Never depend on cryptocurrency as your only source of income.

[SOKO-DEKE]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

When my friends started cryptocurrency few years ago, they seriously engaged in trading, but I knew nothing about trading then, I was just learning from them, during this last bull run, some of my friends that started trading, decided to quit there job just because they believe the money they are making from trading is sufficient for them and they don’t have to be stressing themselves going to office everyday since they can make enough money from cryptocurrency without going out. I advised them not to quit but they didn’t listen to me, now that we are in bear market, all of them have been frustrated since they are not making money from cryptocurrency and they already left their job and is not really easily for them to secure a new job, currently coins are down and this is the best opportunity to buy more coin but unfortunately for them they are selling the coins the already bought to keep for long term just to take care of themselves.

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea, most people can’t really hold there coins because cryptocurrency is their only source of income, which whenever they are in need of money they endup selling the coins which they purchase to hold for a long period of time, but if you are having other sources of income whenever you are in need of emergency money, you won’t sell your coins, you can get money from those other sources of income you are having. So even if you are into cryptocurrency fully, I believe you should have other business which you will be running to support your cryptocurrency investment, and with that you will be financially stable, if you are holding a coin you will be able to overlook it for long period of time without selling because you don't only depend on it for survival.

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

[Oceat]

Your friend risk too much without thinking some alternative if things go south and cryptocurrency trading is not for everyone. We should not rely on a single source of income especially in cryptocurrency because of its unpredictability due to high volatility movement.

Just ask this to yourself or to your friend "what makes you think you can survive in crypto space?" Especially if your knowledge is too limited to trading only, there are people who did this, some did great while some didn't make it the same as what happened to your friend.

Trading is not for everybody.

[coupable]

You mean "depending on trading cryptocurrencies" not in "cryptocurrencies" , right ?
Trading, whether in cryptocurrencies or other digital assets, is considered a form of gambling. There are no scientific rules that control price movement and therefore all decisions will be based on speculation, as it is an unproductive sector. Whenever you win money, it means that someone else lost it for you to win.
I do not expect that there are women who can live their lives depending on gambling as a main activity, and therefore trading is not useful as a main source of income.

[jackg]

I think there's a lot of people who invest this way and it's a historic lesson that needs to be learnt somehow by all investors (either by actually doing it or by paper trading).

If you're putting a lot of funds into an investment - more than you can afford to have (such as if your expenses for the next few months aren't available in cash) then you're going to end up at least paying fees on this funds and taking a huge risk by not selling/buying from average prices over a longer period.

[salad daging]

Your friend is too spoiled by the bull run market so he forgets the risks and takes bad ideas that will be faced later because after the bullish will surely come bearish to meet us next, for me your friend is wrong with cryptocurrency as a source of income one on one while his work in the office was left, where the source of income helped him to survive when the market was bearish, so I think this step is not right and we have to pursue sources of income from anywhere, especially the business that is being run.

I will not take that step and I will continue to do work so that sources of income can be from anywhere, the business will continue to run, going to the office will not be left as long as it is still fun to do so I don't rely on cryptocurrency as the main income but an additional source that invest in bitcoin for long term.

I also always tell my friends never to leave your main job even though you can earn from crypto with that. I say that the cryptocurrency market is very erratic price fluctuations that the market will not be stable.

[_act_]

You are getting it wrong. Because I am trading gold, am I into gold business or do I even invest in gold? No. That is how cryptocurrecies are too, because you trade a coin or token, that does not mean that you are into crypto business or investment.

Because you invest in crypto, that does not mean you should quit your job, but trading can give that wrong thinking, thinking you are making money daily or in short time, that you do not need any job again, but that is wrong, most traders are not good traders, they are only lucky with bull market, when the bear market come, they will lose more. You can long and make money during bull, short and make money during bear, it depend on how lucky and good you are, but it is not good to rely on trading, be it forex, crypto, stocks, and others like gold, crude oil and others.

This is not about cryptocurrecies, but about trading. But also not good to quit job for trading.

[mk4]

You really cant have trading in general as your only source of income if you're quite new to the game. On the other hand, if you're good enough to run a hedge fund or a trading firm (which is like sub 1% of all of us here), it can definitely be a great sole source of income.

Also, don't totally rely on signature campaigns as well.

[Outhue]

Trading becomes a bit harder in a bear market, that's what many new crypto traders do not understand until it happens.

Multiple source of income is better, you will be able to hold your coins and keep dollar cost averaging into your favourite altcoins for long term and you will be able to take care of your family and yourself.

Normally trading is very risky, there is no way you won't lose in trading and sometimes your loss will be higher than your winnings, this is why trading isn't reliable, for me at least, I don't know about others.

[SquirrelJulietGarden]

When my friends started cryptocurrency few years ago, they seriously engaged in trading, but I knew nothing about trading then, I was just learning from them

Are they good at trading?

In trading, it is not easy to win in long run. Even you win big in bull runs, if you are not good at management, you will lose all profit and even capital in bear market.

If they are not good at trading and you learned from them, it's bad.

during this last bull run, some of my friends that started trading, decided to quit there job just because they believe the money they are making from trading is sufficient for them and they don’t have to be stressing themselves going to office everyday since they can make enough money from cryptocurrency without going out.

Maybe they thought they are genius after getting profit from market in bull run. They did not know that it's zero sum game and they will lose it very easily in bear market. Two years, 2021 and 2022 especially this year, proves that.

[Little Mouse]

First of all, traders make money in both a bull or bear market. If you are a pro trader, you know when to get in, when to get out. Most of the times, you will get profit though you will miss a few times. So, there's nothing like people can't make money on a bear market. Traders can make money all the time.
However, in general, I would never depend on trading only, I'm a bad trader anyway.

Trading, whether in cryptocurrencies or other digital assets, is considered a form of gambling.

Really, I have never thought it as gambling. I always used to take it as an art where smart artist makes money and the average lose.

[Razmirraz]

Your friend's perception is wrong about crypto, they think crypto trading can always make a profit, if they are able to look deeper into what is in crypto trading they will not quit their job. Crypto trading is like a double-edged sword, on the one hand it can provide huge profits while on the other hand it can also be a scary hole.

The great volatility of crypto certainly makes us worried and at the same time very happy on the one hand. Because if crypto prices go up very high, we can get very big profits. In addition to offering profits, crypto assets of course provide losses that can be considered very large. If you miscalculate, instead of the profit you get, you will reap the multiplied loss.
That's the reason Crypto is not a place to hang out for a living, besides trading crypto you also have to have a job in the real world.

[Frankolala]

You are not to put all your eggs in one basket,losing and making profit is the nature of trading especially volatile assets you can be a trader but you don't consider the market can turn the other way round not in your favour because you were making so much profit fail to understand the kind of business you are into.

Your friends quit their jobs for Bitcoin thinking they have made the right choice and not considering the nature of business they are into. I will say they are lazy and don't want to be stressed if not they will continue with their job and also trade. Crpto business is not reliable it should be a side thing we do in other to add to our income but never put it first instead put your offline jobs before it.

[Hyphen(-)]

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

All cryptocurrency investors may benefit from this advice, as we can all see that the negative market has taught us all some valuable lessons.

Although this advice has been given in this forum before, I'm sure the current market situation has given the OP the motivation to remind us of it. After all, if crypto investments are your only source of income, I can almost guarantee that you're looking for ways to get a loan for your personal upkeep. However, if you have your own funds, you can simply keep an eye on your crypto portfolio or take advantage of the current bear market to invest more. However, never quit or leave your work to depend fully on cryptocurrency.

[_BlackStar]

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

They can leave their main job not making decent money on crypto, but they should be making good profit during this bull market. But still, relying on the only source of income is not a good idea when the need for money is greater than ever.

The market becomes unprofitable during bearish, most people say it's true. But if your friends have sufficient skills and funds, then I believe they can still profit from price volatility too. The thing is, not everyone will be able to make a profit in the market in every market trend, be it bullish or bearish. It's also not a good idea to be patient in a primary job that only earns $50-$100 per month as inflation will keep them only working and the wages are just enough to cover the day's expenses.

[LogitechMouse]

You can earn in many ways that is related to crypto. If I remember correctly, there are some freelancing websites that can pay the freelancers cryptocurrencies, right?
Trading alone as your main source of job is very risky because you don't know what can happen to the market.

What your friends did was wrong because they left their main source of income to another thing that isn't sure whether they will get income from it or not. They chose to go for a quicker way to get money but riskier than a slower way to get money but more sustainable and can be for long term. On the other hand, if they are a professional trader and when I mean professional trader, they are earning more than they are losing then maybe they can make it as their income source.

TBH, I almost did what your friends did but I didn't continue because I choose to remain on my regular job because it pays me my monthly bills. My earning from signature campaign is what I'm using to invest into different assets, and it serves as my emergency funds as well (I'm converting it into fiat).

[aysg76]

The crypto market is too volatile and it could turn you down into racks within few days only as we have witnessed in the recent cause of action but if you are taking it as primary source of income then it could be problematic for you in case you are not a whale or have fund restrictions with you.

This is side business or say making additional profits out of your investment but if you are into professional trading then you would need a setup and complete understanding of the market studying charts as well but to support your loss you must have an separate buisness line up also with funds flowing in your account without any risk maintaining your financial stability.Those who lost funds in bear market or liquidity meltdown have to survive in real life otherwise we have seen worse case scenario where they can't handle it all and results are devastating.

[Crypt0Gore]

It depends..

I am from a country where dollars is the best monthly payment you can ever pray for, ( exchanging dollars to my native currency makes lotta sense ) this is why I build my source of income around online jobs.

I am also a crypto miner, profits are way down now but I am still getting something through free energy. I also earn some passive income through crypto stacking.

In the near future, I will go fully into running Nodes.

[Rruchi man]

Making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea, most people can’t really hold there coins because cryptocurrency is their only source of income, which whenever they are in need of money they endup selling the coins which they purchase to hold for a long period of time, but if you are having other sources of income whenever you are in need of emergency money, you won’t sell your coins, you can get money from those other sources of income you are having. So even if you are into cryptocurrency fully, I believe you should have other business which you will be running to support your cryptocurrency investment, and with that you will be financially stable, if you are holding a coin you will be able to overlook it for long period of time without selling because you don't only depend on it for survival.

Some of the most successful hodlers are people who have other sources of income. You can't expect to be a successful hodler when cryptocurrency is only what you do and base your survival on. It is even advised normally that having one source of income, be it crypto or any other means is strongly discouraged. After securing one source of income, the goal should be to secure another and not become satisfied with just one. IMO, three sources of income should be the least that somebody should have. For the employees, there is no job security, apart from your salary job and investment in crypto, you should strive to have another or more incase you get dropped from your salary job, so you do not become directly dependent on the cryptocurrency you have for your survival. 

[examplens]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

I have the impression that you and your friends experience cryptocurrencies as a company. Now that it's in decline, you can't live on it. someone who does programming or development in the crypto industry and is paid for that work in cryptocurrency does not have the same problem as you.
although I would rather say that you did not formulate the advice well.

I assume that you meant trading in cryptocurrencies (which is only part of the possibilities that crypto offers). even though it is now a bear market, it is still possible to make money by trading. although in a bull market everything is much simpler.
yes, you are right, your friends should not have quit their regular jobs, not because they are dealing with cryptocurrencies, but because they are not good enough to be traders.
you don't become a dentist just because you know how to brush your teeth.

[Solosanz]

It's really stupid to depend on crypto as your main source of income, even though you're a professional trader, but a bad thing can happen and you can't predict about it. It's good as a side job, if you want to make more money, just try to find a better job with higher payment. I know it's hard, but you can't make crypto as your main source. Many people already become rekt after their investment goes wrong, especially if they hold shitcoins.

[CryptopreneurBrainboss]

I hope you do understand that traders can still make money even when the market is down. Shorting a coin is one of those ways but this shouldn't be engaged in if you don't know what you're doing or don't have a previous experience in future trading. Your friends needed to learn how to trade before actually engaging in the act of trading. People do the basic things needed to trade in the bull market and get gains since everything is going up and assume they have acquired the necessary skills to become a trader. Basically anybody can trade in bull market and make profit.

That been said, your friends needs to go back to the drawing board and actually learn trading this period since they'll have less distractions as we're in a declining market period. When they equip themselves properly then they can take on the market either through spot trading or futures and be profitable irrespective of the season of the market we're in. You can actual depend on cryptocurrency related businesses as your source of income as we have those doing just that, you just have to be well prepared for raining days.

[Issa56]

Lot's of newbies make that mistake, little amount they make from cryptocurrency during bull run, they believe they can depend on cryptocurrency forever, must of them don't even know much about crypto trading, but you know during bull run even if you don't know how to trade, just with basic knowledge you are having, you are still going to make money from trading, but when their is bear market, if you don't really understand much about trading it will be kind of difficult to make money during bear market.
if you are not a professional in trading you will definitely be losing money in future trading, I don't encourage newbies to trade futures because it's kind of easy to lose money in future trading, you can easily get liquidated if your analysis is wrong and if you over laverage your trade.

[qwertyup23]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

Interesting story, OP. But yea, relying cryptocurrency trading as your main source of income is like a disaster waiting to happen. If you put all your eggs in one basket, then expect at least to fail at one point due to the nature of risks and danger present.

I know a few people who trade stocks as their substitute repertoire on their source of income. I also have a few friends who do cryptocurrency trading as a sideline to their main job. Bottomline is that, cryptocurrencies are potentially profitable in the future if you invest in long-term. But if you rely on it as your main source of income, then expect to lose at some point due to the risks involved.

[uchegod-21]

This story is like a generic made up story that anyone could cook up and post in the forum. The way you presented the matter made it look like all traders are in shame and loss because of the bear market. A good trader would still be able to make money in the bear market even if it is not as bug as it will be in the bull market. At least the coins are still making movements and it is movements that the traders used to make money.

I don't think that your friends are regretting where they are, it may be you that is regretting on their behalf. If I have some savings in crypto that I want them to rise in the future and things go wrong and I take my savings to sustain myself, it is not a crime, it is life .

[lalabotax]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

Doesn't this enter the realm of our financial management? So, cryptocurrency is a side job or additional investment where we use free money to invest, not the principal capital. And having a job is mandatory, so it's not just from cryptocurrency unless we are able to generate passive income for sure from cryptocurrency. This is not easy, because it has a very high risk.

[GeorgeJohn]

I'm responding to this because because of the subjects title, actually do support this type of notion before when i have not really put myself together to reason the positive impact and the negative impact of it. So i stand let us know that cryptocurrency is now a universal subjects which every country admire and embrace. And it's obvious that many people have also listed and include a payment method with cryptocurrency, so therefore depending on cryptocurrency as source of income is not really bad to an extent, because cryptocurrency is now a payable currency despite of it's market fluctuations, so it depends what you do with cryptocurrency will make you not to depend on it as a source of income.

[lovesmayfamilis]

I know several people here on the forum who, on the contrary, quit their day job and started trading. But this decision must be made at the moment when you are fully aware of what you are going for and what you can expect in the future. Any industry requires experience, and now that there are people who live only on the percentage of profits in crypto, does trading stop during a bear market?
However, hoping for profit is dangerous not only at this time for amateurs or beginners, but also for extremely greedy people. You can be an investor, but even here you need to manage your finances wisely, have good patience, and not invest all your money in one company and sit idle, expecting wealth.

[Ndabagi01]

I believe that this is the worst mistake that your buddies have ever made. One source of income is never a reliable source, so no one would ever quit their job for that reason. I'm sure they learned from their mistakes. Bitcoin was created as a decentralized alternative to fiat money; investing and making money from it through trading are only ancillary features. Therefore, anyone considering simply coming here in order to be rich ought to have a better understanding of the subject matter.

[Shamm]

I believe that this is the worst mistake that your buddies have ever made. One source of income is never a reliable source, so no one would ever quit their job for that reason. I'm sure they learned from their mistakes. Bitcoin was created as a decentralized alternative to fiat money; investing and making money from it through trading are only ancillary features. Therefore, anyone considering simply coming here in order to be rich ought to have a better understanding of the subject matter.

In reality there are many people around the world quit their permanent job and start focusing on crypto currencies or let say they are focusing in trading because they have the mindset that on reading we can earn a lot of money which is correct but we must also think that not all the time we gain more profit, not all the time the price will always go up if we hold some coins so for me it's a big mistake to quit our permanent job. But we can not force some people choose to quit their job than make crypto as a sideline.

[Taskford]

worst mistake for everyone to rely on trading because everything could go wrong and if they are bullish they might lose everything when sudden bear market hits. So we really need to have other alternative like seeking for other opportunity which can generate us passive income.

But if you are working for multiple companies and you have skills which can deliver you good income paid thru bitcoins well I think this might be a calling for us to quit on our traditional jobs and focus on cryptocurrency field works since we can see the fast personal growth since the income is much cooler than what we paid by our traditional employeers.

[traderethereum]

The important thing is that we can always try to get income well.
I know some people who are still working from their old place while also still trading, which gives them the opportunity to make more money.
And even though they are currently declining and suffering from the consequences, they are still surviving.
If they can focus on trading cryptos and can always improve their analytical skills, they can still make a profit and even though the current market conditions are volatile, they can still make an income.

[Doan9269]

We have alot of people that think they can source a daily income from cryptocurrency investment and eventually got disappointed when the results they behold is opposite to what they have expected, its also taught that business should not be a single investment because of the risk involved, there have been people having more than two sources of income through their businesses they do, this will also help whenever time one of them isn't moving as expected, the enterprenuer will not bebso affected to a great looses with low income in meeting up with his bills, therefore it is good to the advantage of us to always have another means of sourcing for income aside cryptocurrency.

[Davidvictorson]

There is more to cryptocurrency than bitcoin, USDT. Armed with this knowledge, I can depend on cryptocurrency as my only source of income. Lemme explain. I can teach cryptocurrency trading - create short courses, start a YouTube Channel and Podcast about crypto and monetize it. I write books on cryptocurrency and sell on Amazon or similar websites. I can do other technical cryptocurrency stuff. So you see that there is diversification within crypto. The choice is your to pick an option or more.

[Peanutswar]

During the ATH too threes a lot of projects, NFTs, Play to esri rise up and of course to the people have the ability to invest with it's a good opportunity to grow the number of asset do you have, once of the trend that time is the Axie Infinity many people quit their job because it's more than they earn in a daily basis but now imagine from a 1k dollar per team it's just around $10. The making is just in a cents this is the excellent example how the crypto gets too much volatile.

It's better that you will use crypto for a sideline and not just a main job unless the project has a strong foundation.

[Piesel]

I think, what we should first look at is the amount your friends were earning as monthly take-home pay from their job and how happy and satisfied they are doing that job, if they earn below what their profiting from trading then they could quit the job to focus on trading and if there have proper risk management, there will be fine during a bear market because there should already have a set-aside fund that can cover for them for a while before the market pick again.

But then it is not advisable to depend on one source of income so while they are profiting from trading, they should also focus on developing other skills that can be a replacement or an addition to what they presently have.

[Sandra_hakeem]

This is prolly the same question/fact that has been established over and over again...
I'd still say NO. Crypto could pay your bills momentarily and the next moment -- without proper orientation -- could possibly cripple your networth. Trading to me -- should be done as an additional Job to generate income, at the expense of time. It shouldn't be looked upon as a main source IMO.
If you'd also wanna be making ends meet from your profits during ATH, is that gonna pay your bills untill whenever? If you aren't doing something at all, how do your raise the Capital to be able to trade? You seeee....
It's advisable for anyone to have something else doing, just so you aren't found wanting.

Sandra 💇

[Shamm]

I think, what we should first look at is the amount your friends were earning as monthly take-home pay from their job and how happy and satisfied they are doing that job, if they earn below what their profiting from trading then they could quit the job to focus on trading and if there have proper risk management, there will be fine during a bear market because there should already have a set-aside fund that can cover for them for a while before the market pick again.

But then it is not advisable to depend on one source of income so while they are profiting from trading, they should also focus on developing other skills that can be a replacement or an addition to what they presently have.

For me, I will not quit my job until I have enough money to run a business. But what others did is that when they earn big amounts within a couple of months or a year then they pursue their trading and quit their regular jobs which is not good for me but that is their decision we can't blame them. But we must remember that before quitting our regular job make sure that we can feed our family. During the market drop.

[Vaculin]

You really cant have trading in general as your only source of income if you're quite new to the game. On the other hand, if you're good enough to run a hedge fund or a trading firm (which is like sub 1% of all of us here), it can definitely be a great sole source of income.

Also, don't totally rely on signature campaigns as well.

Relying on cryptocurrency as a whole whether it’s for investments or for signature campaigns as well, definitely it brings a lot of risks since you can’t  predict what will be the future of crypto, there are times when we come to see it rising and there are instances too that the market is eventually falling. And even with signature campaigns, you can’t predict as how the campaign will last so to have security on our income, have a good and stable job other from cryptocurrency.

[Renampun]

Crypto trading cannot be used as a main source of income unless you have large capital to be able to cover losses if the choice does not go according to plan.
Apart from trading, there are many businesses that can do with cryptocurrencies, including providing P2P liquidity, selling goods with crypto payments, writing to get crypto, and spreading referral exchange links or gambling to get crypto.

[cryptoaddictchie]

Depends too. If you are working for a cryptocurrency firm and got a decent regular monthly salary then its fine. Like a real working job such coding or dev, or marketing personnel or whatever as long ad you are using your skills for the task. But like trading, airdrops, or any jobs out there its not a good source of income but as a form of investment which could either profited you or not.

[GiftedMAN]

Crypto trading cannot be used as a main source of income unless you have large capital to be able to cover losses if the choice does not go according to plan.

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

[erep]

Crypto trading cannot be used as a main source of income unless you have large capital to be able to cover losses if the choice does not go according to plan.

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

Some short-term traders can make daily profits but they have to use high capital to take profits and some try the risks of futures trading but are very risky with losses, so in my opinion there is no need to rush for daily profits but make sure we get profits in the weekly term and always avoid risks loss.

[Mpamaegbu]

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea

The advice shouldn't be on not making cryptocurrency ones only source of income. It should be on general. No one should've one source of income. Diversify your earnings. It's good to do so as it will keep one out of uncertainty and poverty. The general principle is that no man who wants to be rich holds just one business line. They always diversify.

Secondly, your friends weren't traders in the real sense of it. Otherwise, whether bear or bull; the real traders make money trading. Your friends were merely hodling in expectations that price keeps going up. That's why the bear season affected them. Those who trade for a living, either short or long trades at every given opportunity.

[Renampun]

...

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

if we give a percentage then only a few traders are able to do that. if we look at the experience and skills of the OP's friend, then we can see that he does not have these skills, so making trading his main income is very risky.
those who are currently able to enjoy life from trading must have had a hard experience before achieving it all, it is better if a newbie trader uses a little capital and also has sources of income from other places to cover his expense if the capital he uses for trading runs out.

[isaac_clarke22]

~

Even being a good trader might need to be lucky just to earn. I read someone in this thread that "trading is not for everyone" and I must re-echo that statement. There would be days that the market won't be in your favor and there is nothing we could do about it.
If I was actively right now just like what I was doing back in 2018-2019, I might be stressed out right now but nah I just quit trading since it does not work out for me anyway. It is still preferable to have another source of income that is reliable indefinitely.

[nakamura12]

This has happened to many people where they think crypto is the only main source of income. I always said that never think of crypto as a source of income and shouldn't quit job because of cryptocurrency. Even professional at crypto also experienced loses but didn't have problem with source of income since they didn't quit their job and even some bought something that they can keep to sell later if needed money like a property for example.

[Rockstarguy]

...

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

if we give a percentage then only a few traders are able to do that. if we look at the experience and skills of the OP's friend, then we can see that he does not have these skills, so making trading his main income is very risky.
those who are currently able to enjoy life from trading must have had a hard experience before achieving it all, it is better if a newbie trader uses a little capital and also has sources of income from other places to cover his expense if the capital he uses for trading runs out.

Taking cryptocurrency as a source of income is not advisable,  it is very risky expecially for beginners and it should not be a plan beginners must consider. Traders who work with exchange can take cryptocurrency as a source of income,  but anything aside exchange is very risky. Cryptocurrency is always volatile that no one can predict what next can happen in the market. Because of the unexpected movement of the market it is better not to depend on cryptocurrency as a source of income.

[Viscore]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

When my friends started cryptocurrency few years ago, they seriously engaged in trading, but I knew nothing about trading then, I was just learning from them, during this last bull run, some of my friends that started trading, decided to quit there job just because they believe the money they are making from trading is sufficient for them and they don’t have to be stressing themselves going to office everyday since they can make enough money from cryptocurrency without going out. I advised them not to quit but they didn’t listen to me, now that we are in bear market, all of them have been frustrated since they are not making money from cryptocurrency and they already left their job and is not really easily for them to secure a new job, currently coins are down and this is the best opportunity to buy more coin but unfortunately for them they are selling the coins the already bought to keep for long term just to take care of themselves.

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea, most people can’t really hold there coins because cryptocurrency is their only source of income, which whenever they are in need of money they endup selling the coins which they purchase to hold for a long period of time, but if you are having other sources of income whenever you are in need of emergency money, you won’t sell your coins, you can get money from those other sources of income you are having. So even if you are into cryptocurrency fully, I believe you should have other business which you will be running to support your cryptocurrency investment, and with that you will be financially stable, if you are holding a coin you will be able to overlook it for long period of time without selling because you don't only depend on it for survival.

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

Being fully dependent in crypto will not guarantee sustainable profits especially in a bear market where chances of making profits is less possible. The reason why we need to have a stable and secure job other than crypto so that when our investments in crypto do not work, at least we won’t end up seeing ourselves financially broken. Or let’s say build another business in the real world that will give us decent profits aside from crypto.

[_BlackStar]

Taking cryptocurrency as a source of income is not advisable,  it is very risky expecially for beginners and it should not be a plan beginners must consider.

But I don't think making crypto the main income would be completely wrong. There are lots of people out there who have managed to make huge profits trading, while they no longer working full time. Trading also doesn't need to be done all day because those who understand, will only take advantage of the opportunities that exist in the market and come out with profits. Obviously this will require large amount of funds, and beginners are strongly discouraged from doing this if they don't understand.

So I will not forever believe that relying on crypto as the main source of income is a mistake. We can't generalize all of them the same, and we never know how many people are actually safe without working for years after profiting from crypto.

[Getmon]

Even rabbits with three holes in the bushes can be hunted. The lesson is, we cannot depend on a single source of income if our goal is to achieve financial freedom.

When I entered into crypto space, I invested into mining and trading but I did not quit my job. Because I knew trading is a risky job, it has its highs and lows. The crypto space is very volatile that mining has its own risks too. When hardships struck my family during a bad market, I had to sell my hardwares and together with our savings, it rescued us.

Maintaining our normal job is the easiest form of earning money. It has no financial risks involved. We can only quit our normal jobs and focus on another but less risky activities when we have big savings enough to cover us for years and not just months or a year.

[Bhig Daddy]

Even if you're an experienced trader, it's foolish to rely solely on cryptocurrency because anything can go wrong and you have no control over it. It's a decent side job, but if you want to earn more money, look for a better one paying more. Although it's difficult, you can't rely just on cryptocurrency. After making a poor investment, many people already experience rekt, especially if they own shitcoins.

[Ziskinberg]

Even if you're an experienced trader, it's foolish to rely solely on cryptocurrency because anything can go wrong and you have no control over it. It's a decent side job, but if you want to earn more money, look for a better one paying more. Although it's difficult, you can't rely just on cryptocurrency. After making a poor investment, many people already experience rekt, especially if they own shitcoins.

I can't say they are wrong about relying on crypto as their single source of income, they are expert and experienced trader which mean that they are earning more than what a normal person does and probably even more than the salary of an office job. Of course, it was not safe but if you are very confident to manage yourselves in any market condition, that seems no problem at all.

But honestly, to become financially stable we need to have multiple source of income and we can consider trading as one of them.

[Anguwa]

Due to market fluctuations, cryptocurrency cannot be completely relied upon because if you do, how will you survive now that the market is unstable and you live for investing in cryptocurrency? Even though we can use cryptocurrency as a side business or investment because it pays when the market is in good shape, we still need to have other sources of income.

[NeuroticFish]

but if you are very confident to manage yourselves in any market condition, that seems no problem at all.

Trading is risky. It clearly depends on skill too (although many just gamble it), still, bad days can happen and if your family's income depends only on that,... it can be sad.
Some some backup funds and also diversification are always a good idea.

While OP is correct in general (and I do agree with this rule), the world evolves and people start getting paid in crypto for their daily jobs. So no rule is absolute.

[Magic-Money]

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

Your point is very clear to understand, that is the same challenges my friends is facing here, because of the bear market way to survived he has sold off many of his coins only to take care his self. Thank you for your advise.

[Asiska02]

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

They simply missed out on a terrific opportunity and made a life-changing error. I hope they obtain another job soon to make up for this bad decision they made in their life. Perhaps they misunderstood the message: Bitcoin was designed to fulfill the same purpose as fiat banks in a decentralized system, not as a destination for investment. True, people make big money by investing here, but the sole purpose is not for investment because the risks involved are significant and must be carefully considered before investing.

This is a crucial point that should have been communicated to every newcomer to the cryptocurrency realm. Instances like this push individuals away from using cryptocurrencies, unaware that they did not receive the correct information and what to do; ignorance also kills. Not only bitcoin, but any venture or business one wishes to do in this world need adequate knowledge from many sources to guide them along the path.

[jrrsparkles]

Anyone who relies on the single source of income for their survival then they are taking big risk so it not just only applies to cryptocurrency field just applicable for working class people as well. Because we live in a society the job security is not there like before and you may get fired at anytime so the best way is to make multiple sources of income and cryptocurrency trading can be on if them because it doesn't need 24/7 for someone who is doing it as part time and also they can make money by simply holding but it only possible when they have other income source when cryptocurrency market is down.

[Razmirraz]

Your friend defines the word "success" in different ways. They think success can only be obtained when they dare to take one or several risks in life. What they have in mind is that people who are not willing to take risks will not be able to achieve success. The wrong perception has made them regret their decision, their step of wanting to make money in Cryptocurrency is very right, the mistake is for quitting their job.
They ventured out of their comfort zone to earn huge profits, I can understand their goal, but their decision to Depend on cryptocurrency as only source of income was a mistake.

[Marykeller]

Having just one source of income is not recommended given the state of the global economy. Not to talk of depending on what you don't know about her future tomorrow. One of the faults people might make in the cryptosphere is to depend entirely on it to get through. If you should, make sure you are established and have a sizable sum saved up that will sustain you during a bearish market. Even though I have friends who rely on cryptocurrency trading, what keeps them going is the money they saved during the bull market.

[Finestream]

Your friend risk too much without thinking some alternative if things go south and cryptocurrency trading is not for everyone. We should not rely on a single source of income especially in cryptocurrency because of its unpredictability due to high volatility movement.

Just ask this to yourself or to your friend "what makes you think you can survive in crypto space?" Especially if your knowledge is too limited to trading only, there are people who did this, some did great while some didn't make it the same as what happened to your friend.

Trading is not for everybody.

As long as the crypto market remains unpredictable, crypto trading will never guarantee financial security, that is why never leave your job in exchange for cryptocurrency. Though we have heard lots of successful traders’ stories but let us not assume that it happened to them instantly. Of course, they struggle and lose a lot of money at first, and if you don’t have backup in trading, you can never sustain yourself from trading alone. It’s always better to have a good stable job at one point and you also do crypto trading for additional source of income.

[Rengga Jati]

Never depend on cryptocurrency as your only source of income.

These words are very appropriate for various people or conditions. Especially for newbies or anyone who has many dependents, I myself also would not suggest 100% only earning income from crypto. Indeed, some people, they only focus on various crypto activities such as investing long or short-term, doing day-trading, participating in various free tokens/coins rewards programs, and so on. So that they are able to earn income from crypto regularly. However, not everyone can be like that. So, if you still can't take advantage of various activities in crypto and optimize it, it would be better if you still have income from other offline sources. Just in case something bad happened. Moreover, we also have to be able to manage our finances so that we have a reserve fund for us if something bad happens.

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Indeed, Quitting from previous jobs for crypto will be a bad decision moreover for newbies. Never think that we can be rich sooner in the crypto business because crypto is high risk and we must be wiser for this. We may be able tobe rich because of crypto, but we still needs process for that, not like gambling with luck only.

[Dzwaafu11]

For my little experience on cryptocurrency today I can say we can defend on cryptocurrency but not trading on bitcoin most people take trading as there priority on bitcoin.
Some don't boarder to have much knowledge about cryptocurrency before engage in the forum , so is better to have much knowledge.
And you're true by saying no one should use only bitcoin as source of income anything can happen which you may not be able to afford

[ginsan]

it is rather difficult if we don't have passive income every month in the sense that we don't have any other work besides earning income from cryptocurrency. Now, from what I understand, maybe it's better if we look at business opportunities, I mean we can take advantage of trading results to open a side business in the real world so that gradually without realizing it, we have two incomes side by side every day.

There are many ways to get to Roma. that's the saying you have to make. and for those beginners in crypto it's better to learn first before investing or trading and don't be greedy for the profits that come. use the crypto business to be able to open another business in this life.

[uchegod-21]

it is rather difficult if we don't have passive income every month in the sense that we don't have any other work besides earning income from cryptocurrency. Now, from what I understand, maybe it's better if we look at business opportunities, I mean we can take advantage of trading results to open a side business in the real world so that gradually without realizing it, we have two incomes side by side every day.

There are many ways to get to Roma. that's the saying you have to make. and for those beginners in crypto it's better to learn first before investing or trading and don't be greedy for the profits that come. use the crypto business to be able to open another business in this life.

It is good to have multiple sources of income. But it is easy to say than to practice. Running a business form the scratch is not easy. It needs so much attention and  time. If you want to open a business then, it must be a business you know how it functions and you have to groom it by yourself before it stands.
I think getting another job will not be very tasking and should be better because crypto income is passive

[tvplus006]

For many, cryptocurrency trading became the only way to make a profit when the quarantine was announced due to Covid-19. And it was not our decision, but the decision of the government, which made it impossible for us to work in the office. And many for this forced absenteeism, were able to improve their skills in trading and now do not worry about the fact that they may be out of work.

[Nheer]

Newcomers to crypto should take note of this, it’s important not to depend on it fully as the only source of income because its unstable and unreliable. You might be doing well now and the market could just go down and change everything for you. So always have a stable paying job to support your crypto just incase.

[Daniel91]

It is never a good idea to depend on any investment, because any investment in crypto, stocks, forex or anything else is always risky.
Regardless of all the possible analyzes and predictions of experts, every investment can end in loss, and this is a fact that many ignore.
The best advice is to invest only a limited amount of money in cryptocurrency, money that you can live without if you lose it, and an even better idea is to diversify and invest in different asset classes for greater security and the possibility of a return on investment.
With any investment, it is important to have specific goals and a clear exit strategy and to remain rational until the end, without emotional reactions and decisions.

[Issa56]

For my little experience on cryptocurrency today I can say we can defend on cryptocurrency but not trading on bitcoin most people take trading as there priority on bitcoin.
Some don't boarder to have much knowledge about cryptocurrency before engage in the forum , so is better to have much knowledge.
And you're true by saying no one should use only bitcoin as source of income anything can happen which you may not be able to afford

I don't think it's really a good idea to depend on cryptocurrency as only source of income, I believe in life we should have more than a source of income, incase if anything happens to one, then you will have other source where you can be making money from, but if you depend on only one source, incase if anything happens to it what will you do?

Some newbies are having wrong orientation about bitcoin and cryptocurrency in general, some believe if they just start then they are rich already, if you are a trader or a investor, what will happen when we are in bear market and you are no longer making enough money? But if you are having other source of income, even if their is bear and you are not making enough money again, you can still make money from other things you are doing and you will still be able to accumulate more bitcoin.

[Queentoshi]

Indeed, Quitting from previous jobs for crypto will be a bad decision moreover for newbies. Never think that we can be rich sooner in the crypto business because crypto is high risk and we must be wiser for this. We may be able to be rich because of crypto, but we still needs process for that, not like gambling with luck only.

Crypto investment should be a side hustle, It is never advisable for someone to quit his job only to depend on cryptocurrency, It is best to trade crypto just for saving and investment reasons rather than to save your money in the bank, and another thing one should know about cryptocurrency is that it is suitable for long term investment. You can't trade or invest in cryptocurrency and expect to get rich over night. crypto trading is best for alternative source of income in the sense of saving and waiting for a return, because when you save your money in the bank, they will be no interest coming in, but when one invest in cryptocurrency most especially Bitcoin in precise, one is sure that is investment is guarantee to bring out interest even though it may not look so all the time.

[blackened515]

Newcomers to crypto should take note of this, it’s important not to depend on it fully as the only source of income because its unstable and unreliable. You might be doing well now and the market could just go down and change everything for you. So always have a stable paying job to support your crypto just incase.

Cryptocurrency is a big source to making good profits but not depending on it entirely will served good terms when the market is dumping. There are other business to invest your stipends on rather than stick to just one thing. I never for once trust crypto, especially when the bear season lasted for a really long period of time, giving out chance to more liquidation and losses, always hurts to see traders lamenting and regretting their actions on the market.

[Franctoshi]

Having only one source of income is dangerous, it's always better to have multiple streams of income.
However I have seen someone that quits his job and went full time crypto and have made millions of dollars only depending on crypto, but by diversifying into various areas in the cryptocurrency business, like trading, investment, creating a coin, creating a wallet, crypto Arbitraging and has employed a lot of people in the crypto space.

The risk here is,  whatever bad thing that may happen in this industry he will be very much affected, Therefore in a situation like this, when you've made little or so much money only depending on crypto as only source of income, it's better you start investing into other things like Real Estate, Gold etc.

[macson]

Newcomers to crypto should take note of this, it’s important not to depend on it fully as the only source of income because its unstable and unreliable. You might be doing well now and the market could just go down and change everything for you. So always have a stable paying job to support your crypto just incase.

even just depending on your stable income alone will not be good, now the term side hustle is not new anymore, many people are indeed forced to have more than one source of income to support their already stable economy.

Even in cryptocurrency, you can have many ways to generate side income such as trading, becoming an escrow or exchange service provider, writing to earn crypto, bug campaigns or signatures. 

therefore, never just depend on one income, there are many other opportunities out there that we must take advantage of.

[kamvreto]

Newcomers to crypto should take note of this, it’s important not to depend on it fully as the only source of income because its unstable and unreliable. You might be doing well now and the market could just go down and change everything for you. So always have a stable paying job to support your crypto just incase.

even just depending on your stable income alone will not be good, now the term side hustle is not new anymore, many people are indeed forced to have more than one source of income to support their already stable economy.

Even in cryptocurrency, you can have many ways to generate side income such as trading, becoming an escrow or exchange service provider, writing to earn crypto, bug campaigns or signatures. 

therefore, never just depend on one income, there are many other opportunities out there that we must take advantage of.

There are many opportunities and even that can be done in one place like this forum. Many types of work can be chosen according to their respective abilities.
now I depend not only on cryptocurrencies, but there is a main job or real work that I do outside of crypto. Like trading, signature campaigns etc. become a side job. Some people are forced to have more than one source of income, because circumstances require them to get more income. As long as you can still run it properly, it won't be a problem

[Odusko]

We need to avoid a lot of misconceptions surrounding thos topic of the source of income as this term can be defined in many terms and under different conditions, I have a friend who does not have any other job aside from cryptocurrency trading and he is making good profits from trading after he spent many months-Years learning the skills.
So having only that source of income in trading is sufficient for him and he is having steady savings, so why should he now worry about having cryptocurrency as a source of income?

[coin-investor]

We need to avoid a lot of misconceptions surrounding thos topic of the source of income as this term can be defined in many terms and under different conditions, I have a friend who does not have any other job aside from cryptocurrency trading and he is making good profits from trading after he spent many months-Years learning the skills.
So having only that source of income in trading is sufficient for him and he is having steady savings, so why should he now worry about having cryptocurrency as a source of income?

Of course, there are always exceptions and your friend is one of them, you can easily make money from doing the things that you love or have been doing for a long time if your friend is a long-time trader in other industries, a transition from other industries to Cryptocurrency will be easy and he can still create the same results.
not only traders from freelancers as well, but you can also make a profit from holders if you're good at analyzing the best coin to invest that will yield future profit.
Some bounty hunters are making bounty hunting their source of income, so in general, there are people who depend on Cryptocurrency as a source of income.

[capedbaldy]

We need to avoid a lot of misconceptions surrounding thos topic of the source of income as this term can be defined in many terms and under different conditions, I have a friend who does not have any other job aside from cryptocurrency trading and he is making good profits from trading after he spent many months-Years learning the skills.
So having only that source of income in trading is sufficient for him and he is having steady savings, so why should he now worry about having cryptocurrency as a source of income?

I think that crypto trader skills are not specific to everyone, even though they make daily profits from short-term trading but the effect of traders is still at risk of losses from the impact of falling market prices, so the definition of a source of income is very broad and trader skills are also included even though they are not the main source of income.

[alastantiger]

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Having only one source of income is never a good idea. Making cryptocurrency your only source of income is dangerous. Nature or life itself has what we call emergency. Something that we never planned for or prepared for. If you have some bitcoin in your wallet and unforeseen circumstances occurs, and you sells off your all coin to settle your problems and you are left with nothing, it will be a very difficult moment for you to start all over again. It is advisable to have multiple source of income as plan B incase plan A fails. I have a friend who fully depends on his salary. When the company terminated his contract, he began to worry how to feed his family and pay his bills. If he had another source of income as plan B, the burden wouldn't have been much on him. I will advise us to have multiple source of income and never depend on only cryptocurrency as the only source.

[Babamann]

Because they can make such high profits from trading cryptocurrencies, they quit their jobs because they don't understand how life works. However, this article will help beginners learn about cryptocurrency and understand what they see there so they can compare it to what they already know before making a decision.

[Mr.right85]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

When my friends started cryptocurrency few years ago, they seriously engaged in trading, but I knew nothing about trading then, I was just learning from them, during this last bull run, some of my friends that started trading, decided to quit there job just because they believe the money they are making from trading is sufficient for them and they don’t have to be stressing themselves going to office everyday since they can make enough money from cryptocurrency without going out. I advised them not to quit but they didn’t listen to me, now that we are in bear market, all of them have been frustrated since they are not making money from cryptocurrency and they already left their job and is not really easily for them to secure a new job, currently coins are down and this is the best opportunity to buy more coin but unfortunately for them they are selling the coins the already bought to keep for long term just to take care of themselves.

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea, most people can’t really hold there coins because cryptocurrency is their only source of income, which whenever they are in need of money they endup selling the coins which they purchase to hold for a long period of time, but if you are having other sources of income whenever you are in need of emergency money, you won’t sell your coins, you can get money from those other sources of income you are having.

Quiting your job just to go full time on cryptocurrency... well, good luck with that for anyone with this idea.

Your friend was just good at making bad decisions and not by any means ambitious.
How does one gets to quit there job to go full time on cryptocurrency. I never would understand this and I wish not to be in there shoes on this. I think what is obtainable is looking out for means to diversify and expand your empire as per means of earning money. In our world where inflation rocks at the time, its really what is expected and not otherwise.

They get the idea now (your friends) I hope.