is profitability, since they tend to be linked. If you guess which is the next shitcoin or the next small cap that is going to make 100x and you put all your assets in them, you will get rich, but the risk of bankruptcy is practically 100%.

The best thing to do is to have a paid house or a mortgage in the process of being paid, and besides cryptocurrencies other assets of your choice, but study well beforehand to know what you are doing. In my case I have funds indexed to the S&P 500. And Bitcoin, I don't have other cryptocurrencies.

[Rengga Jati]

To answer this question, there should be a few things to consider whether we can rely solely on cryptocurrencies or not.
- Who are we and how are we doing?
  Everyone has different circumstances. If there is still a job, it would be better if this crypto is used as a side, unless we already have sufficient savings and we understand well and are already established with earning from cryptocurrency.
- If we are new, it would be better if we don't just rely on cryptocurrencies, because sometimes the results don't match our expectations, so we will be disappointed and later will hate crypto because we don't know it well.
- Unless we are really in a very difficult situation and have no other work in the real world, and only rely on crypto, then inevitably this is the way out.
Like I used to, relying solely on cryptocurrencies because I had no other choice in the real world and had no other income.
The result? It's really very wow, amazing, and also sad at once, during 1.5 years, life was really hard. However, because the conditions were like that, so it continues and pursued. In the end the results didn't betray the process. Life is getting a little better, however, we do have to be able to process, study harder, take advantage of various opportunities to earn money in crypto, both from this forum, becoming an online admin, trading, looking for airdrops, and so on. Don't be lazy and don't just follow other people.
But if we don't want to learn and don't want to go through such a complicated process, we shouldn't just rely on crypto. Because the crypto world does not always guarantee our lives will be good. Depends on ourselves.

[Gallar]

it's really not good to prioritize investing in crypto as the main source of income, because investing in crypto requires knowledge, knowledge, and experience even though it's not too guarantee to be profitable, therefore make investing in crypto as your future asset, don't be focus as your main income, because it's not good in my opinion, you must have a job and income in the real world (not the internet).

[Techkoy407]

that's why the crypto business must be a sideline, because investing in crypto has a lot of risks, this is the internet, we don't know what the future will be like, so invest in crypto but we also have to have other, more stable income, in order to overcome all situations that will happen, and don't get carried away with the lure of getting rich quick through crypto because people who get rich through crypto also take years to achieve success.

[alik111]

As we know in crypto market it's highly volatile and anytime it can crush and dump hard. So to be safe everyone should invest in crypto how much they can afford. Otherwise any one can fall into big loses. So never rely on cryptocurrencies fully.

[KingsDen]

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- If we are new, it would be better if we don't just rely on cryptocurrencies, because sometimes the results don't match our expectations, so we will be disappointed and later will hate crypto because we don't know it well.

Those group of newcomers that enter the crypto industry with excitement and exit within a short period of time with sadness are either misinformed, not informed or are greedy. If you are a good observant, you will notice that newbies hardly join the crypto market at this bear time. Because they won't be making profits, they could even see their money depreciate. But once bull starts, they will jump in and buy thr high and later the market returns to low and dump on them.

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- Unless we are really in a very difficult situation and have no other work in the real world, and only rely on crypto, then inevitably this is the way out.

Sadly they is the reality of many people. Some persons are so disadvantaged that only bitcoin brightened their lives. I have read countless related stories on internet, where one was so hopeless till they gave crypto a chance.

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Like I used to, relying solely on cryptocurrencies because I had no other choice in the real world and had no other income.
The result? It's really very wow, amazing, and also sad at once, during 1.5 years, life was really hard. However, because the conditions were like that, so it continues and pursued. In the end the results didn't betray the process. Life is getting a little better,

Happy to know that life is getting better with you mate continue to persever. The most important thing is knowing the right direction and moving on it.

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however, we do have to be able to process, study harder, take advantage of various opportunities to earn money in crypto, both from this forum, becoming an online admin, trading, looking for airdrops, and so on. Don't be lazy and don't just follow other people.

There are many opportunities in the crypto industry, coding, design, writing, nft, freelancing etc

[Rockstarguy]

I think it’s dangerous to completely rely on just one thing. Whether it’s cryptocurrencies or something else. Relying on one thing would no doubt bring about disaster in the long run. Look at the earth today; we’ve relied on oil for decades and cant just switch to another source of energy overnight.

The reason why cryptocurrency is more dangerous to rely on is because of the volatility of the market,  it is something that can't be predicted.  Depending on it as a source of income you can't tell when is the next dip and how long it will last, and just imagine one who has invested all his/her money on cryptocurrency. Having another source of income will help from being panic when the market is bearish.

[Crypt0Gore]

Rely on stablecoin instead, have some backup in stable coin and use some percentage to buy volatile altcoins you like, also engage in trading, and learn it to the core this could give your life meaning, as a trader you can rely on this skill and make use of crypto trading or stock trading.

[Taskford]

I think it’s dangerous to completely rely on just one thing. Whether it’s cryptocurrencies or something else. Relying on one thing would no doubt bring about disaster in the long run. Look at the earth today; we’ve relied on oil for decades and cant just switch to another source of energy overnight.

The reason why cryptocurrency is more dangerous to rely on is because of the volatility of the market,  it is something that can't be predicted.  Depending on it as a source of income you can't tell when is the next dip and how long it will last, and just imagine one who has invested all his/her money on cryptocurrency. Having another source of income will help from being panic when the market is bearish.

The scenario where we can't assure to earn passively due to volatility reason maybe one of the reason why its dangerous to rely only on cryptocurrency especially if you only know trading to earn crypto here. But if you have skills and can able to do certain jobs around maybe this will change the phase since actually for having multiple jobs on crypto can give you positive result.

[alik111]

Ofcourse completely rely on Cryptocurrencies is much dangerous because of its high volatility.We all know that crypto market are manipulated by the whales. So it can dump hard anytime.Thats why we should not completely rely on cryptocurrencies.

[Mate2237]

Cryptocurrency mostly bitcoin is growing faster in the ecosystem. People are getting the awareness every day and night. But there plenty people in the world do not know bitcoin. Investing in crypto needs full understanding of the market. And in any business be a investment or trading there is a risk in it. but the risk should be a well and known (calculated) risk. In investmen, it is not only beginners but also and experience traders need to be carefull because one slide mistake can lead one to loss a lot of fund. trading or investment is a sensitive matter. Risk is part and parcel in human life.

[Yamifoud]

Ofcourse completely rely on Cryptocurrencies is much dangerous because of its high volatility.We all know that crypto market are manipulated by the whales. So it can dump hard anytime.Thats why we should not completely rely on cryptocurrencies.

We can deal with these manipulations if we want. But this is not the reason why it was dangerous and perhaps, risky. What causes this is that we can't assure what gonna happen next nor do we think we can make money every day. That is why, if we have $10,000 in our pocket it was not a good idea to put all of it into crypto but it was best to spread it and invest in the other platforms. because what we just think about is the safety our funds and the assurance that if the other investment will fail, there is another to back it up and we never loss all of it ($10,000).

[EarnOnVictor]

If you don't plan, you regret it! This is non-negotiable, and I always tell this to the core fan of Bitcoin. It is not about loving Bitcoin and the benefits attached to it or not, it is about being wise. Anything could happen at any time, but are you prepared for the eventualities? Many would talk about crypto as if there should not be a fiat again, I always smile, because they don't know what they are saying. The best is for the two to exist and we as the players should only make sure we take their advantage as we could.

Without wasting time, it wouldn't be unwise for anyone to invest all their money in Bitcoin and the like. They are assets that fluctuate, and they could disappoint them at the time they need them most.

[Alisha-k]

Cryptocurrencies is not a tool to completely rely on for sustainability and survival. It's like a two edged sword that can both make one rich and at the same time make one poor. crypto is best when its traded with funds that doesn't have immediate use. Some might chose to call it spare money or free funds. Its only a business you can count on for survival and crypto is more of an investment and every investment has two sides the profit and the loss which comes in very large margins. I will say invest in crypto as a long term goal with spare money then have a business that meets your everyday needs

[Finestream]

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.

Investing in crypto is never a mistake and experiencing its profits somehow is definitely self satisfying but relying on it alone without a stable source of income will be very dangerous and and will probably put you into financial struggles in the future knowing crypto is very unstable and unpredictable. The reason that crypto should only be a side income rather than making it a source of main income as the risks is very high.

[Techkoy407]

it is true that investing in crypto should not be used as the main income,
because investing is different from working for money as usual,

because

investing it must require
mature science,
especially in crypto, it takes a high degree of precision and patience

because

the market could drop by 99% or maybe more,
it will definitely make people who invest there will be depressed,

so in essence
- learn
- understanding
- practice (start investing).