Never depend on cryptocurrency as your only 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.