Never depend on cryptocurrency as your only source of income.

[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.

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[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.